PAESEN: what changed
Two fiscal 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.
PAESEN
Largest movements
- Current investments -€22,234
down €22,234 (-17.3%), from €128,184 to €105,950
- Receivables within one year +€11,680
up €11,680 (+290.5%), from €4,020 to €15,700
of which Trade receivables: +€6,441
- Receivables after one year -€8,000
down €8,000 (-5.7%), from €141,400 to €133,400
- Reserves -€62,146
down €62,146 (-24.4%), from €254,766 to €192,619
of which Distributable reserves: -€62,146
- Debts after one year +€50,000
up €50,000 (+166.7%), from €30,000 to €80,000
- Other debts -€12,326
down €12,326 (-42.5%), from €28,969 to €16,643
- Trade debts +€4,298
up €4,298 (+349.3%), from €1,231 to €5,529
- Financial income -€1,753
down €1,753 (-31.7%), from €5,527 to €3,774
- Financial charges +€565
up €565 (+16.8%), from €3,357 to €3,922
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.
Cash bridge derived
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 | €337,212 | €315,520 | -€21,693 | -6.4% |
| Fixed assets | 21/28 | €36,588 | €35,232 | -€1,356 | -3.7% |
| Tangible fixed assets | 22/27 | €36,588 | €35,232 | -€1,356 | -3.7% |
| Land and buildings | 22 | €35,113 | €34,377 | -€736 | -2.1% |
| Plant, machinery and equipment | 23 | €756 | €516 | -€240 | -31.7% |
| Furniture and vehicles | 24 | €718 | €338 | -€380 | -52.9% |
| Current assets | 29/58 | €300,625 | €280,288 | -€20,337 | -6.8% |
| Amounts receivable after more than one year | 29 | €141,400 | €133,400 | -€8,000 | -5.7% |
| Other amounts receivable | 291 | €141,400 | €133,400 | -€8,000 | -5.7% |
| Amounts receivable within one year | 40/41 | €4,020 | €15,700 | +€11,680 | +290.5% |
| Trade receivables | 40 | €4,020 | €10,461 | +€6,441 | +160.2% |
| Other amounts receivable | 41 | - | €5,239 | +€5,239 | |
| Current investments | 50/53 | €128,184 | €105,950 | -€22,234 | -17.3% |
| Cash at bank and in hand | 54/58 | €11,724 | €12,223 | +€498 | +4.3% |
| Deferred charges and accrued income | 490/1 | €15,297 | €13,016 | -€2,281 | -14.9% |
| Total equity and liabilities | 10/49 | €337,212 | €315,520 | -€21,693 | -6.4% |
| Equity | 10/15 | €273,358 | €211,211 | -€62,146 | -22.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €254,766 | €192,619 | -€62,146 | -24.4% |
| Tax-exempt reserves | 132 | €28,420 | €28,420 | = | 0.0% |
| Distributable reserves | 133 | €226,346 | €164,199 | -€62,146 | -27.5% |
| Amounts payable | 17/49 | €63,855 | €104,309 | +€40,454 | +63.4% |
| Amounts payable after more than one year | 17 | €30,000 | €80,000 | +€50,000 | +166.7% |
| Other amounts payable | 178/9 | €30,000 | €80,000 | +€50,000 | +166.7% |
| Amounts payable within one year | 42/48 | €32,415 | €22,809 | -€9,606 | -29.6% |
| Trade debts | 44 | €1,231 | €5,529 | +€4,298 | +349.3% |
| Suppliers | 440/4 | €1,231 | €5,529 | +€4,298 | +349.3% |
| Taxes, remuneration and social security | 45 | €2,216 | €637 | -€1,579 | -71.2% |
| Taxes | 450/3 | €2,216 | €637 | -€1,579 | -71.2% |
| Other amounts payable | 47/48 | €28,969 | €16,643 | -€12,326 | -42.5% |
| Accrued charges and deferred income | 492/3 | €1,440 | €1,500 | +€60 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,356 | €1,356 | -€0 | 0.0% |
| Other operating charges | 640/8 | €4,779 | €4,632 | -€147 | -3.1% |
| Gross operating margin | 9900 | €29,807 | €30,007 | +€200 | +0.7% |
| Operating profit (loss) | 9901 | €23,672 | €24,019 | +€347 | +1.5% |
| Financial income | 75/76B | €5,527 | €3,774 | -€1,753 | -31.7% |
| Recurring financial income | 75 | €5,527 | €3,774 | -€1,753 | -31.7% |
| Financial charges | 65/66B | €3,357 | €3,922 | +€565 | +16.8% |
| Recurring financial charges | 65 | €3,357 | €3,922 | +€565 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €25,842 | €23,871 | -€1,971 | -7.6% |
| Income taxes | 67/77 | €7,854 | €7,865 | +€11 | +0.1% |
| Profit (loss) for the period | 9904 | €17,988 | €16,006 | -€1,982 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,988 | €16,006 | -€1,982 | -11.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.