PASCAL INGHELS: 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 INGHELS
Largest movements
- Receivables within one year +€40,357
up €40,357 (+32.2%), from €125,251 to €165,609
of which Trade receivables: +€37,619
- Tangible fixed assets -€18,866
down €18,866 (-7.4%), from €256,418 to €237,552
of which Furniture and vehicles: -€22,084
- Stocks and contracts +€6,216
new in 2026: €6,216
- Profit (loss) carried forward +€77,819
up €77,819, from -€77,819 to €0
- Debts after one year -€45,748
down €45,748 (-23.2%), from €197,103 to €151,355
- Current portion of long-term debt -€20,148
down €20,148 (-23.9%), from €84,229 to €64,081
- Reserves +€11,349
new in 2026: €11,349
- Trade debts +€6,356
up €6,356 (+246.9%), from €2,574 to €8,929
- Gross operating margin -€85,487
down €85,487 (-32.0%), from €267,156 to €181,669
- Depreciation -€31,703
down €31,703 (-27.4%), from €115,777 to €84,075
- Financial charges +€4,092
up €4,092 (+124.8%), from €3,278 to €7,370
- Other operating charges -€3,273
down €3,273 (-75.6%), from €4,331 to €1,057
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €392,715 | €421,631 | +€28,916 | +7.4% |
| Fixed assets | 21/28 | €256,418 | €237,552 | -€18,866 | -7.4% |
| Tangible fixed assets | 22/27 | €256,418 | €237,552 | -€18,866 | -7.4% |
| Plant, machinery and equipment | 23 | €83,728 | €86,947 | +€3,219 | +3.8% |
| Furniture and vehicles | 24 | €172,690 | €150,606 | -€22,084 | -12.8% |
| Current assets | 29/58 | €136,297 | €184,078 | +€47,781 | +35.1% |
| Stocks and contracts in progress | 3 | - | €6,216 | +€6,216 | |
| Stocks | 30/36 | - | €6,216 | +€6,216 | |
| Amounts receivable within one year | 40/41 | €125,251 | €165,609 | +€40,357 | +32.2% |
| Trade receivables | 40 | €120,568 | €158,186 | +€37,619 | +31.2% |
| Other amounts receivable | 41 | €4,684 | €7,423 | +€2,739 | +58.5% |
| Cash at bank and in hand | 54/58 | €8,158 | €8,893 | +€735 | +9.0% |
| Deferred charges and accrued income | 490/1 | €2,888 | €3,361 | +€473 | +16.4% |
| Total equity and liabilities | 10/49 | €392,715 | €421,631 | +€28,916 | +7.4% |
| Equity | 10/15 | -€57,819 | €31,349 | +€89,168 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €11,349 | +€11,349 | |
| Distributable reserves | 133 | - | €11,349 | +€11,349 | |
| Profit (loss) carried forward | 14 | -€77,819 | €0 | +€77,819 | |
| Amounts payable | 17/49 | €450,534 | €390,282 | -€60,252 | -13.4% |
| Amounts payable after more than one year | 17 | €197,103 | €151,355 | -€45,748 | -23.2% |
| Financial debts | 170/4 | €197,103 | €151,355 | -€45,748 | -23.2% |
| Amounts payable within one year | 42/48 | €253,431 | €238,927 | -€14,504 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €84,229 | €64,081 | -€20,148 | -23.9% |
| Trade debts | 44 | €2,574 | €8,929 | +€6,356 | +246.9% |
| Suppliers | 440/4 | €2,574 | €8,929 | +€6,356 | +246.9% |
| Other amounts payable | 47/48 | €166,628 | €165,916 | -€712 | -0.4% |
| Non-recurring operating income | 76A | - | €10,750 | +€10,750 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,777 | €84,075 | -€31,703 | -27.4% |
| Other operating charges | 640/8 | €4,331 | €1,057 | -€3,273 | -75.6% |
| Gross operating margin | 9900 | €267,156 | €181,669 | -€85,487 | -32.0% |
| Operating profit (loss) | 9901 | €147,048 | €96,537 | -€50,511 | -34.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -93.6% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -93.6% |
| Financial charges | 65/66B | €3,278 | €7,370 | +€4,092 | +124.8% |
| Recurring financial charges | 65 | €3,278 | €7,370 | +€4,092 | +124.8% |
| Profit (loss) for the period before taxes | 9903 | €143,771 | €89,168 | -€54,603 | -38.0% |
| Profit (loss) for the period | 9904 | €143,771 | €89,168 | -€54,603 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €143,771 | €89,168 | -€54,603 | -38.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.