Paul Vanrunxt: what changed
Two fiscal 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 Vanrunxt
Largest movements
- Tangible fixed assets -€993,728
down €993,728 (-40.5%), from €2.5m to €1.5m
of which Land and buildings: -€581,699
- Receivables within one year +€679,838
up €679,838 (+527.8%), from €128,804 to €808,642
of which Other amounts receivable: +€587,383
- Stocks and contracts +€546,393
up €546,393 (+26.2%), from €2.1m to €2.6m
- Cash +€268,017
up €268,017 (+443.4%), from €60,448 to €328,465
mainly Investment in fixed assets (net) (+€940,342) and Short-term financial debts (+€400,000)
- Short-term financial debts +€400,000
up €400,000 (+100.0%), from €400,000 to €800,000
- Other debts -€328,572
down €328,572 (-14.2%), from €2.3m to €2.0m
- Reserves +€252,296
up €252,296 (+14.7%), from €1.7m to €2.0m
of which Tax-exempt reserves: +€191,574
- Advances received +€135,000
new in 2024: €135,000
- Tax, wage and social debts +€69,242
up €69,242 (+164.6%), from €42,078 to €111,320
of which Taxes: +€67,035
- Gross operating margin +€289,370
up €289,370 (+130.2%), from €222,225 to €511,595
- Depreciation -€104,111
down €104,111 (-66.1%), from €157,497 to €53,387
- Taxes +€81,337
up €81,337 (+298.9%), from €27,214 to €108,551
- Financial charges +€53,897
up €53,897 (+2369.2%), from €2,275 to €56,172
- Other operating charges +€48,538
up €48,538 (+811.9%), from €5,978 to €54,516
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,772,985 | €5,294,649 | +€521,664 | +10.9% |
| Fixed assets | 21/28 | €2,477,290 | €1,483,562 | -€993,728 | -40.1% |
| Tangible fixed assets | 22/27 | €2,454,755 | €1,461,027 | -€993,728 | -40.5% |
| Land and buildings | 22 | €1,972,446 | €1,390,747 | -€581,699 | -29.5% |
| Plant, machinery and equipment | 23 | €291 | €2,477 | +€2,185 | +750.5% |
| Furniture and vehicles | 24 | €239,603 | €67,803 | -€171,799 | -71.7% |
| Assets under construction and advance payments | 27 | €242,415 | €0 | -€242,415 | -100.0% |
| Financial fixed assets | 28 | €22,535 | €22,535 | = | 0.0% |
| Current assets | 29/58 | €2,295,695 | €3,811,088 | +€1.5m | +66.0% |
| Stocks and contracts in progress | 3 | €2,088,653 | €2,635,046 | +€546,393 | +26.2% |
| Contracts in progress | 37 | €2,088,653 | €2,635,046 | +€546,393 | +26.2% |
| Amounts receivable within one year | 40/41 | €128,804 | €808,642 | +€679,838 | +527.8% |
| Trade receivables | 40 | €89,945 | €182,400 | +€92,455 | +102.8% |
| Other amounts receivable | 41 | €38,859 | €626,241 | +€587,383 | +1511.6% |
| Cash at bank and in hand | 54/58 | €60,448 | €328,465 | +€268,017 | +443.4% |
| Deferred charges and accrued income | 490/1 | €17,790 | €38,935 | +€21,145 | +118.9% |
| Total equity and liabilities | 10/49 | €4,772,985 | €5,294,649 | +€521,664 | +10.9% |
| Equity | 10/15 | €1,738,640 | €1,990,936 | +€252,296 | +14.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,720,048 | €1,972,344 | +€252,296 | +14.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €688,463 | €880,037 | +€191,574 | +27.8% |
| Distributable reserves | 133 | €1,031,585 | €1,092,307 | +€60,722 | +5.9% |
| Provisions and deferred taxes | 16 | €226,528 | €213,203 | -€13,325 | -5.9% |
| Deferred taxes | 168 | €226,528 | €213,203 | -€13,325 | -5.9% |
| Amounts payable | 17/49 | €2,807,817 | €3,090,510 | +€282,693 | +10.1% |
| Amounts payable within one year | 42/48 | €2,807,817 | €3,090,510 | +€282,693 | +10.1% |
| Financial debts | 43 | €400,000 | €800,000 | +€400,000 | +100.0% |
| Credit institutions | 430/8 | €400,000 | €800,000 | +€400,000 | +100.0% |
| Trade debts | 44 | €45,087 | €52,111 | +€7,024 | +15.6% |
| Suppliers | 440/4 | €45,087 | €52,111 | +€7,024 | +15.6% |
| Advances received on contracts in progress | 46 | - | €135,000 | +€135,000 | |
| Taxes, remuneration and social security | 45 | €42,078 | €111,320 | +€69,242 | +164.6% |
| Taxes | 450/3 | €38,963 | €105,997 | +€67,035 | +172.0% |
| Remuneration and social security | 454/9 | €3,115 | €5,322 | +€2,207 | +70.8% |
| Other amounts payable | 47/48 | €2,320,652 | €1,992,080 | -€328,572 | -14.2% |
| Non-recurring operating income | 76A | €56,941 | €577,632 | +€520,690 | +914.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,497 | €53,387 | -€104,111 | -66.1% |
| Other operating charges | 640/8 | €5,978 | €54,516 | +€48,538 | +811.9% |
| Gross operating margin | 9900 | €222,225 | €511,595 | +€289,370 | +130.2% |
| Operating profit (loss) | 9901 | €58,750 | €403,692 | +€344,942 | +587.1% |
| Financial income | 75/76B | €0 | €2 | +€2 | +3233.3% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +3233.3% |
| Financial charges | 65/66B | €2,275 | €56,172 | +€53,897 | +2369.2% |
| Recurring financial charges | 65 | €2,275 | €56,172 | +€53,897 | +2369.2% |
| Profit (loss) for the period before taxes | 9903 | €56,475 | €347,522 | +€291,047 | +515.4% |
| Transfer from deferred taxes | 780 | €13,325 | €13,325 | = | 0.0% |
| Income taxes | 67/77 | €27,214 | €108,551 | +€81,337 | +298.9% |
| Profit (loss) for the period | 9904 | €42,586 | €252,296 | +€209,710 | +492.4% |
| Transfer from tax-exempt reserves | 789 | €39,976 | €39,976 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €231,550 | +€231,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,562 | €60,722 | -€21,840 | -26.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.