PAT VAX: 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.
PAT VAX
Largest movements
- Receivables after one year +€168,000
new in 2025: €168,000
- Cash -€48,866
down €48,866 (-64.1%), from €76,268 to €27,402
mainly Contributions, distributions and other (-€173,209) and Receivables after one year (-€168,000)
- Tangible fixed assets -€35,976
down €35,976 (-5.9%), from €610,480 to €574,504
of which Other tangible fixed assets: -€18,127
- Receivables within one year +€12,960
up €12,960 (+13.4%), from €96,608 to €109,568
of which Other amounts receivable: +€10,778
- Other debts +€134,593
up €134,593 (+97.1%), from €138,616 to €273,209
- Debts after one year -€37,620
down €37,620 (-11.7%), from €322,651 to €285,032
- Short-term financial debts +€13,482
new in 2025: €13,482
- Gross operating margin +€45,529
up €45,529 (+18.7%), from €243,734 to €289,263
- Taxes +€12,971
up €12,971 (+28.2%), from €45,936 to €58,907
- Financial income +€3,709
up €3,709 (+77.4%), from €4,795 to €8,504
- Depreciation +€3,153
up €3,153 (+7.5%), from €42,145 to €45,298
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 | €787,583 | €883,702 | +€96,118 | +12.2% |
| Formation expenses | 20 | €3,378 | €3,378 | = | 0.0% |
| Fixed assets | 21/28 | €610,480 | €574,504 | -€35,976 | -5.9% |
| Tangible fixed assets | 22/27 | €610,480 | €574,504 | -€35,976 | -5.9% |
| Land and buildings | 22 | €413,917 | €396,464 | -€17,453 | -4.2% |
| Furniture and vehicles | 24 | €396 | - | -€396 | |
| Other tangible fixed assets | 26 | €196,167 | €178,040 | -€18,127 | -9.2% |
| Current assets | 29/58 | €173,726 | €305,820 | +€132,094 | +76.0% |
| Amounts receivable after more than one year | 29 | - | €168,000 | +€168,000 | |
| Trade receivables | 290 | - | €168,000 | +€168,000 | |
| Amounts receivable within one year | 40/41 | €96,608 | €109,568 | +€12,960 | +13.4% |
| Trade receivables | 40 | €22,332 | €24,514 | +€2,182 | +9.8% |
| Other amounts receivable | 41 | €74,276 | €85,054 | +€10,778 | +14.5% |
| Cash at bank and in hand | 54/58 | €76,268 | €27,402 | -€48,866 | -64.1% |
| Deferred charges and accrued income | 490/1 | €850 | €850 | = | 0.0% |
| Total equity and liabilities | 10/49 | €787,583 | €883,702 | +€96,118 | +12.2% |
| Equity | 10/15 | €197,695 | €197,695 | = | 0.0% |
| Contributions | 10/11 | €179,723 | €179,723 | = | 0.0% |
| Capital | 10 | €179,723 | €179,723 | = | 0.0% |
| Issued capital | 100 | €179,723 | €179,723 | = | 0.0% |
| Reserves | 13 | €17,972 | €17,972 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,972 | €17,972 | = | 0.0% |
| Legal reserve | 130 | €17,972 | €17,972 | = | 0.0% |
| Amounts payable | 17/49 | €589,888 | €686,007 | +€96,118 | +16.3% |
| Amounts payable after more than one year | 17 | €322,651 | €285,032 | -€37,620 | -11.7% |
| Financial debts | 170/4 | €322,651 | €285,032 | -€37,620 | -11.7% |
| Amounts payable within one year | 42/48 | €261,587 | €395,325 | +€133,738 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €45,201 | €37,620 | -€7,581 | -16.8% |
| Financial debts | 43 | - | €13,482 | +€13,482 | |
| Credit institutions | 430/8 | - | €13,482 | +€13,482 | |
| Trade debts | 44 | €6,865 | €4,996 | -€1,868 | -27.2% |
| Suppliers | 440/4 | €6,865 | €4,996 | -€1,868 | -27.2% |
| Taxes, remuneration and social security | 45 | €70,906 | €66,018 | -€4,888 | -6.9% |
| Taxes | 450/3 | €70,906 | €66,018 | -€4,888 | -6.9% |
| Other amounts payable | 47/48 | €138,616 | €273,209 | +€134,593 | +97.1% |
| Accrued charges and deferred income | 492/3 | €5,650 | €5,650 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,145 | €45,298 | +€3,153 | +7.5% |
| Other operating charges | 640/8 | €9,260 | €8,334 | -€926 | -10.0% |
| Gross operating margin | 9900 | €243,734 | €289,263 | +€45,529 | +18.7% |
| Operating profit (loss) | 9901 | €192,330 | €235,632 | +€43,302 | +22.5% |
| Financial income | 75/76B | €4,795 | €8,504 | +€3,709 | +77.4% |
| Recurring financial income | 75 | €4,795 | €8,504 | +€3,709 | +77.4% |
| Financial charges | 65/66B | €9,568 | €12,020 | +€2,452 | +25.6% |
| Recurring financial charges | 65 | €9,568 | €12,020 | +€2,452 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €187,557 | €232,116 | +€44,559 | +23.8% |
| Income taxes | 67/77 | €45,936 | €58,907 | +€12,971 | +28.2% |
| Profit (loss) for the period | 9904 | €141,621 | €173,209 | +€31,588 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €141,621 | €173,209 | +€31,588 | +22.3% |
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 15 October 2026 via checked.be.