Pascal Laffineur: 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 Laffineur
Largest movements
- Financial fixed assets -€121,478
down €121,478 (-38.0%), from €319,899 to €198,421
- Receivables within one year -€82,339
down €82,339 (-81.6%), from €100,928 to €18,589
of which Other amounts receivable: -€49,245
- Cash -€54,108
down €54,108 (-29.8%), from €181,692 to €127,584
mainly Tax, wage and social debts (-€104,404) and Other debts (-€80,033)
- Tangible fixed assets -€32,995
down €32,995 (-2.9%), from €1.1m to €1.1m
of which Land and buildings: -€41,356
- Deferred charges and accrued income +€17,811
up €17,811 (+1075.3%), from €1,656 to €19,468
- Tax, wage and social debts -€104,404
down €104,404 (-92.8%), from €112,537 to €8,133
- Other debts -€80,033
down €80,033 (-44.3%), from €180,502 to €100,469
- Debts after one year -€75,929
down €75,929 (-15.6%), from €488,203 to €412,274
of which Financial debts: -€75,929
- Financial income +€21,836
up €21,836 (+1348.0%), from €1,620 to €23,456
- Financial charges -€4,279
down €4,279 (-36.3%), from €11,797 to €7,519
- Gross operating margin +€2,724
up €2,724 (+11.0%), from €24,833 to €27,558
- Depreciation +€2,238
up €2,238 (+5.0%), from €44,976 to €47,214
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 | €1,740,959 | €1,467,850 | -€273,108 | -15.7% |
| Fixed assets | 21/28 | €1,456,682 | €1,302,209 | -€154,473 | -10.6% |
| Tangible fixed assets | 22/27 | €1,136,783 | €1,103,787 | -€32,995 | -2.9% |
| Land and buildings | 22 | €1,132,043 | €1,090,688 | -€41,356 | -3.7% |
| Furniture and vehicles | 24 | €2,613 | €11,626 | +€9,014 | +345.0% |
| Other tangible fixed assets | 26 | €2,127 | €1,473 | -€654 | -30.7% |
| Financial fixed assets | 28 | €319,899 | €198,421 | -€121,478 | -38.0% |
| Current assets | 29/58 | €284,277 | €165,642 | -€118,635 | -41.7% |
| Amounts receivable within one year | 40/41 | €100,928 | €18,589 | -€82,339 | -81.6% |
| Trade receivables | 40 | €51,683 | €18,589 | -€33,094 | -64.0% |
| Other amounts receivable | 41 | €49,245 | - | -€49,245 | |
| Cash at bank and in hand | 54/58 | €181,692 | €127,584 | -€54,108 | -29.8% |
| Deferred charges and accrued income | 490/1 | €1,656 | €19,468 | +€17,811 | +1075.3% |
| Total equity and liabilities | 10/49 | €1,740,959 | €1,467,850 | -€273,108 | -15.7% |
| Equity | 10/15 | €868,059 | €856,444 | -€11,615 | -1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €900,278 | €900,278 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €898,418 | €898,418 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,419 | -€50,034 | -€11,615 | -30.2% |
| Amounts payable | 17/49 | €872,899 | €611,406 | -€261,493 | -30.0% |
| Amounts payable after more than one year | 17 | €488,203 | €412,274 | -€75,929 | -15.6% |
| Financial debts | 170/4 | €486,603 | €410,674 | -€75,929 | -15.6% |
| Other amounts payable | 178/9 | €1,600 | €1,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €384,549 | €199,050 | -€185,500 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €88,285 | €75,929 | -€12,356 | -14.0% |
| Trade debts | 44 | €3,226 | €14,520 | +€11,293 | +350.1% |
| Suppliers | 440/4 | €3,226 | €14,520 | +€11,293 | +350.1% |
| Taxes, remuneration and social security | 45 | €112,537 | €8,133 | -€104,404 | -92.8% |
| Taxes | 450/3 | €112,537 | €8,133 | -€104,404 | -92.8% |
| Other amounts payable | 47/48 | €180,502 | €100,469 | -€80,033 | -44.3% |
| Accrued charges and deferred income | 492/3 | €147 | €82 | -€65 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,976 | €47,214 | +€2,238 | +5.0% |
| Other operating charges | 640/8 | €6,714 | €6,485 | -€229 | -3.4% |
| Gross operating margin | 9900 | €24,833 | €27,558 | +€2,724 | +11.0% |
| Operating profit (loss) | 9901 | -€26,857 | -€26,141 | +€716 | +2.7% |
| Financial income | 75/76B | €1,620 | €23,456 | +€21,836 | +1348.0% |
| Recurring financial income | 75 | €1,620 | €23,456 | +€21,836 | +1348.0% |
| Financial charges | 65/66B | €11,797 | €7,519 | -€4,279 | -36.3% |
| Recurring financial charges | 65 | €11,797 | €7,519 | -€4,279 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | -€37,034 | -€10,204 | +€26,831 | +72.4% |
| Income taxes | 67/77 | €1,397 | €1,411 | +€14 | +1.0% |
| Profit (loss) for the period | 9904 | -€38,432 | -€11,615 | +€26,817 | +69.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,432 | -€11,615 | +€26,817 | +69.8% |
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.