PATRICK DERTHOO: 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.
What changed
PATRICK DERTHOO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€174,492
2024 · €410,654-€236,162
Equity
€6.2m
2024 · €6.0m+€173,633
Cash
€365,263
2024 · €304,074+€61,189
Balance sheet total
€7.3m
2024 · €7.3m+€33,475
Largest movements
Assets
- Current investments +€103,738
up €103,738 (+2.7%), from €3.9m to €4.0m
Equity and liabilities
- Reserves +€173,633
up €173,633 (+2.9%), from €6.0m to €6.1m
of which Distributable reserves: +€173,633
- Accrued charges and deferred income -€126,161
down €126,161 (-97.6%), from €129,247 to €3,086
Income statement
- Gross operating margin -€568,815
down €568,815 (-79.6%), from €714,357 to €145,542
- Taxes -€143,561
down €143,561 (-90.1%), from €159,311 to €15,751
- Financial income +€122,393
up €122,393 (+147.5%), from €83,003 to €205,397
- Depreciation -€68,489
down €68,489 (-44.1%), from €155,265 to €86,776
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.
Result 2024
€410,654
Gross operating margin
-€568,815
Depreciation
+€68,489
Other operating charges
+€3,877
Financial income
+€122,393
Financial charges
-€5,668
Taxes
+€143,561
Result 2025
€174,492
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.
From operations
+€193,691
Investment
-€131,643
Financing
-€859
Cash 2024
€304,074
From operations (derived)
+€193,691
Net result for the year
+€174,492
Depreciation
+€86,776
Receivables within one year
+€72,465
Smaller working-capital items
+€128
Trade debts
-€2,666
Other debts
-€11,342
Accrued charges and deferred income
-€126,161
Investment (derived)
-€131,643
Investment in fixed assets (net)
-€27,906
Current investments
-€103,738
Financing
-€859
Contributions, distributions and other
-€859
Cash 2025
€365,263
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,275,677 | €7,309,152 | +€33,475 | +0.5% |
| Fixed assets | 21/28 | €2,652,772 | €2,593,902 | -€58,870 | -2.2% |
| Tangible fixed assets | 22/27 | €2,552,772 | €2,493,902 | -€58,870 | -2.3% |
| Land and buildings | 22 | €2,552,772 | €2,493,902 | -€58,870 | -2.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €4,622,905 | €4,715,250 | +€92,344 | +2.0% |
| Amounts receivable within one year | 40/41 | €409,711 | €337,246 | -€72,465 | -17.7% |
| Trade receivables | 40 | €1,989 | €626 | -€1,363 | -68.5% |
| Other amounts receivable | 41 | €407,723 | €336,620 | -€71,102 | -17.4% |
| Current investments | 50/53 | €3,899,832 | €4,003,570 | +€103,738 | +2.7% |
| Cash at bank and in hand | 54/58 | €304,074 | €365,263 | +€61,189 | +20.1% |
| Deferred charges and accrued income | 490/1 | €9,288 | €9,170 | -€117 | -1.3% |
| Total equity and liabilities | 10/49 | €7,275,677 | €7,309,152 | +€33,475 | +0.5% |
| Equity | 10/15 | €5,996,932 | €6,170,565 | +€173,633 | +2.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €5,966,932 | €6,140,565 | +€173,633 | +2.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €5,966,932 | €6,140,565 | +€173,633 | +2.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,278,745 | €1,138,587 | -€140,158 | -11.0% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €649,498 | €635,501 | -€13,997 | -2.2% |
| Trade debts | 44 | €4,853 | €2,187 | -€2,666 | -54.9% |
| Suppliers | 440/4 | €4,853 | €2,187 | -€2,666 | -54.9% |
| Taxes, remuneration and social security | 45 | €4,210 | €4,221 | +€11 | +0.3% |
| Taxes | 450/3 | €2,039 | €1,677 | -€362 | -17.7% |
| Remuneration and social security | 454/9 | €2,172 | €2,544 | +€373 | +17.2% |
| Other amounts payable | 47/48 | €640,435 | €629,093 | -€11,342 | -1.8% |
| Accrued charges and deferred income | 492/3 | €129,247 | €3,086 | -€126,161 | -97.6% |
| Non-recurring operating income | 76A | €0 | €39,000 | +€39,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,265 | €86,776 | -€68,489 | -44.1% |
| Other operating charges | 640/8 | €19,111 | €15,234 | -€3,877 | -20.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €714,357 | €145,542 | -€568,815 | -79.6% |
| Operating profit (loss) | 9901 | €539,981 | €43,532 | -€496,448 | -91.9% |
| Financial income | 75/76B | €83,003 | €205,397 | +€122,393 | +147.5% |
| Recurring financial income | 75 | €83,003 | €205,397 | +€122,393 | +147.5% |
| Financial charges | 65/66B | €53,018 | €58,686 | +€5,668 | +10.7% |
| Recurring financial charges | 65 | €53,018 | €58,686 | +€5,668 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €569,966 | €190,243 | -€379,723 | -66.6% |
| Income taxes | 67/77 | €159,311 | €15,751 | -€143,561 | -90.1% |
| Profit (loss) for the period | 9904 | €410,654 | €174,492 | -€236,162 | -57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €410,654 | €174,492 | -€236,162 | -57.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.