Patrick Kreins: 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 Kreins
Largest movements
- Receivables within one year -€58,012
down €58,012 (-33.4%), from €173,470 to €115,457
of which Trade receivables: -€54,113
- Tangible fixed assets +€14,939
up €14,939 (+9.2%), from €161,952 to €176,891
of which Leasing and similar rights: +€28,952
- Stocks and contracts -€7,629
down €7,629 (-13.0%), from €58,801 to €51,172
- Trade debts -€112,524
down €112,524 (-43.9%), from €256,270 to €143,746
- Tax, wage and social debts +€35,261
up €35,261 (+86.7%), from €40,658 to €75,919
of which Remuneration and social security: +€40,444
- Short-term financial debts +€18,060
up €18,060 (+31.9%), from €56,691 to €74,751
- Debts after one year -€13,688
down €13,688 (-21.9%), from €62,517 to €48,830
of which Other amounts payable: -€15,509
- Current portion of long-term debt +€7,284
up €7,284 (+46.2%), from €15,776 to €23,060
- Staff costs -€27,970
down €27,970 (-13.0%), from €215,577 to €187,607
- Gross operating margin +€14,272
up €14,272 (+5.3%), from €267,025 to €281,297
- Depreciation +€6,139
up €6,139 (+41.2%), from €14,916 to €21,054
- Financial charges +€3,414
up €3,414 (+36.5%), from €9,355 to €12,769
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €397,962 | €346,060 | -€51,902 | -13.0% |
| Fixed assets | 21/28 | €162,087 | €177,026 | +€14,939 | +9.2% |
| Tangible fixed assets | 22/27 | €161,952 | €176,891 | +€14,939 | +9.2% |
| Land and buildings | 22 | €160,257 | €147,011 | -€13,246 | -8.3% |
| Plant, machinery and equipment | 23 | €1,186 | €699 | -€486 | -41.0% |
| Furniture and vehicles | 24 | €510 | €229 | -€281 | -55.2% |
| Leasing and similar rights | 25 | - | €28,952 | +€28,952 | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €235,875 | €169,034 | -€66,841 | -28.3% |
| Stocks and contracts in progress | 3 | €58,801 | €51,172 | -€7,629 | -13.0% |
| Stocks | 30/36 | €58,801 | €51,172 | -€7,629 | -13.0% |
| Amounts receivable within one year | 40/41 | €173,470 | €115,457 | -€58,012 | -33.4% |
| Trade receivables | 40 | €166,038 | €111,924 | -€54,113 | -32.6% |
| Other amounts receivable | 41 | €7,432 | €3,533 | -€3,899 | -52.5% |
| Cash at bank and in hand | 54/58 | €861 | - | -€861 | |
| Deferred charges and accrued income | 490/1 | €2,742 | €2,405 | -€337 | -12.3% |
| Total equity and liabilities | 10/49 | €397,962 | €346,060 | -€51,902 | -13.0% |
| Equity | 10/15 | -€33,977 | -€26,817 | +€7,160 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,577 | -€45,417 | +€7,160 | +13.6% |
| Amounts payable | 17/49 | €431,939 | €372,877 | -€59,062 | -13.7% |
| Amounts payable after more than one year | 17 | €62,517 | €48,830 | -€13,688 | -21.9% |
| Financial debts | 170/4 | €47,008 | €48,830 | +€1,822 | +3.9% |
| Other amounts payable | 178/9 | €15,509 | - | -€15,509 | |
| Amounts payable within one year | 42/48 | €369,422 | €324,048 | -€45,374 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €15,776 | €23,060 | +€7,284 | +46.2% |
| Financial debts | 43 | €56,691 | €74,751 | +€18,060 | +31.9% |
| Credit institutions | 430/8 | €56,691 | €74,751 | +€18,060 | +31.9% |
| Trade debts | 44 | €256,270 | €143,746 | -€112,524 | -43.9% |
| Suppliers | 440/4 | €256,270 | €143,746 | -€112,524 | -43.9% |
| Taxes, remuneration and social security | 45 | €40,658 | €75,919 | +€35,261 | +86.7% |
| Taxes | 450/3 | €8,234 | €3,050 | -€5,184 | -63.0% |
| Remuneration and social security | 454/9 | €32,424 | €72,868 | +€40,444 | +125% |
| Other amounts payable | 47/48 | €27 | €6,572 | +€6,545 | +24,286% |
| Remuneration, social security and pensions | 62 | €215,577 | €187,607 | -€27,970 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,916 | €21,054 | +€6,139 | +41.2% |
| Other operating charges | 640/8 | €12,034 | €9,594 | -€2,440 | -20.3% |
| Non-recurring operating charges | 66A | - | €43,114 | +€43,114 | |
| Gross operating margin | 9900 | €267,025 | €281,297 | +€14,272 | +5.3% |
| Operating profit (loss) | 9901 | €24,498 | €19,929 | -€4,570 | -18.7% |
| Financial charges | 65/66B | €9,355 | €12,769 | +€3,414 | +36.5% |
| Recurring financial charges | 65 | €9,355 | €12,769 | +€3,414 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €15,144 | €7,160 | -€7,984 | -52.7% |
| Profit (loss) for the period | 9904 | €15,144 | €7,160 | -€7,984 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,144 | €7,160 | -€7,984 | -52.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.