PAUL WILLEMS: 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 WILLEMS
Largest movements
- Tangible fixed assets -€17,853
down €17,853 (-25.6%), from €69,653 to €51,800
of which Leasing and similar rights: -€17,424
- Cash +€4,617
up €4,617 (+13.7%), from €33,733 to €38,350
mainly Depreciation (+€17,853) and Receivables within one year (+€3,919)
- Receivables within one year -€3,919
down €3,919 (-19.7%), from €19,926 to €16,008
of which Trade receivables: -€2,958
- Stocks and contracts -€1,856
down €1,856 (-7.9%), from €23,597 to €21,741
- Debts after one year -€12,122
down €12,122 (-33.2%), from €36,511 to €24,388
- Tax, wage and social debts -€5,918
down €5,918 (-95.9%), from €6,169 to €251
- Other debts -€1,642
down €1,642 (-3.9%), from €42,569 to €40,926
- Gross operating margin -€19,026
down €19,026 (-46.0%), from €41,365 to €22,338
- Depreciation +€14,835
up €14,835 (+492%), from €3,018 to €17,853
- Taxes -€10,548
down €10,548 (-97.6%), from €10,811 to €264
- Financial charges +€2,123
up €2,123 (+91.5%), from €2,320 to €4,443
- Financial income +€738
up €738 (+239%), from €309 to €1,047
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 | €150,281 | €131,189 | -€19,092 | -12.7% |
| Fixed assets | 21/28 | €69,653 | €51,800 | -€17,853 | -25.6% |
| Tangible fixed assets | 22/27 | €69,653 | €51,800 | -€17,853 | -25.6% |
| Plant, machinery and equipment | 23 | €2,002 | €1,573 | -€429 | -21.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €67,651 | €50,227 | -€17,424 | -25.8% |
| Current assets | 29/58 | €80,627 | €79,389 | -€1,239 | -1.5% |
| Stocks and contracts in progress | 3 | €23,597 | €21,741 | -€1,856 | -7.9% |
| Stocks | 30/36 | €23,597 | €21,741 | -€1,856 | -7.9% |
| Amounts receivable within one year | 40/41 | €19,926 | €16,008 | -€3,919 | -19.7% |
| Trade receivables | 40 | €15,075 | €12,117 | -€2,958 | -19.6% |
| Other amounts receivable | 41 | €4,852 | €3,891 | -€961 | -19.8% |
| Cash at bank and in hand | 54/58 | €33,733 | €38,350 | +€4,617 | +13.7% |
| Deferred charges and accrued income | 490/1 | €3,371 | €3,290 | -€81 | -2.4% |
| Total equity and liabilities | 10/49 | €150,281 | €131,189 | -€19,092 | -12.7% |
| Equity | 10/15 | €48,078 | €47,606 | -€472 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,478 | €29,478 | = | 0.0% |
| Distributable reserves | 133 | €29,478 | €29,478 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€472 | -€472 | |
| Amounts payable | 17/49 | €102,203 | €83,583 | -€18,619 | -18.2% |
| Amounts payable after more than one year | 17 | €36,511 | €24,388 | -€12,122 | -33.2% |
| Financial debts | 170/4 | €36,511 | €24,388 | -€12,122 | -33.2% |
| Amounts payable within one year | 42/48 | €63,801 | €56,243 | -€7,558 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €10,764 | €11,127 | +€363 | +3.4% |
| Trade debts | 44 | €4,300 | €3,939 | -€361 | -8.4% |
| Suppliers | 440/4 | €4,300 | €3,939 | -€361 | -8.4% |
| Taxes, remuneration and social security | 45 | €6,169 | €251 | -€5,918 | -95.9% |
| Taxes | 450/3 | €6,169 | €251 | -€5,918 | -95.9% |
| Other amounts payable | 47/48 | €42,569 | €40,926 | -€1,642 | -3.9% |
| Accrued charges and deferred income | 492/3 | €1,891 | €2,952 | +€1,061 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,018 | €17,853 | +€14,835 | +492% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,022 | €1,298 | +€276 | +27.0% |
| Gross operating margin | 9900 | €41,365 | €22,338 | -€19,026 | -46.0% |
| Operating profit (loss) | 9901 | €37,325 | €3,188 | -€34,137 | -91.5% |
| Financial income | 75/76B | €309 | €1,047 | +€738 | +239% |
| Recurring financial income | 75 | €309 | €1,047 | +€738 | +239% |
| Financial charges | 65/66B | €2,320 | €4,443 | +€2,123 | +91.5% |
| Recurring financial charges | 65 | €2,320 | €4,443 | +€2,123 | +91.5% |
| Profit (loss) for the period before taxes | 9903 | €35,314 | -€209 | -€35,522 | |
| Income taxes | 67/77 | €10,811 | €264 | -€10,548 | -97.6% |
| Profit (loss) for the period | 9904 | €24,502 | -€472 | -€24,975 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,502 | -€472 | -€24,975 |
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 23 October 2026 via checked.be.