VAN PAEMEL: 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.
VAN PAEMEL
Largest movements
- Receivables after one year -€120,000
down €120,000 (-44.4%), from €270,000 to €150,000
- Cash +€44,590
up €44,590 (+61.3%), from €72,719 to €117,310
mainly Receivables after one year (+€120,000) and Depreciation (+€29,736)
- Tangible fixed assets +€38,957
up €38,957 (+7.0%), from €559,349 to €598,306
of which Other tangible fixed assets: +€32,000
- Receivables within one year -€13,178
down €13,178 (-99.4%), from €13,253 to €75
of which Other amounts receivable: -€9,212
- Deferred charges and accrued income -€11,082
down €11,082 (-64.3%), from €17,244 to €6,162
- Reserves -€25,221
down €25,221 (-3.4%), from €739,089 to €713,868
of which Distributable reserves: -€19,100
- Other debts -€14,746
down €14,746 (-83.5%), from €17,654 to €2,908
- Gross operating margin +€8,314
up €8,314 (+21.7%), from €38,300 to €46,614
- Financial income -€7,103
down €7,103 (-53.5%), from €13,278 to €6,175
- Depreciation -€851
down €851 (-2.8%), from €30,587 to €29,736
- Financial charges -€648
down €648 (-13.9%), from €4,653 to €4,005
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 | €933,066 | €877,721 | -€55,344 | -5.9% |
| Fixed assets | 21/28 | €559,849 | €598,806 | +€38,957 | +7.0% |
| Tangible fixed assets | 22/27 | €559,349 | €598,306 | +€38,957 | +7.0% |
| Land and buildings | 22 | €501,393 | €517,126 | +€15,733 | +3.1% |
| Plant, machinery and equipment | 23 | €813 | €0 | -€813 | -100% |
| Furniture and vehicles | 24 | €27,268 | €19,305 | -€7,963 | -29.2% |
| Other tangible fixed assets | 26 | €29,875 | €61,875 | +€32,000 | +107% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €373,216 | €278,915 | -€94,301 | -25.3% |
| Amounts receivable after more than one year | 29 | €270,000 | €150,000 | -€120,000 | -44.4% |
| Other amounts receivable | 291 | €270,000 | €150,000 | -€120,000 | -44.4% |
| Amounts receivable within one year | 40/41 | €13,253 | €75 | -€13,178 | -99.4% |
| Trade receivables | 40 | €3,966 | €0 | -€3,966 | -100% |
| Other amounts receivable | 41 | €9,287 | €75 | -€9,212 | -99.2% |
| Current investments | 50/53 | - | €5,368 | +€5,368 | |
| Cash at bank and in hand | 54/58 | €72,719 | €117,310 | +€44,590 | +61.3% |
| Deferred charges and accrued income | 490/1 | €17,244 | €6,162 | -€11,082 | -64.3% |
| Total equity and liabilities | 10/49 | €933,066 | €877,721 | -€55,344 | -5.9% |
| Equity | 10/15 | €765,318 | €740,602 | -€24,716 | -3.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €739,089 | €713,868 | -€25,221 | -3.4% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,689 | €109,568 | -€6,121 | -5.3% |
| Distributable reserves | 133 | €620,900 | €601,800 | -€19,100 | -3.1% |
| Profit (loss) carried forward | 14 | €1,229 | €1,735 | +€506 | +41.1% |
| Provisions and deferred taxes | 16 | €19,938 | €17,898 | -€2,040 | -10.2% |
| Deferred taxes | 168 | €19,938 | €17,898 | -€2,040 | -10.2% |
| Amounts payable | 17/49 | €147,810 | €119,221 | -€28,588 | -19.3% |
| Amounts payable after more than one year | 17 | €112,500 | €104,166 | -€8,333 | -7.4% |
| Financial debts | 170/4 | €112,500 | €104,166 | -€8,333 | -7.4% |
| Amounts payable within one year | 42/48 | €33,774 | €14,074 | -€19,699 | -58.3% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | €8,333 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,787 | €2,833 | -€4,954 | -63.6% |
| Taxes | 450/3 | €7,787 | €2,833 | -€4,954 | -63.6% |
| Other amounts payable | 47/48 | €17,654 | €2,908 | -€14,746 | -83.5% |
| Accrued charges and deferred income | 492/3 | €1,536 | €981 | -€556 | -36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,587 | €29,736 | -€851 | -2.8% |
| Other operating charges | 640/8 | €5,691 | €5,791 | +€100 | +1.8% |
| Gross operating margin | 9900 | €38,300 | €46,614 | +€8,314 | +21.7% |
| Operating profit (loss) | 9901 | €2,023 | €11,088 | +€9,065 | +448% |
| Financial income | 75/76B | €13,278 | €6,175 | -€7,103 | -53.5% |
| Recurring financial income | 75 | €13,278 | €6,175 | -€7,103 | -53.5% |
| Financial charges | 65/66B | €4,653 | €4,005 | -€648 | -13.9% |
| Recurring financial charges | 65 | €4,653 | €4,005 | -€648 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €10,647 | €13,258 | +€2,611 | +24.5% |
| Transfer from deferred taxes | 780 | €2,040 | €2,040 | = | 0.0% |
| Income taxes | 67/77 | €7,128 | €7,414 | +€286 | +4.0% |
| Profit (loss) for the period | 9904 | €5,560 | €7,884 | +€2,325 | +41.8% |
| Transfer from tax-exempt reserves | 789 | €6,121 | €6,121 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,681 | €14,006 | +€2,325 | +19.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.