Paul Beelen: 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.
Paul Beelen
Largest movements
- Receivables after one year -€135,043
down €135,043 (-63.0%), from €214,426 to €79,383
- Cash +€79,197
up €79,197 (+67.9%), from €116,611 to €195,808
mainly Receivables after one year (+€135,043) and Net result for the year (+€91,530)
- Tangible fixed assets -€11,213
down €11,213 (-16.4%), from €68,239 to €57,026
of which Land and buildings: -€9,037
- Reserves -€52,312
down €52,312 (-14.6%), from €357,919 to €305,607
- Debts after one year -€14,118
down €14,118 (-88.7%), from €15,916 to €1,797
of which Financial debts: -€11,375
- Gross operating margin +€17,064
up €17,064 (+12.6%), from €135,232 to €152,296
- Taxes +€4,101
up €4,101 (+11.9%), from €34,527 to €38,628
- Depreciation +€3,778
up €3,778 (+25.0%), from €15,088 to €18,866
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 | €408,941 | €341,742 | -€67,199 | -16.4% |
| Fixed assets | 21/28 | €68,239 | €57,026 | -€11,213 | -16.4% |
| Tangible fixed assets | 22/27 | €68,239 | €57,026 | -€11,213 | -16.4% |
| Land and buildings | 22 | €48,728 | €39,691 | -€9,037 | -18.5% |
| Plant, machinery and equipment | 23 | €1,150 | €610 | -€540 | -47.0% |
| Furniture and vehicles | 24 | €18,361 | €16,725 | -€1,636 | -8.9% |
| Current assets | 29/58 | €340,702 | €284,716 | -€55,986 | -16.4% |
| Amounts receivable after more than one year | 29 | €214,426 | €79,383 | -€135,043 | -63.0% |
| Other amounts receivable | 291 | €214,426 | €79,383 | -€135,043 | -63.0% |
| Amounts receivable within one year | 40/41 | €9,665 | €9,525 | -€140 | -1.5% |
| Other amounts receivable | 41 | €9,665 | €9,525 | -€140 | -1.5% |
| Cash at bank and in hand | 54/58 | €116,611 | €195,808 | +€79,197 | +67.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €408,941 | €341,742 | -€67,199 | -16.4% |
| Equity | 10/15 | €370,319 | €318,007 | -€52,312 | -14.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €357,919 | €305,607 | -€52,312 | -14.6% |
| Distributable reserves | 133 | €357,919 | €305,607 | -€52,312 | -14.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,622 | €23,735 | -€14,887 | -38.5% |
| Amounts payable after more than one year | 17 | €15,916 | €1,797 | -€14,118 | -88.7% |
| Financial debts | 170/4 | €11,375 | €0 | -€11,375 | -100% |
| Other amounts payable | 178/9 | €4,540 | €1,797 | -€2,743 | -60.4% |
| Amounts payable within one year | 42/48 | €22,707 | €21,937 | -€769 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €13,201 | €11,375 | -€1,825 | -13.8% |
| Trade debts | 44 | €1,228 | €709 | -€519 | -42.3% |
| Suppliers | 440/4 | €1,228 | €709 | -€519 | -42.3% |
| Taxes, remuneration and social security | 45 | €8,277 | €9,853 | +€1,575 | +19.0% |
| Taxes | 450/3 | €8,277 | €9,853 | +€1,575 | +19.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,088 | €18,866 | +€3,778 | +25.0% |
| Other operating charges | 640/8 | €1,583 | €1,682 | +€100 | +6.3% |
| Gross operating margin | 9900 | €135,232 | €152,296 | +€17,064 | +12.6% |
| Operating profit (loss) | 9901 | €118,561 | €131,747 | +€13,186 | +11.1% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,113 | €1,590 | -€523 | -24.8% |
| Recurring financial charges | 65 | €2,113 | €1,590 | -€523 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €116,448 | €130,158 | +€13,710 | +11.8% |
| Income taxes | 67/77 | €34,527 | €38,628 | +€4,101 | +11.9% |
| Profit (loss) for the period | 9904 | €81,922 | €91,530 | +€9,609 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,922 | €91,530 | +€9,609 | +11.7% |
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 26 October 2026 via checked.be.