PATRICK CUIJVERS: 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 CUIJVERS
Largest movements
- Intangible fixed assets -€12,500
down €12,500 (-33.3%), from €37,500 to €25,000
- Receivables within one year -€5,787
down €5,787 (-24.3%), from €23,858 to €18,071
of which Trade receivables: -€3,746
- Tangible fixed assets +€1,440
up €1,440 (+52.1%), from €2,765 to €4,205
of which Plant, machinery and equipment: +€1,763
- Cash -€1,208
down €1,208 (-2.8%), from €42,507 to €41,299
mainly Net result for the year (-€10,572) and Debts after one year (-€8,000)
- Profit (loss) carried forward -€10,572
down €10,572 (-188.8%), from -€5,599 to -€16,171
- Debts after one year -€8,000
down €8,000 (-16.7%), from €48,000 to €40,000
- Accrued charges and deferred income -€2,154
down €2,154 (-18.9%), from €11,400 to €9,247
- Other debts +€1,530
up €1,530 (+26.3%), from €5,827 to €7,357
- Gross operating margin -€15,608
down €15,608 (-65.4%), from €23,880 to €8,273
- Taxes -€1,231
down €1,231 (-84.4%), from €1,459 to €228
- Financial charges -€1,015
down €1,015 (-25.9%), from €3,914 to €2,899
- Depreciation -€506
down €506 (-3.5%), from €14,647 to €14,140
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 | €108,101 | €89,882 | -€18,219 | -16.9% |
| Fixed assets | 21/28 | €40,265 | €29,205 | -€11,060 | -27.5% |
| Intangible fixed assets | 21 | €37,500 | €25,000 | -€12,500 | -33.3% |
| Tangible fixed assets | 22/27 | €2,765 | €4,205 | +€1,440 | +52.1% |
| Plant, machinery and equipment | 23 | €2,441 | €4,205 | +€1,763 | +72.2% |
| Other tangible fixed assets | 26 | €324 | - | -€324 | |
| Current assets | 29/58 | €67,836 | €60,678 | -€7,159 | -10.6% |
| Stocks and contracts in progress | 3 | €835 | - | -€835 | |
| Stocks | 30/36 | €835 | - | -€835 | |
| Amounts receivable within one year | 40/41 | €23,858 | €18,071 | -€5,787 | -24.3% |
| Trade receivables | 40 | €21,817 | €18,071 | -€3,746 | -17.2% |
| Other amounts receivable | 41 | €2,041 | - | -€2,041 | |
| Cash at bank and in hand | 54/58 | €42,507 | €41,299 | -€1,208 | -2.8% |
| Deferred charges and accrued income | 490/1 | €637 | €1,307 | +€670 | +105.2% |
| Total equity and liabilities | 10/49 | €108,101 | €89,882 | -€18,219 | -16.9% |
| Equity | 10/15 | €42,874 | €32,302 | -€10,572 | -24.7% |
| Contributions | 10/11 | €48,000 | €48,000 | = | 0.0% |
| Reserves | 13 | €473 | €473 | = | 0.0% |
| Distributable reserves | 133 | €473 | €473 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,599 | -€16,171 | -€10,572 | -188.8% |
| Amounts payable | 17/49 | €65,228 | €57,581 | -€7,647 | -11.7% |
| Amounts payable after more than one year | 17 | €48,000 | €40,000 | -€8,000 | -16.7% |
| Other amounts payable | 178/9 | €48,000 | €40,000 | -€8,000 | -16.7% |
| Amounts payable within one year | 42/48 | €5,827 | €8,334 | +€2,507 | +43.0% |
| Trade debts | 44 | - | €749 | +€749 | |
| Suppliers | 440/4 | - | €749 | +€749 | |
| Taxes, remuneration and social security | 45 | - | €228 | +€228 | |
| Taxes | 450/3 | - | €228 | +€228 | |
| Other amounts payable | 47/48 | €5,827 | €7,357 | +€1,530 | +26.3% |
| Accrued charges and deferred income | 492/3 | €11,400 | €9,247 | -€2,154 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,647 | €14,140 | -€506 | -3.5% |
| Other operating charges | 640/8 | €1,114 | €1,323 | +€209 | +18.8% |
| Non-recurring operating charges | 66A | - | €264 | +€264 | |
| Gross operating margin | 9900 | €23,880 | €8,273 | -€15,608 | -65.4% |
| Operating profit (loss) | 9901 | €8,119 | -€7,455 | -€15,575 | |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €3,914 | €2,899 | -€1,015 | -25.9% |
| Recurring financial charges | 65 | €3,914 | €2,899 | -€1,015 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €4,205 | -€10,344 | -€14,549 | |
| Income taxes | 67/77 | €1,459 | €228 | -€1,231 | -84.4% |
| Profit (loss) for the period | 9904 | €2,746 | -€10,572 | -€13,318 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,746 | -€10,572 | -€13,318 |
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 2 October 2026 via checked.be.