PASCAL LEMAITRE: 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 LEMAITRE
Largest movements
- Cash -€141,269
down €141,269 (-58.0%), from €243,479 to €102,210
mainly Current investments (-€100,006) and Accrued charges and deferred income (-€44,606)
- Current investments +€100,006
up €100,006 (+9509.4%), from €1,052 to €101,057
- Tangible fixed assets -€7,936
down €7,936 (-5.4%), from €146,190 to €138,254
of which Land and buildings: -€6,527
- Accrued charges and deferred income -€44,606
no longer reported in 2025 (was €44,606)
- Profit (loss) carried forward -€30,493
down €30,493, from €13,690 to -€16,802
- Tax, wage and social debts +€22,799
up €22,799 (+59.5%), from €38,329 to €61,128
of which Remuneration and social security: +€22,799
- Other debts +€6,835
up €6,835 (+5.3%), from €128,015 to €134,850
- Gross operating margin -€63,539
down €63,539, from €50,163 to -€13,377
- Taxes -€17,106
down €17,106 (-85.5%), from €20,000 to €2,894
- Depreciation -€1,238
down €1,238 (-11.2%), from €11,036 to €9,798
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 | €400,578 | €352,900 | -€47,678 | -11.9% |
| Fixed assets | 21/28 | €146,339 | €138,403 | -€7,936 | -5.4% |
| Tangible fixed assets | 22/27 | €146,190 | €138,254 | -€7,936 | -5.4% |
| Land and buildings | 22 | €139,108 | €132,581 | -€6,527 | -4.7% |
| Furniture and vehicles | 24 | €7,082 | €5,673 | -€1,409 | -19.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €254,239 | €214,497 | -€39,742 | -15.6% |
| Amounts receivable within one year | 40/41 | €9,655 | €11,229 | +€1,574 | +16.3% |
| Trade receivables | 40 | €4,011 | €4,011 | = | 0.0% |
| Other amounts receivable | 41 | €5,644 | €7,218 | +€1,574 | +27.9% |
| Current investments | 50/53 | €1,052 | €101,057 | +€100,006 | +9509.4% |
| Cash at bank and in hand | 54/58 | €243,479 | €102,210 | -€141,269 | -58.0% |
| Deferred charges and accrued income | 490/1 | €52 | - | -€52 | |
| Total equity and liabilities | 10/49 | €400,578 | €352,900 | -€47,678 | -11.9% |
| Equity | 10/15 | €184,900 | €154,407 | -€30,493 | -16.5% |
| Contributions | 10/11 | €135,600 | €135,600 | = | 0.0% |
| Reserves | 13 | €35,610 | €35,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,560 | €13,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,560 | €13,560 | = | 0.0% |
| Distributable reserves | 133 | €22,050 | €22,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,690 | -€16,802 | -€30,493 | |
| Amounts payable | 17/49 | €215,678 | €198,493 | -€17,185 | -8.0% |
| Amounts payable within one year | 42/48 | €171,072 | €198,493 | +€27,421 | +16.0% |
| Financial debts | 43 | €2,148 | €52 | -€2,096 | -97.6% |
| Credit institutions | 430/8 | €2,148 | €52 | -€2,096 | -97.6% |
| Trade debts | 44 | €2,580 | €2,463 | -€116 | -4.5% |
| Suppliers | 440/4 | €2,580 | €2,463 | -€116 | -4.5% |
| Taxes, remuneration and social security | 45 | €38,329 | €61,128 | +€22,799 | +59.5% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €38,329 | €61,128 | +€22,799 | +59.5% |
| Other amounts payable | 47/48 | €128,015 | €134,850 | +€6,835 | +5.3% |
| Accrued charges and deferred income | 492/3 | €44,606 | - | -€44,606 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,036 | €9,798 | -€1,238 | -11.2% |
| Other operating charges | 640/8 | €4,026 | €4,153 | +€128 | +3.2% |
| Gross operating margin | 9900 | €50,163 | -€13,377 | -€63,539 | |
| Operating profit (loss) | 9901 | €35,101 | -€27,328 | -€62,429 | |
| Financial income | 75/76B | €1 | €6 | +€4 | +327.9% |
| Recurring financial income | 75 | €1 | €6 | +€4 | +327.9% |
| Financial charges | 65/66B | €167 | €276 | +€110 | +65.8% |
| Recurring financial charges | 65 | €167 | €276 | +€110 | +65.8% |
| Profit (loss) for the period before taxes | 9903 | €34,935 | -€27,599 | -€62,534 | |
| Income taxes | 67/77 | €20,000 | €2,894 | -€17,106 | -85.5% |
| Profit (loss) for the period | 9904 | €14,935 | -€30,493 | -€45,428 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,935 | -€30,493 | -€45,428 |
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 10 October 2026 via checked.be.