PASCAL DAGNELIE: 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.
PASCAL DAGNELIE
Largest movements
- Current investments +€360,579
up €360,579 (+61.4%), from €586,829 to €947,408
- Cash -€261,108
down €261,108 (-52.8%), from €494,317 to €233,209
mainly Current investments (-€360,579) and Contributions, distributions and other (-€105,000)
- Receivables within one year -€52,621
down €52,621 (-27.3%), from €192,716 to €140,095
of which Other amounts receivable: -€164,725
- Financial fixed assets +€27,473
up €27,473 (+4.2%), from €660,924 to €688,397
- Other debts +€90,661
up €90,661 (+481%), from €18,838 to €109,499
- Reserves -€41,000
down €41,000 (-7.0%), from €581,860 to €540,860
- Financial income +€65,681
up €65,681 (+152%), from €43,340 to €109,021
of which Non-recurring financial income: +€66,349
- Financial charges +€26,629
up €26,629 (+2,035%), from €1,309 to €27,938
- Taxes +€19,017
up €19,017 (+96.3%), from €19,747 to €38,765
- Gross operating margin -€6,048
down €6,048 (-13.9%), from €43,569 to €37,521
- Depreciation +€3,135
up €3,135 (+25.1%), from €12,487 to €15,623
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 | €1,992,786 | €2,053,764 | +€60,978 | +3.1% |
| Fixed assets | 21/28 | €717,433 | €731,547 | +€14,113 | +2.0% |
| Tangible fixed assets | 22/27 | €56,510 | €43,150 | -€13,360 | -23.6% |
| Plant, machinery and equipment | 23 | €1,100 | €697 | -€403 | -36.6% |
| Furniture and vehicles | 24 | €55,410 | €42,453 | -€12,957 | -23.4% |
| Financial fixed assets | 28 | €660,924 | €688,397 | +€27,473 | +4.2% |
| Current assets | 29/58 | €1,275,352 | €1,322,217 | +€46,865 | +3.7% |
| Amounts receivable within one year | 40/41 | €192,716 | €140,095 | -€52,621 | -27.3% |
| Trade receivables | 40 | - | €112,104 | +€112,104 | |
| Other amounts receivable | 41 | €192,716 | €27,990 | -€164,725 | -85.5% |
| Current investments | 50/53 | €586,829 | €947,408 | +€360,579 | +61.4% |
| Cash at bank and in hand | 54/58 | €494,317 | €233,209 | -€261,108 | -52.8% |
| Deferred charges and accrued income | 490/1 | €1,491 | €1,505 | +€15 | +1.0% |
| Total equity and liabilities | 10/49 | €1,992,786 | €2,053,764 | +€60,978 | +3.1% |
| Equity | 10/15 | €1,952,537 | €1,911,755 | -€40,783 | -2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €581,860 | €540,860 | -€41,000 | -7.0% |
| Distributable reserves | 133 | €581,860 | €540,860 | -€41,000 | -7.0% |
| Profit (loss) carried forward | 14 | €1,364,477 | €1,364,695 | +€217 | 0.0% |
| Amounts payable | 17/49 | €40,249 | €142,009 | +€101,761 | +253% |
| Amounts payable within one year | 42/48 | €40,249 | €142,009 | +€101,761 | +253% |
| Trade debts | 44 | €867 | €399 | -€468 | -54.0% |
| Suppliers | 440/4 | €867 | €399 | -€468 | -54.0% |
| Taxes, remuneration and social security | 45 | €20,544 | €32,111 | +€11,568 | +56.3% |
| Taxes | 450/3 | €6,144 | €17,711 | +€11,568 | +188% |
| Remuneration and social security | 454/9 | €14,400 | €14,400 | = | 0.0% |
| Other amounts payable | 47/48 | €18,838 | €109,499 | +€90,661 | +481% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,487 | €15,623 | +€3,135 | +25.1% |
| Gross operating margin | 9900 | €43,569 | €37,521 | -€6,048 | -13.9% |
| Operating profit (loss) | 9901 | €31,082 | €21,899 | -€9,183 | -29.5% |
| Financial income | 75/76B | €43,340 | €109,021 | +€65,681 | +152% |
| Recurring financial income | 75 | €26,417 | €25,750 | -€668 | -2.5% |
| Non-recurring financial income | 76B | €16,922 | €83,271 | +€66,349 | +392% |
| Financial charges | 65/66B | €1,309 | €27,938 | +€26,629 | +2,035% |
| Recurring financial charges | 65 | €1,309 | €27,938 | +€26,629 | +2,035% |
| Profit (loss) for the period before taxes | 9903 | €73,113 | €102,982 | +€29,869 | +40.9% |
| Income taxes | 67/77 | €19,747 | €38,765 | +€19,017 | +96.3% |
| Profit (loss) for the period | 9904 | €53,366 | €64,217 | +€10,851 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,366 | €64,217 | +€10,851 | +20.3% |
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 18 October 2026 via checked.be.