PAUL FRANSEN: 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 FRANSEN
Largest movements
- Cash +€14,011
up €14,011 (+48.1%), from €29,137 to €43,147
mainly Net result for the year (+€36,122) and Depreciation (+€27,248)
- Tangible fixed assets +€13,416
up €13,416 (+14.0%), from €95,917 to €109,334
of which Leasing and similar rights: +€20,311
- Receivables within one year +€3,454
up €3,454 (+9.1%), from €37,868 to €41,323
of which Trade receivables: +€6,849
- Reserves +€36,122
up €36,122 (+85.6%), from €42,220 to €78,342
- Other debts -€18,616
down €18,616 (-81.5%), from €22,845 to €4,229
- Tax, wage and social debts +€14,601
up €14,601 (+91.4%), from €15,977 to €30,578
- Debts after one year -€5,963
down €5,963 (-12.0%), from €49,577 to €43,614
- Current portion of long-term debt +€5,800
up €5,800 (+33.9%), from €17,132 to €22,932
- Depreciation +€18,907
up €18,907 (+227%), from €8,341 to €27,248
- Gross operating margin +€13,214
up €13,214 (+19.0%), from €69,403 to €82,616
- Taxes -€2,574
down €2,574 (-16.1%), from €15,977 to €13,403
- Financial charges +€1,706
up €1,706 (+89.8%), from €1,899 to €3,605
- Other operating charges +€1,273
up €1,273 (+132%), from €966 to €2,239
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 | €162,922 | €193,804 | +€30,881 | +19.0% |
| Fixed assets | 21/28 | €95,917 | €109,334 | +€13,416 | +14.0% |
| Tangible fixed assets | 22/27 | €95,917 | €109,334 | +€13,416 | +14.0% |
| Furniture and vehicles | 24 | €95,917 | €89,022 | -€6,895 | -7.2% |
| Leasing and similar rights | 25 | - | €20,311 | +€20,311 | |
| Current assets | 29/58 | €67,005 | €84,470 | +€17,465 | +26.1% |
| Amounts receivable within one year | 40/41 | €37,868 | €41,323 | +€3,454 | +9.1% |
| Trade receivables | 40 | €34,235 | €41,084 | +€6,849 | +20.0% |
| Other amounts receivable | 41 | €3,633 | €239 | -€3,394 | -93.4% |
| Cash at bank and in hand | 54/58 | €29,137 | €43,147 | +€14,011 | +48.1% |
| Total equity and liabilities | 10/49 | €162,922 | €193,804 | +€30,881 | +19.0% |
| Equity | 10/15 | €43,220 | €79,342 | +€36,122 | +83.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €42,220 | €78,342 | +€36,122 | +85.6% |
| Distributable reserves | 133 | €42,220 | €78,342 | +€36,122 | +85.6% |
| Amounts payable | 17/49 | €119,702 | €114,462 | -€5,241 | -4.4% |
| Amounts payable after more than one year | 17 | €49,577 | €43,614 | -€5,963 | -12.0% |
| Financial debts | 170/4 | €49,577 | €43,614 | -€5,963 | -12.0% |
| Amounts payable within one year | 42/48 | €70,125 | €70,848 | +€723 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €17,132 | €22,932 | +€5,800 | +33.9% |
| Trade debts | 44 | €14,171 | €13,109 | -€1,062 | -7.5% |
| Suppliers | 440/4 | €14,171 | €13,109 | -€1,062 | -7.5% |
| Taxes, remuneration and social security | 45 | €15,977 | €30,578 | +€14,601 | +91.4% |
| Taxes | 450/3 | €15,977 | €30,578 | +€14,601 | +91.4% |
| Other amounts payable | 47/48 | €22,845 | €4,229 | -€18,616 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,341 | €27,248 | +€18,907 | +227% |
| Other operating charges | 640/8 | €966 | €2,239 | +€1,273 | +132% |
| Gross operating margin | 9900 | €69,403 | €82,616 | +€13,214 | +19.0% |
| Operating profit (loss) | 9901 | €60,095 | €53,130 | -€6,966 | -11.6% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €1,899 | €3,605 | +€1,706 | +89.8% |
| Recurring financial charges | 65 | €1,899 | €3,605 | +€1,706 | +89.8% |
| Profit (loss) for the period before taxes | 9903 | €58,197 | €49,525 | -€8,672 | -14.9% |
| Income taxes | 67/77 | €15,977 | €13,403 | -€2,574 | -16.1% |
| Profit (loss) for the period | 9904 | €42,220 | €36,122 | -€6,098 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,220 | €36,122 | -€6,098 | -14.4% |
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 20 October 2026 via checked.be.