Paul Van Roy: 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 Van Roy
Largest movements
- Cash +€58,276
up €58,276 (+69.8%), from €83,526 to €141,802
mainly Net result for the year (+€49,974) and Depreciation (+€20,192)
- Receivables within one year -€6,434
down €6,434 (-71.6%), from €8,992 to €2,558
of which Trade receivables: -€6,436
- Tangible fixed assets -€4,978
down €4,978 (-6.1%), from €81,650 to €76,671
of which Land and buildings: -€13,832
- Reserves +€49,974
up €49,974 (+18.6%), from €268,335 to €318,309
- Gross operating margin -€10,812
down €10,812 (-11.0%), from €98,073 to €87,261
- Taxes -€3,638
down €3,638 (-15.5%), from €23,450 to €19,812
- Depreciation +€1,703
up €1,703 (+9.2%), from €18,488 to €20,192
- Write-downs +€1,377
up €1,377 (+34.1%), from -€4,034 to -€2,657
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 | €304,761 | €350,067 | +€45,306 | +14.9% |
| Fixed assets | 21/28 | €83,393 | €77,556 | -€5,837 | -7.0% |
| Intangible fixed assets | 21 | €1,643 | €784 | -€859 | -52.3% |
| Tangible fixed assets | 22/27 | €81,650 | €76,671 | -€4,978 | -6.1% |
| Land and buildings | 22 | €68,077 | €54,244 | -€13,832 | -20.3% |
| Plant, machinery and equipment | 23 | €7,299 | €11,730 | +€4,431 | +60.7% |
| Furniture and vehicles | 24 | €6,274 | €10,697 | +€4,423 | +70.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €221,368 | €272,511 | +€51,143 | +23.1% |
| Amounts receivable within one year | 40/41 | €8,992 | €2,558 | -€6,434 | -71.6% |
| Trade receivables | 40 | €8,958 | €2,522 | -€6,436 | -71.8% |
| Other amounts receivable | 41 | €34 | €36 | +€3 | +7.8% |
| Current investments | 50/53 | €117,024 | €116,632 | -€392 | -0.3% |
| Cash at bank and in hand | 54/58 | €83,526 | €141,802 | +€58,276 | +69.8% |
| Deferred charges and accrued income | 490/1 | €11,825 | €11,519 | -€306 | -2.6% |
| Total equity and liabilities | 10/49 | €304,761 | €350,067 | +€45,306 | +14.9% |
| Equity | 10/15 | €286,935 | €336,909 | +€49,974 | +17.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €268,335 | €318,309 | +€49,974 | +18.6% |
| Distributable reserves | 133 | €268,335 | €318,309 | +€49,974 | +18.6% |
| Amounts payable | 17/49 | €17,826 | €13,158 | -€4,668 | -26.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €17,826 | €13,158 | -€4,668 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €130 | €22 | -€107 | -82.8% |
| Suppliers | 440/4 | €130 | €22 | -€107 | -82.8% |
| Taxes, remuneration and social security | 45 | €12,831 | €11,012 | -€1,818 | -14.2% |
| Taxes | 450/3 | €12,831 | €11,012 | -€1,818 | -14.2% |
| Other amounts payable | 47/48 | €4,865 | €2,123 | -€2,742 | -56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,488 | €20,192 | +€1,703 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,034 | -€2,657 | +€1,377 | +34.1% |
| Other operating charges | 640/8 | €2,188 | €1,609 | -€579 | -26.5% |
| Gross operating margin | 9900 | €98,073 | €87,261 | -€10,812 | -11.0% |
| Operating profit (loss) | 9901 | €81,431 | €68,117 | -€13,314 | -16.3% |
| Financial income | 75/76B | €1,940 | €2,150 | +€210 | +10.8% |
| Recurring financial income | 75 | €1,940 | €2,150 | +€210 | +10.8% |
| Financial charges | 65/66B | -€287 | €481 | +€768 | |
| Recurring financial charges | 65 | -€287 | €481 | +€768 | |
| Profit (loss) for the period before taxes | 9903 | €83,657 | €69,786 | -€13,871 | -16.6% |
| Income taxes | 67/77 | €23,450 | €19,812 | -€3,638 | -15.5% |
| Profit (loss) for the period | 9904 | €60,208 | €49,974 | -€10,234 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,208 | €49,974 | -€10,234 | -17.0% |
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.