STEVEN PAZEN: 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.
STEVEN PAZEN
Largest movements
- Receivables within one year +€51,011
up €51,011 (+37.1%), from €137,509 to €188,521
- Cash -€17,813
down €17,813 (-4.9%), from €360,664 to €342,851
mainly Contributions, distributions and other (-€110,000) and Receivables within one year (-€51,011)
- Tangible fixed assets +€11,245
up €11,245 (+15.8%), from €71,177 to €82,422
of which Other tangible fixed assets: +€13,413
- Deferred charges and accrued income +€10,006
up €10,006 (+104%), from €9,585 to €19,591
- Other debts +€110,000
new in 2025: €110,000
- Accrued charges and deferred income -€40,141
no longer reported in 2025 (was €40,141)
- Reserves -€37,998
down €37,998 (-7.8%), from €489,454 to €451,457
of which Distributable reserves: -€37,998
- Short-term financial debts +€11,994
up €11,994 (+91.8%), from €13,070 to €25,064
- Tax, wage and social debts +€7,196
up €7,196 (+36.1%), from €19,911 to €27,107
- Gross operating margin -€6,991
down €6,991 (-4.6%), from €152,534 to €145,543
- Other operating charges +€6,136
up €6,136 (+56.8%), from €10,793 to €16,929
- Financial charges +€5,640
up €5,640 (+259%), from €2,175 to €7,815
- Depreciation +€4,657
up €4,657 (+38.4%), from €12,136 to €16,794
- Taxes -€4,177
down €4,177 (-10.4%), from €39,982 to €35,805
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 | €582,577 | €637,027 | +€54,450 | +9.3% |
| Fixed assets | 21/28 | €74,819 | €86,064 | +€11,245 | +15.0% |
| Tangible fixed assets | 22/27 | €71,177 | €82,422 | +€11,245 | +15.8% |
| Furniture and vehicles | 24 | €17,759 | €15,592 | -€2,167 | -12.2% |
| Other tangible fixed assets | 26 | €53,418 | €66,830 | +€13,413 | +25.1% |
| Financial fixed assets | 28 | €3,642 | €3,642 | = | 0.0% |
| Current assets | 29/58 | €507,758 | €550,963 | +€43,205 | +8.5% |
| Amounts receivable within one year | 40/41 | €137,509 | €188,521 | +€51,011 | +37.1% |
| Other amounts receivable | 41 | €137,509 | €188,521 | +€51,011 | +37.1% |
| Cash at bank and in hand | 54/58 | €360,664 | €342,851 | -€17,813 | -4.9% |
| Deferred charges and accrued income | 490/1 | €9,585 | €19,591 | +€10,006 | +104% |
| Total equity and liabilities | 10/49 | €582,577 | €637,027 | +€54,450 | +9.3% |
| Equity | 10/15 | €509,454 | €471,457 | -€37,998 | -7.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €489,454 | €451,457 | -€37,998 | -7.8% |
| Tax-exempt reserves | 132 | €1,250 | €1,250 | = | 0.0% |
| Distributable reserves | 133 | €488,204 | €450,207 | -€37,998 | -7.8% |
| Amounts payable | 17/49 | €73,122 | €165,570 | +€92,448 | +126% |
| Amounts payable after more than one year | 17 | - | €3,399 | +€3,399 | |
| Financial debts | 170/4 | - | €3,399 | +€3,399 | |
| Amounts payable within one year | 42/48 | €32,981 | €162,171 | +€129,190 | +392% |
| Financial debts | 43 | €13,070 | €25,064 | +€11,994 | +91.8% |
| Credit institutions | 430/8 | €13,070 | €25,064 | +€11,994 | +91.8% |
| Taxes, remuneration and social security | 45 | €19,911 | €27,107 | +€7,196 | +36.1% |
| Taxes | 450/3 | €19,911 | €27,107 | +€7,196 | +36.1% |
| Other amounts payable | 47/48 | - | €110,000 | +€110,000 | |
| Accrued charges and deferred income | 492/3 | €40,141 | - | -€40,141 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,136 | €16,794 | +€4,657 | +38.4% |
| Other operating charges | 640/8 | €10,793 | €16,929 | +€6,136 | +56.8% |
| Gross operating margin | 9900 | €152,534 | €145,543 | -€6,991 | -4.6% |
| Operating profit (loss) | 9901 | €129,605 | €111,820 | -€17,784 | -13.7% |
| Financial income | 75/76B | €600 | €3,802 | +€3,202 | +534% |
| Recurring financial income | 75 | €600 | €3,802 | +€3,202 | +534% |
| Financial charges | 65/66B | €2,175 | €7,815 | +€5,640 | +259% |
| Recurring financial charges | 65 | €2,175 | €7,815 | +€5,640 | +259% |
| Profit (loss) for the period before taxes | 9903 | €128,030 | €107,807 | -€20,223 | -15.8% |
| Income taxes | 67/77 | €39,982 | €35,805 | -€4,177 | -10.4% |
| Profit (loss) for the period | 9904 | €88,048 | €72,002 | -€16,046 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,048 | €72,002 | -€16,046 | -18.2% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.