PAUL GEVAERT: 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 GEVAERT
Largest movements
- Tangible fixed assets +€321,317
up €321,317 (+1,202%), from €26,721 to €348,037
of which Land and buildings: +€299,428
- Cash -€220,543
down €220,543 (-56.7%), from €388,918 to €168,374
mainly Investment in fixed assets (net) (-€345,104) and Net result for the year (-€41,321)
- Reserves -€160,470
down €160,470 (-29.8%), from €537,996 to €377,526
of which Tax-exempt reserves: -€184,616
- Profit (loss) carried forward +€119,149
no longer reported in 2025 (was -€119,149)
- Debts after one year +€114,700
new in 2025: €114,700
- Current portion of long-term debt +€13,800
new in 2025: €13,800
- Tax, wage and social debts +€12,410
up €12,410 (+1,454%), from €853 to €13,264
- Gross operating margin -€156,126
down €156,126, from €154,442 to -€1,684
- Depreciation +€21,934
up €21,934 (+1,184%), from €1,853 to €23,787
- Taxes +€13,064
new in 2025: €13,064
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 | €424,060 | €521,553 | +€97,493 | +23.0% |
| Fixed assets | 21/28 | €26,753 | €348,070 | +€321,317 | +1,201% |
| Tangible fixed assets | 22/27 | €26,721 | €348,037 | +€321,317 | +1,202% |
| Land and buildings | 22 | €26,721 | €326,149 | +€299,428 | +1,121% |
| Furniture and vehicles | 24 | - | €21,889 | +€21,889 | |
| Financial fixed assets | 28 | €32 | €32 | = | 0.0% |
| Current assets | 29/58 | €397,307 | €173,484 | -€223,823 | -56.3% |
| Amounts receivable within one year | 40/41 | €8,389 | €4,762 | -€3,627 | -43.2% |
| Trade receivables | 40 | €8,389 | €3,455 | -€4,935 | -58.8% |
| Other amounts receivable | 41 | - | €1,308 | +€1,308 | |
| Cash at bank and in hand | 54/58 | €388,918 | €168,374 | -€220,543 | -56.7% |
| Deferred charges and accrued income | 490/1 | - | €347 | +€347 | |
| Total equity and liabilities | 10/49 | €424,060 | €521,553 | +€97,493 | +23.0% |
| Equity | 10/15 | €418,847 | €377,526 | -€41,321 | -9.9% |
| Reserves | 13 | €537,996 | €377,526 | -€160,470 | -29.8% |
| Tax-exempt reserves | 132 | €184,616 | - | -€184,616 | |
| Distributable reserves | 133 | €353,380 | €377,526 | +€24,146 | +6.8% |
| Profit (loss) carried forward | 14 | -€119,149 | - | +€119,149 | |
| Amounts payable | 17/49 | €5,213 | €144,027 | +€138,814 | +2,663% |
| Amounts payable after more than one year | 17 | - | €114,700 | +€114,700 | |
| Financial debts | 170/4 | - | €114,700 | +€114,700 | |
| Amounts payable within one year | 42/48 | €5,213 | €29,327 | +€24,114 | +463% |
| Current portion of amounts payable after more than one year | 42 | - | €13,800 | +€13,800 | |
| Trade debts | 44 | €707 | €288 | -€418 | -59.2% |
| Suppliers | 440/4 | €707 | €288 | -€418 | -59.2% |
| Taxes, remuneration and social security | 45 | €853 | €13,264 | +€12,410 | +1,454% |
| Taxes | 450/3 | €853 | €13,264 | +€12,410 | +1,454% |
| Other amounts payable | 47/48 | €3,653 | €1,975 | -€1,678 | -45.9% |
| Non-recurring operating income | 76A | €184,616 | - | -€184,616 | |
| Remuneration, social security and pensions | 62 | €527 | - | -€527 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,853 | €23,787 | +€21,934 | +1,184% |
| Other operating charges | 640/8 | €2,908 | €2,646 | -€262 | -9.0% |
| Gross operating margin | 9900 | €154,442 | -€1,684 | -€156,126 | |
| Operating profit (loss) | 9901 | €149,153 | -€28,118 | -€177,270 | |
| Financial charges | 65/66B | €138 | €139 | +€1 | +0.7% |
| Recurring financial charges | 65 | €138 | €139 | +€1 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €149,014 | -€28,257 | -€177,271 | |
| Income taxes | 67/77 | - | €13,064 | +€13,064 | |
| Profit (loss) for the period | 9904 | €149,014 | -€41,321 | -€190,335 | |
| Transfer from tax-exempt reserves | 789 | - | €184,616 | +€184,616 | |
| Transfer to tax-exempt reserves | 689 | €184,616 | - | -€184,616 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,601 | €143,295 | +€178,896 |
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.