PAUL NAESSENS: 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 NAESSENS
Largest movements
- Receivables within one year +€214,465
up €214,465 (+102%), from €209,323 to €423,788
of which Trade receivables: +€190,813
- Stocks and contracts -€26,468
down €26,468 (-56.2%), from €47,079 to €20,612
- Tangible fixed assets -€19,160
down €19,160 (-34.2%), from €55,959 to €36,800
- Cash +€17,057
up €17,057 (+364%), from €4,686 to €21,742
mainly Trade debts (+€169,315) and Short-term financial debts (+€48,219)
- Trade debts +€169,315
up €169,315 (+220%), from €76,960 to €246,274
- Short-term financial debts +€48,219
new in 2024: €48,219
- Other debts -€11,971
down €11,971 (-24.8%), from €48,249 to €36,278
- Debts after one year -€10,500
down €10,500 (-67.2%), from €15,634 to €5,134
- Provisions -€7,763
down €7,763 (-86.5%), from €8,974 to €1,211
of which Provisions for liabilities and charges: -€7,500
- Write-downs +€27,818
new in 2024: €27,818
- Provisions -€7,500
new in 2024: -€7,500
- Taxes -€7,073
down €7,073 (-96.3%), from €7,343 to €270
- Financial charges +€1,788
up €1,788 (+17.1%), from €10,464 to €12,251
- Other operating charges +€1,357
up €1,357 (+22.4%), from €6,052 to €7,408
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €319,479 | €504,311 | +€184,832 | +57.9% |
| Fixed assets | 21/28 | €56,059 | €36,899 | -€19,160 | -34.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €55,959 | €36,800 | -€19,160 | -34.2% |
| Plant, machinery and equipment | 23 | €13,373 | €8,989 | -€4,384 | -32.8% |
| Furniture and vehicles | 24 | €15,277 | €7,328 | -€7,948 | -52.0% |
| Leasing and similar rights | 25 | €27,309 | €20,482 | -€6,827 | -25.0% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €263,421 | €467,412 | +€203,991 | +77.4% |
| Stocks and contracts in progress | 3 | €47,079 | €20,612 | -€26,468 | -56.2% |
| Stocks | 30/36 | €47,079 | €20,612 | -€26,468 | -56.2% |
| Amounts receivable within one year | 40/41 | €209,323 | €423,788 | +€214,465 | +102% |
| Trade receivables | 40 | €204,732 | €395,545 | +€190,813 | +93.2% |
| Other amounts receivable | 41 | €4,591 | €28,243 | +€23,652 | +515% |
| Cash at bank and in hand | 54/58 | €4,686 | €21,742 | +€17,057 | +364% |
| Deferred charges and accrued income | 490/1 | €2,333 | €1,270 | -€1,063 | -45.5% |
| Total equity and liabilities | 10/49 | €319,479 | €504,311 | +€184,832 | +57.9% |
| Equity | 10/15 | €149,894 | €146,917 | -€2,977 | -2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,294 | €128,317 | -€2,977 | -2.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,896 | €4,844 | -€1,052 | -17.8% |
| Distributable reserves | 133 | €123,538 | €121,613 | -€1,925 | -1.6% |
| Provisions and deferred taxes | 16 | €8,974 | €1,211 | -€7,763 | -86.5% |
| Provisions for liabilities and charges | 160/5 | €7,500 | €0 | -€7,500 | -100% |
| Environmental obligations | 163 | €7,500 | €0 | -€7,500 | -100% |
| Deferred taxes | 168 | €1,474 | €1,211 | -€263 | -17.8% |
| Amounts payable | 17/49 | €160,611 | €356,183 | +€195,572 | +122% |
| Amounts payable after more than one year | 17 | €15,634 | €5,134 | -€10,500 | -67.2% |
| Financial debts | 170/4 | €15,634 | €5,134 | -€10,500 | -67.2% |
| Amounts payable within one year | 42/48 | €144,978 | €351,049 | +€206,072 | +142% |
| Current portion of amounts payable after more than one year | 42 | €11,688 | €11,174 | -€514 | -4.4% |
| Financial debts | 43 | - | €48,219 | +€48,219 | |
| Credit institutions | 430/8 | - | €48,219 | +€48,219 | |
| Trade debts | 44 | €76,960 | €246,274 | +€169,315 | +220% |
| Suppliers | 440/4 | €76,960 | €246,274 | +€169,315 | +220% |
| Taxes, remuneration and social security | 45 | €8,081 | €9,104 | +€1,023 | +12.7% |
| Taxes | 450/3 | €8,081 | €9,104 | +€1,023 | +12.7% |
| Other amounts payable | 47/48 | €48,249 | €36,278 | -€11,971 | -24.8% |
| Non-recurring operating income | 76A | €5,785 | €0 | -€5,785 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,635 | €19,160 | +€525 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €27,818 | +€27,818 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€7,500 | -€7,500 | |
| Other operating charges | 640/8 | €6,052 | €7,408 | +€1,357 | +22.4% |
| Non-recurring operating charges | 66A | €4,829 | €5,355 | +€526 | +10.9% |
| Gross operating margin | 9900 | €61,223 | €60,989 | -€234 | -0.4% |
| Operating profit (loss) | 9901 | €31,708 | €8,748 | -€22,959 | -72.4% |
| Financial income | 75/76B | €5 | €533 | +€528 | +11,554% |
| Recurring financial income | 75 | €5 | €533 | +€528 | +11,554% |
| Financial charges | 65/66B | €10,464 | €12,251 | +€1,788 | +17.1% |
| Recurring financial charges | 65 | €10,464 | €12,251 | +€1,788 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €21,249 | -€2,970 | -€24,219 | |
| Transfer from deferred taxes | 780 | €263 | €263 | = | 0.0% |
| Income taxes | 67/77 | €7,343 | €270 | -€7,073 | -96.3% |
| Profit (loss) for the period | 9904 | €14,169 | -€2,977 | -€17,146 | |
| Transfer from tax-exempt reserves | 789 | €1,052 | €1,052 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,221 | -€1,925 | -€17,146 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.