HAEGEMAN PATRICK: 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.
HAEGEMAN PATRICK
Largest movements
- Current investments +€349,697
up €349,697 (+131.1%), from €266,679 to €616,376
- Tangible fixed assets +€102,425
up €102,425 (+26.5%), from €386,379 to €488,804
of which Furniture and vehicles: +€110,251
- Cash -€42,264
down €42,264 (-13.4%), from €315,369 to €273,105
mainly Current investments (-€349,697) and Contributions, distributions and other (-€140,000)
- Reserves +€316,934
up €316,934 (+53.1%), from €596,819 to €913,753
of which Distributable reserves: +€320,000
- Tax, wage and social debts +€77,538
up €77,538 (+84.4%), from €91,894 to €169,432
of which Taxes: +€71,055
- Other debts +€30,524
up €30,524 (+27.2%), from €112,070 to €142,594
- Debts after one year -€27,542
down €27,542 (-17.6%), from €156,212 to €128,670
- Gross operating margin +€129,893
up €129,893 (+17.3%), from €752,288 to €882,181
- Taxes +€57,837
up €57,837 (+34.0%), from €170,283 to €228,120
- Depreciation -€16,110
down €16,110 (-27.4%), from €58,789 to €42,679
- Other operating charges -€9,427
down €9,427 (-62.9%), from €14,996 to €5,569
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 | €1,049,511 | €1,451,691 | +€402,181 | +38.3% |
| Fixed assets | 21/28 | €400,073 | €495,475 | +€95,402 | +23.8% |
| Intangible fixed assets | 21 | €13,693 | €6,671 | -€7,023 | -51.3% |
| Tangible fixed assets | 22/27 | €386,379 | €488,804 | +€102,425 | +26.5% |
| Land and buildings | 22 | €357,120 | €345,442 | -€11,678 | -3.3% |
| Plant, machinery and equipment | 23 | €15,804 | €19,656 | +€3,852 | +24.4% |
| Furniture and vehicles | 24 | €13,456 | €123,706 | +€110,251 | +819.4% |
| Current assets | 29/58 | €649,438 | €956,216 | +€306,779 | +47.2% |
| Amounts receivable within one year | 40/41 | €66,802 | €66,735 | -€67 | -0.1% |
| Trade receivables | 40 | €66,802 | €66,735 | -€67 | -0.1% |
| Current investments | 50/53 | €266,679 | €616,376 | +€349,697 | +131.1% |
| Cash at bank and in hand | 54/58 | €315,369 | €273,105 | -€42,264 | -13.4% |
| Deferred charges and accrued income | 490/1 | €588 | - | -€588 | |
| Total equity and liabilities | 10/49 | €1,049,511 | €1,451,691 | +€402,181 | +38.3% |
| Equity | 10/15 | €627,998 | €957,946 | +€329,948 | +52.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €596,819 | €913,753 | +€316,934 | +53.1% |
| Tax-exempt reserves | 132 | €104,960 | €101,894 | -€3,066 | -2.9% |
| Distributable reserves | 133 | €491,859 | €811,859 | +€320,000 | +65.1% |
| Profit (loss) carried forward | 14 | €12,587 | €25,601 | +€13,014 | +103.4% |
| Provisions and deferred taxes | 16 | €16,599 | €15,089 | -€1,510 | -9.1% |
| Deferred taxes | 168 | €16,599 | €15,089 | -€1,510 | -9.1% |
| Amounts payable | 17/49 | €404,913 | €478,656 | +€73,743 | +18.2% |
| Amounts payable after more than one year | 17 | €156,212 | €128,670 | -€27,542 | -17.6% |
| Financial debts | 170/4 | €156,212 | €128,670 | -€27,542 | -17.6% |
| Amounts payable within one year | 42/48 | €248,702 | €349,986 | +€101,285 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €27,171 | €27,542 | +€371 | +1.4% |
| Trade debts | 44 | €17,567 | €10,419 | -€7,149 | -40.7% |
| Suppliers | 440/4 | €17,567 | €10,419 | -€7,149 | -40.7% |
| Taxes, remuneration and social security | 45 | €91,894 | €169,432 | +€77,538 | +84.4% |
| Taxes | 450/3 | €68,445 | €139,500 | +€71,055 | +103.8% |
| Remuneration and social security | 454/9 | €23,449 | €29,932 | +€6,483 | +27.6% |
| Other amounts payable | 47/48 | €112,070 | €142,594 | +€30,524 | +27.2% |
| Remuneration, social security and pensions | 62 | €150,354 | €148,567 | -€1,787 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,789 | €42,679 | -€16,110 | -27.4% |
| Other operating charges | 640/8 | €14,996 | €5,569 | -€9,427 | -62.9% |
| Non-recurring operating charges | 66A | €11,829 | - | -€11,829 | |
| Gross operating margin | 9900 | €752,288 | €882,181 | +€129,893 | +17.3% |
| Operating profit (loss) | 9901 | €516,320 | €685,366 | +€169,047 | +32.7% |
| Financial income | 75/76B | €9,528 | €17,126 | +€7,598 | +79.7% |
| Recurring financial income | 75 | €9,188 | €17,068 | +€7,880 | +85.8% |
| Non-recurring financial income | 76B | €340 | €59 | -€282 | -82.8% |
| Financial charges | 65/66B | €7,791 | €5,934 | -€1,857 | -23.8% |
| Recurring financial charges | 65 | €2,697 | €2,322 | -€374 | -13.9% |
| Non-recurring financial charges | 66B | €5,094 | €3,612 | -€1,482 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €518,057 | €696,558 | +€178,501 | +34.5% |
| Transfer from deferred taxes | 780 | €1,510 | €1,510 | = | 0.0% |
| Income taxes | 67/77 | €170,283 | €228,120 | +€57,837 | +34.0% |
| Profit (loss) for the period | 9904 | €349,285 | €469,948 | +€120,664 | +34.5% |
| Transfer from tax-exempt reserves | 789 | €3,066 | €3,066 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €352,350 | €473,014 | +€120,664 | +34.2% |
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 2 October 2026 via checked.be.