Paul Sap: 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 Sap
Largest movements
- Cash +€134,615
up €134,615 (+32.1%), from €419,910 to €554,525
mainly Net result for the year (+€114,650) and Depreciation (+€71,998)
- Tangible fixed assets -€41,998
down €41,998 (-35.3%), from €119,068 to €77,070
of which Furniture and vehicles: -€40,200
- Intangible fixed assets -€30,000
down €30,000 (-80.2%), from €37,397 to €7,397
- Reserves +€89,785
up €89,785 (+22.5%), from €399,338 to €489,123
of which Distributable reserves: +€102,081
- Debts after one year -€25,493
down €25,493 (-15.5%), from €164,169 to €138,676
of which Financial debts: -€30,834
- Trade debts -€24,437
down €24,437 (-7.8%), from €312,234 to €287,798
- Tax, wage and social debts +€19,464
up €19,464 (+74.0%), from €26,294 to €45,758
- Gross operating margin +€49,528
up €49,528 (+27.1%), from €183,064 to €232,592
- Taxes +€17,800
up €17,800 (+45.0%), from €39,567 to €57,366
- Financial income +€6,729
new in 2025: €6,729
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 | €972,183 | €1,025,861 | +€53,678 | +5.5% |
| Fixed assets | 21/28 | €156,465 | €84,467 | -€71,998 | -46.0% |
| Intangible fixed assets | 21 | €37,397 | €7,397 | -€30,000 | -80.2% |
| Tangible fixed assets | 22/27 | €119,068 | €77,070 | -€41,998 | -35.3% |
| Furniture and vehicles | 24 | €115,680 | €75,480 | -€40,200 | -34.8% |
| Other tangible fixed assets | 26 | €3,388 | €1,590 | -€1,798 | -53.1% |
| Current assets | 29/58 | €815,718 | €941,394 | +€125,676 | +15.4% |
| Amounts receivable within one year | 40/41 | €389,724 | €382,849 | -€6,875 | -1.8% |
| Trade receivables | 40 | €389,724 | €382,849 | -€6,875 | -1.8% |
| Cash at bank and in hand | 54/58 | €419,910 | €554,525 | +€134,615 | +32.1% |
| Deferred charges and accrued income | 490/1 | €6,084 | €4,020 | -€2,064 | -33.9% |
| Total equity and liabilities | 10/49 | €972,183 | €1,025,861 | +€53,678 | +5.5% |
| Equity | 10/15 | €417,937 | €507,722 | +€89,785 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,338 | €489,123 | +€89,785 | +22.5% |
| 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 | €36,636 | €24,340 | -€12,295 | -33.6% |
| Distributable reserves | 133 | €360,842 | €462,923 | +€102,081 | +28.3% |
| Profit (loss) carried forward | 14 | -€1 | -€1 | = | 0.0% |
| Provisions and deferred taxes | 16 | €18,864 | €12,533 | -€6,331 | -33.6% |
| Deferred taxes | 168 | €18,864 | €12,533 | -€6,331 | -33.6% |
| Amounts payable | 17/49 | €535,381 | €505,605 | -€29,776 | -5.6% |
| Amounts payable after more than one year | 17 | €164,169 | €138,676 | -€25,493 | -15.5% |
| Financial debts | 170/4 | €51,750 | €20,917 | -€30,834 | -59.6% |
| Other amounts payable | 178/9 | €112,419 | €117,759 | +€5,340 | +4.8% |
| Amounts payable within one year | 42/48 | €371,212 | €366,930 | -€4,283 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €32,684 | €33,374 | +€690 | +2.1% |
| Trade debts | 44 | €312,234 | €287,798 | -€24,437 | -7.8% |
| Suppliers | 440/4 | €312,234 | €287,798 | -€24,437 | -7.8% |
| Taxes, remuneration and social security | 45 | €26,294 | €45,758 | +€19,464 | +74.0% |
| Taxes | 450/3 | €26,294 | €45,758 | +€19,464 | +74.0% |
| Non-recurring operating income | 76A | €2,244 | - | -€2,244 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,998 | €71,998 | = | 0.0% |
| Other operating charges | 640/8 | €3,400 | €5,332 | +€1,933 | +56.8% |
| Gross operating margin | 9900 | €183,064 | €232,592 | +€49,528 | +27.1% |
| Operating profit (loss) | 9901 | €107,667 | €155,262 | +€47,595 | +44.2% |
| Financial income | 75/76B | - | €6,729 | +€6,729 | |
| Recurring financial income | 75 | - | €6,729 | +€6,729 | |
| Financial charges | 65/66B | €3,571 | €2,270 | -€1,300 | -36.4% |
| Recurring financial charges | 65 | €3,571 | €2,270 | -€1,300 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €104,096 | €159,720 | +€55,624 | +53.4% |
| Transfer from deferred taxes | 780 | €6,331 | €12,295 | +€5,964 | +94.2% |
| Income taxes | 67/77 | €39,567 | €57,366 | +€17,800 | +45.0% |
| Profit (loss) for the period | 9904 | €70,861 | €114,650 | +€43,789 | +61.8% |
| Transfer from tax-exempt reserves | 789 | €12,295 | €6,331 | -€5,964 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €83,156 | €120,981 | +€37,824 | +45.5% |
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.