PATRICK BELCOUR VET: 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.
PATRICK BELCOUR VET
Largest movements
- Cash -€40,046
down €40,046 (-25.4%), from €157,772 to €117,726
mainly Receivables within one year (-€24,982) and Trade debts (-€19,457)
- Tangible fixed assets -€25,625
down €25,625 (-12.0%), from €214,260 to €188,635
of which Land and buildings: -€15,500
- Receivables within one year +€24,982
up €24,982 (+111%), from €22,433 to €47,415
of which Other amounts receivable: +€28,894
- Stocks and contracts -€4,523
down €4,523 (-13.4%), from €33,658 to €29,135
- Trade debts -€19,457
down €19,457 (-49.7%), from €39,111 to €19,653
- Debts after one year -€18,260
down €18,260 (-19.9%), from €91,834 to €73,574
- Tax, wage and social debts -€6,321
down €6,321 (-56.5%), from €11,186 to €4,865
of which Taxes: -€8,796
- Staff costs +€9,199
up €9,199 (+34.9%), from €26,387 to €35,585
- Gross operating margin -€4,583
down €4,583 (-5.6%), from €81,851 to €77,268
- Taxes -€3,900
down €3,900 (-71.7%), from €5,441 to €1,541
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 | €431,443 | €385,997 | -€45,446 | -10.5% |
| Fixed assets | 21/28 | €214,375 | €188,750 | -€25,625 | -12.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €214,260 | €188,635 | -€25,625 | -12.0% |
| Land and buildings | 22 | €169,764 | €154,264 | -€15,500 | -9.1% |
| Plant, machinery and equipment | 23 | €4,516 | €3,818 | -€698 | -15.4% |
| Furniture and vehicles | 24 | €39,980 | €30,553 | -€9,427 | -23.6% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €217,068 | €197,247 | -€19,821 | -9.1% |
| Stocks and contracts in progress | 3 | €33,658 | €29,135 | -€4,523 | -13.4% |
| Stocks | 30/36 | €33,658 | €29,135 | -€4,523 | -13.4% |
| Amounts receivable within one year | 40/41 | €22,433 | €47,415 | +€24,982 | +111% |
| Trade receivables | 40 | €9,891 | €5,979 | -€3,912 | -39.6% |
| Other amounts receivable | 41 | €12,542 | €41,436 | +€28,894 | +230% |
| Cash at bank and in hand | 54/58 | €157,772 | €117,726 | -€40,046 | -25.4% |
| Deferred charges and accrued income | 490/1 | €3,205 | €2,971 | -€234 | -7.3% |
| Total equity and liabilities | 10/49 | €431,443 | €385,997 | -€45,446 | -10.5% |
| Equity | 10/15 | €266,324 | €269,645 | +€3,321 | +1.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €53,136 | €56,336 | +€3,200 | +6.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €51,136 | €54,336 | +€3,200 | +6.3% |
| Profit (loss) carried forward | 14 | €203,188 | €203,309 | +€121 | +0.1% |
| Amounts payable | 17/49 | €165,119 | €116,352 | -€48,767 | -29.5% |
| Amounts payable after more than one year | 17 | €91,834 | €73,574 | -€18,260 | -19.9% |
| Financial debts | 170/4 | €91,834 | €73,574 | -€18,260 | -19.9% |
| Amounts payable within one year | 42/48 | €73,285 | €42,778 | -€30,507 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €19,546 | €18,260 | -€1,287 | -6.6% |
| Trade debts | 44 | €39,111 | €19,653 | -€19,457 | -49.7% |
| Suppliers | 440/4 | €39,111 | €19,653 | -€19,457 | -49.7% |
| Taxes, remuneration and social security | 45 | €11,186 | €4,865 | -€6,321 | -56.5% |
| Taxes | 450/3 | €8,796 | - | -€8,796 | |
| Remuneration and social security | 454/9 | €2,391 | €4,865 | +€2,474 | +103% |
| Other amounts payable | 47/48 | €3,442 | - | -€3,442 | |
| Remuneration, social security and pensions | 62 | €26,387 | €35,585 | +€9,199 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,635 | €28,212 | -€423 | -1.5% |
| Other operating charges | 640/8 | €4,930 | €4,990 | +€61 | +1.2% |
| Gross operating margin | 9900 | €81,851 | €77,268 | -€4,583 | -5.6% |
| Operating profit (loss) | 9901 | €21,900 | €8,481 | -€13,419 | -61.3% |
| Financial income | 75/76B | €64 | €452 | +€388 | +602% |
| Recurring financial income | 75 | €64 | €452 | +€388 | +602% |
| Financial charges | 65/66B | €3,407 | €4,071 | +€663 | +19.5% |
| Recurring financial charges | 65 | €3,407 | €4,071 | +€663 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €18,557 | €4,862 | -€13,695 | -73.8% |
| Income taxes | 67/77 | €5,441 | €1,541 | -€3,900 | -71.7% |
| Profit (loss) for the period | 9904 | €13,116 | €3,321 | -€9,795 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,116 | €3,321 | -€9,795 | -74.7% |
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 30 October 2026 via checked.be.