THOMAS PAESEN: 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.
THOMAS PAESEN
Largest movements
- Cash +€44,520
up €44,520 (+23.3%), from €190,696 to €235,217
mainly Net result for the year (+€154,781) and Depreciation (+€79,202)
- Tangible fixed assets -€41,572
down €41,572 (-8.0%), from €518,693 to €477,121
of which Land and buildings: -€29,321
- Receivables within one year +€33,725
up €33,725 (+40.1%), from €84,089 to €117,814
of which Trade receivables: +€34,753
- Intangible fixed assets -€29,850
down €29,850 (-36.4%), from €82,088 to €52,238
- Stocks and contracts +€20,599
up €20,599 (+12.6%), from €163,345 to €183,945
- Debts after one year -€71,577
down €71,577 (-14.6%), from €491,710 to €420,134
- Reserves +€52,641
up €52,641 (+6.8%), from €771,821 to €824,462
- Accrued charges and deferred income +€50,511
up €50,511 (+228%), from €22,127 to €72,638
- Trade debts -€25,205
down €25,205 (-75.0%), from €33,595 to €8,390
- Other debts +€18,273
new in 2025: €18,273
- Gross operating margin +€27,950
up €27,950 (+8.5%), from €327,831 to €355,782
- Staff costs +€9,168
up €9,168 (+23.9%), from €38,320 to €47,488
- Taxes +€6,136
up €6,136 (+10.0%), from €61,384 to €67,520
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 | €1,417,236 | €1,460,007 | +€42,771 | +3.0% |
| Fixed assets | 21/28 | €612,706 | €542,649 | -€70,057 | -11.4% |
| Intangible fixed assets | 21 | €82,088 | €52,238 | -€29,850 | -36.4% |
| Tangible fixed assets | 22/27 | €518,693 | €477,121 | -€41,572 | -8.0% |
| Land and buildings | 22 | €458,453 | €429,132 | -€29,321 | -6.4% |
| Plant, machinery and equipment | 23 | €14,333 | €10,071 | -€4,262 | -29.7% |
| Furniture and vehicles | 24 | €45,907 | €37,918 | -€7,988 | -17.4% |
| Financial fixed assets | 28 | €11,926 | €13,291 | +€1,365 | +11.4% |
| Current assets | 29/58 | €804,531 | €917,358 | +€112,828 | +14.0% |
| Stocks and contracts in progress | 3 | €163,345 | €183,945 | +€20,599 | +12.6% |
| Stocks | 30/36 | €163,345 | €183,945 | +€20,599 | +12.6% |
| Amounts receivable within one year | 40/41 | €84,089 | €117,814 | +€33,725 | +40.1% |
| Trade receivables | 40 | €83,023 | €117,777 | +€34,753 | +41.9% |
| Other amounts receivable | 41 | €1,066 | €38 | -€1,028 | -96.5% |
| Current investments | 50/53 | €357,326 | €370,691 | +€13,365 | +3.7% |
| Cash at bank and in hand | 54/58 | €190,696 | €235,217 | +€44,520 | +23.3% |
| Deferred charges and accrued income | 490/1 | €9,074 | €9,692 | +€618 | +6.8% |
| Total equity and liabilities | 10/49 | €1,417,236 | €1,460,007 | +€42,771 | +3.0% |
| Equity | 10/15 | €784,221 | €836,862 | +€52,641 | +6.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €771,821 | €824,462 | +€52,641 | +6.8% |
| Distributable reserves | 133 | €771,821 | €824,462 | +€52,641 | +6.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €633,016 | €623,145 | -€9,870 | -1.6% |
| Amounts payable after more than one year | 17 | €491,710 | €420,134 | -€71,577 | -14.6% |
| Financial debts | 170/4 | €491,710 | €420,134 | -€71,577 | -14.6% |
| Amounts payable within one year | 42/48 | €119,178 | €130,374 | +€11,196 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €70,429 | €71,577 | +€1,147 | +1.6% |
| Trade debts | 44 | €33,595 | €8,390 | -€25,205 | -75.0% |
| Suppliers | 440/4 | €33,595 | €8,390 | -€25,205 | -75.0% |
| Taxes, remuneration and social security | 45 | €15,154 | €32,134 | +€16,980 | +112% |
| Taxes | 450/3 | €10,144 | €22,463 | +€12,319 | +121% |
| Remuneration and social security | 454/9 | €5,010 | €9,671 | +€4,661 | +93.0% |
| Other amounts payable | 47/48 | - | €18,273 | +€18,273 | |
| Accrued charges and deferred income | 492/3 | €22,127 | €72,638 | +€50,511 | +228% |
| Non-recurring operating income | 76A | - | €6,516 | +€6,516 | |
| Remuneration, social security and pensions | 62 | €38,320 | €47,488 | +€9,168 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,272 | €79,202 | +€930 | +1.2% |
| Other operating charges | 640/8 | €4,196 | €4,362 | +€166 | +4.0% |
| Gross operating margin | 9900 | €327,831 | €355,782 | +€27,950 | +8.5% |
| Operating profit (loss) | 9901 | €207,043 | €224,729 | +€17,686 | +8.5% |
| Financial income | 75/76B | €11,352 | €10,968 | -€384 | -3.4% |
| Recurring financial income | 75 | €11,352 | €10,968 | -€384 | -3.4% |
| Financial charges | 65/66B | €15,145 | €13,396 | -€1,749 | -11.5% |
| Recurring financial charges | 65 | €15,145 | €13,396 | -€1,749 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €203,250 | €222,301 | +€19,051 | +9.4% |
| Income taxes | 67/77 | €61,384 | €67,520 | +€6,136 | +10.0% |
| Profit (loss) for the period | 9904 | €141,867 | €154,781 | +€12,915 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €141,867 | €154,781 | +€12,915 | +9.1% |
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 30 October 2026 via checked.be.