PAUL CLAESSEN: 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 CLAESSEN
Largest movements
- Tangible fixed assets -€48,312
down €48,312 (-2.4%), from €2.0m to €2.0m
- Receivables within one year +€40,966
up €40,966 (+22.1%), from €185,756 to €226,721
of which Trade receivables: +€38,069
- Tax, wage and social debts -€71,368
down €71,368 (-80.9%), from €88,239 to €16,871
of which Taxes: -€69,705
- Reserves +€42,916
up €42,916 (+1.9%), from €2.3m to €2.3m
- Gross operating margin -€155,333
down €155,333 (-34.5%), from €450,304 to €294,971
- Taxes -€32,323
down €32,323 (-68.1%), from €47,462 to €15,139
- Staff costs -€18,859
down €18,859 (-9.2%), from €205,319 to €186,460
- Other operating charges -€14,042
down €14,042 (-87.0%), from €16,138 to €2,096
- Depreciation -€6,061
down €6,061 (-11.1%), from €54,373 to €48,312
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 | €2,396,881 | €2,365,843 | -€31,038 | -1.3% |
| Fixed assets | 21/28 | €2,006,163 | €1,957,851 | -€48,312 | -2.4% |
| Tangible fixed assets | 22/27 | €2,006,163 | €1,957,851 | -€48,312 | -2.4% |
| Land and buildings | 22 | €2,006,163 | €1,957,851 | -€48,312 | -2.4% |
| Current assets | 29/58 | €390,718 | €407,993 | +€17,274 | +4.4% |
| Amounts receivable within one year | 40/41 | €185,756 | €226,721 | +€40,966 | +22.1% |
| Trade receivables | 40 | €34,768 | €72,837 | +€38,069 | +109.5% |
| Other amounts receivable | 41 | €150,987 | €153,884 | +€2,897 | +1.9% |
| Cash at bank and in hand | 54/58 | €204,963 | €181,271 | -€23,692 | -11.6% |
| Total equity and liabilities | 10/49 | €2,396,881 | €2,365,843 | -€31,038 | -1.3% |
| Equity | 10/15 | €2,303,258 | €2,346,174 | +€42,916 | +1.9% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,278,469 | €2,321,385 | +€42,916 | +1.9% |
| Distributable reserves | 133 | €2,278,469 | €2,321,385 | +€42,916 | +1.9% |
| Amounts payable | 17/49 | €93,622 | €19,669 | -€73,953 | -79.0% |
| Amounts payable after more than one year | 17 | €1,800 | €1,800 | = | 0.0% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €89,272 | €17,869 | -€71,403 | -80.0% |
| Trade debts | 44 | €1,033 | €998 | -€34 | -3.3% |
| Suppliers | 440/4 | €1,033 | €998 | -€34 | -3.3% |
| Taxes, remuneration and social security | 45 | €88,239 | €16,871 | -€71,368 | -80.9% |
| Taxes | 450/3 | €82,992 | €13,287 | -€69,705 | -84.0% |
| Remuneration and social security | 454/9 | €5,247 | €3,583 | -€1,664 | -31.7% |
| Accrued charges and deferred income | 492/3 | €2,550 | €0 | -€2,550 | -100.0% |
| Remuneration, social security and pensions | 62 | €205,319 | €186,460 | -€18,859 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,373 | €48,312 | -€6,061 | -11.1% |
| Other operating charges | 640/8 | €16,138 | €2,096 | -€14,042 | -87.0% |
| Gross operating margin | 9900 | €450,304 | €294,971 | -€155,333 | -34.5% |
| Operating profit (loss) | 9901 | €174,473 | €58,103 | -€116,370 | -66.7% |
| Financial income | 75/76B | €990 | €83 | -€907 | -91.6% |
| Recurring financial income | 75 | €990 | €83 | -€907 | -91.6% |
| Financial charges | 65/66B | €264 | €131 | -€133 | -50.4% |
| Recurring financial charges | 65 | €264 | €131 | -€133 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €175,199 | €58,055 | -€117,144 | -66.9% |
| Income taxes | 67/77 | €47,462 | €15,139 | -€32,323 | -68.1% |
| Profit (loss) for the period | 9904 | €127,737 | €42,916 | -€84,821 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €127,737 | €42,916 | -€84,821 | -66.4% |
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 10 October 2026 via checked.be.