PATH: 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.
PATH
Largest movements
- Receivables within one year -€37,445
down €37,445 (-6.6%), from €570,218 to €532,773
of which Other amounts receivable: -€20,031
- Tangible fixed assets -€11,718
down €11,718 (-34.8%), from €33,674 to €21,956
of which Plant, machinery and equipment: -€6,130
- Cash +€11,647
up €11,647 (+66.5%), from €17,517 to €29,164
mainly Trade debts (+€59,236) and Receivables within one year (+€37,445)
- Profit (loss) carried forward -€73,117
down €73,117 (-17.2%), from -€425,314 to -€498,431
- Trade debts +€59,236
up €59,236 (+16.2%), from €366,117 to €425,354
- Other debts -€22,729
down €22,729 (-7.2%), from €316,411 to €293,683
- Purchases and services -€170,372
no longer reported in 2025 (was €170,372)
- Gross operating margin -€33,041
down €33,041 (-76.8%), from €43,037 to €9,996
- Staff costs -€8,266
down €8,266 (-10.9%), from €75,743 to €67,477
- Financial income +€3,758
up €3,758 (+4718.2%), from €80 to €3,838
- Other operating charges +€3,029
up €3,029 (+282.9%), from €1,071 to €4,100
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 | €639,761 | €602,244 | -€37,517 | -5.9% |
| Fixed assets | 21/28 | €52,025 | €40,307 | -€11,718 | -22.5% |
| Tangible fixed assets | 22/27 | €33,674 | €21,956 | -€11,718 | -34.8% |
| Land and buildings | 22 | €1,995 | €1,177 | -€818 | -41.0% |
| Plant, machinery and equipment | 23 | €12,910 | €6,780 | -€6,130 | -47.5% |
| Furniture and vehicles | 24 | €8,132 | €6,023 | -€2,109 | -25.9% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €10,636 | €7,975 | -€2,661 | -25.0% |
| Financial fixed assets | 28 | €18,351 | €18,351 | = | 0.0% |
| Current assets | 29/58 | €587,736 | €561,937 | -€25,798 | -4.4% |
| Amounts receivable within one year | 40/41 | €570,218 | €532,773 | -€37,445 | -6.6% |
| Trade receivables | 40 | €52,558 | €35,145 | -€17,414 | -33.1% |
| Other amounts receivable | 41 | €517,660 | €497,629 | -€20,031 | -3.9% |
| Cash at bank and in hand | 54/58 | €17,517 | €29,164 | +€11,647 | +66.5% |
| Total equity and liabilities | 10/49 | €639,761 | €602,244 | -€37,517 | -5.9% |
| Equity | 10/15 | -€63,818 | -€136,935 | -€73,117 | -114.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €342,904 | €342,904 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,722 | €6,722 | = | 0.0% |
| Distributable reserves | 133 | €334,323 | €334,323 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€425,314 | -€498,431 | -€73,117 | -17.2% |
| Amounts payable | 17/49 | €703,579 | €739,179 | +€35,600 | +5.1% |
| Amounts payable within one year | 42/48 | €703,579 | €739,179 | +€35,600 | +5.1% |
| Trade debts | 44 | €366,117 | €425,354 | +€59,236 | +16.2% |
| Suppliers | 440/4 | €366,117 | €425,354 | +€59,236 | +16.2% |
| Taxes, remuneration and social security | 45 | €21,050 | €20,143 | -€907 | -4.3% |
| Taxes | 450/3 | €44 | €219 | +€175 | +398.5% |
| Remuneration and social security | 454/9 | €21,006 | €19,924 | -€1,082 | -5.2% |
| Other amounts payable | 47/48 | €316,411 | €293,683 | -€22,729 | -7.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €170,372 | - | -€170,372 | |
| Remuneration, social security and pensions | 62 | €75,743 | €67,477 | -€8,266 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,777 | €13,106 | -€671 | -4.9% |
| Other operating charges | 640/8 | €1,071 | €4,100 | +€3,029 | +282.9% |
| Non-recurring operating charges | 66A | €2,439 | - | -€2,439 | |
| Gross operating margin | 9900 | €43,037 | €9,996 | -€33,041 | -76.8% |
| Operating profit (loss) | 9901 | -€49,992 | -€74,687 | -€24,694 | -49.4% |
| Financial income | 75/76B | €80 | €3,838 | +€3,758 | +4718.2% |
| Recurring financial income | 75 | €80 | €3,838 | +€3,758 | +4718.2% |
| Financial charges | 65/66B | €1,273 | €2,268 | +€995 | +78.2% |
| Recurring financial charges | 65 | €1,273 | €2,268 | +€995 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | -€51,186 | -€73,117 | -€21,931 | -42.8% |
| Income taxes | 67/77 | €8 | €0 | -€8 | -100.0% |
| Profit (loss) for the period | 9904 | -€51,194 | -€73,117 | -€21,923 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,194 | -€73,117 | -€21,923 | -42.8% |
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 7 October 2026 via checked.be.