PATRICK GEMOETS: 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 GEMOETS
Largest movements
- Current investments -€101,637
down €101,637 (-16.5%), from €617,349 to €515,712
- Tangible fixed assets -€51,922
down €51,922 (-31.6%), from €164,544 to €112,622
of which Furniture and vehicles: -€38,261
- Other debts -€133,491
down €133,491 (-50.0%), from €266,816 to €133,325
- Reserves -€17,468
down €17,468 (-2.0%), from €857,744 to €840,276
- Current portion of long-term debt -€13,686
down €13,686 (-86.4%), from €15,841 to €2,155
- Gross operating margin -€250,843
down €250,843 (-54.6%), from €459,482 to €208,639
- Taxes -€66,198
down €66,198 (-82.1%), from €80,661 to €14,462
- Financial income -€50,947
down €50,947 (-58.8%), from €86,633 to €35,686
- Staff costs -€41,569
down €41,569 (-24.9%), from €167,264 to €125,695
- Depreciation -€6,767
down €6,767 (-11.2%), from €60,502 to €53,735
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 | €1,223,513 | €1,062,864 | -€160,649 | -13.1% |
| Fixed assets | 21/28 | €164,689 | €112,622 | -€52,067 | -31.6% |
| Intangible fixed assets | 21 | €145 | - | -€145 | |
| Tangible fixed assets | 22/27 | €164,544 | €112,622 | -€51,922 | -31.6% |
| Land and buildings | 22 | €51,822 | €42,727 | -€9,094 | -17.5% |
| Furniture and vehicles | 24 | €82,889 | €44,627 | -€38,261 | -46.2% |
| Other tangible fixed assets | 26 | €29,834 | €25,268 | -€4,566 | -15.3% |
| Current assets | 29/58 | €1,058,824 | €950,242 | -€108,582 | -10.3% |
| Amounts receivable within one year | 40/41 | €72,853 | €66,991 | -€5,862 | -8.0% |
| Trade receivables | 40 | €3,308 | €1,773 | -€1,535 | -46.4% |
| Other amounts receivable | 41 | €69,545 | €65,217 | -€4,327 | -6.2% |
| Current investments | 50/53 | €617,349 | €515,712 | -€101,637 | -16.5% |
| Cash at bank and in hand | 54/58 | €362,491 | €360,468 | -€2,023 | -0.6% |
| Deferred charges and accrued income | 490/1 | €6,131 | €7,071 | +€940 | +15.3% |
| Total equity and liabilities | 10/49 | €1,223,513 | €1,062,864 | -€160,649 | -13.1% |
| Equity | 10/15 | €863,944 | €846,476 | -€17,468 | -2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €857,744 | €840,276 | -€17,468 | -2.0% |
| Distributable reserves | 133 | €857,744 | €840,276 | -€17,468 | -2.0% |
| Amounts payable | 17/49 | €359,569 | €216,388 | -€143,181 | -39.8% |
| Amounts payable after more than one year | 17 | €2,155 | - | -€2,155 | |
| Financial debts | 170/4 | €2,155 | - | -€2,155 | |
| Amounts payable within one year | 42/48 | €353,640 | €213,363 | -€140,276 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €15,841 | €2,155 | -€13,686 | -86.4% |
| Trade debts | 44 | €50,622 | €62,487 | +€11,865 | +23.4% |
| Suppliers | 440/4 | €50,622 | €62,487 | +€11,865 | +23.4% |
| Taxes, remuneration and social security | 45 | €20,361 | €15,397 | -€4,964 | -24.4% |
| Remuneration and social security | 454/9 | €20,361 | €15,397 | -€4,964 | -24.4% |
| Other amounts payable | 47/48 | €266,816 | €133,325 | -€133,491 | -50.0% |
| Accrued charges and deferred income | 492/3 | €3,775 | €3,024 | -€750 | -19.9% |
| Remuneration, social security and pensions | 62 | €167,264 | €125,695 | -€41,569 | -24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,502 | €53,735 | -€6,767 | -11.2% |
| Other operating charges | 640/8 | €6,300 | €4,236 | -€2,064 | -32.8% |
| Gross operating margin | 9900 | €459,482 | €208,639 | -€250,843 | -54.6% |
| Operating profit (loss) | 9901 | €225,416 | €24,972 | -€200,444 | -88.9% |
| Financial income | 75/76B | €86,633 | €35,686 | -€50,947 | -58.8% |
| Recurring financial income | 75 | €86,633 | €35,686 | -€50,947 | -58.8% |
| Financial charges | 65/66B | €5,444 | €1,624 | -€3,820 | -70.2% |
| Recurring financial charges | 65 | €5,444 | €1,624 | -€3,820 | -70.2% |
| Profit (loss) for the period before taxes | 9903 | €306,605 | €59,034 | -€247,571 | -80.7% |
| Income taxes | 67/77 | €80,661 | €14,462 | -€66,198 | -82.1% |
| Profit (loss) for the period | 9904 | €225,945 | €44,572 | -€181,373 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €225,945 | €44,572 | -€181,373 | -80.3% |
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 20 October 2026 via checked.be.