PAUL HENS: 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 HENS
Largest movements
- Current investments +€69,236
up €69,236 (+56.5%), from €122,472 to €191,708
- Cash -€36,504
down €36,504 (-70.9%), from €51,471 to €14,967
mainly Current investments (-€69,236) and Net result for the year (-€3,457)
- Tangible fixed assets -€36,027
down €36,027 (-15.0%), from €240,724 to €204,697
of which Land and buildings: -€33,029
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€6,851
down €6,851 (-14.2%), from €48,348 to €41,497
- Taxes -€2,416
down €2,416 (-36.0%), from €6,717 to €4,301
- Financial income +€2,290
up €2,290 (+146%), from €1,564 to €3,854
- Depreciation +€997
up €997 (+2.6%), from €38,348 to €39,345
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 | €420,579 | €416,972 | -€3,607 | -0.9% |
| Fixed assets | 21/28 | €243,079 | €207,052 | -€36,027 | -14.8% |
| Tangible fixed assets | 22/27 | €240,724 | €204,697 | -€36,027 | -15.0% |
| Land and buildings | 22 | €237,726 | €204,697 | -€33,029 | -13.9% |
| Furniture and vehicles | 24 | €2,998 | €0 | -€2,998 | -100% |
| Financial fixed assets | 28 | €2,355 | €2,355 | = | 0.0% |
| Current assets | 29/58 | €177,500 | €209,920 | +€32,420 | +18.3% |
| Amounts receivable within one year | 40/41 | €428 | €0 | -€428 | -100% |
| Other amounts receivable | 41 | €428 | €0 | -€428 | -100% |
| Current investments | 50/53 | €122,472 | €191,708 | +€69,236 | +56.5% |
| Cash at bank and in hand | 54/58 | €51,471 | €14,967 | -€36,504 | -70.9% |
| Deferred charges and accrued income | 490/1 | €3,129 | €3,245 | +€116 | +3.7% |
| Total equity and liabilities | 10/49 | €420,579 | €416,972 | -€3,607 | -0.9% |
| Equity | 10/15 | €407,048 | €403,591 | -€3,457 | -0.8% |
| Contributions | 10/11 | €152,500 | €152,500 | = | 0.0% |
| Reserves | 13 | €344,437 | €340,981 | -€3,457 | -1.0% |
| Tax-exempt reserves | 132 | €9,618 | €0 | -€9,618 | -100% |
| Distributable reserves | 133 | €334,819 | €340,981 | +€6,161 | +1.8% |
| Profit (loss) carried forward | 14 | -€89,890 | -€89,890 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €13,531 | €13,382 | -€150 | -1.1% |
| Amounts payable within one year | 42/48 | €12,671 | €10,495 | -€2,176 | -17.2% |
| Financial debts | 43 | €262 | €218 | -€44 | -16.6% |
| Credit institutions | 430/8 | €262 | €218 | -€44 | -16.6% |
| Trade debts | 44 | €1,074 | €1,166 | +€92 | +8.6% |
| Suppliers | 440/4 | €1,074 | €1,166 | +€92 | +8.6% |
| Taxes, remuneration and social security | 45 | €6,829 | €7,812 | +€983 | +14.4% |
| Taxes | 450/3 | €6,829 | €7,812 | +€983 | +14.4% |
| Other amounts payable | 47/48 | €4,506 | €1,299 | -€3,207 | -71.2% |
| Accrued charges and deferred income | 492/3 | €860 | €2,887 | +€2,027 | +236% |
| Remuneration, social security and pensions | 62 | €252 | €0 | -€252 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,348 | €39,345 | +€997 | +2.6% |
| Other operating charges | 640/8 | €5,074 | €4,776 | -€298 | -5.9% |
| Non-recurring operating charges | 66A | €7,190 | €0 | -€7,190 | -100% |
| Gross operating margin | 9900 | €48,348 | €41,497 | -€6,851 | -14.2% |
| Operating profit (loss) | 9901 | -€2,516 | -€2,624 | -€108 | -4.3% |
| Financial income | 75/76B | €1,564 | €3,854 | +€2,290 | +146% |
| Recurring financial income | 75 | €1,564 | €3,854 | +€2,290 | +146% |
| Financial charges | 65/66B | €449 | €386 | -€63 | -14.0% |
| Recurring financial charges | 65 | €449 | €386 | -€63 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,401 | €844 | +€2,245 | |
| Transfer from deferred taxes | 780 | €1,779 | €0 | -€1,779 | -100% |
| Income taxes | 67/77 | €6,717 | €4,301 | -€2,416 | -36.0% |
| Profit (loss) for the period | 9904 | -€6,339 | -€3,457 | +€2,882 | +45.5% |
| Transfer from tax-exempt reserves | 789 | €17,256 | €9,618 | -€7,638 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,917 | €6,161 | -€4,756 | -43.6% |
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 15 October 2026 via checked.be.