PAEPSEM: 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.
PAEPSEM
Largest movements
- Cash +€15,710
up €15,710 (+49.3%), from €31,871 to €47,580
mainly Net result for the year (+€9,553) and Other debts (+€8,404)
- Stocks and contracts +€9,367
up €9,367 (+492%), from €1,902 to €11,269
- Receivables within one year +€2,400
up €2,400 (+82.2%), from €2,921 to €5,321
of which Trade receivables: +€2,386
- Tangible fixed assets -€1,353
down €1,353 (-52.1%), from €2,598 to €1,245
- Reserves +€9,553
up €9,553 (+45.9%), from €20,800 to €30,353
of which Distributable reserves: +€9,553
- Other debts +€8,404
up €8,404 (+2,396%), from €351 to €8,755
- Tax, wage and social debts +€6,564
up €6,564 (+297%), from €2,209 to €8,772
- Trade debts +€2,017
up €2,017 (+202%), from €999 to €3,015
- Taxes +€3,419
up €3,419 (+222%), from €1,543 to €4,962
- Other operating charges -€665
down €665 (-16.0%), from €4,161 to €3,496
- Staff costs +€523
up €523 (+950%), from €55 to €578
- Financial charges -€487
down €487 (-71.5%), from €681 to €194
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 | €42,958 | €69,496 | +€26,538 | +61.8% |
| Fixed assets | 21/28 | €4,998 | €3,645 | -€1,353 | -27.1% |
| Tangible fixed assets | 22/27 | €2,598 | €1,245 | -€1,353 | -52.1% |
| Plant, machinery and equipment | 23 | €2,598 | €1,245 | -€1,353 | -52.1% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €37,960 | €65,851 | +€27,891 | +73.5% |
| Stocks and contracts in progress | 3 | €1,902 | €11,269 | +€9,367 | +492% |
| Stocks | 30/36 | €1,902 | €11,269 | +€9,367 | +492% |
| Amounts receivable within one year | 40/41 | €2,921 | €5,321 | +€2,400 | +82.2% |
| Trade receivables | 40 | €1,421 | €3,807 | +€2,386 | +168% |
| Other amounts receivable | 41 | €1,500 | €1,514 | +€14 | +1.0% |
| Cash at bank and in hand | 54/58 | €31,871 | €47,580 | +€15,710 | +49.3% |
| Deferred charges and accrued income | 490/1 | €1,266 | €1,681 | +€414 | +32.7% |
| Total equity and liabilities | 10/49 | €42,958 | €69,496 | +€26,538 | +61.8% |
| Equity | 10/15 | €39,400 | €48,953 | +€9,553 | +24.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,800 | €30,353 | +€9,553 | +45.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €18,940 | €28,493 | +€9,553 | +50.4% |
| Amounts payable | 17/49 | €3,558 | €20,543 | +€16,985 | +477% |
| Amounts payable within one year | 42/48 | €3,558 | €20,543 | +€16,985 | +477% |
| Trade debts | 44 | €999 | €3,015 | +€2,017 | +202% |
| Suppliers | 440/4 | €999 | €3,015 | +€2,017 | +202% |
| Taxes, remuneration and social security | 45 | €2,209 | €8,772 | +€6,564 | +297% |
| Taxes | 450/3 | €2,209 | €8,772 | +€6,564 | +297% |
| Other amounts payable | 47/48 | €351 | €8,755 | +€8,404 | +2,396% |
| Remuneration, social security and pensions | 62 | €55 | €578 | +€523 | +950% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,353 | €1,353 | +€0 | 0.0% |
| Other operating charges | 640/8 | €4,161 | €3,496 | -€665 | -16.0% |
| Gross operating margin | 9900 | €19,959 | €20,132 | +€173 | +0.9% |
| Operating profit (loss) | 9901 | €14,391 | €14,706 | +€315 | +2.2% |
| Financial income | 75/76B | €1 | €2 | +€1 | +196% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +196% |
| Financial charges | 65/66B | €681 | €194 | -€487 | -71.5% |
| Recurring financial charges | 65 | €681 | €194 | -€487 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €13,711 | €14,515 | +€804 | +5.9% |
| Income taxes | 67/77 | €1,543 | €4,962 | +€3,419 | +222% |
| Profit (loss) for the period | 9904 | €12,168 | €9,553 | -€2,615 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,168 | €9,553 | -€2,615 | -21.5% |
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 16 October 2026 via checked.be.