PAUL PLETSERS: 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 PLETSERS
Largest movements
- Tangible fixed assets +€279,065
up €279,065 (+27.3%), from €1.0m to €1.3m
of which Land and buildings: +€289,565
- Receivables after one year +€190,000
up €190,000 (+90.5%), from €210,000 to €400,000
- Receivables within one year +€76,898
up €76,898 (+79.4%), from €96,802 to €173,699
of which Trade receivables: +€76,450
- Cash -€43,397
down €43,397 (-9.2%), from €470,721 to €427,324
mainly Investment in fixed assets (net) (-€423,965) and Contributions, distributions and other (-€284,700)
- Debts after one year +€338,463
up €338,463 (+240%), from €140,854 to €479,318
- Other debts +€175,320
up €175,320 (+87.6%), from €200,215 to €375,535
- Trade debts -€84,140
down €84,140 (-36.8%), from €228,748 to €144,609
- Reserves +€69,597
up €69,597 (+3.4%), from €2.0m to €2.1m
of which Distributable reserves: +€69,597
- Tax, wage and social debts -€58,208
down €58,208 (-33.5%), from €173,802 to €115,594
of which Taxes: -€51,571
- Staff costs +€48,679
up €48,679 (+24.9%), from €195,775 to €244,453
- Gross operating margin +€23,030
up €23,030 (+2.5%), from €909,578 to €932,609
- Depreciation +€16,075
up €16,075 (+12.3%), from €130,250 to €146,325
- Taxes +€14,851
up €14,851 (+9.8%), from €151,120 to €165,971
- Financial charges +€14,204
up €14,204 (+189%), from €7,514 to €21,718
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 | €3,745,196 | €4,234,892 | +€489,696 | +13.1% |
| Fixed assets | 21/28 | €1,376,352 | €1,653,992 | +€277,640 | +20.2% |
| Intangible fixed assets | 21 | €5,548 | €4,124 | -€1,425 | -25.7% |
| Tangible fixed assets | 22/27 | €1,023,803 | €1,302,868 | +€279,065 | +27.3% |
| Land and buildings | 22 | €811,920 | €1,101,484 | +€289,565 | +35.7% |
| Plant, machinery and equipment | 23 | €5,151 | €3,174 | -€1,977 | -38.4% |
| Furniture and vehicles | 24 | €195,786 | €189,452 | -€6,333 | -3.2% |
| Other tangible fixed assets | 26 | €10,947 | €8,757 | -€2,189 | -20.0% |
| Financial fixed assets | 28 | €347,000 | €347,000 | = | 0.0% |
| Current assets | 29/58 | €2,368,844 | €2,580,901 | +€212,056 | +9.0% |
| Amounts receivable after more than one year | 29 | €210,000 | €400,000 | +€190,000 | +90.5% |
| Other amounts receivable | 291 | €210,000 | €400,000 | +€190,000 | +90.5% |
| Stocks and contracts in progress | 3 | €1,591,321 | €1,579,877 | -€11,444 | -0.7% |
| Stocks | 30/36 | €1,591,321 | €1,579,877 | -€11,444 | -0.7% |
| Amounts receivable within one year | 40/41 | €96,802 | €173,699 | +€76,898 | +79.4% |
| Trade receivables | 40 | €94,802 | €171,251 | +€76,450 | +80.6% |
| Other amounts receivable | 41 | €2,000 | €2,448 | +€448 | +22.4% |
| Cash at bank and in hand | 54/58 | €470,721 | €427,324 | -€43,397 | -9.2% |
| Total equity and liabilities | 10/49 | €3,745,196 | €4,234,892 | +€489,696 | +13.1% |
| Equity | 10/15 | €2,881,476 | €2,951,074 | +€69,597 | +2.4% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €2,047,594 | €2,117,191 | +€69,597 | +3.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,028,844 | €2,098,441 | +€69,597 | +3.4% |
| Profit (loss) carried forward | 14 | €800,882 | €800,883 | +€0 | 0.0% |
| Amounts payable | 17/49 | €863,719 | €1,283,819 | +€420,099 | +48.6% |
| Amounts payable after more than one year | 17 | €140,854 | €479,318 | +€338,463 | +240% |
| Financial debts | 170/4 | €140,854 | €479,318 | +€338,463 | +240% |
| Amounts payable within one year | 42/48 | €722,865 | €804,501 | +€81,636 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €20,729 | €28,673 | +€7,944 | +38.3% |
| Trade debts | 44 | €228,748 | €144,609 | -€84,140 | -36.8% |
| Suppliers | 440/4 | €228,748 | €144,609 | -€84,140 | -36.8% |
| Advances received on contracts in progress | 46 | €99,371 | €140,091 | +€40,720 | +41.0% |
| Taxes, remuneration and social security | 45 | €173,802 | €115,594 | -€58,208 | -33.5% |
| Taxes | 450/3 | €149,002 | €97,431 | -€51,571 | -34.6% |
| Remuneration and social security | 454/9 | €24,800 | €18,163 | -€6,637 | -26.8% |
| Other amounts payable | 47/48 | €200,215 | €375,535 | +€175,320 | +87.6% |
| Remuneration, social security and pensions | 62 | €195,775 | €244,453 | +€48,679 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,250 | €146,325 | +€16,075 | +12.3% |
| Other operating charges | 640/8 | €9,924 | €11,251 | +€1,327 | +13.4% |
| Non-recurring operating charges | 66A | - | €3,013 | +€3,013 | |
| Gross operating margin | 9900 | €909,578 | €932,609 | +€23,030 | +2.5% |
| Operating profit (loss) | 9901 | €573,629 | €527,566 | -€46,063 | -8.0% |
| Financial income | 75/76B | €19,586 | €14,420 | -€5,166 | -26.4% |
| Recurring financial income | 75 | €19,586 | €14,420 | -€5,166 | -26.4% |
| Financial charges | 65/66B | €7,514 | €21,718 | +€14,204 | +189% |
| Recurring financial charges | 65 | €7,514 | €21,718 | +€14,204 | +189% |
| Profit (loss) for the period before taxes | 9903 | €585,701 | €520,268 | -€65,433 | -11.2% |
| Income taxes | 67/77 | €151,120 | €165,971 | +€14,851 | +9.8% |
| Profit (loss) for the period | 9904 | €434,581 | €354,297 | -€80,284 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €434,581 | €354,297 | -€80,284 | -18.5% |
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 20 October 2026 via checked.be.