PATEL: 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.
PATEL
Largest movements
- Receivables within one year -€131,644
down €131,644 (-49.9%), from €263,721 to €132,077
of which Trade receivables: -€130,857
- Stocks and contracts -€44,054
down €44,054 (-38.3%), from €115,146 to €71,092
- Cash +€22,843
up €22,843 (+26.9%), from €84,912 to €107,755
mainly Receivables within one year (+€131,644) and Stocks and contracts (+€44,054)
- Tangible fixed assets -€18,651
down €18,651 (-6.3%), from €296,846 to €278,195
of which Land and buildings: -€9,554
- Trade debts -€79,636
down €79,636 (-31.3%), from €254,320 to €174,684
- Short-term financial debts -€45,000
down €45,000 (-36.0%), from €125,000 to €80,000
- Tax, wage and social debts -€33,469
down €33,469 (-35.4%), from €94,663 to €61,194
of which Taxes: -€29,040
- Debts after one year -€22,205
down €22,205 (-8.5%), from €260,151 to €237,946
- Profit (loss) carried forward +€21,064
up €21,064, from -€4,398 to €16,665
- Gross operating margin -€23,174
down €23,174 (-16.5%), from €140,333 to €117,159
- Staff costs +€8,657
up €8,657 (+31.2%), from €27,718 to €36,375
- Financial charges -€7,720
down €7,720 (-27.9%), from €27,672 to €19,952
- Other operating charges -€6,248
down €6,248 (-54.7%), from €11,414 to €5,166
- Taxes +€5,228
up €5,228 (+2555.1%), from €205 to €5,432
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 | €761,463 | €589,662 | -€171,801 | -22.6% |
| Fixed assets | 21/28 | €296,846 | €278,195 | -€18,651 | -6.3% |
| Tangible fixed assets | 22/27 | €296,846 | €278,195 | -€18,651 | -6.3% |
| Land and buildings | 22 | €256,059 | €246,505 | -€9,554 | -3.7% |
| Plant, machinery and equipment | 23 | €28,065 | €19,966 | -€8,099 | -28.9% |
| Furniture and vehicles | 24 | €8,649 | €8,831 | +€182 | +2.1% |
| Leasing and similar rights | 25 | €4,073 | €2,893 | -€1,180 | -29.0% |
| Current assets | 29/58 | €464,617 | €311,467 | -€153,150 | -33.0% |
| Stocks and contracts in progress | 3 | €115,146 | €71,092 | -€44,054 | -38.3% |
| Stocks | 30/36 | €115,146 | €71,092 | -€44,054 | -38.3% |
| Amounts receivable within one year | 40/41 | €263,721 | €132,077 | -€131,644 | -49.9% |
| Trade receivables | 40 | €242,710 | €111,853 | -€130,857 | -53.9% |
| Other amounts receivable | 41 | €21,011 | €20,224 | -€787 | -3.7% |
| Cash at bank and in hand | 54/58 | €84,912 | €107,755 | +€22,843 | +26.9% |
| Deferred charges and accrued income | 490/1 | €838 | €543 | -€295 | -35.2% |
| Total equity and liabilities | 10/49 | €761,463 | €589,662 | -€171,801 | -22.6% |
| Equity | 10/15 | -€1,398 | €19,665 | +€21,064 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,398 | €16,665 | +€21,064 | |
| Amounts payable | 17/49 | €762,861 | €569,997 | -€192,865 | -25.3% |
| Amounts payable after more than one year | 17 | €260,151 | €237,946 | -€22,205 | -8.5% |
| Financial debts | 170/4 | €260,151 | €237,946 | -€22,205 | -8.5% |
| Amounts payable within one year | 42/48 | €502,710 | €332,050 | -€170,660 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €28,727 | €16,173 | -€12,555 | -43.7% |
| Financial debts | 43 | €125,000 | €80,000 | -€45,000 | -36.0% |
| Credit institutions | 430/8 | €125,000 | €80,000 | -€45,000 | -36.0% |
| Trade debts | 44 | €254,320 | €174,684 | -€79,636 | -31.3% |
| Suppliers | 440/4 | €254,320 | €174,684 | -€79,636 | -31.3% |
| Taxes, remuneration and social security | 45 | €94,663 | €61,194 | -€33,469 | -35.4% |
| Taxes | 450/3 | €42,780 | €13,740 | -€29,040 | -67.9% |
| Remuneration and social security | 454/9 | €51,883 | €47,454 | -€4,429 | -8.5% |
| Non-recurring operating income | 76A | - | €300 | +€300 | |
| Remuneration, social security and pensions | 62 | €27,718 | €36,375 | +€8,657 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,709 | €22,951 | -€758 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,354 | +€3,354 | |
| Other operating charges | 640/8 | €11,414 | €5,166 | -€6,248 | -54.7% |
| Non-recurring operating charges | 66A | €1,028 | €3,225 | +€2,197 | +213.7% |
| Gross operating margin | 9900 | €140,333 | €117,159 | -€23,174 | -16.5% |
| Operating profit (loss) | 9901 | €76,464 | €46,087 | -€30,376 | -39.7% |
| Financial income | 75/76B | €1,112 | €360 | -€752 | -67.6% |
| Recurring financial income | 75 | €1,112 | €360 | -€752 | -67.6% |
| Financial charges | 65/66B | €27,672 | €19,952 | -€7,720 | -27.9% |
| Recurring financial charges | 65 | €27,672 | €19,952 | -€7,720 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €49,903 | €26,496 | -€23,408 | -46.9% |
| Income taxes | 67/77 | €205 | €5,432 | +€5,228 | +2555.1% |
| Profit (loss) for the period | 9904 | €49,699 | €21,064 | -€28,635 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,699 | €21,064 | -€28,635 | -57.6% |
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 1 October 2026 via checked.be.