PAPER DUCK: 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.
PAPER DUCK
Largest movements
- Receivables within one year -€12,998
down €12,998 (-10.0%), from €129,712 to €116,714
of which Trade receivables: -€12,988
- Cash +€8,531
up €8,531 (+5.7%), from €149,613 to €158,144
mainly Depreciation (+€42,056) and Net result for the year (+€13,683)
- Reserves +€11,823
up €11,823 (+17.0%), from €69,609 to €81,432
of which Distributable reserves: +€13,683
- Debts after one year -€9,623
down €9,623 (-2.9%), from €331,441 to €321,818
of which Financial debts: -€9,623
- Tax, wage and social debts -€7,259
down €7,259 (-14.9%), from €48,684 to €41,425
of which Taxes: -€5,125
- Depreciation +€4,890
up €4,890 (+13.2%), from €37,166 to €42,056
- Staff costs -€3,047
down €3,047 (-2.2%), from €136,641 to €133,594
- Gross operating margin +€2,146
up €2,146 (+1.0%), from €205,438 to €207,584
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 | €688,873 | €686,373 | -€2,500 | -0.4% |
| Fixed assets | 21/28 | €359,144 | €360,706 | +€1,562 | +0.4% |
| Tangible fixed assets | 22/27 | €359,144 | €360,706 | +€1,562 | +0.4% |
| Land and buildings | 22 | €282,790 | €270,592 | -€12,199 | -4.3% |
| Plant, machinery and equipment | 23 | €56,380 | €47,341 | -€9,040 | -16.0% |
| Furniture and vehicles | 24 | €19,973 | €42,774 | +€22,800 | +114% |
| Current assets | 29/58 | €329,729 | €325,667 | -€4,062 | -1.2% |
| Stocks and contracts in progress | 3 | €37,997 | €37,348 | -€650 | -1.7% |
| Stocks | 30/36 | €37,997 | €37,348 | -€650 | -1.7% |
| Amounts receivable within one year | 40/41 | €129,712 | €116,714 | -€12,998 | -10.0% |
| Trade receivables | 40 | €128,890 | €115,902 | -€12,988 | -10.1% |
| Other amounts receivable | 41 | €822 | €813 | -€10 | -1.2% |
| Cash at bank and in hand | 54/58 | €149,613 | €158,144 | +€8,531 | +5.7% |
| Deferred charges and accrued income | 490/1 | €12,406 | €13,461 | +€1,055 | +8.5% |
| Total equity and liabilities | 10/49 | €688,873 | €686,373 | -€2,500 | -0.4% |
| Equity | 10/15 | €146,503 | €157,393 | +€10,890 | +7.4% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €69,609 | €81,432 | +€11,823 | +17.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €67,749 | €81,432 | +€13,683 | +20.2% |
| Profit (loss) carried forward | 14 | €20,992 | €20,992 | = | 0.0% |
| Investment grants | 15 | €37,301 | €34,509 | -€2,792 | -7.5% |
| Amounts payable | 17/49 | €542,370 | €528,980 | -€13,391 | -2.5% |
| Amounts payable after more than one year | 17 | €331,441 | €321,818 | -€9,623 | -2.9% |
| Financial debts | 170/4 | €286,441 | €276,818 | -€9,623 | -3.4% |
| Other amounts payable | 178/9 | €45,000 | €45,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €210,927 | €207,161 | -€3,766 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €35,506 | €41,152 | +€5,647 | +15.9% |
| Trade debts | 44 | €35,002 | €30,546 | -€4,456 | -12.7% |
| Suppliers | 440/4 | €35,002 | €30,546 | -€4,456 | -12.7% |
| Taxes, remuneration and social security | 45 | €48,684 | €41,425 | -€7,259 | -14.9% |
| Taxes | 450/3 | €31,315 | €26,190 | -€5,125 | -16.4% |
| Remuneration and social security | 454/9 | €17,369 | €15,235 | -€2,134 | -12.3% |
| Other amounts payable | 47/48 | €91,736 | €94,038 | +€2,303 | +2.5% |
| Accrued charges and deferred income | 492/3 | €2 | - | -€2 | |
| Remuneration, social security and pensions | 62 | €136,641 | €133,594 | -€3,047 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,166 | €42,056 | +€4,890 | +13.2% |
| Other operating charges | 640/8 | €4,513 | €4,827 | +€314 | +6.9% |
| Gross operating margin | 9900 | €205,438 | €207,584 | +€2,146 | +1.0% |
| Operating profit (loss) | 9901 | €27,119 | €27,107 | -€11 | 0.0% |
| Financial income | 75/76B | €2,793 | €2,794 | +€0 | 0.0% |
| Recurring financial income | 75 | €2,793 | €2,794 | +€0 | 0.0% |
| Financial charges | 65/66B | €10,460 | €9,919 | -€541 | -5.2% |
| Recurring financial charges | 65 | €10,460 | €9,919 | -€541 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €19,452 | €19,982 | +€530 | +2.7% |
| Income taxes | 67/77 | €6,178 | €6,299 | +€122 | +2.0% |
| Profit (loss) for the period | 9904 | €13,274 | €13,683 | +€408 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,274 | €13,683 | +€408 | +3.1% |
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 16 October 2026 via checked.be.