PAS DE DEUX: 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.
PAS DE DEUX
Largest movements
- Cash +€39,515
up €39,515 (+63.5%), from €62,200 to €101,716
mainly Depreciation (+€35,811) and Net result for the year (+€14,580)
- Tangible fixed assets -€35,811
down €35,811 (-10.8%), from €330,440 to €294,630
of which Land and buildings: -€35,061
- Stocks and contracts -€10,690
down €10,690 (-12.2%), from €87,621 to €76,931
- Profit (loss) carried forward +€29,097
up €29,097 (+25.7%), from -€113,294 to -€84,197
- Debts after one year -€24,017
down €24,017 (-15.2%), from €157,571 to €133,554
- Reserves -€14,517
down €14,517 (-4.2%), from €348,885 to €334,368
of which Tax-exempt reserves: -€14,517
- Gross operating margin +€62,902
up €62,902 (+156.7%), from €40,134 to €103,037
- Depreciation -€6,591
down €6,591 (-15.5%), from €42,402 to €35,811
- Write-downs -€1,847
down €1,847, from €188 to -€1,659
- Staff costs +€1,423
up €1,423 (+3.8%), from €37,889 to €39,312
- Other operating charges -€1,348
down €1,348 (-14.9%), from €9,062 to €7,714
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 | €518,714 | €514,263 | -€4,451 | -0.9% |
| Fixed assets | 21/28 | €330,520 | €294,710 | -€35,811 | -10.8% |
| Tangible fixed assets | 22/27 | €330,440 | €294,630 | -€35,811 | -10.8% |
| Land and buildings | 22 | €329,599 | €294,538 | -€35,061 | -10.6% |
| Furniture and vehicles | 24 | €842 | €92 | -€750 | -89.1% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €188,194 | €219,554 | +€31,360 | +16.7% |
| Stocks and contracts in progress | 3 | €87,621 | €76,931 | -€10,690 | -12.2% |
| Stocks | 30/36 | €87,621 | €76,931 | -€10,690 | -12.2% |
| Amounts receivable within one year | 40/41 | €16,091 | €17,748 | +€1,657 | +10.3% |
| Trade receivables | 40 | €16,019 | €17,646 | +€1,628 | +10.2% |
| Other amounts receivable | 41 | €72 | €102 | +€29 | +40.7% |
| Cash at bank and in hand | 54/58 | €62,200 | €101,716 | +€39,515 | +63.5% |
| Deferred charges and accrued income | 490/1 | €22,282 | €23,159 | +€878 | +3.9% |
| Total equity and liabilities | 10/49 | €518,714 | €514,263 | -€4,451 | -0.9% |
| Equity | 10/15 | €241,796 | €256,376 | +€14,580 | +6.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €348,885 | €334,368 | -€14,517 | -4.2% |
| Tax-exempt reserves | 132 | €196,943 | €182,427 | -€14,517 | -7.4% |
| Distributable reserves | 133 | €151,941 | €151,941 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,294 | -€84,197 | +€29,097 | +25.7% |
| Provisions and deferred taxes | 16 | €41,736 | €38,107 | -€3,629 | -8.7% |
| Deferred taxes | 168 | €41,736 | €38,107 | -€3,629 | -8.7% |
| Amounts payable | 17/49 | €235,183 | €219,781 | -€15,402 | -6.5% |
| Amounts payable after more than one year | 17 | €157,571 | €133,554 | -€24,017 | -15.2% |
| Financial debts | 170/4 | €157,571 | €133,554 | -€24,017 | -15.2% |
| Amounts payable within one year | 42/48 | €72,927 | €79,479 | +€6,552 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €23,582 | €24,017 | +€435 | +1.8% |
| Trade debts | 44 | €2,742 | €4,059 | +€1,317 | +48.0% |
| Suppliers | 440/4 | €2,742 | €4,059 | +€1,317 | +48.0% |
| Taxes, remuneration and social security | 45 | €13,910 | €14,229 | +€319 | +2.3% |
| Taxes | 450/3 | €9,385 | €9,452 | +€67 | +0.7% |
| Remuneration and social security | 454/9 | €4,525 | €4,777 | +€252 | +5.6% |
| Other amounts payable | 47/48 | €32,693 | €37,174 | +€4,481 | +13.7% |
| Accrued charges and deferred income | 492/3 | €4,685 | €6,749 | +€2,063 | +44.0% |
| Non-recurring operating income | 76A | €0 | €10,860 | +€10,860 | |
| Remuneration, social security and pensions | 62 | €37,889 | €39,312 | +€1,423 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,402 | €35,811 | -€6,591 | -15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €188 | -€1,659 | -€1,847 | |
| Other operating charges | 640/8 | €9,062 | €7,714 | -€1,348 | -14.9% |
| Gross operating margin | 9900 | €40,134 | €103,037 | +€62,902 | +156.7% |
| Operating profit (loss) | 9901 | -€49,407 | €21,859 | +€71,266 | |
| Financial income | 75/76B | €925 | €607 | -€319 | -34.4% |
| Recurring financial income | 75 | €925 | €607 | -€319 | -34.4% |
| Financial charges | 65/66B | €11,679 | €11,283 | -€395 | -3.4% |
| Recurring financial charges | 65 | €11,679 | €11,283 | -€395 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€60,160 | €11,182 | +€71,342 | |
| Transfer from deferred taxes | 780 | €6,671 | €3,629 | -€3,042 | -45.6% |
| Income taxes | 67/77 | €316 | €231 | -€85 | -27.0% |
| Profit (loss) for the period | 9904 | -€53,805 | €14,580 | +€68,386 | |
| Transfer from tax-exempt reserves | 789 | €12,956 | €14,517 | +€1,561 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,850 | €29,097 | +€69,947 |
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 4 October 2026 via checked.be.