PATRICK HILVEN: 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 HILVEN
Largest movements
- Tangible fixed assets -€56,851
down €56,851 (-6.1%), from €931,349 to €874,497
of which Land and buildings: -€43,149
- Current investments +€30,344
up €30,344 (+32.3%), from €93,824 to €124,169
- Receivables within one year +€20,912
up €20,912 (+7.5%), from €279,339 to €300,251
of which Trade receivables: +€18,906
- Reserves +€27,483
up €27,483 (+11.8%), from €233,859 to €261,342
- Other debts -€23,696
down €23,696 (-35.1%), from €67,569 to €43,873
- Debts after one year -€21,902
down €21,902 (-2.4%), from €925,463 to €903,561
of which Financial debts: -€71,902
- Gross operating margin +€16,508
up €16,508 (+9.0%), from €183,794 to €200,302
- Financial charges +€13,327
up €13,327 (+17.6%), from €75,719 to €89,046
- Taxes -€7,988
down €7,988 (-40.2%), from €19,864 to €11,875
- Depreciation +€7,214
up €7,214 (+12.5%), from €57,576 to €64,790
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 | €1,505,963 | €1,495,535 | -€10,427 | -0.7% |
| Fixed assets | 21/28 | €1,116,349 | €1,059,497 | -€56,851 | -5.1% |
| Tangible fixed assets | 22/27 | €931,349 | €874,497 | -€56,851 | -6.1% |
| Land and buildings | 22 | €839,148 | €795,999 | -€43,149 | -5.1% |
| Plant, machinery and equipment | 23 | €13,054 | €16,332 | +€3,278 | +25.1% |
| Furniture and vehicles | 24 | €79,147 | €62,166 | -€16,981 | -21.5% |
| Financial fixed assets | 28 | €185,000 | €185,000 | = | 0.0% |
| Current assets | 29/58 | €389,614 | €436,038 | +€46,424 | +11.9% |
| Amounts receivable within one year | 40/41 | €279,339 | €300,251 | +€20,912 | +7.5% |
| Trade receivables | 40 | - | €18,906 | +€18,906 | |
| Other amounts receivable | 41 | €279,339 | €281,345 | +€2,006 | +0.7% |
| Current investments | 50/53 | €93,824 | €124,169 | +€30,344 | +32.3% |
| Cash at bank and in hand | 54/58 | €13,178 | €8,127 | -€5,051 | -38.3% |
| Deferred charges and accrued income | 490/1 | €3,273 | €3,491 | +€218 | +6.7% |
| Total equity and liabilities | 10/49 | €1,505,963 | €1,495,535 | -€10,427 | -0.7% |
| Equity | 10/15 | €432,459 | €459,942 | +€27,483 | +6.4% |
| Contributions | 10/11 | €198,600 | €198,600 | = | 0.0% |
| Reserves | 13 | €233,859 | €261,342 | +€27,483 | +11.8% |
| Distributable reserves | 133 | €233,859 | €261,342 | +€27,483 | +11.8% |
| Amounts payable | 17/49 | €1,073,504 | €1,035,593 | -€37,911 | -3.5% |
| Amounts payable after more than one year | 17 | €925,463 | €903,561 | -€21,902 | -2.4% |
| Financial debts | 170/4 | €525,463 | €453,561 | -€71,902 | -13.7% |
| Other amounts payable | 178/9 | €400,000 | €450,000 | +€50,000 | +12.5% |
| Amounts payable within one year | 42/48 | €148,040 | €132,032 | -€16,009 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €69,586 | €71,902 | +€2,316 | +3.3% |
| Trade debts | 44 | €261 | €2,277 | +€2,016 | +771.3% |
| Suppliers | 440/4 | €261 | €2,277 | +€2,016 | +771.3% |
| Taxes, remuneration and social security | 45 | €10,624 | €13,980 | +€3,356 | +31.6% |
| Taxes | 450/3 | €10,624 | €13,980 | +€3,356 | +31.6% |
| Other amounts payable | 47/48 | €67,569 | €43,873 | -€23,696 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,576 | €64,790 | +€7,214 | +12.5% |
| Other operating charges | 640/8 | €10,769 | €11,184 | +€414 | +3.8% |
| Gross operating margin | 9900 | €183,794 | €200,302 | +€16,508 | +9.0% |
| Operating profit (loss) | 9901 | €115,449 | €124,328 | +€8,879 | +7.7% |
| Financial income | 75/76B | €6,312 | €5,876 | -€436 | -6.9% |
| Recurring financial income | 75 | €6,312 | €5,876 | -€436 | -6.9% |
| Financial charges | 65/66B | €75,719 | €89,046 | +€13,327 | +17.6% |
| Recurring financial charges | 65 | €75,719 | €89,046 | +€13,327 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €46,042 | €41,159 | -€4,884 | -10.6% |
| Income taxes | 67/77 | €19,864 | €11,875 | -€7,988 | -40.2% |
| Profit (loss) for the period | 9904 | €26,179 | €29,283 | +€3,105 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,179 | €29,283 | +€3,105 | +11.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.