PAUL DECEULAER CONSULT: 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 DECEULAER CONSULT
Largest movements
- Tangible fixed assets -€44,827
down €44,827 (-24.3%), from €184,258 to €139,432
of which Land and buildings: -€44,536
- Cash +€28,940
up €28,940 (+80.4%), from €35,992 to €64,932
- Receivables within one year -€20,076
down €20,076 (-43.7%), from €45,916 to €25,839
of which Trade receivables: -€27,393
- Debts after one year -€43,462
down €43,462 (-28.4%), from €153,122 to €109,660
- Reserves +€7,500
up €7,500 (+50.5%), from €14,860 to €22,360
of which Distributable reserves: +€7,500
- Trade debts -€5,098
down €5,098 (-56.4%), from €9,043 to €3,945
- Tax, wage and social debts +€4,203
up €4,203 (+27.2%), from €15,470 to €19,673
of which Taxes: +€5,137
- Gross operating margin -€60,843
down €60,843 (-62.4%), from €97,494 to €36,651
- Taxes -€14,100
down €14,100 (-94.0%), from €15,000 to €900
- Depreciation +€3,120
up €3,120 (+14.9%), from €20,939 to €24,060
- Financial charges +€1,077
up €1,077 (+13.8%), from €7,803 to €8,881
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €268,320 | €232,003 | -€36,317 | -13.5% |
| Fixed assets | 21/28 | €184,258 | €139,432 | -€44,827 | -24.3% |
| Tangible fixed assets | 22/27 | €184,258 | €139,432 | -€44,827 | -24.3% |
| Land and buildings | 22 | €176,899 | €132,363 | -€44,536 | -25.2% |
| Plant, machinery and equipment | 23 | €1,676 | €5,879 | +€4,203 | +251% |
| Furniture and vehicles | 24 | €5,683 | €1,190 | -€4,493 | -79.1% |
| Current assets | 29/58 | €84,061 | €92,571 | +€8,510 | +10.1% |
| Amounts receivable within one year | 40/41 | €45,916 | €25,839 | -€20,076 | -43.7% |
| Trade receivables | 40 | €35,916 | €8,523 | -€27,393 | -76.3% |
| Other amounts receivable | 41 | €10,000 | €17,317 | +€7,317 | +73.2% |
| Cash at bank and in hand | 54/58 | €35,992 | €64,932 | +€28,940 | +80.4% |
| Deferred charges and accrued income | 490/1 | €2,153 | €1,799 | -€354 | -16.4% |
| Total equity and liabilities | 10/49 | €268,320 | €232,003 | -€36,317 | -13.5% |
| Equity | 10/15 | €70,260 | €76,546 | +€6,286 | +8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,860 | €22,360 | +€7,500 | +50.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,000 | €20,500 | +€7,500 | +57.7% |
| Profit (loss) carried forward | 14 | €49,200 | €47,986 | -€1,214 | -2.5% |
| Amounts payable | 17/49 | €198,059 | €155,457 | -€42,603 | -21.5% |
| Amounts payable after more than one year | 17 | €153,122 | €109,660 | -€43,462 | -28.4% |
| Financial debts | 170/4 | €153,122 | €109,660 | -€43,462 | -28.4% |
| Amounts payable within one year | 42/48 | €44,938 | €45,797 | +€859 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €20,424 | €22,178 | +€1,754 | +8.6% |
| Trade debts | 44 | €9,043 | €3,945 | -€5,098 | -56.4% |
| Suppliers | 440/4 | €9,043 | €3,945 | -€5,098 | -56.4% |
| Taxes, remuneration and social security | 45 | €15,470 | €19,673 | +€4,203 | +27.2% |
| Taxes | 450/3 | €14,536 | €19,673 | +€5,137 | +35.3% |
| Remuneration and social security | 454/9 | €934 | - | -€934 | |
| Remuneration, social security and pensions | 62 | €1,760 | €1,920 | +€160 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,939 | €24,060 | +€3,120 | +14.9% |
| Other operating charges | 640/8 | €2,461 | €2,231 | -€229 | -9.3% |
| Gross operating margin | 9900 | €97,494 | €36,651 | -€60,843 | -62.4% |
| Operating profit (loss) | 9901 | €72,334 | €8,440 | -€63,894 | -88.3% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €7,803 | €8,881 | +€1,077 | +13.8% |
| Recurring financial charges | 65 | €7,803 | €8,881 | +€1,077 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €64,538 | -€441 | -€64,979 | |
| Income taxes | 67/77 | €15,000 | €900 | -€14,100 | -94.0% |
| Profit (loss) for the period | 9904 | €49,538 | -€1,341 | -€50,879 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,538 | -€1,341 | -€50,879 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 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.