Patrick De Vylder: 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 Vylder
Largest movements
- Cash +€295,237
up €295,237 (+670%), from €44,090 to €339,328
mainly Other debts (+€778,521) and Net result for the year (+€496,417)
- Tangible fixed assets +€179,521
up €179,521 (+544%), from €32,976 to €212,497
of which Other tangible fixed assets: +€183,430
- Receivables within one year +€124,172
up €124,172 (+9.7%), from €1.3m to €1.4m
of which Other amounts receivable: +€67,597
- Current investments -€87,508
down €87,508 (-16.3%), from €537,508 to €450,000
- Other debts +€778,521
up €778,521 (+254%), from €306,760 to €1.1m
- Profit (loss) carried forward -€256,780
no longer reported in 2025 (was €256,780)
- Reserves -€183,250
down €183,250 (-33.7%), from €543,918 to €360,668
of which Distributable reserves: -€183,250
- Short-term financial debts +€86,242
up €86,242 (+15.3%), from €564,525 to €650,767
- Tax, wage and social debts +€84,749
up €84,749 (+138%), from €61,319 to €146,068
of which Taxes: +€84,748
- Gross operating margin +€76,092
up €76,092 (+13.0%), from €587,165 to €663,257
- Financial income +€72,361
up €72,361 (+304%), from €23,791 to €96,152
- Taxes +€33,422
up €33,422 (+25.2%), from €132,442 to €165,864
- Other operating charges +€19,986
up €19,986 (+897%), from €2,228 to €22,214
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 | €1,899,665 | €2,417,380 | +€517,715 | +27.3% |
| Fixed assets | 21/28 | €32,976 | €212,497 | +€179,521 | +544% |
| Tangible fixed assets | 22/27 | €32,976 | €212,497 | +€179,521 | +544% |
| Plant, machinery and equipment | 23 | €8,492 | €6,879 | -€1,613 | -19.0% |
| Furniture and vehicles | 24 | €7,912 | €5,616 | -€2,296 | -29.0% |
| Other tangible fixed assets | 26 | €16,571 | €200,001 | +€183,430 | +1,107% |
| Current assets | 29/58 | €1,866,690 | €2,204,884 | +€338,194 | +18.1% |
| Amounts receivable within one year | 40/41 | €1,273,966 | €1,398,138 | +€124,172 | +9.7% |
| Trade receivables | 40 | €380,225 | €436,800 | +€56,575 | +14.9% |
| Other amounts receivable | 41 | €893,741 | €961,338 | +€67,597 | +7.6% |
| Current investments | 50/53 | €537,508 | €450,000 | -€87,508 | -16.3% |
| Cash at bank and in hand | 54/58 | €44,090 | €339,328 | +€295,237 | +670% |
| Deferred charges and accrued income | 490/1 | €11,125 | €17,418 | +€6,293 | +56.6% |
| Total equity and liabilities | 10/49 | €1,899,665 | €2,417,380 | +€517,715 | +27.3% |
| Equity | 10/15 | €830,698 | €390,668 | -€440,030 | -53.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €543,918 | €360,668 | -€183,250 | -33.7% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €540,918 | €357,668 | -€183,250 | -33.9% |
| Profit (loss) carried forward | 14 | €256,780 | - | -€256,780 | |
| Amounts payable | 17/49 | €1,068,968 | €2,026,713 | +€957,745 | +89.6% |
| Amounts payable within one year | 42/48 | €1,038,811 | €1,994,581 | +€955,770 | +92.0% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 43 | €564,525 | €650,767 | +€86,242 | +15.3% |
| Other loans | 439 | €564,525 | €650,767 | +€86,242 | +15.3% |
| Trade debts | 44 | €6,207 | €12,466 | +€6,258 | +101% |
| Suppliers | 440/4 | €6,207 | €12,466 | +€6,258 | +101% |
| Taxes, remuneration and social security | 45 | €61,319 | €146,068 | +€84,749 | +138% |
| Taxes | 450/3 | €55,641 | €140,389 | +€84,748 | +152% |
| Remuneration and social security | 454/9 | €5,677 | €5,679 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €306,760 | €1,085,281 | +€778,521 | +254% |
| Accrued charges and deferred income | 492/3 | €30,157 | €32,132 | +€1,975 | +6.5% |
| Remuneration, social security and pensions | 62 | €25,691 | €26,107 | +€416 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,598 | €12,182 | +€4,584 | +60.3% |
| Other operating charges | 640/8 | €2,228 | €22,214 | +€19,986 | +897% |
| Gross operating margin | 9900 | €587,165 | €663,257 | +€76,092 | +13.0% |
| Operating profit (loss) | 9901 | €551,647 | €602,754 | +€51,107 | +9.3% |
| Financial income | 75/76B | €23,791 | €96,152 | +€72,361 | +304% |
| Recurring financial income | 75 | €23,791 | €96,152 | +€72,361 | +304% |
| Financial charges | 65/66B | €37,092 | €36,625 | -€467 | -1.3% |
| Recurring financial charges | 65 | €37,092 | €36,625 | -€467 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €538,347 | €662,281 | +€123,934 | +23.0% |
| Income taxes | 67/77 | €132,442 | €165,864 | +€33,422 | +25.2% |
| Profit (loss) for the period | 9904 | €405,904 | €496,417 | +€90,513 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €405,904 | €496,417 | +€90,513 | +22.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.