PATRICK DE SPIEGELEER: 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 DE SPIEGELEER
Largest movements
- Cash -€1.1m
down €1.1m (-92.3%), from €1.2m to €94,781
mainly Investment in fixed assets (net) (-€1.1m) and Net result for the year (-€176,040)
- Tangible fixed assets +€1.0m
up €1.0m (+21.3%), from €4.8m to €5.9m
of which Land and buildings: +€2.6m
- Current investments -€113,682
down €113,682 (-20.1%), from €564,476 to €450,794
- Receivables within one year +€108,545
up €108,545 (+25.6%), from €424,628 to €533,173
of which Trade receivables: +€146,592
- Reserves -€176,040
down €176,040 (-8.7%), from €2.0m to €1.9m
of which Distributable reserves: -€134,563
- Tax, wage and social debts +€157,572
up €157,572 (+25355.1%), from €621 to €158,194
- Debts after one year -€75,062
down €75,062 (-2.5%), from €3.0m to €2.9m
of which Financial debts: -€75,062
- Gross operating margin -€526,916
down €526,916, from €514,629 to -€12,286
- Depreciation +€75,912
up €75,912 (+478.2%), from €15,875 to €91,787
- Financial income +€8,721
up €8,721 (+2496.3%), from €349 to €9,070
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 | €7,060,314 | €6,951,430 | -€108,885 | -1.5% |
| Fixed assets | 21/28 | €4,841,406 | €5,872,661 | +€1.0m | +21.3% |
| Tangible fixed assets | 22/27 | €4,841,406 | €5,872,661 | +€1.0m | +21.3% |
| Land and buildings | 22 | €698,696 | €3,289,924 | +€2.6m | +370.9% |
| Plant, machinery and equipment | 23 | €21,589 | €15,877 | -€5,712 | -26.5% |
| Assets under construction and advance payments | 27 | €4,121,121 | €2,566,861 | -€1.6m | -37.7% |
| Current assets | 29/58 | €2,218,909 | €1,078,768 | -€1.1m | -51.4% |
| Amounts receivable within one year | 40/41 | €424,628 | €533,173 | +€108,545 | +25.6% |
| Trade receivables | 40 | €304,061 | €450,654 | +€146,592 | +48.2% |
| Other amounts receivable | 41 | €120,566 | €82,520 | -€38,047 | -31.6% |
| Current investments | 50/53 | €564,476 | €450,794 | -€113,682 | -20.1% |
| Cash at bank and in hand | 54/58 | €1,229,697 | €94,781 | -€1.1m | -92.3% |
| Deferred charges and accrued income | 490/1 | €108 | €20 | -€88 | -81.6% |
| Total equity and liabilities | 10/49 | €7,060,314 | €6,951,430 | -€108,885 | -1.5% |
| Equity | 10/15 | €2,087,584 | €1,911,544 | -€176,040 | -8.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,026,084 | €1,850,044 | -€176,040 | -8.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,257,782 | €1,216,305 | -€41,477 | -3.3% |
| Distributable reserves | 133 | €762,152 | €627,589 | -€134,563 | -17.7% |
| Provisions and deferred taxes | 16 | €419,261 | €405,435 | -€13,826 | -3.3% |
| Deferred taxes | 168 | €419,261 | €405,435 | -€13,826 | -3.3% |
| Amounts payable | 17/49 | €4,553,470 | €4,634,451 | +€80,981 | +1.8% |
| Amounts payable after more than one year | 17 | €2,971,926 | €2,896,864 | -€75,062 | -2.5% |
| Financial debts | 170/4 | €2,010,483 | €1,935,422 | -€75,062 | -3.7% |
| Other amounts payable | 178/9 | €961,442 | €961,442 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,566,194 | €1,722,111 | +€155,917 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €92,996 | €97,084 | +€4,088 | +4.4% |
| Trade debts | 44 | €6,173 | €11,428 | +€5,256 | +85.1% |
| Suppliers | 440/4 | €6,173 | €11,428 | +€5,256 | +85.1% |
| Taxes, remuneration and social security | 45 | €621 | €158,194 | +€157,572 | +25355.1% |
| Taxes | 450/3 | €621 | €158,194 | +€157,572 | +25355.1% |
| Other amounts payable | 47/48 | €1,466,404 | €1,455,405 | -€10,999 | -0.8% |
| Accrued charges and deferred income | 492/3 | €15,350 | €15,476 | +€126 | +0.8% |
| Non-recurring operating income | 76A | €514,969 | - | -€514,969 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,875 | €91,787 | +€75,912 | +478.2% |
| Other operating charges | 640/8 | €4,213 | €1,992 | -€2,221 | -52.7% |
| Gross operating margin | 9900 | €514,629 | -€12,286 | -€526,916 | |
| Operating profit (loss) | 9901 | €494,541 | -€106,066 | -€600,607 | |
| Financial income | 75/76B | €349 | €9,070 | +€8,721 | +2496.3% |
| Recurring financial income | 75 | €349 | €9,070 | +€8,721 | +2496.3% |
| Financial charges | 65/66B | €87,973 | €92,861 | +€4,887 | +5.6% |
| Recurring financial charges | 65 | €87,925 | €92,696 | +€4,771 | +5.4% |
| Non-recurring financial charges | 66B | €49 | €165 | +€116 | +238.8% |
| Profit (loss) for the period before taxes | 9903 | €406,917 | -€189,856 | -€596,773 | |
| Transfer from deferred taxes | 780 | - | €13,826 | +€13,826 | |
| Transfer to deferred taxes | 680 | €121,264 | - | -€121,264 | |
| Income taxes | 67/77 | €726 | €10 | -€716 | -98.6% |
| Profit (loss) for the period | 9904 | €284,927 | -€176,040 | -€460,967 | |
| Transfer from tax-exempt reserves | 789 | - | €41,477 | +€41,477 | |
| Transfer to tax-exempt reserves | 689 | €363,792 | - | -€363,792 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78,865 | -€134,563 | -€55,698 | -70.6% |
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 8 October 2026 via checked.be.