PATRICK CALLEWAERT: 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.
What changed
PATRICK CALLEWAERT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€231,491
2024 · €1.3m-€1.1m
Equity
€3.1m
2024 · €2.9m+€231,491
Cash
€185,106
2024 · €337,510-€152,405
Balance sheet total
€7.8m
2024 · €8.4m-€632,572
Largest movements
Assets
- Current investments -€3.2m
down €3.2m (-99.5%), from €3.3m to €16,446
- Financial fixed assets +€1.1m
up €1.1m (+152%), from €739,100 to €1.9m
- Receivables after one year +€1.1m
up €1.1m (+444%), from €250,000 to €1.4m
- Stocks and contracts +€301,376
up €301,376 (+90.8%), from €331,844 to €633,220
- Receivables within one year +€246,296
up €246,296 (+184%), from €133,919 to €380,215
of which Other amounts receivable: +€146,201
Equity and liabilities
- Accrued charges and deferred income -€1.1m
down €1.1m (-25.8%), from €4.2m to €3.1m
- Reserves +€231,491
up €231,491 (+8.1%), from €2.8m to €3.1m
of which Distributable reserves: +€236,199
- Short-term financial debts +€200,000
new in 2025: €200,000
Income statement
- Gross operating margin -€1.6m
down €1.6m (-68.1%), from €2.3m to €744,016
- Taxes -€397,375
down €397,375 (-61.8%), from €643,312 to €245,937
- Financial charges -€107,308
down €107,308 (-75.3%), from €142,557 to €35,249
- Financial income +€87,723
up €87,723 (+210%), from €41,828 to €129,551
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.
Result 2024
€1.3m
Gross operating margin
-€1.6m
Staff costs
-€15,579
Depreciation
+€7,060
Other operating charges
-€16,276
Other operating items
-€82,530
Financial income
+€87,723
Financial charges
+€107,308
Taxes
+€397,375
Result 2025
€231,491
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.4m
Investment
+€2.0m
Financing
+€216,312
Cash 2024
€337,510
From operations (derived)
-€2.4m
Net result for the year
+€231,491
Depreciation
+€154,424
Receivables after one year
-€1.1m
Stocks and contracts
-€301,376
Receivables within one year
-€246,296
Deferred charges and accrued income
-€44,219
Smaller working-capital items
-€6,045
Tax, wage and social debts
-€19,020
Other debts
+€34,466
Accrued charges and deferred income
-€1.1m
Investment (derived)
+€2.0m
Investment in fixed assets (net)
-€1.2m
Current investments
+€3.2m
Financing
+€216,312
Debts after one year
+€17,556
Current portion of long-term debt
-€1,244
Short-term financial debts
+€200,000
Cash 2025
€185,106
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,419,385 | €7,786,813 | -€632,572 | -7.5% |
| Fixed assets | 21/28 | €4,111,322 | €5,164,505 | +€1.1m | +25.6% |
| Tangible fixed assets | 22/27 | €3,372,222 | €3,298,294 | -€73,929 | -2.2% |
| Land and buildings | 22 | €2,923,099 | €2,856,812 | -€66,287 | -2.3% |
| Furniture and vehicles | 24 | €349,123 | €359,482 | +€10,358 | +3.0% |
| Other tangible fixed assets | 26 | €100,000 | €82,000 | -€18,000 | -18.0% |
| Financial fixed assets | 28 | €739,100 | €1,866,211 | +€1.1m | +152% |
| Current assets | 29/58 | €4,308,063 | €2,622,309 | -€1.7m | -39.1% |
| Amounts receivable after more than one year | 29 | €250,000 | €1,360,602 | +€1.1m | +444% |
| Other amounts receivable | 291 | €250,000 | €1,360,602 | +€1.1m | +444% |
| Stocks and contracts in progress | 3 | €331,844 | €633,220 | +€301,376 | +90.8% |
| Stocks | 30/36 | €331,844 | €633,220 | +€301,376 | +90.8% |
| Amounts receivable within one year | 40/41 | €133,919 | €380,215 | +€246,296 | +184% |
| Trade receivables | 40 | - | €100,095 | +€100,095 | |
| Other amounts receivable | 41 | €133,919 | €280,120 | +€146,201 | +109% |
| Current investments | 50/53 | €3,252,290 | €16,446 | -€3.2m | -99.5% |
| Cash at bank and in hand | 54/58 | €337,510 | €185,106 | -€152,405 | -45.2% |
| Deferred charges and accrued income | 490/1 | €2,500 | €46,719 | +€44,219 | +1,769% |
| Total equity and liabilities | 10/49 | €8,419,385 | €7,786,813 | -€632,572 | -7.5% |
| Equity | 10/15 | €2,912,456 | €3,143,947 | +€231,491 | +7.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,844,322 | €3,075,813 | +€231,491 | +8.1% |
| Tax-exempt reserves | 132 | €243,458 | €238,751 | -€4,708 | -1.9% |
| Distributable reserves | 133 | €2,600,864 | €2,837,063 | +€236,199 | +9.1% |
| Profit (loss) carried forward | 14 | €38,133 | €38,133 | = | 0.0% |
| Provisions and deferred taxes | 16 | €50,604 | €48,178 | -€2,425 | -4.8% |
| Deferred taxes | 168 | €50,604 | €48,178 | -€2,425 | -4.8% |
| Amounts payable | 17/49 | €5,456,326 | €4,594,688 | -€861,638 | -15.8% |
| Amounts payable after more than one year | 17 | €849,727 | €867,284 | +€17,556 | +2.1% |
| Financial debts | 170/4 | €844,529 | €862,085 | +€17,556 | +2.1% |
| Other amounts payable | 178/9 | €5,198 | €5,198 | = | 0.0% |
| Amounts payable within one year | 42/48 | €388,904 | €599,487 | +€210,583 | +54.1% |
| Current portion of amounts payable after more than one year | 42 | €189,445 | €188,201 | -€1,244 | -0.7% |
| Financial debts | 43 | - | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Trade debts | 44 | €35,509 | €31,889 | -€3,620 | -10.2% |
| Suppliers | 440/4 | €35,509 | €31,889 | -€3,620 | -10.2% |
| Taxes, remuneration and social security | 45 | €163,951 | €144,931 | -€19,020 | -11.6% |
| Taxes | 450/3 | €155,033 | €138,937 | -€16,096 | -10.4% |
| Remuneration and social security | 454/9 | €8,918 | €5,994 | -€2,923 | -32.8% |
| Other amounts payable | 47/48 | - | €34,466 | +€34,466 | |
| Accrued charges and deferred income | 492/3 | €4,217,694 | €3,127,918 | -€1.1m | -25.8% |
| Non-recurring operating income | 76A | €4,170 | €73,971 | +€69,801 | +1,674% |
| Remuneration, social security and pensions | 62 | €47,352 | €62,931 | +€15,579 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,483 | €154,424 | -€7,060 | -4.4% |
| Other operating charges | 640/8 | €47,154 | €63,430 | +€16,276 | +34.5% |
| Non-recurring operating charges | 66A | - | €82,530 | +€82,530 | |
| Gross operating margin | 9900 | €2,330,915 | €744,016 | -€1.6m | -68.1% |
| Operating profit (loss) | 9901 | €2,074,927 | €380,701 | -€1.7m | -81.7% |
| Financial income | 75/76B | €41,828 | €129,551 | +€87,723 | +210% |
| Recurring financial income | 75 | €41,828 | €129,551 | +€87,723 | +210% |
| Financial charges | 65/66B | €142,557 | €35,249 | -€107,308 | -75.3% |
| Recurring financial charges | 65 | €142,557 | €35,249 | -€107,308 | -75.3% |
| Profit (loss) for the period before taxes | 9903 | €1,974,197 | €475,003 | -€1.5m | -75.9% |
| Transfer from deferred taxes | 780 | €2,425 | €2,425 | = | 0.0% |
| Income taxes | 67/77 | €643,312 | €245,937 | -€397,375 | -61.8% |
| Profit (loss) for the period | 9904 | €1,333,310 | €231,491 | -€1.1m | -82.6% |
| Transfer from tax-exempt reserves | 789 | €4,708 | €4,708 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,338,018 | €236,199 | -€1.1m | -82.3% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.