PAT: 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.
PAT
Largest movements
- Receivables within one year +€44,121
up €44,121 (+39.0%), from €112,997 to €157,118
of which Trade receivables: +€26,802
- Tangible fixed assets -€32,501
down €32,501 (-9.2%), from €352,803 to €320,302
- Cash -€11,559
no longer reported in 2025 (was €11,559)
mainly Receivables within one year (-€44,121) and Debts after one year (-€11,607)
- Debts after one year -€11,607
down €11,607 (-3.8%), from €303,380 to €291,773
- Other debts +€9,765
up €9,765 (+11.1%), from €87,948 to €97,713
- Trade debts -€8,433
down €8,433 (-36.4%), from €23,187 to €14,754
- Tax, wage and social debts +€6,597
up €6,597 (+7.0%), from €93,941 to €100,538
- Gross operating margin -€11,018
down €11,018 (-15.4%), from €71,474 to €60,456
- Taxes -€2,278
down €2,278 (-77.3%), from €2,948 to €670
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 | €607,850 | €612,414 | +€4,564 | +0.8% |
| Fixed assets | 21/28 | €352,832 | €320,331 | -€32,501 | -9.2% |
| Tangible fixed assets | 22/27 | €352,803 | €320,302 | -€32,501 | -9.2% |
| Land and buildings | 22 | €181,861 | €172,774 | -€9,087 | -5.0% |
| Plant, machinery and equipment | 23 | €7,009 | €5,759 | -€1,250 | -17.8% |
| Furniture and vehicles | 24 | €29,634 | €21,811 | -€7,822 | -26.4% |
| Other tangible fixed assets | 26 | €134,299 | €119,958 | -€14,342 | -10.7% |
| Financial fixed assets | 28 | €29 | €29 | = | 0.0% |
| Current assets | 29/58 | €255,018 | €292,083 | +€37,065 | +14.5% |
| Stocks and contracts in progress | 3 | €129,901 | €133,271 | +€3,369 | +2.6% |
| Stocks | 30/36 | €129,901 | €133,271 | +€3,369 | +2.6% |
| Amounts receivable within one year | 40/41 | €112,997 | €157,118 | +€44,121 | +39.0% |
| Trade receivables | 40 | €56,854 | €83,656 | +€26,802 | +47.1% |
| Other amounts receivable | 41 | €56,143 | €73,462 | +€17,319 | +30.8% |
| Cash at bank and in hand | 54/58 | €11,559 | - | -€11,559 | |
| Deferred charges and accrued income | 490/1 | €561 | €1,695 | +€1,133 | +201.9% |
| Total equity and liabilities | 10/49 | €607,850 | €612,414 | +€4,564 | +0.8% |
| Equity | 10/15 | €58,526 | €57,848 | -€678 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,860 | €5,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,066 | €33,388 | -€678 | -2.0% |
| Amounts payable | 17/49 | €549,324 | €554,567 | +€5,242 | +1.0% |
| Amounts payable after more than one year | 17 | €303,380 | €291,773 | -€11,607 | -3.8% |
| Financial debts | 170/4 | €303,380 | €291,773 | -€11,607 | -3.8% |
| Amounts payable within one year | 42/48 | €245,944 | €262,794 | +€16,850 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €40,868 | €43,668 | +€2,800 | +6.9% |
| Financial debts | 43 | - | €6,121 | +€6,121 | |
| Credit institutions | 430/8 | - | €6,121 | +€6,121 | |
| Trade debts | 44 | €23,187 | €14,754 | -€8,433 | -36.4% |
| Suppliers | 440/4 | €23,187 | €14,754 | -€8,433 | -36.4% |
| Taxes, remuneration and social security | 45 | €93,941 | €100,538 | +€6,597 | +7.0% |
| Taxes | 450/3 | €93,941 | €100,538 | +€6,597 | +7.0% |
| Other amounts payable | 47/48 | €87,948 | €97,713 | +€9,765 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,079 | €42,340 | +€261 | +0.6% |
| Other operating charges | 640/8 | €10,958 | €10,759 | -€199 | -1.8% |
| Gross operating margin | 9900 | €71,474 | €60,456 | -€11,018 | -15.4% |
| Operating profit (loss) | 9901 | €18,437 | €7,357 | -€11,079 | -60.1% |
| Financial income | 75/76B | €225 | €17 | -€208 | -92.6% |
| Recurring financial income | 75 | €225 | €17 | -€208 | -92.6% |
| Financial charges | 65/66B | €7,237 | €7,382 | +€146 | +2.0% |
| Recurring financial charges | 65 | €7,237 | €7,382 | +€146 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €11,425 | -€8 | -€11,433 | |
| Income taxes | 67/77 | €2,948 | €670 | -€2,278 | -77.3% |
| Profit (loss) for the period | 9904 | €8,477 | -€678 | -€9,155 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,477 | -€678 | -€9,155 |
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.