PAESEN HOLDING: 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.
PAESEN HOLDING
Largest movements
- Tangible fixed assets +€295,303
up €295,303 (+11.1%), from €2.7m to €3.0m
of which Land and buildings: +€383,622
- Cash +€180,215
up €180,215 (+81.2%), from €222,042 to €402,257
mainly Debts after one year (+€311,130) and Net result for the year (+€167,877)
- Receivables within one year +€104,051
up €104,051 (+116%), from €89,513 to €193,563
of which Other amounts receivable: +€85,714
- Debts after one year +€311,130
up €311,130 (+34.1%), from €912,368 to €1.2m
- Reserves +€167,877
up €167,877 (+19.7%), from €850,574 to €1.0m
of which Tax-exempt reserves: +€117,296
- Provisions +€39,099
up €39,099 (+22.2%), from €176,174 to €215,273
- Gross operating margin +€150,632
up €150,632 (+68.4%), from €220,162 to €370,794
- Depreciation -€11,771
down €11,771 (-13.4%), from €87,802 to €76,031
- Financial charges +€8,965
up €8,965 (+19.8%), from €45,386 to €54,350
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 | €2,974,182 | €3,553,711 | +€579,529 | +19.5% |
| Fixed assets | 21/28 | €2,659,083 | €2,954,386 | +€295,303 | +11.1% |
| Tangible fixed assets | 22/27 | €2,659,083 | €2,954,386 | +€295,303 | +11.1% |
| Land and buildings | 22 | €2,238,882 | €2,622,504 | +€383,622 | +17.1% |
| Furniture and vehicles | 24 | €49,750 | €56,137 | +€6,387 | +12.8% |
| Assets under construction and advance payments | 27 | €370,451 | €275,745 | -€94,706 | -25.6% |
| Current assets | 29/58 | €315,100 | €599,326 | +€284,226 | +90.2% |
| Amounts receivable within one year | 40/41 | €89,513 | €193,563 | +€104,051 | +116% |
| Trade receivables | 40 | €15,307 | €33,644 | +€18,336 | +120% |
| Other amounts receivable | 41 | €74,205 | €159,919 | +€85,714 | +116% |
| Cash at bank and in hand | 54/58 | €222,042 | €402,257 | +€180,215 | +81.2% |
| Deferred charges and accrued income | 490/1 | €3,545 | €3,506 | -€39 | -1.1% |
| Total equity and liabilities | 10/49 | €2,974,182 | €3,553,711 | +€579,529 | +19.5% |
| Equity | 10/15 | €1,833,574 | €2,001,451 | +€167,877 | +9.2% |
| Contributions | 10/11 | €983,000 | €983,000 | = | 0.0% |
| Capital | 10 | €983,000 | €983,000 | = | 0.0% |
| Issued capital | 100 | €983,000 | €983,000 | = | 0.0% |
| Reserves | 13 | €850,574 | €1,018,451 | +€167,877 | +19.7% |
| Non-distributable reserves | 130/1 | €30,273 | €32,802 | +€2,529 | +8.4% |
| Legal reserve | 130 | €30,273 | €32,802 | +€2,529 | +8.4% |
| Tax-exempt reserves | 132 | €524,191 | €641,487 | +€117,296 | +22.4% |
| Distributable reserves | 133 | €296,110 | €344,162 | +€48,052 | +16.2% |
| Provisions and deferred taxes | 16 | €176,174 | €215,273 | +€39,099 | +22.2% |
| Deferred taxes | 168 | €176,174 | €215,273 | +€39,099 | +22.2% |
| Amounts payable | 17/49 | €964,434 | €1,336,987 | +€372,553 | +38.6% |
| Amounts payable after more than one year | 17 | €912,368 | €1,223,498 | +€311,130 | +34.1% |
| Financial debts | 170/4 | €912,368 | €1,223,498 | +€311,130 | +34.1% |
| Amounts payable within one year | 42/48 | €47,566 | €108,989 | +€61,423 | +129% |
| Current portion of amounts payable after more than one year | 42 | €34,183 | €65,827 | +€31,644 | +92.6% |
| Trade debts | 44 | €1,288 | €32,063 | +€30,775 | +2,389% |
| Suppliers | 440/4 | €1,288 | €32,063 | +€30,775 | +2,389% |
| Advances received on contracts in progress | 46 | - | €750 | +€750 | |
| Taxes, remuneration and social security | 45 | €9,059 | €7,687 | -€1,372 | -15.1% |
| Taxes | 450/3 | €9,059 | €7,687 | -€1,372 | -15.1% |
| Other amounts payable | 47/48 | €3,037 | €2,662 | -€375 | -12.3% |
| Accrued charges and deferred income | 492/3 | €4,500 | €4,500 | = | 0.0% |
| Non-recurring operating income | 76A | €21,405 | €164,012 | +€142,607 | +666% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,802 | €76,031 | -€11,771 | -13.4% |
| Other operating charges | 640/8 | €12,521 | €13,328 | +€807 | +6.4% |
| Gross operating margin | 9900 | €220,162 | €370,794 | +€150,632 | +68.4% |
| Operating profit (loss) | 9901 | €119,839 | €281,435 | +€161,596 | +135% |
| Financial income | 75/76B | €7 | €0 | -€7 | -100% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -100% |
| Financial charges | 65/66B | €45,386 | €54,350 | +€8,965 | +19.8% |
| Recurring financial charges | 65 | €45,386 | €54,350 | +€8,965 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €74,461 | €227,084 | +€152,624 | +205% |
| Transfer from deferred taxes | 780 | €1,878 | €1,904 | +€26 | +1.4% |
| Transfer to deferred taxes | 680 | - | €41,003 | +€41,003 | |
| Income taxes | 67/77 | €19,873 | €20,108 | +€235 | +1.2% |
| Profit (loss) for the period | 9904 | €56,465 | €167,877 | +€111,412 | +197% |
| Transfer from tax-exempt reserves | 789 | €7,513 | €5,712 | -€1,800 | -24.0% |
| Transfer to tax-exempt reserves | 689 | - | €123,009 | +€123,009 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,978 | €50,581 | -€13,397 | -20.9% |
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 28 October 2026 via checked.be.