PATRICK BOUDART: 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 BOUDART
Largest movements
- Receivables within one year -€48,303
down €48,303 (-90.6%), from €53,333 to €5,030
of which Trade receivables: -€38,684
- Tangible fixed assets +€41,828
up €41,828 (+38.4%), from €108,938 to €150,766
of which Furniture and vehicles: +€47,027
- Cash -€8,272
down €8,272 (-37.7%), from €21,922 to €13,650
mainly Investment in fixed assets (net) (-€50,643) and Net result for the year (-€42,454)
- Profit (loss) carried forward -€42,454
down €42,454 (-47.7%), from €89,008 to €46,554
- Other debts +€16,021
up €16,021 (+320.4%), from €5,000 to €21,021
- Debts after one year +€10,978
up €10,978 (+23.3%), from €47,037 to €58,015
- Trade debts -€9,257
down €9,257 (-71.3%), from €12,976 to €3,719
- Current portion of long-term debt +€7,967
up €7,967 (+65.7%), from €12,121 to €20,087
- Write-downs +€42,826
new in 2025: €42,826
- Gross operating margin -€4,211
down €4,211 (-18.9%), from €22,337 to €18,126
- Other operating charges -€3,434
down €3,434 (-57.9%), from €5,935 to €2,501
- Depreciation +€2,700
up €2,700 (+44.2%), from €6,115 to €8,815
- Staff costs +€1,559
up €1,559 (+63.7%), from €2,448 to €4,007
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 | €186,613 | €171,663 | -€14,949 | -8.0% |
| Fixed assets | 21/28 | €109,026 | €150,854 | +€41,828 | +38.4% |
| Tangible fixed assets | 22/27 | €108,938 | €150,766 | +€41,828 | +38.4% |
| Land and buildings | 22 | €106,764 | €102,197 | -€4,567 | -4.3% |
| Plant, machinery and equipment | 23 | €1,261 | €628 | -€632 | -50.2% |
| Furniture and vehicles | 24 | €914 | €47,940 | +€47,027 | +5147.7% |
| Financial fixed assets | 28 | €89 | €89 | = | 0.0% |
| Current assets | 29/58 | €77,586 | €20,809 | -€56,777 | -73.2% |
| Amounts receivable within one year | 40/41 | €53,333 | €5,030 | -€48,303 | -90.6% |
| Trade receivables | 40 | €39,742 | €1,058 | -€38,684 | -97.3% |
| Other amounts receivable | 41 | €13,591 | €3,972 | -€9,619 | -70.8% |
| Cash at bank and in hand | 54/58 | €21,922 | €13,650 | -€8,272 | -37.7% |
| Deferred charges and accrued income | 490/1 | €2,332 | €2,129 | -€203 | -8.7% |
| Total equity and liabilities | 10/49 | €186,613 | €171,663 | -€14,949 | -8.0% |
| Equity | 10/15 | €109,344 | €66,890 | -€42,454 | -38.8% |
| Contributions | 10/11 | €18,476 | €18,476 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,008 | €46,554 | -€42,454 | -47.7% |
| Amounts payable | 17/49 | €77,269 | €104,773 | +€27,504 | +35.6% |
| Amounts payable after more than one year | 17 | €47,037 | €58,015 | +€10,978 | +23.3% |
| Financial debts | 170/4 | €47,037 | €58,015 | +€10,978 | +23.3% |
| Amounts payable within one year | 42/48 | €30,145 | €46,477 | +€16,332 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | €12,121 | €20,087 | +€7,967 | +65.7% |
| Trade debts | 44 | €12,976 | €3,719 | -€9,257 | -71.3% |
| Suppliers | 440/4 | €12,976 | €3,719 | -€9,257 | -71.3% |
| Taxes, remuneration and social security | 45 | €49 | €1,651 | +€1,602 | +3285.7% |
| Remuneration and social security | 454/9 | €49 | €1,651 | +€1,602 | +3285.7% |
| Other amounts payable | 47/48 | €5,000 | €21,021 | +€16,021 | +320.4% |
| Accrued charges and deferred income | 492/3 | €87 | €281 | +€194 | +223.2% |
| Remuneration, social security and pensions | 62 | €2,448 | €4,007 | +€1,559 | +63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,115 | €8,815 | +€2,700 | +44.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €42,826 | +€42,826 | |
| Other operating charges | 640/8 | €5,935 | €2,501 | -€3,434 | -57.9% |
| Gross operating margin | 9900 | €22,337 | €18,126 | -€4,211 | -18.9% |
| Operating profit (loss) | 9901 | €7,839 | -€40,024 | -€47,863 | |
| Financial income | 75/76B | €89 | €7 | -€82 | -91.8% |
| Recurring financial income | 75 | €89 | €7 | -€82 | -91.8% |
| Financial charges | 65/66B | €1,790 | €2,437 | +€647 | +36.1% |
| Recurring financial charges | 65 | €1,790 | €2,437 | +€647 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €6,138 | -€42,454 | -€48,592 | |
| Profit (loss) for the period | 9904 | €6,138 | -€42,454 | -€48,592 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,138 | -€42,454 | -€48,592 |
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 7 October 2026 via checked.be.