PATH: 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.
PATH
Largest movements
- Cash +€32,146
up €32,146 (+19.3%), from €166,664 to €198,811
mainly Net result for the year (+€37,386) and Receivables within one year (+€2,417)
- Receivables within one year -€2,417
down €2,417 (-11.2%), from €21,603 to €19,186
of which Trade receivables: -€2,417
- Reserves +€27,000
up €27,000 (+17.2%), from €156,560 to €183,560
- Turnover -€14,390
down €14,390 (-8.3%), from €173,638 to €159,248
- Gross operating margin -€9,632
down €9,632 (-15.3%), from €62,856 to €53,224
- Purchases and services -€4,647
down €4,647 (-4.0%), from €117,283 to €112,636
- Depreciation -€3,295
down €3,295 (-74.1%), from €4,447 to €1,152
- Taxes -€2,299
down €2,299 (-13.4%), from €17,187 to €14,888
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 | €194,697 | €223,580 | +€28,883 | +14.8% |
| Fixed assets | 21/28 | €4,454 | €3,302 | -€1,152 | -25.9% |
| Intangible fixed assets | 21 | €2,143 | €1,483 | -€660 | -30.8% |
| Tangible fixed assets | 22/27 | €1,312 | €819 | -€492 | -37.5% |
| Furniture and vehicles | 24 | €1,312 | €819 | -€492 | -37.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €190,243 | €220,278 | +€30,035 | +15.8% |
| Amounts receivable within one year | 40/41 | €21,603 | €19,186 | -€2,417 | -11.2% |
| Trade receivables | 40 | €21,603 | €19,186 | -€2,417 | -11.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €166,664 | €198,811 | +€32,146 | +19.3% |
| Deferred charges and accrued income | 490/1 | €1,975 | €2,280 | +€305 | +15.5% |
| Total equity and liabilities | 10/49 | €194,697 | €223,580 | +€28,883 | +14.8% |
| Equity | 10/15 | €169,894 | €197,281 | +€27,386 | +16.1% |
| Contributions | 10/11 | €13,250 | €13,250 | = | 0.0% |
| Reserves | 13 | €156,560 | €183,560 | +€27,000 | +17.2% |
| Distributable reserves | 133 | €156,560 | €183,560 | +€27,000 | +17.2% |
| Profit (loss) carried forward | 14 | €84 | €471 | +€386 | +458% |
| Amounts payable | 17/49 | €24,803 | €26,299 | +€1,496 | +6.0% |
| Amounts payable within one year | 42/48 | €24,603 | €26,149 | +€1,546 | +6.3% |
| Financial debts | 43 | €112 | €115 | +€3 | +2.8% |
| Credit institutions | 430/8 | €112 | €115 | +€3 | +2.8% |
| Trade debts | 44 | €443 | €610 | +€166 | +37.5% |
| Suppliers | 440/4 | €443 | €610 | +€166 | +37.5% |
| Taxes, remuneration and social security | 45 | €13,832 | €15,271 | +€1,440 | +10.4% |
| Taxes | 450/3 | €13,832 | €15,271 | +€1,440 | +10.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €10,216 | €10,153 | -€63 | -0.6% |
| Accrued charges and deferred income | 492/3 | €199 | €150 | -€49 | -24.7% |
| Turnover | 70 | €173,638 | €159,248 | -€14,390 | -8.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €117,283 | €112,636 | -€4,647 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,447 | €1,152 | -€3,295 | -74.1% |
| Other operating charges | 640/8 | €1,254 | €1,339 | +€84 | +6.7% |
| Gross operating margin | 9900 | €62,856 | €53,224 | -€9,632 | -15.3% |
| Operating profit (loss) | 9901 | €57,155 | €50,733 | -€6,422 | -11.2% |
| Financial income | 75/76B | €2,098 | €1,599 | -€498 | -23.8% |
| Recurring financial income | 75 | €2,098 | €1,599 | -€498 | -23.8% |
| Financial charges | 65/66B | €57 | €58 | +€1 | +2.4% |
| Recurring financial charges | 65 | €57 | €58 | +€1 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €59,196 | €52,275 | -€6,921 | -11.7% |
| Income taxes | 67/77 | €17,187 | €14,888 | -€2,299 | -13.4% |
| Profit (loss) for the period | 9904 | €42,008 | €37,386 | -€4,622 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,008 | €37,386 | -€4,622 | -11.0% |
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 25 October 2026 via checked.be.