Paul de Stexhe: what changed
Paul de Stexhe
Largest movements
- Tangible fixed assets +€205,514
up €205,514 (+3,489%), from €5,891 to €211,405
of which Land and buildings: +€207,379
- Cash +€18,602
up €18,602 (+70.8%), from €26,279 to €44,881
mainly Debts after one year (+€153,713) and Other debts (+€42,662)
- Receivables within one year +€2,678
up €2,678 (+246%), from €1,089 to €3,767
- Debts after one year +€153,713
new in 2025: €153,713
- Other debts +€42,662
new in 2025: €42,662
- Current portion of long-term debt +€9,004
new in 2025: €9,004
- Profit (loss) carried forward +€8,378
up €8,378 (+480%), from €1,746 to €10,124
- Tax, wage and social debts +€7,861
up €7,861 (+30.1%), from €26,127 to €33,988
of which Taxes: +€9,391
- Depreciation +€6,656
up €6,656 (+314%), from €2,123 to €8,779
- Gross operating margin +€5,031
up €5,031 (+4.6%), from €109,260 to €114,291
- Staff costs -€3,234
down €3,234 (-3.5%), from €92,344 to €89,110
- Financial charges +€3,170
up €3,170 (+165%), from €1,923 to €5,093
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,911 | €260,547 | +€224,636 | +626% |
| Formation expenses | 20 | €752 | €494 | -€258 | -34.3% |
| Fixed assets | 21/28 | €5,891 | €211,405 | +€205,514 | +3,489% |
| Tangible fixed assets | 22/27 | €5,891 | €211,405 | +€205,514 | +3,489% |
| Land and buildings | 22 | - | €207,379 | +€207,379 | |
| Plant, machinery and equipment | 23 | €2,171 | €1,546 | -€625 | -28.8% |
| Furniture and vehicles | 24 | €3,720 | €2,480 | -€1,240 | -33.3% |
| Current assets | 29/58 | €29,268 | €48,648 | +€19,380 | +66.2% |
| Amounts receivable within one year | 40/41 | €1,089 | €3,767 | +€2,678 | +246% |
| Trade receivables | 40 | €1,089 | €3,767 | +€2,678 | +246% |
| Cash at bank and in hand | 54/58 | €26,279 | €44,881 | +€18,602 | +70.8% |
| Deferred charges and accrued income | 490/1 | €1,900 | - | -€1,900 | |
| Total equity and liabilities | 10/49 | €35,911 | €260,547 | +€224,636 | +626% |
| Equity | 10/15 | €7,746 | €16,124 | +€8,378 | +108% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,746 | €10,124 | +€8,378 | +480% |
| Amounts payable | 17/49 | €28,165 | €244,423 | +€216,258 | +768% |
| Amounts payable after more than one year | 17 | - | €153,713 | +€153,713 | |
| Financial debts | 170/4 | - | €153,713 | +€153,713 | |
| Amounts payable within one year | 42/48 | €26,607 | €85,654 | +€59,047 | +222% |
| Current portion of amounts payable after more than one year | 42 | - | €9,004 | +€9,004 | |
| Trade debts | 44 | €480 | - | -€480 | |
| Suppliers | 440/4 | €480 | - | -€480 | |
| Taxes, remuneration and social security | 45 | €26,127 | €33,988 | +€7,861 | +30.1% |
| Taxes | 450/3 | €10,976 | €20,367 | +€9,391 | +85.6% |
| Remuneration and social security | 454/9 | €15,151 | €13,621 | -€1,530 | -10.1% |
| Other amounts payable | 47/48 | - | €42,662 | +€42,662 | |
| Accrued charges and deferred income | 492/3 | €1,558 | €5,056 | +€3,498 | +225% |
| Remuneration, social security and pensions | 62 | €92,344 | €89,110 | -€3,234 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,123 | €8,779 | +€6,656 | +314% |
| Other operating charges | 640/8 | €3,311 | €2,931 | -€380 | -11.5% |
| Non-recurring operating charges | 66A | €3,325 | - | -€3,325 | |
| Gross operating margin | 9900 | €109,260 | €114,291 | +€5,031 | +4.6% |
| Operating profit (loss) | 9901 | €8,157 | €13,471 | +€5,314 | +65.1% |
| Financial charges | 65/66B | €1,923 | €5,093 | +€3,170 | +165% |
| Recurring financial charges | 65 | €1,923 | €5,093 | +€3,170 | +165% |
| Profit (loss) for the period before taxes | 9903 | €6,234 | €8,378 | +€2,144 | +34.4% |
| Profit (loss) for the period | 9904 | €6,234 | €8,378 | +€2,144 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,234 | €8,378 | +€2,144 | +34.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.