Point de Passage Obligé: 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.
Point de Passage Obligé
Largest movements
- Cash -€71,037
down €71,037 (-31.4%), from €226,126 to €155,089
mainly Debts after one year (-€90,802) and Tax, wage and social debts (-€84,670)
- Receivables within one year +€40,169
up €40,169 (+4.6%), from €875,800 to €915,968
of which Trade receivables: +€55,595
- Tangible fixed assets +€21,608
up €21,608 (+3.9%), from €547,739 to €569,346
of which Land and buildings: +€34,504
- Reserves +€175,000
up €175,000 (+76.4%), from €229,000 to €404,000
of which Distributable reserves: +€175,000
- Debts after one year -€90,802
down €90,802 (-35.8%), from €253,574 to €162,772
- Tax, wage and social debts -€84,670
down €84,670 (-59.4%), from €142,614 to €57,945
- Trade debts -€51,805
down €51,805 (-96.7%), from €53,584 to €1,780
- Other debts +€23,487
up €23,487 (+5.0%), from €472,764 to €496,251
- Write-downs -€195,886
down €195,886, from €98,386 to -€97,500
- Gross operating margin -€156,593
down €156,593 (-31.6%), from €496,026 to €339,433
- Financial charges +€99,806
up €99,806 (+1,653%), from €6,038 to €105,844
of which Non-recurring financial charges: +€97,500
- Taxes -€16,936
down €16,936 (-15.7%), from €107,945 to €91,008
- Financial income +€5,640
up €5,640 (+28,200,650%), from €0 to €5,640
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 | €1,690,540 | €1,671,280 | -€19,261 | -1.1% |
| Fixed assets | 21/28 | €559,949 | €571,556 | +€11,608 | +2.1% |
| Tangible fixed assets | 22/27 | €547,739 | €569,346 | +€21,608 | +3.9% |
| Land and buildings | 22 | €505,841 | €540,344 | +€34,504 | +6.8% |
| Furniture and vehicles | 24 | €41,898 | €29,002 | -€12,896 | -30.8% |
| Financial fixed assets | 28 | €12,210 | €2,210 | -€10,000 | -81.9% |
| Current assets | 29/58 | €1,130,592 | €1,099,723 | -€30,868 | -2.7% |
| Stocks and contracts in progress | 3 | €8,666 | €8,666 | = | 0.0% |
| Stocks | 30/36 | €8,666 | €8,666 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €875,800 | €915,968 | +€40,169 | +4.6% |
| Trade receivables | 40 | €425,951 | €481,545 | +€55,595 | +13.1% |
| Other amounts receivable | 41 | €449,849 | €434,423 | -€15,426 | -3.4% |
| Cash at bank and in hand | 54/58 | €226,126 | €155,089 | -€71,037 | -31.4% |
| Deferred charges and accrued income | 490/1 | €20,000 | €20,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,690,540 | €1,671,280 | -€19,261 | -1.1% |
| Equity | 10/15 | €682,219 | €858,163 | +€175,944 | +25.8% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €229,000 | €404,000 | +€175,000 | +76.4% |
| Tax-exempt reserves | 132 | €29,000 | €29,000 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €375,000 | +€175,000 | +87.5% |
| Profit (loss) carried forward | 14 | €288,219 | €289,163 | +€944 | +0.3% |
| Amounts payable | 17/49 | €1,008,322 | €813,117 | -€195,205 | -19.4% |
| Amounts payable after more than one year | 17 | €253,574 | €162,772 | -€90,802 | -35.8% |
| Financial debts | 170/4 | €253,574 | €162,772 | -€90,802 | -35.8% |
| Amounts payable within one year | 42/48 | €754,748 | €650,345 | -€104,403 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €85,785 | €94,369 | +€8,584 | +10.0% |
| Trade debts | 44 | €53,584 | €1,780 | -€51,805 | -96.7% |
| Suppliers | 440/4 | €53,584 | €1,780 | -€51,805 | -96.7% |
| Taxes, remuneration and social security | 45 | €142,614 | €57,945 | -€84,670 | -59.4% |
| Taxes | 450/3 | €142,614 | €57,945 | -€84,670 | -59.4% |
| Other amounts payable | 47/48 | €472,764 | €496,251 | +€23,487 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,769 | €53,001 | +€232 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €98,386 | -€97,500 | -€195,886 | |
| Other operating charges | 640/8 | €2,604 | €2,647 | +€43 | +1.6% |
| Non-recurring operating charges | 66A | - | €14,128 | +€14,128 | |
| Gross operating margin | 9900 | €496,026 | €339,433 | -€156,593 | -31.6% |
| Operating profit (loss) | 9901 | €342,267 | €367,157 | +€24,890 | +7.3% |
| Financial income | 75/76B | €0 | €5,640 | +€5,640 | +28,200,650% |
| Recurring financial income | 75 | €0 | €5,640 | +€5,640 | +28,200,650% |
| Financial charges | 65/66B | €6,038 | €105,844 | +€99,806 | +1,653% |
| Recurring financial charges | 65 | €6,038 | €8,344 | +€2,306 | +38.2% |
| Non-recurring financial charges | 66B | - | €97,500 | +€97,500 | |
| Profit (loss) for the period before taxes | 9903 | €336,229 | €266,953 | -€69,276 | -20.6% |
| Income taxes | 67/77 | €107,945 | €91,008 | -€16,936 | -15.7% |
| Profit (loss) for the period | 9904 | €228,284 | €175,944 | -€52,340 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €228,284 | €175,944 | -€52,340 | -22.9% |
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 31 October 2026 via checked.be.