Rudy PASTEELS: 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.
Rudy PASTEELS
Largest movements
- Financial fixed assets +€42,667
up €42,667 (+118.0%), from €36,160 to €78,827
- Cash -€32,008
down €32,008 (-56.2%), from €56,905 to €24,897
mainly Contributions, distributions and other (-€66,313) and Investment in fixed assets (net) (-€44,776)
- Receivables within one year +€25,878
up €25,878 (+2347.4%), from €1,102 to €26,980
of which Trade receivables: +€26,950
- Current investments +€12,937
up €12,937 (+21.8%), from €59,228 to €72,164
- Tangible fixed assets -€6,989
down €6,989 (-5.8%), from €119,956 to €112,968
of which Land and buildings: -€5,972
- Reserves +€54,284
up €54,284 (+39.6%), from €137,072 to €191,356
- Debts after one year -€14,685
down €14,685 (-42.7%), from €34,391 to €19,706
- Other debts +€12,002
up €12,002 (+24.0%), from €50,000 to €62,002
- Tax, wage and social debts -€4,951
down €4,951 (-15.0%), from €32,990 to €28,039
- Gross operating margin +€39,115
up €39,115 (+26.4%), from €148,091 to €187,207
- Taxes +€19,571
up €19,571 (+60.3%), from €32,436 to €52,007
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 | €276,159 | €318,699 | +€42,541 | +15.4% |
| Fixed assets | 21/28 | €156,116 | €191,794 | +€35,678 | +22.9% |
| Tangible fixed assets | 22/27 | €119,956 | €112,968 | -€6,989 | -5.8% |
| Land and buildings | 22 | €114,600 | €108,628 | -€5,972 | -5.2% |
| Furniture and vehicles | 24 | €5,356 | €4,340 | -€1,017 | -19.0% |
| Financial fixed assets | 28 | €36,160 | €78,827 | +€42,667 | +118.0% |
| Current assets | 29/58 | €120,043 | €126,905 | +€6,863 | +5.7% |
| Amounts receivable within one year | 40/41 | €1,102 | €26,980 | +€25,878 | +2347.4% |
| Trade receivables | 40 | - | €26,950 | +€26,950 | |
| Other amounts receivable | 41 | €1,102 | €30 | -€1,072 | -97.3% |
| Current investments | 50/53 | €59,228 | €72,164 | +€12,937 | +21.8% |
| Cash at bank and in hand | 54/58 | €56,905 | €24,897 | -€32,008 | -56.2% |
| Deferred charges and accrued income | 490/1 | €2,807 | €2,863 | +€56 | +2.0% |
| Total equity and liabilities | 10/49 | €276,159 | €318,699 | +€42,541 | +15.4% |
| Equity | 10/15 | €138,932 | €193,216 | +€54,284 | +39.1% |
| Contributions | 10/11 | €1,860 | €1,860 | = | 0.0% |
| Reserves | 13 | €137,072 | €191,356 | +€54,284 | +39.6% |
| Distributable reserves | 133 | €137,072 | €191,356 | +€54,284 | +39.6% |
| Amounts payable | 17/49 | €137,227 | €125,483 | -€11,744 | -8.6% |
| Amounts payable after more than one year | 17 | €34,391 | €19,706 | -€14,685 | -42.7% |
| Financial debts | 170/4 | €34,391 | €19,706 | -€14,685 | -42.7% |
| Amounts payable within one year | 42/48 | €102,836 | €105,778 | +€2,941 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €15,738 | €14,685 | -€1,053 | -6.7% |
| Trade debts | 44 | €4,108 | €1,052 | -€3,056 | -74.4% |
| Suppliers | 440/4 | €4,108 | €1,052 | -€3,056 | -74.4% |
| Taxes, remuneration and social security | 45 | €32,990 | €28,039 | -€4,951 | -15.0% |
| Taxes | 450/3 | €32,990 | €28,039 | -€4,951 | -15.0% |
| Other amounts payable | 47/48 | €50,000 | €62,002 | +€12,002 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,397 | €9,098 | -€299 | -3.2% |
| Other operating charges | 640/8 | €2,459 | €2,258 | -€201 | -8.2% |
| Gross operating margin | 9900 | €148,091 | €187,207 | +€39,115 | +26.4% |
| Operating profit (loss) | 9901 | €136,235 | €175,851 | +€39,616 | +29.1% |
| Financial income | 75/76B | €373 | €377 | +€5 | +1.2% |
| Recurring financial income | 75 | €373 | €377 | +€5 | +1.2% |
| Financial charges | 65/66B | €4,600 | €3,624 | -€976 | -21.2% |
| Recurring financial charges | 65 | €4,600 | €3,624 | -€976 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €132,008 | €172,604 | +€40,596 | +30.8% |
| Income taxes | 67/77 | €32,436 | €52,007 | +€19,571 | +60.3% |
| Profit (loss) for the period | 9904 | €99,572 | €120,597 | +€21,025 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €99,572 | €120,597 | +€21,025 | +21.1% |
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 12 October 2026 via checked.be.