PAUL SANNEN: 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 SANNEN
Largest movements
- Receivables within one year +€356,149
up €356,149 (+19.5%), from €1.8m to €2.2m
of which Other amounts receivable: +€230,691
- Tangible fixed assets -€328,441
down €328,441 (-14.2%), from €2.3m to €2.0m
of which Furniture and vehicles: -€281,277
- Cash -€133,675
down €133,675 (-81.5%), from €164,015 to €30,339
mainly Receivables within one year (-€356,149) and Trade debts (-€206,888)
- Reserves +€209,332
up €209,332 (+21.1%), from €992,851 to €1.2m
- Trade debts -€206,888
down €206,888 (-80.7%), from €256,327 to €49,440
- Debts after one year -€119,499
down €119,499 (-8.1%), from €1.5m to €1.4m
- Tax, wage and social debts +€66,748
up €66,748 (+57.9%), from €115,238 to €181,986
of which Taxes: +€70,748
- Short-term financial debts -€56,225
down €56,225 (-6.8%), from €832,050 to €775,825
of which Credit institutions: -€56,225
- Gross operating margin +€369,342
up €369,342 (+65.2%), from €566,427 to €935,769
- Financial charges +€109,136
up €109,136 (+77.7%), from €140,469 to €249,605
- Taxes +€103,448
up €103,448 (+249%), from €41,524 to €144,972
- Depreciation -€21,309
down €21,309 (-5.4%), from €391,531 to €370,222
- Other operating charges -€17,581
down €17,581 (-71.3%), from €24,645 to €7,064
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 | €4,319,021 | €4,217,480 | -€101,541 | -2.4% |
| Fixed assets | 21/28 | €2,315,773 | €1,987,332 | -€328,441 | -14.2% |
| Tangible fixed assets | 22/27 | €2,312,481 | €1,984,040 | -€328,441 | -14.2% |
| Land and buildings | 22 | €1,340,646 | €1,293,087 | -€47,558 | -3.5% |
| Plant, machinery and equipment | 23 | €17 | €411 | +€394 | +2,370% |
| Furniture and vehicles | 24 | €971,819 | €690,542 | -€281,277 | -28.9% |
| Financial fixed assets | 28 | €3,292 | €3,292 | = | 0.0% |
| Current assets | 29/58 | €2,003,248 | €2,230,148 | +€226,900 | +11.3% |
| Amounts receivable within one year | 40/41 | €1,822,672 | €2,178,821 | +€356,149 | +19.5% |
| Trade receivables | 40 | €1,085,886 | €1,211,344 | +€125,458 | +11.6% |
| Other amounts receivable | 41 | €736,786 | €967,476 | +€230,691 | +31.3% |
| Cash at bank and in hand | 54/58 | €164,015 | €30,339 | -€133,675 | -81.5% |
| Deferred charges and accrued income | 490/1 | €16,561 | €20,988 | +€4,426 | +26.7% |
| Total equity and liabilities | 10/49 | €4,319,021 | €4,217,480 | -€101,541 | -2.4% |
| Equity | 10/15 | €1,033,595 | €1,242,927 | +€209,332 | +20.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €992,851 | €1,202,182 | +€209,332 | +21.1% |
| Distributable reserves | 133 | €992,851 | €1,202,182 | +€209,332 | +21.1% |
| Profit (loss) carried forward | 14 | €28,345 | €28,345 | = | 0.0% |
| Amounts payable | 17/49 | €3,285,426 | €2,974,553 | -€310,872 | -9.5% |
| Amounts payable after more than one year | 17 | €1,473,845 | €1,354,346 | -€119,499 | -8.1% |
| Financial debts | 170/4 | €1,473,845 | €1,354,346 | -€119,499 | -8.1% |
| Amounts payable within one year | 42/48 | €1,811,581 | €1,620,208 | -€191,373 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €114,508 | €119,499 | +€4,991 | +4.4% |
| Financial debts | 43 | €832,050 | €775,825 | -€56,225 | -6.8% |
| Credit institutions | 430/8 | €100,000 | €43,775 | -€56,225 | -56.2% |
| Other loans | 439 | €732,050 | €732,050 | = | 0.0% |
| Trade debts | 44 | €256,327 | €49,440 | -€206,888 | -80.7% |
| Suppliers | 440/4 | €256,327 | €49,440 | -€206,888 | -80.7% |
| Taxes, remuneration and social security | 45 | €115,238 | €181,986 | +€66,748 | +57.9% |
| Taxes | 450/3 | €111,238 | €181,986 | +€70,748 | +63.6% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €493,458 | €493,458 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €391,531 | €370,222 | -€21,309 | -5.4% |
| Other operating charges | 640/8 | €24,645 | €7,064 | -€17,581 | -71.3% |
| Gross operating margin | 9900 | €566,427 | €935,769 | +€369,342 | +65.2% |
| Operating profit (loss) | 9901 | €150,250 | €558,483 | +€408,232 | +272% |
| Financial income | 75/76B | €42,071 | €45,426 | +€3,355 | +8.0% |
| Recurring financial income | 75 | €42,071 | €45,426 | +€3,355 | +8.0% |
| Financial charges | 65/66B | €140,469 | €249,605 | +€109,136 | +77.7% |
| Recurring financial charges | 65 | €140,469 | €249,605 | +€109,136 | +77.7% |
| Profit (loss) for the period before taxes | 9903 | €51,852 | €354,303 | +€302,452 | +583% |
| Income taxes | 67/77 | €41,524 | €144,972 | +€103,448 | +249% |
| Profit (loss) for the period | 9904 | €10,328 | €209,332 | +€199,003 | +1,927% |
| Profit (loss) for the period to be appropriated | 9905 | €10,328 | €209,332 | +€199,003 | +1,927% |
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 31 October 2026 via checked.be.