PAUL VANDEPITTE: 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 VANDEPITTE
Largest movements
- Current investments -€501,120
down €501,120 (-100.0%), from €501,162 to €42
- Tangible fixed assets -€42,233
down €42,233 (-5.8%), from €730,666 to €688,433
of which Land and buildings: -€23,714
- Profit (loss) carried forward -€677,100
down €677,100 (-98.2%), from €689,564 to €12,464
- Other debts +€156,678
up €156,678 (+538%), from €29,134 to €185,813
- Debts after one year -€30,018
down €30,018 (-6.9%), from €434,230 to €404,212
of which Financial debts: -€30,018
- Gross operating margin +€29,454
up €29,454 (+68.3%), from -€43,140 to -€13,686
- Financial income -€10,794
down €10,794 (-63.1%), from €17,099 to €6,304
- Depreciation +€6,065
up €6,065 (+16.3%), from €37,268 to €43,333
- Other operating charges -€3,529
down €3,529 (-30.2%), from €11,704 to €8,175
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 | €1,357,881 | €806,483 | -€551,398 | -40.6% |
| Fixed assets | 21/28 | €730,666 | €688,433 | -€42,233 | -5.8% |
| Tangible fixed assets | 22/27 | €730,666 | €688,433 | -€42,233 | -5.8% |
| Land and buildings | 22 | €661,323 | €637,609 | -€23,714 | -3.6% |
| Plant, machinery and equipment | 23 | €315 | €132 | -€183 | -58.1% |
| Furniture and vehicles | 24 | €69,029 | €50,693 | -€18,336 | -26.6% |
| Current assets | 29/58 | €627,215 | €118,050 | -€509,165 | -81.2% |
| Amounts receivable within one year | 40/41 | €10,558 | €14,829 | +€4,272 | +40.5% |
| Trade receivables | 40 | €5,628 | €4,420 | -€1,208 | -21.5% |
| Other amounts receivable | 41 | €4,930 | €10,409 | +€5,479 | +111% |
| Current investments | 50/53 | €501,162 | €42 | -€501,120 | -100.0% |
| Cash at bank and in hand | 54/58 | €113,076 | €101,085 | -€11,991 | -10.6% |
| Deferred charges and accrued income | 490/1 | €2,420 | €2,095 | -€326 | -13.5% |
| Total equity and liabilities | 10/49 | €1,357,881 | €806,483 | -€551,398 | -40.6% |
| Equity | 10/15 | €863,245 | €186,145 | -€677,100 | -78.4% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Revaluation surpluses | 12 | €1,162 | €1,162 | = | 0.0% |
| Reserves | 13 | €147,720 | €147,720 | = | 0.0% |
| Distributable reserves | 133 | €147,720 | €147,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | €689,564 | €12,464 | -€677,100 | -98.2% |
| Amounts payable | 17/49 | €494,636 | €620,338 | +€125,702 | +25.4% |
| Amounts payable after more than one year | 17 | €434,230 | €404,212 | -€30,018 | -6.9% |
| Financial debts | 170/4 | €428,930 | €398,912 | -€30,018 | -7.0% |
| Other amounts payable | 178/9 | €5,300 | €5,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €60,406 | €216,126 | +€155,720 | +258% |
| Current portion of amounts payable after more than one year | 42 | €29,517 | €30,018 | +€501 | +1.7% |
| Trade debts | 44 | €597 | €258 | -€339 | -56.8% |
| Suppliers | 440/4 | €597 | €258 | -€339 | -56.8% |
| Taxes, remuneration and social security | 45 | €1,158 | €37 | -€1,120 | -96.8% |
| Taxes | 450/3 | €1,158 | €37 | -€1,120 | -96.8% |
| Other amounts payable | 47/48 | €29,134 | €185,813 | +€156,678 | +538% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,268 | €43,333 | +€6,065 | +16.3% |
| Other operating charges | 640/8 | €11,704 | €8,175 | -€3,529 | -30.2% |
| Gross operating margin | 9900 | -€43,140 | -€13,686 | +€29,454 | +68.3% |
| Operating profit (loss) | 9901 | -€92,111 | -€65,194 | +€26,918 | +29.2% |
| Financial income | 75/76B | €17,099 | €6,304 | -€10,794 | -63.1% |
| Recurring financial income | 75 | €17,099 | €6,304 | -€10,794 | -63.1% |
| Financial charges | 65/66B | €8,482 | €8,059 | -€423 | -5.0% |
| Recurring financial charges | 65 | €8,482 | €8,059 | -€423 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€83,495 | -€66,948 | +€16,547 | +19.8% |
| Income taxes | 67/77 | €200 | €152 | -€48 | -24.0% |
| Profit (loss) for the period | 9904 | -€83,695 | -€67,100 | +€16,595 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,695 | -€67,100 | +€16,595 | +19.8% |
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 25 October 2026 via checked.be.