The Pace: 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.
The Pace
Largest movements
- Cash +€29,001
up €29,001 (+109.1%), from €26,575 to €55,576
mainly Net result for the year (+€43,710) and Receivables within one year (+€7,084)
- Receivables within one year -€7,084
down €7,084 (-30.8%), from €22,976 to €15,893
of which Trade receivables: -€9,073
- Deferred charges and accrued income +€5,498
up €5,498 (+36.7%), from €14,988 to €20,486
- Tangible fixed assets +€1,800
up €1,800 (+100.6%), from €1,789 to €3,588
- Profit (loss) carried forward +€43,710
up €43,710 (+105.1%), from €41,573 to €85,283
- Tax, wage and social debts -€10,611
down €10,611 (-61.2%), from €17,345 to €6,735
- Trade debts -€2,661
down €2,661 (-83.5%), from €3,186 to €525
- Other debts -€1,224
down €1,224 (-100.0%), from €1,224 to €0
- Gross operating margin +€4,585
up €4,585 (+8.3%), from €55,135 to €59,720
- Depreciation +€1,116
up €1,116 (+156.9%), from €711 to €1,828
- Taxes +€891
up €891 (+8.0%), from €11,070 to €11,960
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 | €66,328 | €95,542 | +€29,214 | +44.0% |
| Fixed assets | 21/28 | €1,789 | €3,588 | +€1,800 | +100.6% |
| Tangible fixed assets | 22/27 | €1,789 | €3,588 | +€1,800 | +100.6% |
| Furniture and vehicles | 24 | €1,789 | €3,588 | +€1,800 | +100.6% |
| Current assets | 29/58 | €64,539 | €91,954 | +€27,415 | +42.5% |
| Amounts receivable within one year | 40/41 | €22,976 | €15,893 | -€7,084 | -30.8% |
| Trade receivables | 40 | €22,976 | €13,903 | -€9,073 | -39.5% |
| Other amounts receivable | 41 | - | €1,989 | +€1,989 | |
| Cash at bank and in hand | 54/58 | €26,575 | €55,576 | +€29,001 | +109.1% |
| Deferred charges and accrued income | 490/1 | €14,988 | €20,486 | +€5,498 | +36.7% |
| Total equity and liabilities | 10/49 | €66,328 | €95,542 | +€29,214 | +44.0% |
| Equity | 10/15 | €44,573 | €88,283 | +€43,710 | +98.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,573 | €85,283 | +€43,710 | +105.1% |
| Amounts payable | 17/49 | €21,755 | €7,260 | -€14,496 | -66.6% |
| Amounts payable within one year | 42/48 | €21,755 | €7,260 | -€14,496 | -66.6% |
| Trade debts | 44 | €3,186 | €525 | -€2,661 | -83.5% |
| Suppliers | 440/4 | €3,186 | €525 | -€2,661 | -83.5% |
| Taxes, remuneration and social security | 45 | €17,345 | €6,735 | -€10,611 | -61.2% |
| Taxes | 450/3 | €17,345 | €6,735 | -€10,611 | -61.2% |
| Other amounts payable | 47/48 | €1,224 | €0 | -€1,224 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €711 | €1,828 | +€1,116 | +156.9% |
| Other operating charges | 640/8 | - | €273 | +€273 | |
| Gross operating margin | 9900 | €55,135 | €59,720 | +€4,585 | +8.3% |
| Operating profit (loss) | 9901 | €54,424 | €57,620 | +€3,196 | +5.9% |
| Financial income | 75/76B | €1 | €42 | +€41 | +4153.5% |
| Recurring financial income | 75 | €1 | €42 | +€41 | +4153.5% |
| Financial charges | 65/66B | €1,782 | €1,992 | +€209 | +11.7% |
| Recurring financial charges | 65 | €1,782 | €1,992 | +€209 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €52,642 | €55,671 | +€3,028 | +5.8% |
| Income taxes | 67/77 | €11,070 | €11,960 | +€891 | +8.0% |
| Profit (loss) for the period | 9904 | €41,573 | €43,710 | +€2,138 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,573 | €43,710 | +€2,138 | +5.1% |
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 4 October 2026 via checked.be.