PASCAL BALTUS: 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.
PASCAL BALTUS
Largest movements
- Receivables within one year -€355,433
down €355,433 (-93.4%), from €380,706 to €25,273
of which Other amounts receivable: -€279,615
- Financial fixed assets +€184,927
up €184,927 (+517.4%), from €35,743 to €220,670
- Receivables after one year +€126,173
up €126,173 (+62.8%), from €200,842 to €327,015
- Cash -€36,937
down €36,937 (-9.6%), from €382,930 to €345,993
mainly Contributions, distributions and other (-€332,646) and Investment in fixed assets (net) (-€185,807)
- Tangible fixed assets -€18,144
down €18,144 (-89.0%), from €20,381 to €2,237
of which Furniture and vehicles: -€18,078
- Reserves -€196,746
down €196,746 (-30.0%), from €655,386 to €458,640
of which Non-distributable reserves: -€196,746
- Other debts +€120,682
up €120,682 (+42.3%), from €285,000 to €405,682
- Tax, wage and social debts -€22,895
down €22,895 (-46.6%), from €49,170 to €26,274
of which Taxes: -€22,941
- Financial income -€118,014
no longer reported in 2025 (was €118,014)
of which Non-recurring financial income: -€59,310
- Gross operating margin +€57,487
up €57,487 (+31.4%), from €183,123 to €240,611
- Taxes +€8,304
up €8,304 (+11.4%), from €72,872 to €81,176
- Financial charges +€2,615
up €2,615 (+807.4%), from €324 to €2,939
of which Financial charges: +€2,742
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 | €1,021,308 | €922,288 | -€99,020 | -9.7% |
| Fixed assets | 21/28 | €56,124 | €222,907 | +€166,783 | +297.2% |
| Tangible fixed assets | 22/27 | €20,381 | €2,237 | -€18,144 | -89.0% |
| Plant, machinery and equipment | 23 | €67 | - | -€67 | |
| Furniture and vehicles | 24 | €20,315 | €2,237 | -€18,078 | -89.0% |
| Financial fixed assets | 28 | €35,743 | €220,670 | +€184,927 | +517.4% |
| Current assets | 29/58 | €965,184 | €699,381 | -€265,803 | -27.5% |
| Amounts receivable after more than one year | 29 | €200,842 | €327,015 | +€126,173 | +62.8% |
| Trade receivables | 290 | €200,842 | €327,015 | +€126,173 | +62.8% |
| Amounts receivable within one year | 40/41 | €380,706 | €25,273 | -€355,433 | -93.4% |
| Trade receivables | 40 | €101,026 | €25,208 | -€75,818 | -75.0% |
| Other amounts receivable | 41 | €279,680 | €65 | -€279,615 | -100.0% |
| Current investments | 50/53 | - | €387 | +€387 | |
| Cash at bank and in hand | 54/58 | €382,930 | €345,993 | -€36,937 | -9.6% |
| Deferred charges and accrued income | 490/1 | €707 | €714 | +€7 | +1.0% |
| Total equity and liabilities | 10/49 | €1,021,308 | €922,288 | -€99,020 | -9.7% |
| Equity | 10/15 | €685,251 | €488,514 | -€196,737 | -28.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €655,386 | €458,640 | -€196,746 | -30.0% |
| Non-distributable reserves | 130/1 | €654,546 | €457,800 | -€196,746 | -30.1% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Other | 1319 | €652,546 | €455,800 | -€196,746 | -30.2% |
| Distributable reserves | 133 | €840 | €840 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,865 | €19,874 | +€9 | 0.0% |
| Amounts payable | 17/49 | €336,057 | €433,774 | +€97,717 | +29.1% |
| Amounts payable within one year | 42/48 | €336,057 | €433,774 | +€97,717 | +29.1% |
| Trade debts | 44 | €1,887 | €1,817 | -€70 | -3.7% |
| Suppliers | 440/4 | €1,887 | €1,817 | -€70 | -3.7% |
| Taxes, remuneration and social security | 45 | €49,170 | €26,274 | -€22,895 | -46.6% |
| Taxes | 450/3 | €44,640 | €21,698 | -€22,941 | -51.4% |
| Remuneration and social security | 454/9 | €4,530 | €4,576 | +€46 | +1.0% |
| Other amounts payable | 47/48 | €285,000 | €405,682 | +€120,682 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,301 | €19,024 | -€2,277 | -10.7% |
| Other operating charges | 640/8 | €1,520 | €1,563 | +€43 | +2.8% |
| Gross operating margin | 9900 | €183,123 | €240,611 | +€57,487 | +31.4% |
| Operating profit (loss) | 9901 | €160,302 | €220,024 | +€59,722 | +37.3% |
| Financial income | 75/76B | €118,014 | - | -€118,014 | |
| Recurring financial income | 75 | €58,704 | - | -€58,704 | |
| Non-recurring financial income | 76B | €59,310 | - | -€59,310 | |
| Financial charges | 65/66B | €324 | €2,939 | +€2,615 | +807.4% |
| Recurring financial charges | 65 | €198 | €2,939 | +€2,742 | +1385.9% |
| Non-recurring financial charges | 66B | €126 | - | -€126 | |
| Profit (loss) for the period before taxes | 9903 | €277,992 | €217,085 | -€60,907 | -21.9% |
| Income taxes | 67/77 | €72,872 | €81,176 | +€8,304 | +11.4% |
| Profit (loss) for the period | 9904 | €205,120 | €135,909 | -€69,211 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €205,120 | €135,909 | -€69,211 | -33.7% |
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 29 September 2026 via checked.be.