PAF DE HOND: 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.
PAF DE HOND
Largest movements
- Tangible fixed assets +€22,014
up €22,014 (+1,682%), from €1,309 to €23,323
- Current investments +€17,600
up €17,600 (+74.4%), from €23,648 to €41,248
- Cash +€12,628
up €12,628 (+60.8%), from €20,754 to €33,381
mainly Net result for the year (+€17,133) and Other debts (+€16,156)
- Receivables within one year -€9,857
down €9,857 (-20.5%), from €48,147 to €38,290
of which Trade receivables: -€10,042
- Other debts +€16,156
up €16,156 (+153%), from €10,576 to €26,732
- Debts after one year +€13,464
new in 2025: €13,464
- Tax, wage and social debts +€6,325
up €6,325 (+66.1%), from €9,564 to €15,888
- Current portion of long-term debt +€4,701
new in 2025: €4,701
- Gross operating margin -€25,649
down €25,649 (-46.9%), from €54,689 to €29,041
- Taxes -€6,164
down €6,164 (-39.8%), from €15,496 to €9,332
- Financial income +€1,784
up €1,784 (+17,843,400%), from €0 to €1,784
- Depreciation +€972
up €972 (+61.4%), from €1,581 to €2,553
- Financial charges +€857
up €857 (+473%), from €181 to €1,038
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 | €94,358 | €136,742 | +€42,384 | +44.9% |
| Fixed assets | 21/28 | €1,809 | €23,823 | +€22,014 | +1,217% |
| Tangible fixed assets | 22/27 | €1,309 | €23,323 | +€22,014 | +1,682% |
| Furniture and vehicles | 24 | €1,309 | €23,323 | +€22,014 | +1,682% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €92,549 | €112,919 | +€20,370 | +22.0% |
| Amounts receivable within one year | 40/41 | €48,147 | €38,290 | -€9,857 | -20.5% |
| Trade receivables | 40 | €48,147 | €38,105 | -€10,042 | -20.9% |
| Other amounts receivable | 41 | €0 | €185 | +€185 | |
| Current investments | 50/53 | €23,648 | €41,248 | +€17,600 | +74.4% |
| Cash at bank and in hand | 54/58 | €20,754 | €33,381 | +€12,628 | +60.8% |
| Total equity and liabilities | 10/49 | €94,358 | €136,742 | +€42,384 | +44.9% |
| Equity | 10/15 | €70,207 | €71,398 | +€1,191 | +1.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €57,807 | €58,998 | +€1,191 | +2.1% |
| 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 | €55,947 | €57,138 | +€1,191 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,151 | €65,344 | +€41,194 | +171% |
| Amounts payable after more than one year | 17 | - | €13,464 | +€13,464 | |
| Financial debts | 170/4 | - | €13,464 | +€13,464 | |
| Amounts payable within one year | 42/48 | €23,851 | €51,097 | +€27,247 | +114% |
| Current portion of amounts payable after more than one year | 42 | - | €4,701 | +€4,701 | |
| Trade debts | 44 | €3,711 | €3,776 | +€65 | +1.8% |
| Suppliers | 440/4 | €3,711 | €3,776 | +€65 | +1.8% |
| Taxes, remuneration and social security | 45 | €9,564 | €15,888 | +€6,325 | +66.1% |
| Taxes | 450/3 | €9,564 | €15,888 | +€6,325 | +66.1% |
| Other amounts payable | 47/48 | €10,576 | €26,732 | +€16,156 | +153% |
| Accrued charges and deferred income | 492/3 | €300 | €784 | +€484 | +161% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,581 | €2,553 | +€972 | +61.4% |
| Other operating charges | 640/8 | €734 | €770 | +€36 | +4.9% |
| Gross operating margin | 9900 | €54,689 | €29,041 | -€25,649 | -46.9% |
| Operating profit (loss) | 9901 | €52,374 | €25,718 | -€26,656 | -50.9% |
| Financial income | 75/76B | €0 | €1,784 | +€1,784 | +17,843,400% |
| Recurring financial income | 75 | €0 | €1,784 | +€1,784 | +17,843,400% |
| Financial charges | 65/66B | €181 | €1,038 | +€857 | +473% |
| Recurring financial charges | 65 | €181 | €1,038 | +€857 | +473% |
| Profit (loss) for the period before taxes | 9903 | €52,193 | €26,464 | -€25,728 | -49.3% |
| Income taxes | 67/77 | €15,496 | €9,332 | -€6,164 | -39.8% |
| Profit (loss) for the period | 9904 | €36,697 | €17,133 | -€19,564 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,697 | €17,133 | -€19,564 | -53.3% |
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 29 October 2026 via checked.be.