Pol Duchêne: 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.
Pol Duchêne
Largest movements
- Deferred charges and accrued income +€13,103
up €13,103 (+426.3%), from €3,074 to €16,176
- Tangible fixed assets +€6,082
up €6,082 (+2.9%), from €210,712 to €216,794
of which Land and buildings: +€8,062
- Reserves +€19,186
up €19,186 (+4.1%), from €465,982 to €485,168
of which Distributable reserves: +€19,186
- Debts after one year -€12,900
down €12,900 (-21.8%), from €59,200 to €46,300
- Taxes -€12,484
down €12,484 (-26.8%), from €46,535 to €34,051
- Financial income -€12,285
down €12,285 (-66.1%), from €18,585 to €6,300
- Gross operating margin -€9,325
down €9,325 (-6.4%), from €146,754 to €137,430
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.
Cash bridge derived
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 | €570,110 | €584,240 | +€14,129 | +2.5% |
| Fixed assets | 21/28 | €210,712 | €216,794 | +€6,082 | +2.9% |
| Tangible fixed assets | 22/27 | €210,712 | €216,794 | +€6,082 | +2.9% |
| Land and buildings | 22 | €195,813 | €203,875 | +€8,062 | +4.1% |
| Plant, machinery and equipment | 23 | €12,509 | €12,919 | +€410 | +3.3% |
| Leasing and similar rights | 25 | €2,390 | - | -€2,390 | |
| Current assets | 29/58 | €359,398 | €367,445 | +€8,047 | +2.2% |
| Amounts receivable within one year | 40/41 | €40,675 | €37,092 | -€3,582 | -8.8% |
| Trade receivables | 40 | €36,952 | €27,265 | -€9,687 | -26.2% |
| Other amounts receivable | 41 | €3,722 | €9,827 | +€6,105 | +164.0% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €165,650 | €164,177 | -€1,473 | -0.9% |
| Deferred charges and accrued income | 490/1 | €3,074 | €16,176 | +€13,103 | +426.3% |
| Total equity and liabilities | 10/49 | €570,110 | €584,240 | +€14,129 | +2.5% |
| Equity | 10/15 | €484,582 | €503,768 | +€19,186 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €465,982 | €485,168 | +€19,186 | +4.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €464,122 | €483,308 | +€19,186 | +4.1% |
| Amounts payable | 17/49 | €85,528 | €80,472 | -€5,056 | -5.9% |
| Amounts payable after more than one year | 17 | €59,200 | €46,300 | -€12,900 | -21.8% |
| Financial debts | 170/4 | €59,200 | €46,300 | -€12,900 | -21.8% |
| Amounts payable within one year | 42/48 | €26,328 | €34,172 | +€7,844 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €12,316 | €15,841 | +€3,525 | +28.6% |
| Trade debts | 44 | €3,364 | €4,306 | +€942 | +28.0% |
| Suppliers | 440/4 | €3,364 | €4,306 | +€942 | +28.0% |
| Taxes, remuneration and social security | 45 | €6,403 | €6,720 | +€317 | +5.0% |
| Taxes | 450/3 | €6,403 | €6,720 | +€317 | +5.0% |
| Other amounts payable | 47/48 | €4,246 | €7,305 | +€3,060 | +72.1% |
| Non-recurring operating income | 76A | - | €9,061 | +€9,061 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,968 | €29,083 | -€885 | -3.0% |
| Other operating charges | 640/8 | €2,748 | €2,448 | -€299 | -10.9% |
| Gross operating margin | 9900 | €146,754 | €137,430 | -€9,325 | -6.4% |
| Operating profit (loss) | 9901 | €114,039 | €105,899 | -€8,140 | -7.1% |
| Financial income | 75/76B | €18,585 | €6,300 | -€12,285 | -66.1% |
| Recurring financial income | 75 | €18,585 | €6,300 | -€12,285 | -66.1% |
| Financial charges | 65/66B | €4,583 | €4,053 | -€529 | -11.5% |
| Recurring financial charges | 65 | €4,583 | €4,053 | -€529 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €128,041 | €108,145 | -€19,896 | -15.5% |
| Income taxes | 67/77 | €46,535 | €34,051 | -€12,484 | -26.8% |
| Profit (loss) for the period | 9904 | €81,506 | €74,094 | -€7,412 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €81,506 | €74,094 | -€7,412 | -9.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.