PATRICK ANDERSEN: 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.
PATRICK ANDERSEN
Largest movements
- Receivables after one year +€2.0m
up €2.0m (+61.3%), from €3.3m to €5.4m
- Receivables within one year -€447,326
down €447,326 (-29.6%), from €1.5m to €1.1m
of which Other amounts receivable: -€1.1m
- Cash -€226,759
down €226,759 (-73.0%), from €310,834 to €84,075
mainly Receivables after one year (-€2.0m) and Contributions, distributions and other (-€501,696)
- Current investments +€196,649
up €196,649 (+150.6%), from €130,614 to €327,263
- Tangible fixed assets -€120,110
down €120,110 (-3.7%), from €3.2m to €3.1m
of which Land and buildings: -€96,548
- Reserves +€742,625
up €742,625 (+16.5%), from €4.5m to €5.2m
of which Distributable reserves: +€742,625
- Advances received +€332,993
up €332,993 (+26.1%), from €1.3m to €1.6m
- Short-term financial debts +€254,836
up €254,836 (+63.7%), from €400,167 to €655,003
- Tax, wage and social debts +€162,530
up €162,530 (+20.4%), from €795,655 to €958,185
- Debts after one year -€155,725
down €155,725 (-15.7%), from €991,621 to €835,896
- Gross operating margin +€320,168
up €320,168 (+21.4%), from €1.5m to €1.8m
- Taxes +€183,392
up €183,392 (+37.4%), from €490,371 to €673,763
- Financial income +€42,685
up €42,685 (+15.0%), from €283,773 to €326,458
- Financial charges +€27,936
up €27,936 (+54.0%), from €51,736 to €79,672
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 | €8,563,466 | €10,052,314 | +€1.5m | +17.4% |
| Fixed assets | 21/28 | €3,250,875 | €3,140,365 | -€110,510 | -3.4% |
| Tangible fixed assets | 22/27 | €3,249,775 | €3,129,665 | -€120,110 | -3.7% |
| Land and buildings | 22 | €3,091,107 | €2,994,559 | -€96,548 | -3.1% |
| Plant, machinery and equipment | 23 | €53,667 | €50,070 | -€3,597 | -6.7% |
| Furniture and vehicles | 24 | €105,001 | €85,036 | -€19,965 | -19.0% |
| Financial fixed assets | 28 | €1,100 | €10,700 | +€9,600 | +872.7% |
| Current assets | 29/58 | €5,312,591 | €6,911,949 | +€1.6m | +30.1% |
| Amounts receivable after more than one year | 29 | €3,336,186 | €5,381,779 | +€2.0m | +61.3% |
| Other amounts receivable | 291 | €3,336,186 | €5,381,779 | +€2.0m | +61.3% |
| Amounts receivable within one year | 40/41 | €1,509,842 | €1,062,516 | -€447,326 | -29.6% |
| Trade receivables | 40 | €13,128 | €618,101 | +€604,973 | +4608.3% |
| Other amounts receivable | 41 | €1,496,714 | €444,416 | -€1.1m | -70.3% |
| Current investments | 50/53 | €130,614 | €327,263 | +€196,649 | +150.6% |
| Cash at bank and in hand | 54/58 | €310,834 | €84,075 | -€226,759 | -73.0% |
| Deferred charges and accrued income | 490/1 | €25,114 | €56,315 | +€31,201 | +124.2% |
| Total equity and liabilities | 10/49 | €8,563,466 | €10,052,314 | +€1.5m | +17.4% |
| Equity | 10/15 | €4,552,016 | €5,294,641 | +€742,625 | +16.3% |
| Contributions | 10/11 | €46,200 | €46,200 | = | 0.0% |
| Reserves | 13 | €4,505,816 | €5,248,441 | +€742,625 | +16.5% |
| Non-distributable reserves | 130/1 | €5,860 | €5,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,860 | €5,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,819 | €20,819 | = | 0.0% |
| Distributable reserves | 133 | €4,479,137 | €5,221,762 | +€742,625 | +16.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | +€0 | |
| Amounts payable | 17/49 | €4,011,450 | €4,757,673 | +€746,224 | +18.6% |
| Amounts payable after more than one year | 17 | €991,621 | €835,896 | -€155,725 | -15.7% |
| Financial debts | 170/4 | €991,621 | €835,896 | -€155,725 | -15.7% |
| Amounts payable within one year | 42/48 | €3,018,868 | €3,917,674 | +€898,806 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €152,406 | €155,725 | +€3,319 | +2.2% |
| Financial debts | 43 | €400,167 | €655,003 | +€254,836 | +63.7% |
| Credit institutions | 430/8 | €400,167 | €655,003 | +€254,836 | +63.7% |
| Trade debts | 44 | €2,852 | €17,101 | +€14,249 | +499.6% |
| Suppliers | 440/4 | €2,852 | €17,101 | +€14,249 | +499.6% |
| Advances received on contracts in progress | 46 | €1,278,153 | €1,611,146 | +€332,993 | +26.1% |
| Taxes, remuneration and social security | 45 | €795,655 | €958,185 | +€162,530 | +20.4% |
| Taxes | 450/3 | €795,655 | €958,185 | +€162,530 | +20.4% |
| Other amounts payable | 47/48 | €389,635 | €520,514 | +€130,879 | +33.6% |
| Accrued charges and deferred income | 492/3 | €960 | €4,103 | +€3,143 | +327.3% |
| Non-recurring operating income | 76A | €1,157 | €205 | -€952 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,776 | €143,857 | +€3,082 | +2.2% |
| Other operating charges | 640/8 | €20,380 | €3,371 | -€17,009 | -83.5% |
| Non-recurring operating charges | 66A | €4,536 | €0 | -€4,536 | -100.0% |
| Gross operating margin | 9900 | €1,498,358 | €1,818,526 | +€320,168 | +21.4% |
| Operating profit (loss) | 9901 | €1,332,666 | €1,671,298 | +€338,632 | +25.4% |
| Financial income | 75/76B | €283,773 | €326,458 | +€42,685 | +15.0% |
| Recurring financial income | 75 | €283,773 | €326,458 | +€42,685 | +15.0% |
| Financial charges | 65/66B | €51,736 | €79,672 | +€27,936 | +54.0% |
| Recurring financial charges | 65 | €51,736 | €79,672 | +€27,936 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €1,564,703 | €1,918,084 | +€353,380 | +22.6% |
| Income taxes | 67/77 | €490,371 | €673,763 | +€183,392 | +37.4% |
| Profit (loss) for the period | 9904 | €1,074,333 | €1,244,321 | +€169,989 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,074,333 | €1,244,321 | +€169,989 | +15.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.