Patrick Carmans: 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 Carmans
Largest movements
- Receivables within one year -€78,927
down €78,927 (-14.2%), from €554,525 to €475,598
of which Other amounts receivable: -€42,863
- Receivables after one year +€76,586
up €76,586 (+30.9%), from €248,187 to €324,773
- Cash -€12,998
down €12,998 (-35.2%), from €36,936 to €23,937
mainly Receivables after one year (-€76,586) and Trade debts (-€33,987)
- Trade debts -€33,987
down €33,987 (-8.4%), from €402,216 to €368,229
- Other debts +€15,481
up €15,481 (+10.6%), from €145,995 to €161,476
- Accrued charges and deferred income +€11,672
up €11,672 (+84.2%), from €13,867 to €25,538
- Financial income +€5,634
up €5,634 (+41.4%), from €13,594 to €19,228
- Gross operating margin +€3,582
up €3,582 (+190.6%), from €1,880 to €5,462
- Taxes +€2,331
up €2,331 (+396.8%), from €588 to €2,919
- Depreciation +€2,128
new in 2025: €2,128
- Financial charges +€392
up €392 (+2.8%), from €14,024 to €14,416
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 | €839,647 | €829,722 | -€9,925 | -1.2% |
| Fixed assets | 21/28 | - | €5,414 | +€5,414 | |
| Tangible fixed assets | 22/27 | - | €5,414 | +€5,414 | |
| Furniture and vehicles | 24 | - | €5,414 | +€5,414 | |
| Current assets | 29/58 | €839,647 | €824,308 | -€15,339 | -1.8% |
| Amounts receivable after more than one year | 29 | €248,187 | €324,773 | +€76,586 | +30.9% |
| Other amounts receivable | 291 | €248,187 | €324,773 | +€76,586 | +30.9% |
| Amounts receivable within one year | 40/41 | €554,525 | €475,598 | -€78,927 | -14.2% |
| Trade receivables | 40 | €419,660 | €383,596 | -€36,064 | -8.6% |
| Other amounts receivable | 41 | €134,865 | €92,003 | -€42,863 | -31.8% |
| Cash at bank and in hand | 54/58 | €36,936 | €23,937 | -€12,998 | -35.2% |
| Total equity and liabilities | 10/49 | €839,647 | €829,722 | -€9,925 | -1.2% |
| Equity | 10/15 | €76,246 | €80,972 | +€4,726 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,646 | €62,372 | +€4,726 | +8.2% |
| Distributable reserves | 133 | €57,646 | €62,372 | +€4,726 | +8.2% |
| Amounts payable | 17/49 | €763,401 | €748,750 | -€14,651 | -1.9% |
| Amounts payable after more than one year | 17 | €190,000 | €190,000 | = | 0.0% |
| Other amounts payable | 178/9 | €190,000 | €190,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €559,534 | €533,212 | -€26,323 | -4.7% |
| Trade debts | 44 | €402,216 | €368,229 | -€33,987 | -8.4% |
| Suppliers | 440/4 | €402,216 | €368,229 | -€33,987 | -8.4% |
| Taxes, remuneration and social security | 45 | €11,324 | €3,507 | -€7,818 | -69.0% |
| Taxes | 450/3 | €11,324 | €3,507 | -€7,818 | -69.0% |
| Other amounts payable | 47/48 | €145,995 | €161,476 | +€15,481 | +10.6% |
| Accrued charges and deferred income | 492/3 | €13,867 | €25,538 | +€11,672 | +84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,128 | +€2,128 | |
| Other operating charges | 640/8 | €664 | €501 | -€164 | -24.6% |
| Gross operating margin | 9900 | €1,880 | €5,462 | +€3,582 | +190.6% |
| Operating profit (loss) | 9901 | €1,216 | €2,833 | +€1,617 | +133.0% |
| Financial income | 75/76B | €13,594 | €19,228 | +€5,634 | +41.4% |
| Recurring financial income | 75 | €13,594 | €19,228 | +€5,634 | +41.4% |
| Financial charges | 65/66B | €14,024 | €14,416 | +€392 | +2.8% |
| Recurring financial charges | 65 | €14,024 | €14,416 | +€392 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €785 | €7,645 | +€6,859 | +873.4% |
| Income taxes | 67/77 | €588 | €2,919 | +€2,331 | +396.8% |
| Profit (loss) for the period | 9904 | €198 | €4,726 | +€4,528 | +2288.1% |
| Profit (loss) for the period to be appropriated | 9905 | €198 | €4,726 | +€4,528 | +2288.1% |
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 6 October 2026 via checked.be.