PATH FINDER: 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 FINDER
Largest movements
- Tangible fixed assets +€97,186
up €97,186 (+33.5%), from €290,311 to €387,497
- Cash -€34,492
down €34,492 (-74.0%), from €46,614 to €12,122
mainly Investment in fixed assets (net) (-€114,956) and Other debts (-€14,417)
- Debts after one year +€57,376
up €57,376 (+30.9%), from €185,477 to €242,853
- Other debts -€14,417
down €14,417 (-12.6%), from €114,204 to €99,787
- Profit (loss) carried forward +€12,125
up €12,125 (+74.6%), from €16,254 to €28,379
- Tax, wage and social debts +€4,414
up €4,414 (+150.7%), from €2,928 to €7,342
- Current portion of long-term debt +€4,016
up €4,016 (+39.7%), from €10,115 to €14,131
- Gross operating margin +€17,700
up €17,700 (+62.4%), from €28,386 to €46,086
- Other operating charges +€4,092
up €4,092 (+160.6%), from €2,547 to €6,639
- Taxes +€2,802
up €2,802 (+173.8%), from €1,612 to €4,414
- Financial charges +€2,094
up €2,094 (+68.8%), from €3,045 to €5,139
- Depreciation +€891
up €891 (+5.3%), from €16,878 to €17,769
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 | €338,007 | €400,855 | +€62,849 | +18.6% |
| Fixed assets | 21/28 | €290,311 | €387,497 | +€97,186 | +33.5% |
| Tangible fixed assets | 22/27 | €290,311 | €387,497 | +€97,186 | +33.5% |
| Land and buildings | 22 | €290,311 | €387,497 | +€97,186 | +33.5% |
| Current assets | 29/58 | €47,696 | €13,358 | -€34,338 | -72.0% |
| Amounts receivable within one year | 40/41 | €1,082 | €1,082 | = | 0.0% |
| Other amounts receivable | 41 | €1,082 | €1,082 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €46,614 | €12,122 | -€34,492 | -74.0% |
| Deferred charges and accrued income | 490/1 | - | €154 | +€154 | |
| Total equity and liabilities | 10/49 | €338,007 | €400,855 | +€62,849 | +18.6% |
| Equity | 10/15 | €24,090 | €36,215 | +€12,125 | +50.3% |
| Contributions | 10/11 | €6,836 | €6,836 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,254 | €28,379 | +€12,125 | +74.6% |
| Amounts payable | 17/49 | €313,917 | €364,640 | +€50,724 | +16.2% |
| Amounts payable after more than one year | 17 | €185,477 | €242,853 | +€57,376 | +30.9% |
| Financial debts | 170/4 | €185,477 | €242,853 | +€57,376 | +30.9% |
| Amounts payable within one year | 42/48 | €128,440 | €121,787 | -€6,652 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €10,115 | €14,131 | +€4,016 | +39.7% |
| Trade debts | 44 | €1,193 | €527 | -€666 | -55.8% |
| Suppliers | 440/4 | €1,193 | €527 | -€666 | -55.8% |
| Taxes, remuneration and social security | 45 | €2,928 | €7,342 | +€4,414 | +150.7% |
| Taxes | 450/3 | €2,928 | €7,342 | +€4,414 | +150.7% |
| Other amounts payable | 47/48 | €114,204 | €99,787 | -€14,417 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,878 | €17,769 | +€891 | +5.3% |
| Other operating charges | 640/8 | €2,547 | €6,639 | +€4,092 | +160.6% |
| Gross operating margin | 9900 | €28,386 | €46,086 | +€17,700 | +62.4% |
| Operating profit (loss) | 9901 | €8,961 | €21,678 | +€12,717 | +141.9% |
| Financial charges | 65/66B | €3,045 | €5,139 | +€2,094 | +68.8% |
| Recurring financial charges | 65 | €3,045 | €5,139 | +€2,094 | +68.8% |
| Profit (loss) for the period before taxes | 9903 | €5,916 | €16,539 | +€10,623 | +179.6% |
| Income taxes | 67/77 | €1,612 | €4,414 | +€2,802 | +173.8% |
| Profit (loss) for the period | 9904 | €4,304 | €12,125 | +€7,821 | +181.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,304 | €12,125 | +€7,821 | +181.7% |
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 4 October 2026 via checked.be.