Paumen Muermans: what changed
Paumen Muermans
Largest movements
- Receivables within one year +€30,069
up €30,069 (+98.0%), from €30,680 to €60,748
of which Other amounts receivable: +€17,621
- Tangible fixed assets +€23,863
up €23,863 (+29.4%), from €81,096 to €104,958
of which Leasing and similar rights: +€26,525
- Cash -€4,958
down €4,958 (-16.0%), from €30,990 to €26,031
mainly Investment in fixed assets (net) (-€49,224) and Receivables within one year (-€30,069)
- Deferred charges and accrued income +€3,957
up €3,957 (+243%), from €1,630 to €5,588
- Stocks and contracts +€3,500
up €3,500 (+53.8%), from €6,500 to €10,000
- Trade debts +€25,492
up €25,492 (+124%), from €20,578 to €46,069
- Debts after one year +€21,850
up €21,850 (+105%), from €20,790 to €42,640
- Tax, wage and social debts +€4,309
up €4,309 (+42.6%), from €10,113 to €14,422
of which Remuneration and social security: +€2,189
- Reserves -€4,079
down €4,079 (-18.4%), from €22,184 to €18,105
- Other debts +€3,668
up €3,668 (+30.0%), from €12,222 to €15,890
- Depreciation +€2,393
up €2,393 (+10.4%), from €23,018 to €25,412
- Financial charges -€2,102
down €2,102 (-47.2%), from €4,453 to €2,351
- Gross operating margin -€1,882
down €1,882 (-3.6%), from €51,674 to €49,792
- Taxes +€1,003
up €1,003 (+20.9%), from €4,802 to €5,806
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €150,945 | €207,326 | +€56,380 | +37.4% |
| Fixed assets | 21/28 | €81,146 | €104,958 | +€23,813 | +29.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €81,096 | €104,958 | +€23,863 | +29.4% |
| Land and buildings | 22 | €41,789 | €37,304 | -€4,485 | -10.7% |
| Plant, machinery and equipment | 23 | €1,541 | €1,156 | -€385 | -25.0% |
| Furniture and vehicles | 24 | €27,806 | €30,013 | +€2,208 | +7.9% |
| Leasing and similar rights | 25 | €9,960 | €36,485 | +€26,525 | +266% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €69,800 | €102,367 | +€32,568 | +46.7% |
| Stocks and contracts in progress | 3 | €6,500 | €10,000 | +€3,500 | +53.8% |
| Contracts in progress | 37 | €6,500 | €10,000 | +€3,500 | +53.8% |
| Amounts receivable within one year | 40/41 | €30,680 | €60,748 | +€30,069 | +98.0% |
| Trade receivables | 40 | €28,145 | €40,593 | +€12,448 | +44.2% |
| Other amounts receivable | 41 | €2,535 | €20,155 | +€17,621 | +695% |
| Cash at bank and in hand | 54/58 | €30,990 | €26,031 | -€4,958 | -16.0% |
| Deferred charges and accrued income | 490/1 | €1,630 | €5,588 | +€3,957 | +243% |
| Total equity and liabilities | 10/49 | €150,945 | €207,326 | +€56,380 | +37.4% |
| Equity | 10/15 | €72,608 | €70,388 | -€2,219 | -3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,184 | €18,105 | -€4,079 | -18.4% |
| Distributable reserves | 133 | €22,184 | €18,105 | -€4,079 | -18.4% |
| Profit (loss) carried forward | 14 | €31,824 | €33,684 | +€1,860 | +5.8% |
| Amounts payable | 17/49 | €78,338 | €136,937 | +€58,600 | +74.8% |
| Amounts payable after more than one year | 17 | €20,790 | €42,640 | +€21,850 | +105% |
| Financial debts | 170/4 | €20,790 | €42,640 | +€21,850 | +105% |
| Amounts payable within one year | 42/48 | €57,160 | €93,897 | +€36,737 | +64.3% |
| Current portion of amounts payable after more than one year | 42 | €14,247 | €17,516 | +€3,269 | +22.9% |
| Trade debts | 44 | €20,578 | €46,069 | +€25,492 | +124% |
| Suppliers | 440/4 | €20,578 | €46,069 | +€25,492 | +124% |
| Taxes, remuneration and social security | 45 | €10,113 | €14,422 | +€4,309 | +42.6% |
| Taxes | 450/3 | €10,113 | €12,233 | +€2,120 | +21.0% |
| Remuneration and social security | 454/9 | - | €2,189 | +€2,189 | |
| Other amounts payable | 47/48 | €12,222 | €15,890 | +€3,668 | +30.0% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating income | 76A | - | €6,079 | +€6,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,018 | €25,412 | +€2,393 | +10.4% |
| Other operating charges | 640/8 | €2,716 | €3,018 | +€302 | +11.1% |
| Gross operating margin | 9900 | €51,674 | €49,792 | -€1,882 | -3.6% |
| Operating profit (loss) | 9901 | €25,939 | €21,363 | -€4,577 | -17.6% |
| Financial income | 75/76B | €163 | €465 | +€302 | +186% |
| Recurring financial income | 75 | €163 | €465 | +€302 | +186% |
| Financial charges | 65/66B | €4,453 | €2,351 | -€2,102 | -47.2% |
| Recurring financial charges | 65 | €4,453 | €2,351 | -€2,102 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €21,649 | €19,477 | -€2,172 | -10.0% |
| Income taxes | 67/77 | €4,802 | €5,806 | +€1,003 | +20.9% |
| Profit (loss) for the period | 9904 | €16,847 | €13,671 | -€3,176 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,847 | €13,671 | -€3,176 | -18.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.