PAUL DEHON: 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 DEHON
Largest movements
- Cash +€179,283
up €179,283 (+104%), from €171,811 to €351,094
mainly Net result for the year (+€160,427) and Receivables within one year (+€29,379)
- Receivables within one year -€29,379
down €29,379 (-11.3%), from €258,869 to €229,490
of which Trade receivables: -€22,174
- Tangible fixed assets -€14,934
down €14,934 (-21.6%), from €69,020 to €54,086
- Stocks and contracts +€9,114
up €9,114 (+39.7%), from €22,971 to €32,085
- Reserves +€118,477
up €118,477 (+25.4%), from €466,073 to €584,550
of which Distributable reserves: +€118,477
- Tax, wage and social debts +€14,388
up €14,388 (+148%), from €9,709 to €24,097
- Other debts +€7,702
new in 2025: €7,702
- Gross operating margin +€140,172
up €140,172 (+70.8%), from €198,105 to €338,277
- Taxes +€34,461
up €34,461 (+101%), from €34,204 to €68,665
- Financial charges +€28,136
up €28,136 (+42.7%), from €65,818 to €93,955
- Depreciation +€7,917
up €7,917 (+95.9%), from €8,257 to €16,174
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 | €530,831 | €676,256 | +€145,425 | +27.4% |
| Fixed assets | 21/28 | €69,020 | €54,086 | -€14,934 | -21.6% |
| Tangible fixed assets | 22/27 | €69,020 | €54,086 | -€14,934 | -21.6% |
| Furniture and vehicles | 24 | €69,020 | €54,086 | -€14,934 | -21.6% |
| Current assets | 29/58 | €461,811 | €622,170 | +€160,359 | +34.7% |
| Stocks and contracts in progress | 3 | €22,971 | €32,085 | +€9,114 | +39.7% |
| Stocks | 30/36 | €22,971 | €32,085 | +€9,114 | +39.7% |
| Amounts receivable within one year | 40/41 | €258,869 | €229,490 | -€29,379 | -11.3% |
| Trade receivables | 40 | €234,785 | €212,611 | -€22,174 | -9.4% |
| Other amounts receivable | 41 | €24,083 | €16,879 | -€7,205 | -29.9% |
| Current investments | 50/53 | €7,000 | €7,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €171,811 | €351,094 | +€179,283 | +104% |
| Deferred charges and accrued income | 490/1 | €1,161 | €2,502 | +€1,342 | +116% |
| Total equity and liabilities | 10/49 | €530,831 | €676,256 | +€145,425 | +27.4% |
| Equity | 10/15 | €516,073 | €634,550 | +€118,477 | +23.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €466,073 | €584,550 | +€118,477 | +25.4% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €461,073 | €579,550 | +€118,477 | +25.7% |
| Amounts payable | 17/49 | €14,758 | €41,706 | +€26,948 | +183% |
| Amounts payable within one year | 42/48 | €14,758 | €41,562 | +€26,804 | +182% |
| Trade debts | 44 | €5,049 | €9,763 | +€4,714 | +93.4% |
| Suppliers | 440/4 | €5,049 | €9,763 | +€4,714 | +93.4% |
| Taxes, remuneration and social security | 45 | €9,709 | €24,097 | +€14,388 | +148% |
| Taxes | 450/3 | €9,709 | €24,097 | +€14,388 | +148% |
| Other amounts payable | 47/48 | - | €7,702 | +€7,702 | |
| Accrued charges and deferred income | 492/3 | - | €144 | +€144 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,257 | €16,174 | +€7,917 | +95.9% |
| Other operating charges | 640/8 | €830 | €731 | -€99 | -11.9% |
| Non-recurring operating charges | 66A | €4,324 | - | -€4,324 | |
| Gross operating margin | 9900 | €198,105 | €338,277 | +€140,172 | +70.8% |
| Operating profit (loss) | 9901 | €184,694 | €321,372 | +€136,678 | +74.0% |
| Financial income | 75/76B | €2,051 | €1,674 | -€377 | -18.4% |
| Recurring financial income | 75 | €2,051 | €1,674 | -€377 | -18.4% |
| Financial charges | 65/66B | €65,818 | €93,955 | +€28,136 | +42.7% |
| Recurring financial charges | 65 | €65,818 | €93,955 | +€28,136 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | €120,927 | €229,092 | +€108,165 | +89.4% |
| Income taxes | 67/77 | €34,204 | €68,665 | +€34,461 | +101% |
| Profit (loss) for the period | 9904 | €86,723 | €160,427 | +€73,704 | +85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,723 | €160,427 | +€73,704 | +85.0% |
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 21 October 2026 via checked.be.