DR. PATRICK VAN GEERT: 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 VAN GEERT
Largest movements
- Current investments +€112,924
up €112,924 (+23.0%), from €491,405 to €604,328
- Tangible fixed assets -€15,472
down €15,472 (-13.7%), from €112,611 to €97,139
of which Other tangible fixed assets: -€14,226
- Reserves +€103,616
up €103,616 (+14.4%), from €721,691 to €825,306
of which Distributable reserves: +€103,616
- Gross operating margin -€50,733
down €50,733 (-29.3%), from €172,971 to €122,238
- Taxes -€13,244
down €13,244 (-21.1%), from €62,897 to €49,653
- Depreciation -€11,175
down €11,175 (-38.9%), from €28,726 to €17,551
- Other operating charges -€3,567
down €3,567 (-74.6%), from €4,782 to €1,216
- Financial income +€3,379
up €3,379 (+7.0%), from €48,517 to €51,896
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 | €769,901 | €866,563 | +€96,662 | +12.6% |
| Fixed assets | 21/28 | €112,611 | €97,139 | -€15,472 | -13.7% |
| Tangible fixed assets | 22/27 | €112,611 | €97,139 | -€15,472 | -13.7% |
| Land and buildings | 22 | €15,138 | €12,857 | -€2,282 | -15.1% |
| Plant, machinery and equipment | 23 | €3,222 | €4,257 | +€1,036 | +32.1% |
| Other tangible fixed assets | 26 | €94,252 | €80,025 | -€14,226 | -15.1% |
| Current assets | 29/58 | €657,290 | €769,424 | +€112,135 | +17.1% |
| Amounts receivable within one year | 40/41 | €43,049 | €39,651 | -€3,398 | -7.9% |
| Trade receivables | 40 | €1,342 | €1,342 | = | 0.0% |
| Other amounts receivable | 41 | €41,707 | €38,309 | -€3,398 | -8.1% |
| Current investments | 50/53 | €491,405 | €604,328 | +€112,924 | +23.0% |
| Cash at bank and in hand | 54/58 | €116,626 | €123,558 | +€6,932 | +5.9% |
| Deferred charges and accrued income | 490/1 | €6,210 | €1,886 | -€4,323 | -69.6% |
| Total equity and liabilities | 10/49 | €769,901 | €866,563 | +€96,662 | +12.6% |
| Equity | 10/15 | €728,296 | €831,912 | +€103,616 | +14.2% |
| Contributions | 10/11 | €6,605 | €6,605 | = | 0.0% |
| Reserves | 13 | €721,691 | €825,306 | +€103,616 | +14.4% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,400 | €2,400 | = | 0.0% |
| Distributable reserves | 133 | €717,391 | €821,006 | +€103,616 | +14.4% |
| Amounts payable | 17/49 | €41,605 | €34,652 | -€6,953 | -16.7% |
| Amounts payable within one year | 42/48 | €41,605 | €34,652 | -€6,953 | -16.7% |
| Trade debts | 44 | €526 | €1,755 | +€1,229 | +234% |
| Suppliers | 440/4 | €526 | €1,755 | +€1,229 | +234% |
| Taxes, remuneration and social security | 45 | €41,079 | €32,897 | -€8,182 | -19.9% |
| Taxes | 450/3 | €41,079 | €32,897 | -€8,182 | -19.9% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,726 | €17,551 | -€11,175 | -38.9% |
| Other operating charges | 640/8 | €4,782 | €1,216 | -€3,567 | -74.6% |
| Gross operating margin | 9900 | €172,971 | €122,238 | -€50,733 | -29.3% |
| Operating profit (loss) | 9901 | €139,462 | €103,471 | -€35,991 | -25.8% |
| Financial income | 75/76B | €48,517 | €51,896 | +€3,379 | +7.0% |
| Recurring financial income | 75 | €48,517 | €51,896 | +€3,379 | +7.0% |
| Financial charges | 65/66B | €769 | €2,098 | +€1,330 | +173% |
| Recurring financial charges | 65 | €769 | €2,098 | +€1,330 | +173% |
| Profit (loss) for the period before taxes | 9903 | €187,211 | €153,269 | -€33,942 | -18.1% |
| Income taxes | 67/77 | €62,897 | €49,653 | -€13,244 | -21.1% |
| Profit (loss) for the period | 9904 | €124,314 | €103,616 | -€20,699 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €124,314 | €103,616 | -€20,699 | -16.7% |
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 13 October 2026 via checked.be.