PAUL DE HAES: 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 DE HAES
Largest movements
- Receivables within one year -€8,845
down €8,845 (-56.9%), from €15,543 to €6,698
of which Other amounts receivable: -€9,014
- Cash -€7,875
down €7,875 (-4.7%), from €168,391 to €160,517
mainly Contributions, distributions and other (-€18,091) and Investment in fixed assets (net) (-€8,404)
- Tangible fixed assets +€4,716
up €4,716 (+34.3%), from €13,737 to €18,453
of which Furniture and vehicles: +€4,136
- Reserves -€9,858
down €9,858 (-5.9%), from €165,943 to €156,085
- Other debts -€4,022
down €4,022 (-28.4%), from €14,171 to €10,150
- Trade debts +€2,725
up €2,725 (+385%), from €708 to €3,433
- Taxes -€4,592
down €4,592 (-49.8%), from €9,227 to €4,635
- Gross operating margin -€826
down €826 (-4.4%), from €18,653 to €17,827
- Financial income -€219
down €219 (-99.8%), from €219 to €1
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 | €200,321 | €189,065 | -€11,256 | -5.6% |
| Fixed assets | 21/28 | €13,737 | €18,453 | +€4,716 | +34.3% |
| Tangible fixed assets | 22/27 | €13,737 | €18,453 | +€4,716 | +34.3% |
| Land and buildings | 22 | €7,199 | €6,760 | -€439 | -6.1% |
| Plant, machinery and equipment | 23 | €1,356 | €2,375 | +€1,019 | +75.1% |
| Furniture and vehicles | 24 | €3,982 | €8,118 | +€4,136 | +104% |
| Other tangible fixed assets | 26 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €186,584 | €170,612 | -€15,972 | -8.6% |
| Amounts receivable within one year | 40/41 | €15,543 | €6,698 | -€8,845 | -56.9% |
| Trade receivables | 40 | €4,264 | €4,433 | +€169 | +4.0% |
| Other amounts receivable | 41 | €11,279 | €2,264 | -€9,014 | -79.9% |
| Cash at bank and in hand | 54/58 | €168,391 | €160,517 | -€7,875 | -4.7% |
| Deferred charges and accrued income | 490/1 | €2,650 | €3,398 | +€748 | +28.2% |
| Total equity and liabilities | 10/49 | €200,321 | €189,065 | -€11,256 | -5.6% |
| Equity | 10/15 | €184,543 | €174,685 | -€9,858 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €165,943 | €156,085 | -€9,858 | -5.9% |
| Distributable reserves | 133 | €165,943 | €156,085 | -€9,858 | -5.9% |
| Amounts payable | 17/49 | €15,777 | €14,379 | -€1,398 | -8.9% |
| Amounts payable within one year | 42/48 | €15,512 | €13,583 | -€1,930 | -12.4% |
| Trade debts | 44 | €708 | €3,433 | +€2,725 | +385% |
| Suppliers | 440/4 | €708 | €3,433 | +€2,725 | +385% |
| Taxes, remuneration and social security | 45 | €633 | - | -€633 | |
| Taxes | 450/3 | €633 | - | -€633 | |
| Other amounts payable | 47/48 | €14,171 | €10,150 | -€4,022 | -28.4% |
| Accrued charges and deferred income | 492/3 | €265 | €797 | +€532 | +201% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,566 | €3,688 | +€122 | +3.4% |
| Other operating charges | 640/8 | €1,160 | €1,195 | +€35 | +3.1% |
| Gross operating margin | 9900 | €18,653 | €17,827 | -€826 | -4.4% |
| Operating profit (loss) | 9901 | €13,927 | €12,945 | -€983 | -7.1% |
| Financial income | 75/76B | €219 | €1 | -€219 | -99.8% |
| Recurring financial income | 75 | €219 | €1 | -€219 | -99.8% |
| Financial charges | 65/66B | €93 | €78 | -€15 | -15.9% |
| Recurring financial charges | 65 | €93 | €78 | -€15 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €14,054 | €12,867 | -€1,187 | -8.4% |
| Income taxes | 67/77 | €9,227 | €4,635 | -€4,592 | -49.8% |
| Profit (loss) for the period | 9904 | €4,828 | €8,232 | +€3,405 | +70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,828 | €8,232 | +€3,405 | +70.5% |
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 27 October 2026 via checked.be.