PATRICK BULTINCK: 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 BULTINCK
Largest movements
- Tangible fixed assets +€10,977
new in 2025: €10,977
- Receivables within one year +€10,714
up €10,714 (+20.4%), from €52,587 to €63,301
of which Other amounts receivable: +€7,057
- Cash -€5,213
down €5,213 (-8.4%), from €62,202 to €56,989
mainly Investment in fixed assets (net) (-€11,566) and Receivables within one year (-€10,714)
- Reserves +€27,600
up €27,600 (+42.8%), from €64,500 to €92,100
of which Distributable reserves: +€27,600
- Trade debts -€5,468
down €5,468 (-28.7%), from €19,050 to €13,582
- Tax, wage and social debts -€4,700
down €4,700 (-52.2%), from €9,011 to €4,311
- Gross operating margin -€13,893
down €13,893 (-25.3%), from €54,920 to €41,027
- Taxes -€4,664
down €4,664 (-24.5%), from €19,017 to €14,354
- Financial income +€581
up €581 (+24.0%), from €2,426 to €3,007
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.
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 | €116,869 | €134,359 | +€17,489 | +15.0% |
| Fixed assets | 21/28 | - | €10,977 | +€10,977 | |
| Tangible fixed assets | 22/27 | - | €10,977 | +€10,977 | |
| Furniture and vehicles | 24 | - | €10,977 | +€10,977 | |
| Current assets | 29/58 | €116,869 | €123,382 | +€6,513 | +5.6% |
| Amounts receivable within one year | 40/41 | €52,587 | €63,301 | +€10,714 | +20.4% |
| Trade receivables | 40 | €6,737 | €10,393 | +€3,657 | +54.3% |
| Other amounts receivable | 41 | €45,851 | €52,908 | +€7,057 | +15.4% |
| Cash at bank and in hand | 54/58 | €62,202 | €56,989 | -€5,213 | -8.4% |
| Deferred charges and accrued income | 490/1 | €2,080 | €3,092 | +€1,012 | +48.7% |
| Total equity and liabilities | 10/49 | €116,869 | €134,359 | +€17,489 | +15.0% |
| Equity | 10/15 | €88,295 | €115,939 | +€27,643 | +31.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €64,500 | €92,100 | +€27,600 | +42.8% |
| 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 | €62,500 | €90,100 | +€27,600 | +44.2% |
| Profit (loss) carried forward | 14 | €3,795 | €3,839 | +€43 | +1.1% |
| Amounts payable | 17/49 | €28,574 | €18,420 | -€10,154 | -35.5% |
| Amounts payable within one year | 42/48 | €28,061 | €17,892 | -€10,168 | -36.2% |
| Trade debts | 44 | €19,050 | €13,582 | -€5,468 | -28.7% |
| Suppliers | 440/4 | €19,050 | €13,582 | -€5,468 | -28.7% |
| Taxes, remuneration and social security | 45 | €9,011 | €4,311 | -€4,700 | -52.2% |
| Taxes | 450/3 | €9,011 | €4,311 | -€4,700 | -52.2% |
| Accrued charges and deferred income | 492/3 | €513 | €528 | +€14 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216 | €589 | +€373 | +173% |
| Other operating charges | 640/8 | €1,112 | €1,202 | +€90 | +8.1% |
| Gross operating margin | 9900 | €54,920 | €41,027 | -€13,893 | -25.3% |
| Operating profit (loss) | 9901 | €53,592 | €39,236 | -€14,356 | -26.8% |
| Financial income | 75/76B | €2,426 | €3,007 | +€581 | +24.0% |
| Recurring financial income | 75 | €2,426 | €3,007 | +€581 | +24.0% |
| Financial charges | 65/66B | €208 | €246 | +€38 | +18.4% |
| Recurring financial charges | 65 | €208 | €246 | +€38 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €55,810 | €41,997 | -€13,813 | -24.8% |
| Income taxes | 67/77 | €19,017 | €14,354 | -€4,664 | -24.5% |
| Profit (loss) for the period | 9904 | €36,793 | €27,643 | -€9,149 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,793 | €27,643 | -€9,149 | -24.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.