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.
What changed
PAEPSEM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€796,527
2024 · -€463,907-€332,620
Equity
€7.9m
2024 · €9.0m-€1.1m
Cash
€38,862
2024 · -+€38,862
Balance sheet total
€13.7m
2024 · €14.2m-€507,917
Largest movements
Assets
- Tangible fixed assets -€793,843
down €793,843 (-5.9%), from €13.5m to €12.7m
of which Land and buildings: -€785,860
- Receivables within one year +€279,368
up €279,368 (+42.5%), from €657,248 to €936,616
of which Trade receivables: +€283,485
Equity and liabilities
- Profit (loss) carried forward -€796,527
down €796,527 (-33.9%), from -€2.4m to -€3.1m
- Revaluation surpluses -€562,309
down €562,309 (-9.7%), from €5.8m to €5.2m
- Trade debts +€355,515
up €355,515 (+79.1%), from €449,557 to €805,072
- Provisions +€329,037
up €329,037 (+151%), from €218,212 to €547,249
- Reserves +€268,518
up €268,518 (+25.6%), from €1.0m to €1.3m
of which Distributable reserves: +€268,518
Income statement
- Purchases and services +€174,334
up €174,334 (+76.1%), from €229,219 to €403,553
- Gross operating margin -€132,646
down €132,646 (-24.5%), from €542,141 to €409,495
- Provisions +€120,825
up €120,825 (+58.0%), from €208,212 to €329,037
- Depreciation +€93,435
up €93,435 (+14.8%), from €631,859 to €725,294
- Other operating charges +€39,561
up €39,561 (+48.2%), from €82,150 to €121,711
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.
Result 2024
-€463,907
Gross operating margin
-€132,646
Depreciation
-€93,435
Write-downs
+€23,727
Provisions
-€120,825
Other operating charges
-€39,561
Other operating items
+€22,531
Financial income
+€337
Financial charges
+€7,252
Result 2025
-€796,527
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€352,527
Investment
+€92,023
Financing
-€405,687
Cash 2024
€0
From operations (derived)
+€352,527
Net result for the year
-€796,527
Depreciation
+€725,294
Receivables within one year
-€279,368
Deferred charges and accrued income
+€8,831
Provisions
+€329,037
Trade debts
+€355,515
Accrued charges and deferred income
+€9,745
Investment (derived)
+€92,023
Investment in fixed assets (net)
+€68,549
Current investments
+€23,474
Financing
-€405,687
Debts after one year
-€119,297
Current portion of long-term debt
+€7,400
Contributions, distributions and other
-€293,790
Cash 2025
€38,862
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,159,821 | €13,651,904 | -€507,917 | -3.6% |
| Fixed assets | 21/28 | €13,453,934 | €12,660,091 | -€793,843 | -5.9% |
| Tangible fixed assets | 22/27 | €13,453,934 | €12,660,091 | -€793,843 | -5.9% |
| Land and buildings | 22 | €11,620,314 | €10,834,454 | -€785,860 | -6.8% |
| Plant, machinery and equipment | 23 | €1,442,910 | €1,776,518 | +€333,609 | +23.1% |
| Assets under construction and advance payments | 27 | €390,710 | €49,119 | -€341,592 | -87.4% |
| Current assets | 29/58 | €705,887 | €991,813 | +€285,926 | +40.5% |
| Amounts receivable within one year | 40/41 | €657,248 | €936,616 | +€279,368 | +42.5% |
| Trade receivables | 40 | €528,705 | €812,190 | +€283,485 | +53.6% |
| Other amounts receivable | 41 | €128,543 | €124,426 | -€4,117 | -3.2% |
| Current investments | 50/53 | €23,474 | - | -€23,474 | |
| Cash at bank and in hand | 54/58 | - | €38,862 | +€38,862 | |
| Deferred charges and accrued income | 490/1 | €25,166 | €16,335 | -€8,831 | -35.1% |
| Total equity and liabilities | 10/49 | €14,159,821 | €13,651,904 | -€507,917 | -3.6% |
| Equity | 10/15 | €8,978,342 | €7,888,025 | -€1.1m | -12.1% |
| Contributions | 10/11 | €4,484,559 | €4,484,559 | = | 0.0% |
| Capital | 10 | €4,484,559 | €4,484,559 | = | 0.0% |
| Issued capital | 100 | €4,484,559 | €4,484,559 | = | 0.0% |
| Revaluation surpluses | 12 | €5,794,469 | €5,232,160 | -€562,309 | -9.7% |
| Reserves | 13 | €1,049,374 | €1,317,893 | +€268,518 | +25.6% |
| Non-distributable reserves | 130/1 | €4,834 | €4,834 | = | 0.0% |
| Legal reserve | 130 | €4,834 | €4,834 | = | 0.0% |
| Distributable reserves | 133 | €1,044,540 | €1,313,059 | +€268,518 | +25.7% |
| Profit (loss) carried forward | 14 | -€2,350,060 | -€3,146,586 | -€796,527 | -33.9% |
| Provisions and deferred taxes | 16 | €218,212 | €547,249 | +€329,037 | +151% |
| Provisions for liabilities and charges | 160/5 | €218,212 | €547,249 | +€329,037 | +151% |
| Environmental obligations | 163 | €218,212 | - | -€218,212 | |
| Other liabilities and charges | 164/5 | - | €547,249 | +€547,249 | |
| Amounts payable | 17/49 | €4,963,267 | €5,216,630 | +€253,363 | +5.1% |
| Amounts payable after more than one year | 17 | €4,149,850 | €4,030,553 | -€119,297 | -2.9% |
| Financial debts | 170/4 | €4,149,850 | €3,987,424 | -€162,425 | -3.9% |
| Other amounts payable | 178/9 | - | €43,129 | +€43,129 | |
| Amounts payable within one year | 42/48 | €809,480 | €1,172,395 | +€362,915 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €359,923 | €367,323 | +€7,400 | +2.1% |
| Trade debts | 44 | €449,557 | €805,072 | +€355,515 | +79.1% |
| Suppliers | 440/4 | €449,557 | €805,072 | +€355,515 | +79.1% |
| Accrued charges and deferred income | 492/3 | €3,937 | €13,682 | +€9,745 | +247% |
| Turnover | 70 | €771,360 | €788,648 | +€17,288 | +2.2% |
| Non-recurring operating income | 76A | - | €24,400 | +€24,400 | |
| Goods, raw materials, services and sundry goods | 60/61 | €229,219 | €403,553 | +€174,334 | +76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €631,859 | €725,294 | +€93,435 | +14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,727 | - | -€23,727 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €208,212 | €329,037 | +€120,825 | +58.0% |
| Other operating charges | 640/8 | €82,150 | €121,711 | +€39,561 | +48.2% |
| Non-recurring operating charges | 66A | €22,531 | - | -€22,531 | |
| Gross operating margin | 9900 | €542,141 | €409,495 | -€132,646 | -24.5% |
| Operating profit (loss) | 9901 | -€426,338 | -€766,546 | -€340,209 | -79.8% |
| Financial income | 75/76B | - | €337 | +€337 | |
| Recurring financial income | 75 | - | €337 | +€337 | |
| Financial charges | 65/66B | €37,569 | €30,317 | -€7,252 | -19.3% |
| Recurring financial charges | 65 | €37,569 | €30,317 | -€7,252 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | -€463,907 | -€796,527 | -€332,620 | -71.7% |
| Profit (loss) for the period | 9904 | -€463,907 | -€796,527 | -€332,620 | -71.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€463,907 | -€796,527 | -€332,620 | -71.7% |
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 22 October 2026 via checked.be.