Patrick De Vriendt: 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 De Vriendt
Largest movements
- Cash +€106,802
up €106,802 (+150%), from €71,037 to €177,839
mainly Net result for the year (+€112,586) and Tax, wage and social debts (+€27,453)
- Receivables within one year +€19,375
up €19,375 (+4.9%), from €395,890 to €415,265
of which Trade receivables: +€46,564
- Deferred charges and accrued income -€9,000
down €9,000 (-33.7%), from €26,700 to €17,700
- Reserves +€75,000
up €75,000 (+23.0%), from €325,750 to €400,750
of which Distributable reserves: +€75,000
- Tax, wage and social debts +€27,453
up €27,453 (+67.3%), from €40,788 to €68,241
- Other debts +€19,474
new in 2025: €19,474
- Gross operating margin +€39,990
up €39,990 (+31.8%), from €125,607 to €165,597
- Taxes +€15,321
up €15,321 (+43.1%), from €35,544 to €50,865
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 | €496,521 | €613,739 | +€117,219 | +23.6% |
| Fixed assets | 21/28 | €2,894 | €2,935 | +€41 | +1.4% |
| Tangible fixed assets | 22/27 | €1,614 | €1,655 | +€41 | +2.5% |
| Furniture and vehicles | 24 | €1,614 | €1,655 | +€41 | +2.5% |
| Financial fixed assets | 28 | €1,280 | €1,280 | = | 0.0% |
| Current assets | 29/58 | €493,626 | €610,804 | +€117,178 | +23.7% |
| Amounts receivable within one year | 40/41 | €395,890 | €415,265 | +€19,375 | +4.9% |
| Trade receivables | 40 | €318,899 | €365,463 | +€46,564 | +14.6% |
| Other amounts receivable | 41 | €76,991 | €49,802 | -€27,189 | -35.3% |
| Cash at bank and in hand | 54/58 | €71,037 | €177,839 | +€106,802 | +150% |
| Deferred charges and accrued income | 490/1 | €26,700 | €17,700 | -€9,000 | -33.7% |
| Total equity and liabilities | 10/49 | €496,521 | €613,739 | +€117,219 | +23.6% |
| Equity | 10/15 | €406,765 | €484,351 | +€77,586 | +19.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €325,750 | €400,750 | +€75,000 | +23.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €307,000 | €382,000 | +€75,000 | +24.4% |
| Profit (loss) carried forward | 14 | €60,555 | €63,141 | +€2,586 | +4.3% |
| Provisions and deferred taxes | 16 | €27,476 | €27,476 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €27,476 | €27,476 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,476 | €27,476 | = | 0.0% |
| Amounts payable | 17/49 | €62,279 | €101,912 | +€39,633 | +63.6% |
| Amounts payable within one year | 42/48 | €62,279 | €101,912 | +€39,633 | +63.6% |
| Current portion of amounts payable after more than one year | 42 | €3,004 | - | -€3,004 | |
| Trade debts | 44 | €18,487 | €14,197 | -€4,290 | -23.2% |
| Suppliers | 440/4 | €18,487 | €14,197 | -€4,290 | -23.2% |
| Taxes, remuneration and social security | 45 | €40,788 | €68,241 | +€27,453 | +67.3% |
| Taxes | 450/3 | €40,788 | €68,241 | +€27,453 | +67.3% |
| Other amounts payable | 47/48 | - | €19,474 | +€19,474 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,384 | €1,195 | -€189 | -13.7% |
| Other operating charges | 640/8 | €1,755 | €1,657 | -€99 | -5.6% |
| Gross operating margin | 9900 | €125,607 | €165,597 | +€39,990 | +31.8% |
| Operating profit (loss) | 9901 | €122,468 | €162,745 | +€40,277 | +32.9% |
| Financial income | 75/76B | €1,032 | €1,153 | +€121 | +11.7% |
| Recurring financial income | 75 | €1,032 | €1,153 | +€121 | +11.7% |
| Financial charges | 65/66B | €461 | €448 | -€14 | -3.0% |
| Recurring financial charges | 65 | €461 | €448 | -€14 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €123,039 | €163,451 | +€40,412 | +32.8% |
| Income taxes | 67/77 | €35,544 | €50,865 | +€15,321 | +43.1% |
| Profit (loss) for the period | 9904 | €87,495 | €112,586 | +€25,090 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €87,495 | €112,586 | +€25,090 | +28.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.