DR. PATRICK WINDERICKX: 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 WINDERICKX
Largest movements
- Receivables within one year +€555,158
up €555,158 (+71.5%), from €776,397 to €1.3m
of which Other amounts receivable: +€603,371
- Current investments -€393,947
down €393,947 (-85.6%), from €460,000 to €66,053
- Tangible fixed assets +€254,936
up €254,936 (+339%), from €75,249 to €330,186
of which Land and buildings: +€220,543
- Financial fixed assets -€24,490
down €24,490 (-32.9%), from €74,490 to €50,000
- Reserves +€327,085
up €327,085 (+32.7%), from €999,901 to €1.3m
- Other debts +€93,790
up €93,790 (+79.0%), from €118,744 to €212,534
- Tax, wage and social debts -€56,581
down €56,581 (-37.4%), from €151,235 to €94,654
of which Taxes: -€54,061
- Trade debts +€49,511
up €49,511 (+394%), from €12,576 to €62,087
- Debts after one year -€25,753
no longer reported in 2025 (was €25,753)
- Gross operating margin +€53,793
up €53,793 (+7.3%), from €740,900 to €794,693
- Financial income +€43,126
up €43,126 (+8,350%), from €516 to €43,642
- Taxes +€22,786
up €22,786 (+10.4%), from €219,912 to €242,698
- Depreciation -€18,094
down €18,094 (-47.8%), from €37,825 to €19,731
- Other operating charges +€17,321
up €17,321 (+373%), from €4,640 to €21,961
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 | €1,424,178 | €1,828,658 | +€404,480 | +28.4% |
| Fixed assets | 21/28 | €149,739 | €380,186 | +€230,446 | +154% |
| Tangible fixed assets | 22/27 | €75,249 | €330,186 | +€254,936 | +339% |
| Land and buildings | 22 | €40,771 | €261,314 | +€220,543 | +541% |
| Plant, machinery and equipment | 23 | €1,136 | €23,475 | +€22,340 | +1,967% |
| Furniture and vehicles | 24 | €33,343 | €45,396 | +€12,053 | +36.1% |
| Financial fixed assets | 28 | €74,490 | €50,000 | -€24,490 | -32.9% |
| Current assets | 29/58 | €1,274,439 | €1,448,472 | +€174,034 | +13.7% |
| Amounts receivable within one year | 40/41 | €776,397 | €1,331,555 | +€555,158 | +71.5% |
| Trade receivables | 40 | €140,578 | €92,365 | -€48,213 | -34.3% |
| Other amounts receivable | 41 | €635,819 | €1,239,190 | +€603,371 | +94.9% |
| Current investments | 50/53 | €460,000 | €66,053 | -€393,947 | -85.6% |
| Cash at bank and in hand | 54/58 | €31,841 | €40,666 | +€8,825 | +27.7% |
| Deferred charges and accrued income | 490/1 | €6,201 | €10,199 | +€3,999 | +64.5% |
| Total equity and liabilities | 10/49 | €1,424,178 | €1,828,658 | +€404,480 | +28.4% |
| Equity | 10/15 | €1,012,501 | €1,339,586 | +€327,085 | +32.3% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €999,901 | €1,326,986 | +€327,085 | +32.7% |
| Distributable reserves | 133 | €999,901 | €1,326,986 | +€327,085 | +32.7% |
| Amounts payable | 17/49 | €411,677 | €489,072 | +€77,395 | +18.8% |
| Amounts payable after more than one year | 17 | €25,753 | - | -€25,753 | |
| Financial debts | 170/4 | €25,753 | - | -€25,753 | |
| Amounts payable within one year | 42/48 | €385,924 | €489,072 | +€103,148 | +26.7% |
| Current portion of amounts payable after more than one year | 42 | €27,958 | €25,753 | -€2,205 | -7.9% |
| Financial debts | 43 | €75,412 | €94,045 | +€18,633 | +24.7% |
| Credit institutions | 430/8 | €75,412 | €94,045 | +€18,633 | +24.7% |
| Trade debts | 44 | €12,576 | €62,087 | +€49,511 | +394% |
| Suppliers | 440/4 | €12,576 | €62,087 | +€49,511 | +394% |
| Taxes, remuneration and social security | 45 | €151,235 | €94,654 | -€56,581 | -37.4% |
| Taxes | 450/3 | €148,715 | €94,654 | -€54,061 | -36.4% |
| Remuneration and social security | 454/9 | €2,520 | - | -€2,520 | |
| Other amounts payable | 47/48 | €118,744 | €212,534 | +€93,790 | +79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,825 | €19,731 | -€18,094 | -47.8% |
| Other operating charges | 640/8 | €4,640 | €21,961 | +€17,321 | +373% |
| Gross operating margin | 9900 | €740,900 | €794,693 | +€53,793 | +7.3% |
| Operating profit (loss) | 9901 | €698,435 | €753,001 | +€54,566 | +7.8% |
| Financial income | 75/76B | €516 | €43,642 | +€43,126 | +8,350% |
| Recurring financial income | 75 | €516 | €43,642 | +€43,126 | +8,350% |
| Financial charges | 65/66B | €3,121 | €14,697 | +€11,576 | +371% |
| Recurring financial charges | 65 | €3,121 | €14,697 | +€11,576 | +371% |
| Profit (loss) for the period before taxes | 9903 | €695,831 | €781,946 | +€86,116 | +12.4% |
| Income taxes | 67/77 | €219,912 | €242,698 | +€22,786 | +10.4% |
| Profit (loss) for the period | 9904 | €475,919 | €539,248 | +€63,330 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €475,919 | €539,248 | +€63,330 | +13.3% |
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 21 October 2026 via checked.be.