ETS. PATRICK DEFRAENE: 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.
ETS. PATRICK DEFRAENE
Largest movements
- Current investments -€31,652
no longer reported in 2025 (was €31,652)
- Receivables within one year +€28,338
up €28,338 (+86.0%), from €32,945 to €61,283
of which Other amounts receivable: +€30,447
- Tangible fixed assets -€7,513
down €7,513 (-25.2%), from €29,783 to €22,269
of which Furniture and vehicles: -€6,738
- Cash -€5,789
down €5,789 (-23.7%), from €24,394 to €18,605
mainly Receivables within one year (-€28,338) and Debts after one year (-€6,665)
- Debts after one year -€6,665
down €6,665 (-29.5%), from €22,618 to €15,953
- Trade debts -€5,805
down €5,805 (-70.2%), from €8,275 to €2,470
- Profit (loss) carried forward -€2,985
down €2,985 (-5.0%), from €59,443 to €56,457
- Advances received -€1,267
no longer reported in 2025 (was €1,267)
- Gross operating margin -€12,807
down €12,807 (-64.9%), from €19,724 to €6,918
- Taxes -€1,406
no longer reported in 2025 (was €1,406)
- Financial charges -€1,312
down €1,312 (-47.3%), from €2,773 to €1,461
- Depreciation +€1,128
up €1,128 (+17.7%), from €6,385 to €7,513
- Staff costs +€207
up €207 (+81.7%), from €253 to €460
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 | €121,567 | €103,972 | -€17,595 | -14.5% |
| Fixed assets | 21/28 | €29,783 | €22,269 | -€7,513 | -25.2% |
| Tangible fixed assets | 22/27 | €29,783 | €22,269 | -€7,513 | -25.2% |
| Plant, machinery and equipment | 23 | €1,598 | €823 | -€775 | -48.5% |
| Furniture and vehicles | 24 | €28,185 | €21,447 | -€6,738 | -23.9% |
| Current assets | 29/58 | €91,784 | €81,703 | -€10,082 | -11.0% |
| Amounts receivable within one year | 40/41 | €32,945 | €61,283 | +€28,338 | +86.0% |
| Trade receivables | 40 | €3,551 | €1,442 | -€2,109 | -59.4% |
| Other amounts receivable | 41 | €29,394 | €59,841 | +€30,447 | +104% |
| Current investments | 50/53 | €31,652 | - | -€31,652 | |
| Cash at bank and in hand | 54/58 | €24,394 | €18,605 | -€5,789 | -23.7% |
| Deferred charges and accrued income | 490/1 | €2,794 | €1,815 | -€979 | -35.0% |
| Total equity and liabilities | 10/49 | €121,567 | €103,972 | -€17,595 | -14.5% |
| Equity | 10/15 | €81,443 | €78,457 | -€2,985 | -3.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,443 | €56,457 | -€2,985 | -5.0% |
| Amounts payable | 17/49 | €40,124 | €25,515 | -€14,610 | -36.4% |
| Amounts payable after more than one year | 17 | €22,618 | €15,953 | -€6,665 | -29.5% |
| Financial debts | 170/4 | €22,618 | €15,953 | -€6,665 | -29.5% |
| Amounts payable within one year | 42/48 | €17,506 | €9,561 | -€7,945 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €7,965 | €7,092 | -€873 | -11.0% |
| Trade debts | 44 | €8,275 | €2,470 | -€5,805 | -70.2% |
| Suppliers | 440/4 | €8,275 | €2,470 | -€5,805 | -70.2% |
| Advances received on contracts in progress | 46 | €1,267 | - | -€1,267 | |
| Remuneration, social security and pensions | 62 | €253 | €460 | +€207 | +81.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,385 | €7,513 | +€1,128 | +17.7% |
| Other operating charges | 640/8 | €639 | €474 | -€165 | -25.8% |
| Gross operating margin | 9900 | €19,724 | €6,918 | -€12,807 | -64.9% |
| Operating profit (loss) | 9901 | €12,447 | -€1,529 | -€13,977 | |
| Financial income | 75/76B | €39 | €5 | -€34 | -87.8% |
| Recurring financial income | 75 | €39 | €5 | -€34 | -87.8% |
| Financial charges | 65/66B | €2,773 | €1,461 | -€1,312 | -47.3% |
| Recurring financial charges | 65 | €2,773 | €1,461 | -€1,312 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €9,713 | -€2,985 | -€12,698 | |
| Income taxes | 67/77 | €1,406 | - | -€1,406 | |
| Profit (loss) for the period | 9904 | €8,306 | -€2,985 | -€11,292 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,306 | -€2,985 | -€11,292 |
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 25 October 2026 via checked.be.