PAIN PLUS: 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.
PAIN PLUS
Largest movements
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Receivables within one year -€81,086
down €81,086 (-75.5%), from €107,334 to €26,247
of which Other amounts receivable: -€82,447
- Cash -€77,688
down €77,688 (-34.3%), from €226,773 to €149,086
mainly Contributions, distributions and other (-€254,000) and Debts after one year (-€22,923)
- Tangible fixed assets -€27,066
down €27,066 (-12.6%), from €214,490 to €187,424
of which Land and buildings: -€14,239
- Current investments +€12,000
up €12,000 (+25.5%), from €47,000 to €59,000
- Reserves -€236,000
down €236,000 (-58.5%), from €403,750 to €167,750
of which Distributable reserves: -€236,000
- Tax, wage and social debts +€43,525
up €43,525 (+1298.3%), from €3,352 to €46,877
of which Remuneration and social security: +€25,277
- Debts after one year -€22,923
down €22,923 (-22.8%), from €100,701 to €77,778
- Other debts -€22,078
down €22,078 (-98.1%), from €22,500 to €422
- Profit (loss) carried forward -€14,955
down €14,955 (-44.1%), from €33,915 to €18,960
- Gross operating margin -€50,847
down €50,847 (-14.5%), from €350,764 to €299,917
- Staff costs +€48,070
up €48,070 (+24.3%), from €197,438 to €245,508
- Depreciation -€22,413
down €22,413 (-34.7%), from €64,643 to €42,230
- Taxes -€15,993
down €15,993 (-79.1%), from €20,225 to €4,231
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 | €716,181 | €448,572 | -€267,609 | -37.4% |
| Fixed assets | 21/28 | €215,691 | €188,210 | -€27,481 | -12.7% |
| Intangible fixed assets | 21 | €1,201 | €786 | -€415 | -34.6% |
| Tangible fixed assets | 22/27 | €214,490 | €187,424 | -€27,066 | -12.6% |
| Land and buildings | 22 | €139,618 | €125,378 | -€14,239 | -10.2% |
| Plant, machinery and equipment | 23 | €31,649 | €26,301 | -€5,348 | -16.9% |
| Furniture and vehicles | 24 | €4,325 | €7,028 | +€2,703 | +62.5% |
| Other tangible fixed assets | 26 | €38,898 | €28,716 | -€10,181 | -26.2% |
| Current assets | 29/58 | €500,490 | €260,362 | -€240,128 | -48.0% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Stocks and contracts in progress | 3 | €7,700 | €7,700 | = | 0.0% |
| Stocks | 30/36 | €7,700 | €7,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €107,334 | €26,247 | -€81,086 | -75.5% |
| Trade receivables | 40 | €7,150 | €8,511 | +€1,361 | +19.0% |
| Other amounts receivable | 41 | €100,184 | €17,736 | -€82,447 | -82.3% |
| Current investments | 50/53 | €47,000 | €59,000 | +€12,000 | +25.5% |
| Cash at bank and in hand | 54/58 | €226,773 | €149,086 | -€77,688 | -34.3% |
| Deferred charges and accrued income | 490/1 | €11,684 | €18,330 | +€6,646 | +56.9% |
| Total equity and liabilities | 10/49 | €716,181 | €448,572 | -€267,609 | -37.4% |
| Equity | 10/15 | €512,665 | €261,710 | -€250,955 | -49.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €403,750 | €167,750 | -€236,000 | -58.5% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,250 | €36,250 | = | 0.0% |
| Distributable reserves | 133 | €360,000 | €124,000 | -€236,000 | -65.6% |
| Profit (loss) carried forward | 14 | €33,915 | €18,960 | -€14,955 | -44.1% |
| Amounts payable | 17/49 | €203,516 | €186,862 | -€16,654 | -8.2% |
| Amounts payable after more than one year | 17 | €100,701 | €77,778 | -€22,923 | -22.8% |
| Financial debts | 170/4 | €100,701 | €77,778 | -€22,923 | -22.8% |
| Amounts payable within one year | 42/48 | €102,604 | €108,675 | +€6,071 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €26,113 | €24,813 | -€1,300 | -5.0% |
| Trade debts | 44 | €50,639 | €36,562 | -€14,076 | -27.8% |
| Suppliers | 440/4 | €50,639 | €36,562 | -€14,076 | -27.8% |
| Taxes, remuneration and social security | 45 | €3,352 | €46,877 | +€43,525 | +1298.3% |
| Taxes | 450/3 | €247 | €18,495 | +€18,248 | +7379.5% |
| Remuneration and social security | 454/9 | €3,105 | €28,382 | +€25,277 | +814.0% |
| Other amounts payable | 47/48 | €22,500 | €422 | -€22,078 | -98.1% |
| Accrued charges and deferred income | 492/3 | €210 | €409 | +€198 | +94.2% |
| Remuneration, social security and pensions | 62 | €197,438 | €245,508 | +€48,070 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,643 | €42,230 | -€22,413 | -34.7% |
| Other operating charges | 640/8 | €4,895 | €4,858 | -€36 | -0.7% |
| Gross operating margin | 9900 | €350,764 | €299,917 | -€50,847 | -14.5% |
| Operating profit (loss) | 9901 | €83,788 | €7,321 | -€76,468 | -91.3% |
| Financial income | 75/76B | €4,289 | €4,051 | -€237 | -5.5% |
| Recurring financial income | 75 | €4,289 | €4,051 | -€237 | -5.5% |
| Financial charges | 65/66B | €3,736 | €4,096 | +€360 | +9.6% |
| Recurring financial charges | 65 | €3,736 | €4,096 | +€360 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €84,341 | €7,276 | -€77,065 | -91.4% |
| Income taxes | 67/77 | €20,225 | €4,231 | -€15,993 | -79.1% |
| Profit (loss) for the period | 9904 | €64,117 | €3,045 | -€61,072 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,117 | €3,045 | -€61,072 | -95.3% |
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 7 October 2026 via checked.be.