PIERRE GAUTHIER: 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.
PIERRE GAUTHIER
Largest movements
- Tangible fixed assets -€45,393
down €45,393 (-17.8%), from €254,769 to €209,376
of which Leasing and similar rights: -€34,237
- Receivables within one year +€31,146
up €31,146 (+12.5%), from €248,212 to €279,358
of which Other amounts receivable: +€23,171
- Debts after one year -€16,816
down €16,816 (-10.7%), from €157,196 to €140,380
- Profit (loss) carried forward +€13,999
up €13,999 (+7.7%), from €181,825 to €195,824
- Gross operating margin +€13,217
up €13,217 (+20.4%), from €64,767 to €77,984
- Depreciation +€5,535
up €5,535 (+12.6%), from €43,835 to €49,370
- Staff costs +€2,328
up €2,328 (+629%), from €370 to €2,699
- Taxes -€1,404
down €1,404 (-24.2%), from €5,812 to €4,408
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 | €557,436 | €543,195 | -€14,241 | -2.6% |
| Fixed assets | 21/28 | €254,831 | €209,648 | -€45,183 | -17.7% |
| Tangible fixed assets | 22/27 | €254,769 | €209,376 | -€45,393 | -17.8% |
| Land and buildings | 22 | €19,200 | €19,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €76,815 | €72,133 | -€4,682 | -6.1% |
| Furniture and vehicles | 24 | €26,376 | €19,902 | -€6,474 | -24.5% |
| Leasing and similar rights | 25 | €132,379 | €98,141 | -€34,237 | -25.9% |
| Financial fixed assets | 28 | €62 | €272 | +€210 | +337% |
| Current assets | 29/58 | €302,604 | €333,546 | +€30,942 | +10.2% |
| Amounts receivable within one year | 40/41 | €248,212 | €279,358 | +€31,146 | +12.5% |
| Trade receivables | 40 | €97,742 | €105,717 | +€7,975 | +8.2% |
| Other amounts receivable | 41 | €150,470 | €173,641 | +€23,171 | +15.4% |
| Cash at bank and in hand | 54/58 | €54,392 | €54,188 | -€204 | -0.4% |
| Total equity and liabilities | 10/49 | €557,436 | €543,195 | -€14,241 | -2.6% |
| Equity | 10/15 | €241,761 | €255,760 | +€13,999 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,336 | €41,336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,936 | €35,936 | = | 0.0% |
| Distributable reserves | 133 | €3,540 | €3,540 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,825 | €195,824 | +€13,999 | +7.7% |
| Amounts payable | 17/49 | €315,675 | €287,435 | -€28,240 | -8.9% |
| Amounts payable after more than one year | 17 | €157,196 | €140,380 | -€16,816 | -10.7% |
| Financial debts | 170/4 | €157,196 | €140,380 | -€16,816 | -10.7% |
| Amounts payable within one year | 42/48 | €158,478 | €147,055 | -€11,424 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €31,837 | €27,719 | -€4,118 | -12.9% |
| Trade debts | 44 | €6,051 | €1,345 | -€4,706 | -77.8% |
| Suppliers | 440/4 | €6,051 | €1,345 | -€4,706 | -77.8% |
| Taxes, remuneration and social security | 45 | €952 | - | -€952 | |
| Taxes | 450/3 | €952 | - | -€952 | |
| Other amounts payable | 47/48 | €119,638 | €117,990 | -€1,648 | -1.4% |
| Remuneration, social security and pensions | 62 | €370 | €2,699 | +€2,328 | +629% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,835 | €49,370 | +€5,535 | +12.6% |
| Other operating charges | 640/8 | €5,297 | €5,981 | +€684 | +12.9% |
| Gross operating margin | 9900 | €64,767 | €77,984 | +€13,217 | +20.4% |
| Operating profit (loss) | 9901 | €15,265 | €19,935 | +€4,671 | +30.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +105% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +105% |
| Financial charges | 65/66B | €2,037 | €1,529 | -€508 | -24.9% |
| Recurring financial charges | 65 | €2,037 | €1,529 | -€508 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €13,228 | €18,407 | +€5,179 | +39.2% |
| Income taxes | 67/77 | €5,812 | €4,408 | -€1,404 | -24.2% |
| Profit (loss) for the period | 9904 | €7,416 | €13,999 | +€6,583 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,416 | €13,999 | +€6,583 | +88.8% |
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 22 October 2026 via checked.be.