Pathmakers: 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.
Pathmakers
Largest movements
- Receivables after one year +€4.7m
new in 2024: €4.7m
- Tangible fixed assets -€3.9m
down €3.9m (-73.5%), from €5.3m to €1.4m
of which Assets under construction and advance payments: -€3.8m
- Receivables within one year +€605,883
up €605,883 (+179.7%), from €337,211 to €943,094
of which Trade receivables: +€463,232
- Cash -€128,282
down €128,282 (-18.2%), from €705,422 to €577,141
mainly Receivables after one year (-€4.7m) and Trade debts (-€726,529)
- Debts after one year +€1.8m
up €1.8m (+69.3%), from €2.6m to €4.5m
- Trade debts -€726,529
down €726,529 (-75.1%), from €967,195 to €240,666
- Tax, wage and social debts +€97,005
new in 2024: €97,005
- Gross operating margin +€191,493
up €191,493 (+139.2%), from €137,565 to €329,058
- Purchases and services +€89,024
up €89,024 (+39.7%), from €224,476 to €313,500
- Financial charges +€81,267
up €81,267 (+103.1%), from €78,802 to €160,069
- Financial income +€79,961
up €79,961 (+2582.7%), from €3,096 to €83,057
- Turnover -€71,642
down €71,642 (-71.1%), from €100,804 to €29,162
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,315,607 | €7,580,085 | +€1.3m | +20.0% |
| Fixed assets | 21/28 | €5,264,043 | €1,393,186 | -€3.9m | -73.5% |
| Intangible fixed assets | 21 | €4,015 | €61 | -€3,954 | -98.5% |
| Tangible fixed assets | 22/27 | €5,260,028 | €1,393,125 | -€3.9m | -73.5% |
| Land and buildings | 22 | €1,147,097 | €1,104,612 | -€42,485 | -3.7% |
| Furniture and vehicles | 24 | €959 | €640 | -€319 | -33.3% |
| Assets under construction and advance payments | 27 | €4,111,971 | €287,873 | -€3.8m | -93.0% |
| Current assets | 29/58 | €1,051,564 | €6,186,899 | +€5.1m | +488.4% |
| Amounts receivable after more than one year | 29 | - | €4,664,107 | +€4.7m | |
| Trade receivables | 290 | - | €4,664,107 | +€4.7m | |
| Amounts receivable within one year | 40/41 | €337,211 | €943,094 | +€605,883 | +179.7% |
| Trade receivables | 40 | €307,422 | €770,653 | +€463,232 | +150.7% |
| Other amounts receivable | 41 | €29,789 | €172,441 | +€142,652 | +478.9% |
| Cash at bank and in hand | 54/58 | €705,422 | €577,141 | -€128,282 | -18.2% |
| Deferred charges and accrued income | 490/1 | €8,931 | €2,558 | -€6,373 | -71.4% |
| Total equity and liabilities | 10/49 | €6,315,607 | €7,580,085 | +€1.3m | +20.0% |
| Equity | 10/15 | €2,620,067 | €2,553,569 | -€66,498 | -2.5% |
| Contributions | 10/11 | €3,490,000 | €3,490,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€869,933 | -€936,431 | -€66,498 | -7.6% |
| Provisions and deferred taxes | 16 | €6,070 | €12,140 | +€6,070 | +100.0% |
| Provisions for liabilities and charges | 160/5 | €6,070 | €12,140 | +€6,070 | +100.0% |
| Major repairs and maintenance | 162 | €6,070 | €12,140 | +€6,070 | +100.0% |
| Amounts payable | 17/49 | €3,689,470 | €5,014,376 | +€1.3m | +35.9% |
| Amounts payable after more than one year | 17 | €2,647,762 | €4,482,683 | +€1.8m | +69.3% |
| Financial debts | 170/4 | €2,647,762 | €4,482,683 | +€1.8m | +69.3% |
| Amounts payable within one year | 42/48 | €1,040,361 | €464,400 | -€575,961 | -55.4% |
| Current portion of amounts payable after more than one year | 42 | €73,166 | €126,729 | +€53,563 | +73.2% |
| Trade debts | 44 | €967,195 | €240,666 | -€726,529 | -75.1% |
| Suppliers | 440/4 | €967,195 | €240,666 | -€726,529 | -75.1% |
| Taxes, remuneration and social security | 45 | - | €97,005 | +€97,005 | |
| Taxes | 450/3 | - | €97,005 | +€97,005 | |
| Accrued charges and deferred income | 492/3 | €1,347 | €67,293 | +€65,946 | +4895.7% |
| Turnover | 70 | €100,804 | €29,162 | -€71,642 | -71.1% |
| Non-recurring operating income | 76A | - | €456,166 | +€456,166 | |
| Goods, raw materials, services and sundry goods | 60/61 | €224,476 | €313,500 | +€89,024 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,892 | €46,759 | -€133 | -0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,070 | €6,070 | = | 0.0% |
| Other operating charges | 640/8 | €132 | €384 | +€252 | +191.4% |
| Non-recurring operating charges | 66A | - | €264,290 | +€264,290 | |
| Gross operating margin | 9900 | €137,565 | €329,058 | +€191,493 | +139.2% |
| Operating profit (loss) | 9901 | €84,471 | €11,555 | -€72,916 | -86.3% |
| Financial income | 75/76B | €3,096 | €83,057 | +€79,961 | +2582.7% |
| Recurring financial income | 75 | €3,096 | €83,057 | +€79,961 | +2582.7% |
| Financial charges | 65/66B | €78,802 | €160,069 | +€81,267 | +103.1% |
| Recurring financial charges | 65 | €78,802 | €160,069 | +€81,267 | +103.1% |
| Profit (loss) for the period before taxes | 9903 | €8,765 | -€65,457 | -€74,222 | |
| Income taxes | 67/77 | €929 | €1,040 | +€112 | +12.0% |
| Profit (loss) for the period | 9904 | €7,836 | -€66,498 | -€74,334 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,836 | -€66,498 | -€74,334 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.