PAEPENHEYDE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PAEPENHEYDE
Largest movements
- Receivables within one year -€554,364
down €554,364 (-28.1%), from €2.0m to €1.4m
of which Other amounts receivable: -€554,364
- Tangible fixed assets -€103,155
down €103,155 (-2.9%), from €3.6m to €3.5m
of which Land and buildings: -€100,603
- Other debts -€492,258
down €492,258 (-42.7%), from €1.2m to €660,173
- Reserves -€138,412
down €138,412 (-17.6%), from €786,532 to €648,120
of which Tax-exempt reserves: -€144,048
- Financial charges -€34,568
down €34,568 (-80.6%), from €42,884 to €8,316
- Taxes +€34,068
up €34,068 (+75.6%), from €45,065 to €79,133
- Financial income -€31,978
down €31,978 (-48.3%), from €66,259 to €34,281
- Gross operating margin -€13,042
down €13,042 (-4.0%), from €324,550 to €311,509
- Depreciation +€6,370
up €6,370 (+5.5%), from €116,014 to €122,384
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,681,175 | €4,983,811 | -€697,365 | -12.3% |
| Fixed assets | 21/28 | €3,602,847 | €3,499,692 | -€103,155 | -2.9% |
| Tangible fixed assets | 22/27 | €3,602,847 | €3,499,692 | -€103,155 | -2.9% |
| Land and buildings | 22 | €3,565,595 | €3,464,992 | -€100,603 | -2.8% |
| Plant, machinery and equipment | 23 | €37,252 | €34,700 | -€2,552 | -6.9% |
| Current assets | 29/58 | €2,078,329 | €1,484,119 | -€594,210 | -28.6% |
| Amounts receivable within one year | 40/41 | €1,972,241 | €1,417,877 | -€554,364 | -28.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,972,241 | €1,417,877 | -€554,364 | -28.1% |
| Cash at bank and in hand | 54/58 | €106,087 | €65,374 | -€40,713 | -38.4% |
| Deferred charges and accrued income | 490/1 | €0 | €868 | +€868 | |
| Total equity and liabilities | 10/49 | €5,681,175 | €4,983,811 | -€697,365 | -12.3% |
| Equity | 10/15 | €4,404,018 | €4,265,606 | -€138,412 | -3.1% |
| Contributions | 10/11 | €3,617,486 | €3,617,486 | = | 0.0% |
| Capital | 10 | €3,602,000 | €3,602,000 | = | 0.0% |
| Issued capital | 100 | €3,602,000 | €3,602,000 | = | 0.0% |
| Contributions outside capital | 11 | €15,486 | €15,486 | = | 0.0% |
| Share premium | 1100/10 | €15,486 | €15,486 | = | 0.0% |
| Reserves | 13 | €786,532 | €648,120 | -€138,412 | -17.6% |
| Non-distributable reserves | 130/1 | €363,292 | €363,292 | = | 0.0% |
| Legal reserve | 130 | €360,200 | €360,200 | = | 0.0% |
| Other | 1319 | €3,092 | €3,092 | = | 0.0% |
| Tax-exempt reserves | 132 | €415,826 | €271,778 | -€144,048 | -34.6% |
| Distributable reserves | 133 | €7,414 | €13,050 | +€5,637 | +76.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €73,016 | €25,000 | -€48,016 | -65.8% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €25,000 | €25,000 | = | 0.0% |
| Deferred taxes | 168 | €48,016 | €0 | -€48,016 | -100% |
| Amounts payable | 17/49 | €1,204,141 | €693,204 | -€510,937 | -42.4% |
| Amounts payable within one year | 42/48 | €1,204,141 | €693,204 | -€510,937 | -42.4% |
| Trade debts | 44 | €16,645 | €2,045 | -€14,601 | -87.7% |
| Suppliers | 440/4 | €16,645 | €2,045 | -€14,601 | -87.7% |
| Taxes, remuneration and social security | 45 | €35,065 | €30,986 | -€4,079 | -11.6% |
| Taxes | 450/3 | €35,065 | €30,986 | -€4,079 | -11.6% |
| Other amounts payable | 47/48 | €1,152,431 | €660,173 | -€492,258 | -42.7% |
| Non-recurring operating income | 76A | €6,993 | €0 | -€6,993 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,014 | €122,384 | +€6,370 | +5.5% |
| Other operating charges | 640/8 | €70,720 | €72,385 | +€1,666 | +2.4% |
| Gross operating margin | 9900 | €324,550 | €311,509 | -€13,042 | -4.0% |
| Operating profit (loss) | 9901 | €137,817 | €116,740 | -€21,077 | -15.3% |
| Financial income | 75/76B | €66,259 | €34,281 | -€31,978 | -48.3% |
| Recurring financial income | 75 | €66,259 | €34,281 | -€31,978 | -48.3% |
| Financial charges | 65/66B | €42,884 | €8,316 | -€34,568 | -80.6% |
| Recurring financial charges | 65 | €42,884 | €8,316 | -€34,568 | -80.6% |
| Profit (loss) for the period before taxes | 9903 | €161,192 | €142,705 | -€18,486 | -11.5% |
| Transfer from deferred taxes | 780 | €2,147 | €48,016 | +€45,869 | +2,136% |
| Income taxes | 67/77 | €45,065 | €79,133 | +€34,068 | +75.6% |
| Profit (loss) for the period | 9904 | €118,274 | €111,588 | -€6,685 | -5.7% |
| Transfer from tax-exempt reserves | 789 | €6,441 | €144,048 | +€137,607 | +2,136% |
| Profit (loss) for the period to be appropriated | 9905 | €124,715 | €255,637 | +€130,922 | +105% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.