PASCAL BODART: 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 BODART
Largest movements
- Financial fixed assets +€408,000
up €408,000 (+204.0%), from €200,025 to €608,025
- Cash +€54,911
up €54,911 (+62.0%), from €88,564 to €143,475
mainly Debts after one year (+€358,358) and Net result for the year (+€120,430)
- Tangible fixed assets +€38,981
up €38,981 (+946.4%), from €4,119 to €43,100
- Current investments -€25,000
down €25,000 (-26.3%), from €95,000 to €70,000
- Debts after one year +€358,358
new in 2025: €358,358
- Reserves +€71,337
up €71,337 (+22.5%), from €317,521 to €388,858
of which Distributable reserves: +€71,337
- Current portion of long-term debt +€34,473
up €34,473 (+101.8%), from €33,870 to €68,344
- Gross operating margin +€39,724
up €39,724 (+35.9%), from €110,556 to €150,280
- Taxes +€16,906
up €16,906 (+41.1%), from €41,161 to €58,067
- Financial income +€14,641
up €14,641 (+52.9%), from €27,670 to €42,311
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 | €410,897 | €893,146 | +€482,249 | +117.4% |
| Fixed assets | 21/28 | €204,144 | €651,125 | +€446,981 | +219.0% |
| Tangible fixed assets | 22/27 | €4,119 | €43,100 | +€38,981 | +946.4% |
| Furniture and vehicles | 24 | €4,119 | €43,100 | +€38,981 | +946.4% |
| Financial fixed assets | 28 | €200,025 | €608,025 | +€408,000 | +204.0% |
| Current assets | 29/58 | €206,753 | €242,021 | +€35,268 | +17.1% |
| Amounts receivable within one year | 40/41 | €21,669 | €28,222 | +€6,552 | +30.2% |
| Trade receivables | 40 | €21,538 | €28,195 | +€6,657 | +30.9% |
| Other amounts receivable | 41 | €131 | €26 | -€105 | -79.9% |
| Current investments | 50/53 | €95,000 | €70,000 | -€25,000 | -26.3% |
| Cash at bank and in hand | 54/58 | €88,564 | €143,475 | +€54,911 | +62.0% |
| Deferred charges and accrued income | 490/1 | €1,521 | €325 | -€1,195 | -78.6% |
| Total equity and liabilities | 10/49 | €410,897 | €893,146 | +€482,249 | +117.4% |
| Equity | 10/15 | €318,752 | €390,089 | +€71,337 | +22.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €317,521 | €388,858 | +€71,337 | +22.5% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €317,471 | €388,808 | +€71,337 | +22.5% |
| Profit (loss) carried forward | 14 | €731 | €731 | = | 0.0% |
| Amounts payable | 17/49 | €92,145 | €503,057 | +€410,912 | +445.9% |
| Amounts payable after more than one year | 17 | - | €358,358 | +€358,358 | |
| Financial debts | 170/4 | - | €358,358 | +€358,358 | |
| Amounts payable within one year | 42/48 | €92,145 | €136,992 | +€44,847 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €33,870 | €68,344 | +€34,473 | +101.8% |
| Trade debts | 44 | €3,949 | €1,512 | -€2,436 | -61.7% |
| Suppliers | 440/4 | €3,949 | €1,512 | -€2,436 | -61.7% |
| Taxes, remuneration and social security | 45 | €12,361 | €18,735 | +€6,374 | +51.6% |
| Taxes | 450/3 | €12,361 | €16,535 | +€4,175 | +33.8% |
| Remuneration and social security | 454/9 | - | €2,200 | +€2,200 | |
| Other amounts payable | 47/48 | €41,965 | €48,401 | +€6,436 | +15.3% |
| Accrued charges and deferred income | 492/3 | - | €7,708 | +€7,708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,903 | €9,679 | -€224 | -2.3% |
| Other operating charges | 640/8 | €278 | €149 | -€129 | -46.5% |
| Gross operating margin | 9900 | €110,556 | €150,280 | +€39,724 | +35.9% |
| Operating profit (loss) | 9901 | €100,375 | €140,453 | +€40,078 | +39.9% |
| Financial income | 75/76B | €27,670 | €42,311 | +€14,641 | +52.9% |
| Recurring financial income | 75 | €27,670 | €42,311 | +€14,641 | +52.9% |
| Financial charges | 65/66B | €4,566 | €4,267 | -€299 | -6.5% |
| Recurring financial charges | 65 | €4,566 | €4,267 | -€299 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €123,480 | €178,496 | +€55,017 | +44.6% |
| Income taxes | 67/77 | €41,161 | €58,067 | +€16,906 | +41.1% |
| Profit (loss) for the period | 9904 | €82,319 | €120,430 | +€38,111 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,319 | €120,430 | +€38,111 | +46.3% |
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 28 September 2026 via checked.be.