PAUL GHOOS: 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 GHOOS
Largest movements
- Tangible fixed assets +€64,091
up €64,091 (+149%), from €43,066 to €107,157
of which Furniture and vehicles: +€64,091
- Cash -€56,833
down €56,833 (-24.6%), from €230,915 to €174,081
mainly Investment in fixed assets (net) (-€83,615) and Receivables within one year (-€44,106)
- Receivables within one year +€44,106
up €44,106 (+22.3%), from €198,191 to €242,297
of which Trade receivables: +€37,981
- Stocks and contracts -€27,725
down €27,725 (-5.7%), from €490,167 to €462,443
- Trade debts +€23,981
up €23,981 (+48.9%), from €49,070 to €73,052
- Reserves +€19,140
up €19,140 (+2.3%), from €841,022 to €860,162
of which Distributable reserves: +€19,140
- Debts after one year -€15,600
down €15,600 (-12.4%), from €125,600 to €110,000
- Depreciation +€9,987
up €9,987 (+105%), from €9,538 to €19,525
- Financial charges -€8,334
down €8,334 (-84.7%), from €9,837 to €1,504
- Staff costs +€4,161
up €4,161 (+3.2%), from €131,431 to €135,593
- Gross operating margin +€3,108
up €3,108 (+1.7%), from €182,447 to €185,555
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 | €1,162,344 | €1,186,208 | +€23,864 | +2.1% |
| Fixed assets | 21/28 | €43,066 | €107,157 | +€64,091 | +149% |
| Tangible fixed assets | 22/27 | €43,066 | €107,157 | +€64,091 | +149% |
| Land and buildings | 22 | €34,861 | €34,861 | = | 0.0% |
| Furniture and vehicles | 24 | €8,205 | €72,296 | +€64,091 | +781% |
| Current assets | 29/58 | €1,119,278 | €1,079,051 | -€40,226 | -3.6% |
| Stocks and contracts in progress | 3 | €490,167 | €462,443 | -€27,725 | -5.7% |
| Stocks | 30/36 | €490,167 | €462,443 | -€27,725 | -5.7% |
| Amounts receivable within one year | 40/41 | €198,191 | €242,297 | +€44,106 | +22.3% |
| Trade receivables | 40 | €184,704 | €222,686 | +€37,981 | +20.6% |
| Other amounts receivable | 41 | €13,486 | €19,611 | +€6,125 | +45.4% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €230,915 | €174,081 | -€56,833 | -24.6% |
| Deferred charges and accrued income | 490/1 | €5 | €230 | +€225 | +4,436% |
| Total equity and liabilities | 10/49 | €1,162,344 | €1,186,208 | +€23,864 | +2.1% |
| Equity | 10/15 | €903,022 | €922,162 | +€19,140 | +2.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €841,022 | €860,162 | +€19,140 | +2.3% |
| Non-distributable reserves | 130/1 | €206,200 | €206,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €200,000 | €200,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,641 | €63,641 | = | 0.0% |
| Distributable reserves | 133 | €571,181 | €590,321 | +€19,140 | +3.4% |
| Amounts payable | 17/49 | €259,321 | €264,046 | +€4,725 | +1.8% |
| Amounts payable after more than one year | 17 | €125,600 | €110,000 | -€15,600 | -12.4% |
| Other amounts payable | 178/9 | €125,600 | €110,000 | -€15,600 | -12.4% |
| Amounts payable within one year | 42/48 | €133,721 | €154,046 | +€20,325 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €49,070 | €73,052 | +€23,981 | +48.9% |
| Suppliers | 440/4 | €49,070 | €73,052 | +€23,981 | +48.9% |
| Advances received on contracts in progress | 46 | - | €2,436 | +€2,436 | |
| Taxes, remuneration and social security | 45 | €59,651 | €53,559 | -€6,093 | -10.2% |
| Taxes | 450/3 | €35,738 | €31,403 | -€4,335 | -12.1% |
| Remuneration and social security | 454/9 | €23,913 | €22,156 | -€1,757 | -7.3% |
| Remuneration, social security and pensions | 62 | €131,431 | €135,593 | +€4,161 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,538 | €19,525 | +€9,987 | +105% |
| Other operating charges | 640/8 | €6,447 | €6,879 | +€431 | +6.7% |
| Gross operating margin | 9900 | €182,447 | €185,555 | +€3,108 | +1.7% |
| Operating profit (loss) | 9901 | €35,031 | €23,559 | -€11,472 | -32.7% |
| Financial income | 75/76B | €2,231 | €2,473 | +€243 | +10.9% |
| Recurring financial income | 75 | €2,231 | €2,473 | +€243 | +10.9% |
| Financial charges | 65/66B | €9,837 | €1,504 | -€8,334 | -84.7% |
| Recurring financial charges | 65 | €9,837 | €1,504 | -€8,334 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | €27,424 | €24,528 | -€2,895 | -10.6% |
| Income taxes | 67/77 | €6,514 | €5,389 | -€1,125 | -17.3% |
| Profit (loss) for the period | 9904 | €20,910 | €19,140 | -€1,771 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,910 | €19,140 | -€1,771 | -8.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.