PAUL LAENEN: 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 LAENEN
Largest movements
- Cash +€33,154
up €33,154 (+849%), from €3,904 to €37,058
mainly Net result for the year (+€49,061) and Depreciation (+€12,395)
- Receivables within one year +€21,558
up €21,558 (+222%), from €9,717 to €31,275
of which Other amounts receivable: +€24,504
- Tangible fixed assets -€11,119
down €11,119 (-16.5%), from €67,357 to €56,238
of which Land and buildings: -€65,301
- Deferred charges and accrued income +€3,339
up €3,339 (+8.5%), from €39,211 to €42,550
- Profit (loss) carried forward +€49,061
up €49,061, from -€48,000 to €1,061
- Current portion of long-term debt -€9,767
down €9,767 (-74.7%), from €13,079 to €3,312
- Other debts +€9,705
up €9,705 (+78.7%), from €12,333 to €22,038
- Debts after one year -€3,312
no longer reported in 2025 (was €3,312)
- Trade debts +€2,155
up €2,155 (+9.9%), from €21,804 to €23,958
- Gross operating margin -€9,089
down €9,089 (-11.7%), from €77,693 to €68,604
- Financial charges -€1,396
down €1,396 (-32.5%), from €4,296 to €2,900
- Other operating charges -€1,079
down €1,079 (-41.4%), from €2,604 to €1,525
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 | €124,115 | €169,772 | +€45,657 | +36.8% |
| Fixed assets | 21/28 | €71,184 | €58,789 | -€12,395 | -17.4% |
| Intangible fixed assets | 21 | €3,827 | €2,551 | -€1,276 | -33.3% |
| Tangible fixed assets | 22/27 | €67,357 | €56,238 | -€11,119 | -16.5% |
| Land and buildings | 22 | €65,301 | - | -€65,301 | |
| Plant, machinery and equipment | 23 | €2,056 | €1,821 | -€236 | -11.5% |
| Other tangible fixed assets | 26 | - | €54,417 | +€54,417 | |
| Current assets | 29/58 | €52,931 | €110,983 | +€58,052 | +110% |
| Amounts receivable within one year | 40/41 | €9,717 | €31,275 | +€21,558 | +222% |
| Trade receivables | 40 | €7,217 | €4,271 | -€2,946 | -40.8% |
| Other amounts receivable | 41 | €2,500 | €27,004 | +€24,504 | +980% |
| Current investments | 50/53 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,904 | €37,058 | +€33,154 | +849% |
| Deferred charges and accrued income | 490/1 | €39,211 | €42,550 | +€3,339 | +8.5% |
| Total equity and liabilities | 10/49 | €124,115 | €169,772 | +€45,657 | +36.8% |
| Equity | 10/15 | €68,750 | €117,811 | +€49,061 | +71.4% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Contributions outside capital | 11 | €105,000 | €105,000 | = | 0.0% |
| Other | 1109/19 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €11,750 | €11,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,500 | €10,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,250 | €1,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,000 | €1,061 | +€49,061 | |
| Amounts payable | 17/49 | €55,365 | €51,961 | -€3,404 | -6.1% |
| Amounts payable after more than one year | 17 | €3,312 | - | -€3,312 | |
| Financial debts | 170/4 | €3,312 | - | -€3,312 | |
| Amounts payable within one year | 42/48 | €47,895 | €49,308 | +€1,413 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €13,079 | €3,312 | -€9,767 | -74.7% |
| Trade debts | 44 | €21,804 | €23,958 | +€2,155 | +9.9% |
| Suppliers | 440/4 | €21,804 | €23,958 | +€2,155 | +9.9% |
| Taxes, remuneration and social security | 45 | €679 | - | -€679 | |
| Taxes | 450/3 | €679 | - | -€679 | |
| Other amounts payable | 47/48 | €12,333 | €22,038 | +€9,705 | +78.7% |
| Accrued charges and deferred income | 492/3 | €4,158 | €2,653 | -€1,505 | -36.2% |
| Non-recurring operating income | 76A | - | €24,484 | +€24,484 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,008 | €12,395 | -€613 | -4.7% |
| Other operating charges | 640/8 | €2,604 | €1,525 | -€1,079 | -41.4% |
| Non-recurring operating charges | 66A | €164 | €2,462 | +€2,297 | +1,397% |
| Gross operating margin | 9900 | €77,693 | €68,604 | -€9,089 | -11.7% |
| Operating profit (loss) | 9901 | €61,916 | €52,222 | -€9,694 | -15.7% |
| Financial income | 75/76B | €245 | €42 | -€203 | -82.9% |
| Recurring financial income | 75 | €245 | €42 | -€203 | -82.9% |
| Financial charges | 65/66B | €4,296 | €2,900 | -€1,396 | -32.5% |
| Recurring financial charges | 65 | €4,296 | €2,900 | -€1,396 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €57,865 | €49,364 | -€8,501 | -14.7% |
| Income taxes | 67/77 | €339 | €303 | -€36 | -10.6% |
| Profit (loss) for the period | 9904 | €57,526 | €49,061 | -€8,465 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,526 | €49,061 | -€8,465 | -14.7% |
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 25 October 2026 via checked.be.