DR. Patrick Van Petegem: 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 Petegem
Largest movements
- Cash +€151,282
up €151,282 (+472%), from €32,055 to €183,337
mainly Net result for the year (+€93,122) and Current investments (+€72,745)
- Current investments -€72,745
down €72,745 (-28.0%), from €260,020 to €187,275
- Tangible fixed assets -€38,063
down €38,063 (-35.5%), from €107,219 to €69,156
of which Furniture and vehicles: -€33,181
- Receivables within one year -€5,426
down €5,426 (-62.4%), from €8,699 to €3,273
- Reserves +€27,078
up €27,078 (+7.2%), from €378,128 to €405,206
of which Distributable reserves: +€28,938
- Tax, wage and social debts +€5,990
up €5,990 (+67.2%), from €8,911 to €14,901
of which Remuneration and social security: +€6,801
- Other debts +€5,974
new in 2025: €5,974
- Trade debts -€5,560
down €5,560 (-70.0%), from €7,943 to €2,384
- Financial income +€16,604
up €16,604 (+434%), from €3,827 to €20,432
- Staff costs +€8,503
up €8,503 (+15.5%), from €54,785 to €63,288
- Gross operating margin +€7,963
up €7,963 (+3.9%), from €203,097 to €211,060
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 | €413,582 | €447,064 | +€33,482 | +8.1% |
| Fixed assets | 21/28 | €109,839 | €71,776 | -€38,063 | -34.7% |
| Tangible fixed assets | 22/27 | €107,219 | €69,156 | -€38,063 | -35.5% |
| Land and buildings | 22 | €38,333 | €34,290 | -€4,043 | -10.5% |
| Plant, machinery and equipment | 23 | €3,269 | €2,429 | -€840 | -25.7% |
| Furniture and vehicles | 24 | €65,618 | €32,437 | -€33,181 | -50.6% |
| Financial fixed assets | 28 | €2,620 | €2,620 | = | 0.0% |
| Current assets | 29/58 | €303,743 | €375,288 | +€71,545 | +23.6% |
| Amounts receivable within one year | 40/41 | €8,699 | €3,273 | -€5,426 | -62.4% |
| Other amounts receivable | 41 | €8,699 | €3,273 | -€5,426 | -62.4% |
| Current investments | 50/53 | €260,020 | €187,275 | -€72,745 | -28.0% |
| Cash at bank and in hand | 54/58 | €32,055 | €183,337 | +€151,282 | +472% |
| Deferred charges and accrued income | 490/1 | €2,968 | €1,403 | -€1,565 | -52.7% |
| Total equity and liabilities | 10/49 | €413,582 | €447,064 | +€33,482 | +8.1% |
| Equity | 10/15 | €396,728 | €423,806 | +€27,078 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €378,128 | €405,206 | +€27,078 | +7.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €376,268 | €405,206 | +€28,938 | +7.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,854 | €23,258 | +€6,404 | +38.0% |
| Amounts payable within one year | 42/48 | €16,854 | €23,258 | +€6,404 | +38.0% |
| Trade debts | 44 | €7,943 | €2,384 | -€5,560 | -70.0% |
| Suppliers | 440/4 | €7,943 | €2,384 | -€5,560 | -70.0% |
| Taxes, remuneration and social security | 45 | €8,911 | €14,901 | +€5,990 | +67.2% |
| Taxes | 450/3 | €8,911 | €8,100 | -€811 | -9.1% |
| Remuneration and social security | 454/9 | - | €6,801 | +€6,801 | |
| Other amounts payable | 47/48 | - | €5,974 | +€5,974 | |
| Remuneration, social security and pensions | 62 | €54,785 | €63,288 | +€8,503 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,902 | €39,162 | +€260 | +0.7% |
| Other operating charges | 640/8 | €2,981 | €1,299 | -€1,682 | -56.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €203,097 | €211,060 | +€7,963 | +3.9% |
| Operating profit (loss) | 9901 | €106,430 | €107,311 | +€881 | +0.8% |
| Financial income | 75/76B | €3,827 | €20,432 | +€16,604 | +434% |
| Recurring financial income | 75 | €3,827 | €20,432 | +€16,604 | +434% |
| Financial charges | 65/66B | €231 | €2,023 | +€1,792 | +776% |
| Recurring financial charges | 65 | €231 | €2,023 | +€1,792 | +776% |
| Profit (loss) for the period before taxes | 9903 | €110,027 | €125,720 | +€15,694 | +14.3% |
| Income taxes | 67/77 | €31,959 | €32,598 | +€640 | +2.0% |
| Profit (loss) for the period | 9904 | €78,068 | €93,122 | +€15,054 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,068 | €93,122 | +€15,054 | +19.3% |
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 22 October 2026 via checked.be.