Dr. Patrick Impens: 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.
Dr. Patrick Impens
Largest movements
- Receivables within one year -€178,537
down €178,537 (-80.2%), from €222,510 to €43,973
of which Other amounts receivable: -€172,037
- Cash +€48,698
up €48,698 (+24.4%), from €199,182 to €247,880
mainly Receivables within one year (+€178,537) and Net result for the year (+€133,950)
- Current investments +€48,137
up €48,137 (+401.1%), from €12,000 to €60,137
- Tangible fixed assets -€17,188
down €17,188 (-33.2%), from €51,824 to €34,635
of which Land and buildings: -€8,800
- Reserves -€131,150
down €131,150 (-23.0%), from €570,700 to €439,550
- Other debts +€18,000
new in 2025: €18,000
- Tax, wage and social debts +€15,358
up €15,358 (+91.7%), from €16,743 to €32,100
- Taxes -€6,290
down €6,290 (-11.1%), from €56,435 to €50,144
- Gross operating margin -€2,923
down €2,923 (-1.5%), from €195,285 to €192,362
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 | €592,271 | €494,232 | -€98,039 | -16.6% |
| Fixed assets | 21/28 | €51,824 | €34,635 | -€17,188 | -33.2% |
| Tangible fixed assets | 22/27 | €51,824 | €34,635 | -€17,188 | -33.2% |
| Land and buildings | 22 | €37,876 | €29,076 | -€8,800 | -23.2% |
| Plant, machinery and equipment | 23 | €3,423 | €2,201 | -€1,222 | -35.7% |
| Furniture and vehicles | 24 | €10,524 | €3,358 | -€7,167 | -68.1% |
| Current assets | 29/58 | €540,447 | €459,597 | -€80,850 | -15.0% |
| Amounts receivable after more than one year | 29 | €105,000 | €105,000 | = | 0.0% |
| Other amounts receivable | 291 | €105,000 | €105,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €222,510 | €43,973 | -€178,537 | -80.2% |
| Trade receivables | 40 | €6,500 | - | -€6,500 | |
| Other amounts receivable | 41 | €216,010 | €43,973 | -€172,037 | -79.6% |
| Current investments | 50/53 | €12,000 | €60,137 | +€48,137 | +401.1% |
| Cash at bank and in hand | 54/58 | €199,182 | €247,880 | +€48,698 | +24.4% |
| Deferred charges and accrued income | 490/1 | €1,756 | €2,607 | +€851 | +48.5% |
| Total equity and liabilities | 10/49 | €592,271 | €494,232 | -€98,039 | -16.6% |
| Equity | 10/15 | €571,007 | €439,858 | -€131,150 | -23.0% |
| Reserves | 13 | €570,700 | €439,550 | -€131,150 | -23.0% |
| Distributable reserves | 133 | €570,700 | €439,550 | -€131,150 | -23.0% |
| Profit (loss) carried forward | 14 | €307 | €307 | = | 0.0% |
| Amounts payable | 17/49 | €21,264 | €54,374 | +€33,111 | +155.7% |
| Amounts payable within one year | 42/48 | €20,713 | €53,192 | +€32,479 | +156.8% |
| Trade debts | 44 | €3,971 | €3,092 | -€879 | -22.1% |
| Suppliers | 440/4 | €3,971 | €3,092 | -€879 | -22.1% |
| Taxes, remuneration and social security | 45 | €16,743 | €32,100 | +€15,358 | +91.7% |
| Taxes | 450/3 | €16,743 | €32,100 | +€15,358 | +91.7% |
| Other amounts payable | 47/48 | - | €18,000 | +€18,000 | |
| Accrued charges and deferred income | 492/3 | €550 | €1,182 | +€632 | +114.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,241 | €17,188 | -€1,053 | -5.8% |
| Other operating charges | 640/8 | €1,963 | €1,887 | -€76 | -3.9% |
| Gross operating margin | 9900 | €195,285 | €192,362 | -€2,923 | -1.5% |
| Operating profit (loss) | 9901 | €175,081 | €173,287 | -€1,794 | -1.0% |
| Financial income | 75/76B | €12,622 | €11,470 | -€1,153 | -9.1% |
| Recurring financial income | 75 | €12,622 | €11,470 | -€1,153 | -9.1% |
| Financial charges | 65/66B | €573 | €662 | +€89 | +15.6% |
| Recurring financial charges | 65 | €573 | €662 | +€89 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €187,131 | €184,094 | -€3,036 | -1.6% |
| Income taxes | 67/77 | €56,435 | €50,144 | -€6,290 | -11.1% |
| Profit (loss) for the period | 9904 | €130,696 | €133,950 | +€3,254 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €130,696 | €133,950 | +€3,254 | +2.5% |
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 29 September 2026 via checked.be.