DR. PATRICK DE HERDT: 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.
DR. PATRICK DE HERDT
Largest movements
- Receivables after one year -€55,000
no longer reported in 2025 (was €55,000)
- Receivables within one year -€42,183
down €42,183 (-79.1%), from €53,361 to €11,178
of which Other amounts receivable: -€22,479
- Tangible fixed assets -€12,011
down €12,011 (-23.2%), from €51,718 to €39,707
of which Furniture and vehicles: -€11,915
- Cash -€10,778
down €10,778 (-9.7%), from €111,428 to €100,650
mainly Contributions, distributions and other (-€183,120) and Tax, wage and social debts (-€52,799)
- Reserves -€66,125
down €66,125 (-8.1%), from €820,849 to €754,724
of which Distributable reserves: -€66,125
- Tax, wage and social debts -€52,799
down €52,799 (-64.3%), from €82,131 to €29,333
- Other debts -€22,128
down €22,128 (-24.0%), from €92,240 to €70,111
- Short-term financial debts +€13,699
up €13,699 (+152%), from €9,000 to €22,699
- Gross operating margin -€107,410
down €107,410 (-35.6%), from €301,716 to €194,306
- Taxes -€37,137
down €37,137 (-38.0%), from €97,638 to €60,501
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 | €1,017,274 | €889,268 | -€128,006 | -12.6% |
| Fixed assets | 21/28 | €58,818 | €39,707 | -€19,111 | -32.5% |
| Tangible fixed assets | 22/27 | €51,718 | €39,707 | -€12,011 | -23.2% |
| Plant, machinery and equipment | 23 | €97 | - | -€97 | |
| Furniture and vehicles | 24 | €51,621 | €39,707 | -€11,915 | -23.1% |
| Financial fixed assets | 28 | €7,100 | - | -€7,100 | |
| Current assets | 29/58 | €958,455 | €849,561 | -€108,894 | -11.4% |
| Amounts receivable after more than one year | 29 | €55,000 | - | -€55,000 | |
| Other amounts receivable | 291 | €55,000 | - | -€55,000 | |
| Amounts receivable within one year | 40/41 | €53,361 | €11,178 | -€42,183 | -79.1% |
| Trade receivables | 40 | €19,705 | - | -€19,705 | |
| Other amounts receivable | 41 | €33,656 | €11,178 | -€22,479 | -66.8% |
| Current investments | 50/53 | €735,226 | €737,733 | +€2,507 | +0.3% |
| Cash at bank and in hand | 54/58 | €111,428 | €100,650 | -€10,778 | -9.7% |
| Deferred charges and accrued income | 490/1 | €3,440 | - | -€3,440 | |
| Total equity and liabilities | 10/49 | €1,017,274 | €889,268 | -€128,006 | -12.6% |
| Equity | 10/15 | €833,249 | €767,124 | -€66,125 | -7.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €820,849 | €754,724 | -€66,125 | -8.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €389 | €389 | = | 0.0% |
| Distributable reserves | 133 | €818,600 | €752,475 | -€66,125 | -8.1% |
| Amounts payable | 17/49 | €184,024 | €122,144 | -€61,881 | -33.6% |
| Amounts payable within one year | 42/48 | €184,024 | €122,144 | -€61,881 | -33.6% |
| Financial debts | 43 | €9,000 | €22,699 | +€13,699 | +152% |
| Other loans | 439 | €9,000 | €22,699 | +€13,699 | +152% |
| Trade debts | 44 | €653 | - | -€653 | |
| Suppliers | 440/4 | €653 | - | -€653 | |
| Taxes, remuneration and social security | 45 | €82,131 | €29,333 | -€52,799 | -64.3% |
| Taxes | 450/3 | €82,131 | €29,333 | -€52,799 | -64.3% |
| Other amounts payable | 47/48 | €92,240 | €70,111 | -€22,128 | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,270 | €17,533 | +€263 | +1.5% |
| Other operating charges | 640/8 | €328 | €3,076 | +€2,748 | +838% |
| Gross operating margin | 9900 | €301,716 | €194,306 | -€107,410 | -35.6% |
| Operating profit (loss) | 9901 | €284,118 | €173,697 | -€110,421 | -38.9% |
| Financial income | 75/76B | €5,069 | €4,080 | -€990 | -19.5% |
| Recurring financial income | 75 | €5,069 | €4,080 | -€990 | -19.5% |
| Financial charges | 65/66B | €2,112 | €281 | -€1,830 | -86.7% |
| Recurring financial charges | 65 | €2,112 | €281 | -€1,830 | -86.7% |
| Profit (loss) for the period before taxes | 9903 | €287,076 | €177,496 | -€109,580 | -38.2% |
| Income taxes | 67/77 | €97,638 | €60,501 | -€37,137 | -38.0% |
| Profit (loss) for the period | 9904 | €189,438 | €116,995 | -€72,443 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €189,438 | €116,995 | -€72,443 | -38.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.