PATRICK HELEU: 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 HELEU
Largest movements
- Receivables within one year +€117,329
up €117,329 (+20.0%), from €587,137 to €704,466
of which Other amounts receivable: +€171,489
- Tangible fixed assets -€114,542
down €114,542 (-6.6%), from €1.7m to €1.6m
of which Land and buildings: -€80,653
- Cash +€103,484
up €103,484 (+191.8%), from €53,948 to €157,433
mainly Depreciation (+€140,281) and Contributions, distributions and other (+€133,118)
- Reserves +€260,187
up €260,187 (+9.5%), from €2.7m to €3.0m
of which Distributable reserves: +€133,887
- Current portion of long-term debt -€106,658
no longer reported in 2025 (was €106,658)
- Tax, wage and social debts -€37,175
down €37,175 (-83.5%), from €44,511 to €7,335
- Gross operating margin -€34,891
down €34,891 (-6.9%), from €506,007 to €471,117
- Taxes -€30,060
down €30,060 (-22.0%), from €136,505 to €106,445
- Depreciation +€27,025
up €27,025 (+23.9%), from €113,256 to €140,281
- Other operating charges -€22,822
down €22,822 (-72.2%), from €31,603 to €8,781
- Financial income -€6,748
down €6,748 (-14.3%), from €47,070 to €40,322
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 | €2,963,793 | €3,089,058 | +€125,265 | +4.2% |
| Fixed assets | 21/28 | €2,312,708 | €2,217,160 | -€95,548 | -4.1% |
| Tangible fixed assets | 22/27 | €1,725,714 | €1,611,172 | -€114,542 | -6.6% |
| Land and buildings | 22 | €1,576,953 | €1,496,301 | -€80,653 | -5.1% |
| Plant, machinery and equipment | 23 | €2,453 | €2,194 | -€259 | -10.6% |
| Furniture and vehicles | 24 | €100,999 | €74,920 | -€26,078 | -25.8% |
| Other tangible fixed assets | 26 | €45,309 | €37,758 | -€7,552 | -16.7% |
| Financial fixed assets | 28 | €586,993 | €605,988 | +€18,994 | +3.2% |
| Current assets | 29/58 | €651,085 | €871,898 | +€220,813 | +33.9% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €587,137 | €704,466 | +€117,329 | +20.0% |
| Trade receivables | 40 | €54,160 | - | -€54,160 | |
| Other amounts receivable | 41 | €532,977 | €704,466 | +€171,489 | +32.2% |
| Cash at bank and in hand | 54/58 | €53,948 | €157,433 | +€103,484 | +191.8% |
| Total equity and liabilities | 10/49 | €2,963,793 | €3,089,058 | +€125,265 | +4.2% |
| Equity | 10/15 | €2,751,137 | €3,011,324 | +€260,187 | +9.5% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €2,726,337 | €2,986,524 | +€260,187 | +9.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €267,335 | €393,635 | +€126,300 | +47.2% |
| Distributable reserves | 133 | €2,457,142 | €2,591,029 | +€133,887 | +5.4% |
| Amounts payable | 17/49 | €212,656 | €77,734 | -€134,922 | -63.4% |
| Amounts payable after more than one year | 17 | €35,884 | €35,884 | = | 0.0% |
| Financial debts | 170/4 | €35,884 | €35,884 | = | 0.0% |
| Amounts payable within one year | 42/48 | €156,772 | €11,850 | -€144,922 | -92.4% |
| Current portion of amounts payable after more than one year | 42 | €106,658 | - | -€106,658 | |
| Trade debts | 44 | €5,604 | €4,515 | -€1,090 | -19.4% |
| Suppliers | 440/4 | €5,604 | €4,515 | -€1,090 | -19.4% |
| Taxes, remuneration and social security | 45 | €44,511 | €7,335 | -€37,175 | -83.5% |
| Taxes | 450/3 | €44,511 | €7,335 | -€37,175 | -83.5% |
| Accrued charges and deferred income | 492/3 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,256 | €140,281 | +€27,025 | +23.9% |
| Other operating charges | 640/8 | €31,603 | €8,781 | -€22,822 | -72.2% |
| Gross operating margin | 9900 | €506,007 | €471,117 | -€34,891 | -6.9% |
| Operating profit (loss) | 9901 | €361,149 | €322,055 | -€39,094 | -10.8% |
| Financial income | 75/76B | €47,070 | €40,322 | -€6,748 | -14.3% |
| Recurring financial income | 75 | €47,070 | €40,322 | -€6,748 | -14.3% |
| Financial charges | 65/66B | €3,098 | €2,563 | -€535 | -17.3% |
| Recurring financial charges | 65 | €3,098 | €2,563 | -€535 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €405,120 | €359,814 | -€45,306 | -11.2% |
| Transfer to deferred taxes | 680 | €84,200 | €126,300 | +€42,100 | +50.0% |
| Income taxes | 67/77 | €136,505 | €106,445 | -€30,060 | -22.0% |
| Profit (loss) for the period | 9904 | €184,415 | €127,069 | -€57,346 | -31.1% |
| Transfer from tax-exempt reserves | 789 | €195,765 | - | -€195,765 | |
| Profit (loss) for the period to be appropriated | 9905 | €380,180 | €127,069 | -€253,111 | -66.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.