PAUL HERPELS: 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 HERPELS
Largest movements
- Current investments -€8,931
down €8,931 (-10.3%), from €86,304 to €77,373
- Receivables within one year +€4,845
up €4,845 (+267%), from €1,817 to €6,662
- Tangible fixed assets -€3,684
down €3,684 (-24.5%), from €15,061 to €11,377
- Cash -€2,509
down €2,509 (-13.1%), from €19,186 to €16,677
mainly Other debts (-€18,047) and Contributions, distributions and other (-€14,000)
- Other debts -€18,047
down €18,047 (-55.2%), from €32,672 to €14,625
- Trade debts +€8,325
up €8,325 (+633%), from €1,315 to €9,640
- Gross operating margin -€5,470
down €5,470 (-16.3%), from €33,530 to €28,060
- Financial income -€4,889
down €4,889 (-41.9%), from €11,667 to €6,778
- Taxes -€3,076
down €3,076 (-42.0%), from €7,325 to €4,250
- Other operating charges +€1,151
up €1,151 (+10.5%), from €11,014 to €12,165
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 | €123,465 | €113,239 | -€10,225 | -8.3% |
| Fixed assets | 21/28 | €15,061 | €11,377 | -€3,684 | -24.5% |
| Tangible fixed assets | 22/27 | €15,061 | €11,377 | -€3,684 | -24.5% |
| Land and buildings | 22 | €15,061 | €11,377 | -€3,684 | -24.5% |
| Current assets | 29/58 | €108,403 | €101,862 | -€6,541 | -6.0% |
| Amounts receivable within one year | 40/41 | €1,817 | €6,662 | +€4,845 | +267% |
| Trade receivables | 40 | €1,817 | €6,662 | +€4,845 | +267% |
| Current investments | 50/53 | €86,304 | €77,373 | -€8,931 | -10.3% |
| Cash at bank and in hand | 54/58 | €19,186 | €16,677 | -€2,509 | -13.1% |
| Deferred charges and accrued income | 490/1 | €1,096 | €1,150 | +€54 | +4.9% |
| Total equity and liabilities | 10/49 | €123,465 | €113,239 | -€10,225 | -8.3% |
| Equity | 10/15 | €77,174 | €77,438 | +€264 | +0.3% |
| Contributions | 10/11 | €34,946 | €34,946 | = | 0.0% |
| Reserves | 13 | €42,229 | €42,492 | +€264 | +0.6% |
| Distributable reserves | 133 | €42,229 | €42,492 | +€264 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,290 | €35,801 | -€10,489 | -22.7% |
| Amounts payable within one year | 42/48 | €44,962 | €34,391 | -€10,572 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €475 | €475 | = | 0.0% |
| Trade debts | 44 | €1,315 | €9,640 | +€8,325 | +633% |
| Suppliers | 440/4 | €1,315 | €9,640 | +€8,325 | +633% |
| Taxes, remuneration and social security | 45 | €10,500 | €9,651 | -€849 | -8.1% |
| Taxes | 450/3 | €10,500 | €9,651 | -€849 | -8.1% |
| Other amounts payable | 47/48 | €32,672 | €14,625 | -€18,047 | -55.2% |
| Accrued charges and deferred income | 492/3 | €1,328 | €1,411 | +€83 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,684 | €3,684 | = | 0.0% |
| Other operating charges | 640/8 | €11,014 | €12,165 | +€1,151 | +10.5% |
| Gross operating margin | 9900 | €33,530 | €28,060 | -€5,470 | -16.3% |
| Operating profit (loss) | 9901 | €18,833 | €12,211 | -€6,621 | -35.2% |
| Financial income | 75/76B | €11,667 | €6,778 | -€4,889 | -41.9% |
| Recurring financial income | 75 | €11,667 | €6,778 | -€4,889 | -41.9% |
| Financial charges | 65/66B | €725 | €476 | -€250 | -34.4% |
| Recurring financial charges | 65 | €725 | €476 | -€250 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €29,774 | €18,513 | -€11,261 | -37.8% |
| Income taxes | 67/77 | €7,325 | €4,250 | -€3,076 | -42.0% |
| Profit (loss) for the period | 9904 | €22,449 | €14,264 | -€8,185 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,449 | €14,264 | -€8,185 | -36.5% |
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 22 October 2026 via checked.be.