PATRICK CAUWENBERGH: 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 CAUWENBERGH
Largest movements
- Current investments +€289,763
up €289,763 (+28.7%), from €1.0m to €1.3m
- Receivables within one year +€168,794
up €168,794 (+13.9%), from €1.2m to €1.4m
of which Other amounts receivable: +€172,232
- Cash -€124,795
down €124,795 (-26.6%), from €469,445 to €344,651
mainly Contributions, distributions and other (-€316,215) and Current investments (-€289,763)
- Reserves +€262,182
up €262,182 (+9.7%), from €2.7m to €3.0m
of which Distributable reserves: +€265,182
- Debts after one year +€236,641
up €236,641 (+40.4%), from €586,047 to €822,688
- Other debts -€179,213
down €179,213 (-83.4%), from €214,920 to €35,707
- Gross operating margin +€43,784
up €43,784 (+4.2%), from €1.0m to €1.1m
- Financial charges +€16,039
up €16,039 (+20.1%), from €79,761 to €95,800
- Financial income +€15,726
up €15,726 (+35.1%), from €44,790 to €60,516
- Other operating charges +€12,755
up €12,755 (+118%), from €10,792 to €23,547
- Depreciation -€11,734
down €11,734 (-8.5%), from €138,724 to €126,989
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 | €4,570,757 | €4,949,824 | +€379,067 | +8.3% |
| Fixed assets | 21/28 | €1,840,163 | €1,881,125 | +€40,962 | +2.2% |
| Tangible fixed assets | 22/27 | €1,840,163 | €1,881,125 | +€40,962 | +2.2% |
| Land and buildings | 22 | €1,764,160 | €1,835,497 | +€71,337 | +4.0% |
| Furniture and vehicles | 24 | €76,003 | €45,628 | -€30,375 | -40.0% |
| Current assets | 29/58 | €2,730,594 | €3,068,699 | +€338,105 | +12.4% |
| Amounts receivable within one year | 40/41 | €1,215,438 | €1,384,232 | +€168,794 | +13.9% |
| Trade receivables | 40 | €3,438 | €0 | -€3,438 | -100% |
| Other amounts receivable | 41 | €1,212,000 | €1,384,232 | +€172,232 | +14.2% |
| Current investments | 50/53 | €1,011,299 | €1,301,062 | +€289,763 | +28.7% |
| Cash at bank and in hand | 54/58 | €469,445 | €344,651 | -€124,795 | -26.6% |
| Deferred charges and accrued income | 490/1 | €34,411 | €38,754 | +€4,343 | +12.6% |
| Total equity and liabilities | 10/49 | €4,570,757 | €4,949,824 | +€379,067 | +8.3% |
| Equity | 10/15 | €2,728,694 | €2,990,875 | +€262,182 | +9.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,698,694 | €2,960,875 | +€262,182 | +9.7% |
| Non-distributable reserves | 130/1 | €3,000 | €0 | -€3,000 | -100% |
| Reserves not available under the articles | 1311 | €3,000 | €0 | -€3,000 | -100% |
| Tax-exempt reserves | 132 | €21,592 | €21,592 | = | 0.0% |
| Distributable reserves | 133 | €2,674,102 | €2,939,284 | +€265,182 | +9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €27,622 | €27,622 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €27,622 | €27,622 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,622 | €27,622 | = | 0.0% |
| Amounts payable | 17/49 | €1,814,441 | €1,931,327 | +€116,886 | +6.4% |
| Amounts payable after more than one year | 17 | €586,047 | €822,688 | +€236,641 | +40.4% |
| Financial debts | 170/4 | €586,047 | €822,688 | +€236,641 | +40.4% |
| Amounts payable within one year | 42/48 | €1,174,089 | €1,024,671 | -€149,418 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €159,932 | €163,359 | +€3,427 | +2.1% |
| Financial debts | 43 | €770,000 | €803,000 | +€33,000 | +4.3% |
| Other loans | 439 | €770,000 | €803,000 | +€33,000 | +4.3% |
| Trade debts | 44 | €17,442 | €10,750 | -€6,692 | -38.4% |
| Suppliers | 440/4 | €17,442 | €10,750 | -€6,692 | -38.4% |
| Taxes, remuneration and social security | 45 | €11,794 | €11,855 | +€61 | +0.5% |
| Taxes | 450/3 | €2,814 | €1,899 | -€915 | -32.5% |
| Remuneration and social security | 454/9 | €8,980 | €9,956 | +€976 | +10.9% |
| Other amounts payable | 47/48 | €214,920 | €35,707 | -€179,213 | -83.4% |
| Accrued charges and deferred income | 492/3 | €54,305 | €83,968 | +€29,663 | +54.6% |
| Remuneration, social security and pensions | 62 | €52,025 | €56,817 | +€4,792 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,724 | €126,989 | -€11,734 | -8.5% |
| Other operating charges | 640/8 | €10,792 | €23,547 | +€12,755 | +118% |
| Non-recurring operating charges | 66A | €718 | €0 | -€718 | -100% |
| Gross operating margin | 9900 | €1,041,208 | €1,084,992 | +€43,784 | +4.2% |
| Operating profit (loss) | 9901 | €838,949 | €877,638 | +€38,689 | +4.6% |
| Financial income | 75/76B | €44,790 | €60,516 | +€15,726 | +35.1% |
| Recurring financial income | 75 | €44,790 | €60,516 | +€15,726 | +35.1% |
| Financial charges | 65/66B | €79,761 | €95,800 | +€16,039 | +20.1% |
| Recurring financial charges | 65 | €79,761 | €95,800 | +€16,039 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €803,978 | €842,354 | +€38,376 | +4.8% |
| Income taxes | 67/77 | €261,567 | €263,958 | +€2,391 | +0.9% |
| Profit (loss) for the period | 9904 | €542,411 | €578,396 | +€35,985 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €542,411 | €578,396 | +€35,985 | +6.6% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.