Paepens: what changed
What changed
Paepens
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
-€90,782
2024 · -€1.1m+€981,054
Equity
€895,975
2024 · €1.5m-€590,782
Cash
€668,241
2024 · €517,373+€150,868
Balance sheet total
€910,938
2024 · €1.6m-€738,618
Largest movements
Assets
- Receivables within one year -€885,006
down €885,006 (-78.7%), from €1.1m to €240,149
of which Trade receivables: -€852,689
- Cash +€150,868
up €150,868 (+29.2%), from €517,373 to €668,241
mainly Receivables within one year (+€885,006) and Current investments (+€3,000)
Equity and liabilities
- Reserves -€590,782
down €590,782 (-44.3%), from €1.3m to €742,112
of which Distributable reserves: -€590,782
- Trade debts -€114,585
down €114,585 (-92.8%), from €123,490 to €8,904
- Tax, wage and social debts -€33,250
down €33,250 (-84.6%), from €39,310 to €6,059
of which Taxes: -€17,111
Income statement
- Staff costs -€771,980
down €771,980 (-99.8%), from €773,478 to €1,497
- Taxes -€121,005
down €121,005, from €61,777 to -€59,228
- Other operating charges -€64,160
down €64,160 (-94.7%), from €67,731 to €3,571
- Gross operating margin -€26,936
down €26,936 (-12.8%), from -€210,691 to -€237,626
- Financial charges -€14,732
down €14,732 (-81.8%), from €17,999 to €3,268
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€1.1m
Gross operating margin
-€26,936
Staff costs
+€771,980
Depreciation
+€266
Write-downs
+€2,756
Other operating charges
+€64,160
Other operating items
+€45,814
Financial income
-€12,724
Financial charges
+€14,732
Taxes
+€121,005
Result 2025
-€90,782
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€647,868
Investment
+€3,000
Financing
-€500,000
Cash 2024
€517,373
From operations (derived)
+€647,868
Net result for the year
-€90,782
Depreciation
+€1,480
Receivables within one year
+€885,006
Trade debts
-€114,585
Tax, wage and social debts
-€33,250
Investment (derived)
+€3,000
Current investments
+€3,000
Financing
-€500,000
Contributions, distributions and other
-€500,000
Cash 2025
€668,241
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,649,556 | €910,938 | -€738,618 | -44.8% |
| Fixed assets | 21/28 | €2,028 | €548 | -€1,480 | -73.0% |
| Tangible fixed assets | 22/27 | €2,028 | €548 | -€1,480 | -73.0% |
| Plant, machinery and equipment | 23 | €2,028 | €548 | -€1,480 | -73.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,647,528 | €910,390 | -€737,138 | -44.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,125,155 | €240,149 | -€885,006 | -78.7% |
| Trade receivables | 40 | €1,031,770 | €179,081 | -€852,689 | -82.6% |
| Other amounts receivable | 41 | €93,385 | €61,068 | -€32,317 | -34.6% |
| Current investments | 50/53 | €5,000 | €2,000 | -€3,000 | -60.0% |
| Cash at bank and in hand | 54/58 | €517,373 | €668,241 | +€150,868 | +29.2% |
| Total equity and liabilities | 10/49 | €1,649,556 | €910,938 | -€738,618 | -44.8% |
| Equity | 10/15 | €1,486,757 | €895,975 | -€590,782 | -39.7% |
| Contributions | 10/11 | €153,862 | €153,862 | = | 0.0% |
| Capital | 10 | €153,862 | €153,862 | = | 0.0% |
| Issued capital | 100 | €153,862 | €153,862 | = | 0.0% |
| Reserves | 13 | €1,332,895 | €742,112 | -€590,782 | -44.3% |
| Non-distributable reserves | 130/1 | €15,386 | €15,386 | = | 0.0% |
| Legal reserve | 130 | €15,386 | €15,386 | = | 0.0% |
| Distributable reserves | 133 | €1,317,509 | €726,726 | -€590,782 | -44.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €162,799 | €14,964 | -€147,836 | -90.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €162,799 | €14,964 | -€147,836 | -90.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €123,490 | €8,904 | -€114,585 | -92.8% |
| Suppliers | 440/4 | €123,490 | €8,904 | -€114,585 | -92.8% |
| Taxes, remuneration and social security | 45 | €39,310 | €6,059 | -€33,250 | -84.6% |
| Taxes | 450/3 | €23,170 | €6,059 | -€17,111 | -73.8% |
| Remuneration and social security | 454/9 | €16,139 | €0 | -€16,139 | -100% |
| Non-recurring operating income | 76A | €69,687 | €0 | -€69,687 | -100% |
| Remuneration, social security and pensions | 62 | €773,478 | €1,497 | -€771,980 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,746 | €1,480 | -€266 | -15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,756 | -€2,756 | |
| Other operating charges | 640/8 | €67,731 | €3,571 | -€64,160 | -94.7% |
| Non-recurring operating charges | 66A | €45,814 | €0 | -€45,814 | -100% |
| Gross operating margin | 9900 | -€210,691 | -€237,626 | -€26,936 | -12.8% |
| Operating profit (loss) | 9901 | -€1,099,459 | -€241,418 | +€858,041 | +78.0% |
| Financial income | 75/76B | €107,399 | €94,676 | -€12,724 | -11.8% |
| Recurring financial income | 75 | €107,399 | €6,411 | -€100,988 | -94.0% |
| Non-recurring financial income | 76B | - | €88,264 | +€88,264 | |
| Financial charges | 65/66B | €17,999 | €3,268 | -€14,732 | -81.8% |
| Recurring financial charges | 65 | €17,999 | €3,268 | -€14,732 | -81.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,010,059 | -€150,010 | +€860,049 | +85.1% |
| Income taxes | 67/77 | €61,777 | -€59,228 | -€121,005 | |
| Profit (loss) for the period | 9904 | -€1,071,836 | -€90,782 | +€981,054 | +91.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,071,836 | -€90,782 | +€981,054 | +91.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.