PATRICK LENARDUZZI: 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 LENARDUZZI
Largest movements
- Current investments +€84,858
up €84,858 (+68.2%), from €124,483 to €209,341
- Cash +€32,345
up €32,345 (+163.2%), from €19,814 to €52,159
mainly Net result for the year (+€118,717) and Other debts (+€44,894)
- Tangible fixed assets -€19,967
down €19,967 (-31.7%), from €62,968 to €43,001
of which Furniture and vehicles: -€18,402
- Deferred charges and accrued income -€7,642
down €7,642 (-13.4%), from €56,879 to €49,237
- Receivables within one year +€5,456
up €5,456 (+852.6%), from €640 to €6,096
of which Other amounts receivable: +€5,093
- Reserves +€48,127
up €48,127 (+28.6%), from €168,438 to €216,564
of which Distributable reserves: +€48,127
- Other debts +€44,894
up €44,894 (+208.2%), from €21,558 to €66,452
- Tax, wage and social debts +€17,282
up €17,282 (+69.7%), from €24,787 to €42,069
of which Taxes: +€16,640
- Debts after one year -€15,876
down €15,876 (-66.0%), from €24,059 to €8,182
- Gross operating margin +€51,758
up €51,758 (+29.7%), from €174,012 to €225,769
- Taxes +€13,250
up €13,250 (+29.9%), from €44,369 to €57,618
- Depreciation +€5,392
up €5,392 (+27.4%), from €19,684 to €25,076
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 | €266,635 | €361,684 | +€95,049 | +35.6% |
| Fixed assets | 21/28 | €64,818 | €44,851 | -€19,967 | -30.8% |
| Tangible fixed assets | 22/27 | €62,968 | €43,001 | -€19,967 | -31.7% |
| Land and buildings | 22 | €9,555 | €11,590 | +€2,036 | +21.3% |
| Plant, machinery and equipment | 23 | €10,704 | €7,103 | -€3,601 | -33.6% |
| Furniture and vehicles | 24 | €42,710 | €24,308 | -€18,402 | -43.1% |
| Financial fixed assets | 28 | €1,850 | €1,850 | = | 0.0% |
| Current assets | 29/58 | €201,817 | €316,833 | +€115,016 | +57.0% |
| Amounts receivable within one year | 40/41 | €640 | €6,096 | +€5,456 | +852.6% |
| Trade receivables | 40 | - | €363 | +€363 | |
| Other amounts receivable | 41 | €640 | €5,733 | +€5,093 | +795.9% |
| Current investments | 50/53 | €124,483 | €209,341 | +€84,858 | +68.2% |
| Cash at bank and in hand | 54/58 | €19,814 | €52,159 | +€32,345 | +163.2% |
| Deferred charges and accrued income | 490/1 | €56,879 | €49,237 | -€7,642 | -13.4% |
| Total equity and liabilities | 10/49 | €266,635 | €361,684 | +€95,049 | +35.6% |
| Equity | 10/15 | €180,838 | €228,964 | +€48,127 | +26.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €168,438 | €216,564 | +€48,127 | +28.6% |
| Tax-exempt reserves | 132 | €11,676 | €11,676 | = | 0.0% |
| Distributable reserves | 133 | €156,762 | €204,889 | +€48,127 | +30.7% |
| Amounts payable | 17/49 | €85,797 | €132,720 | +€46,923 | +54.7% |
| Amounts payable after more than one year | 17 | €24,059 | €8,182 | -€15,876 | -66.0% |
| Financial debts | 170/4 | €24,059 | €8,182 | -€15,876 | -66.0% |
| Amounts payable within one year | 42/48 | €61,673 | €124,492 | +€62,819 | +101.9% |
| Current portion of amounts payable after more than one year | 42 | €15,246 | €15,876 | +€630 | +4.1% |
| Trade debts | 44 | €82 | €94 | +€13 | +15.7% |
| Suppliers | 440/4 | €82 | €94 | +€13 | +15.7% |
| Taxes, remuneration and social security | 45 | €24,787 | €42,069 | +€17,282 | +69.7% |
| Taxes | 450/3 | €21,776 | €38,415 | +€16,640 | +76.4% |
| Remuneration and social security | 454/9 | €3,011 | €3,654 | +€643 | +21.3% |
| Other amounts payable | 47/48 | €21,558 | €66,452 | +€44,894 | +208.2% |
| Accrued charges and deferred income | 492/3 | €66 | €46 | -€20 | -30.3% |
| Remuneration, social security and pensions | 62 | €20,924 | €21,446 | +€522 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,684 | €25,076 | +€5,392 | +27.4% |
| Other operating charges | 640/8 | €3,432 | €1,699 | -€1,733 | -50.5% |
| Gross operating margin | 9900 | €174,012 | €225,769 | +€51,758 | +29.7% |
| Operating profit (loss) | 9901 | €129,972 | €177,548 | +€47,576 | +36.6% |
| Financial income | 75/76B | €330 | €709 | +€380 | +115.1% |
| Recurring financial income | 75 | €330 | €709 | +€380 | +115.1% |
| Financial charges | 65/66B | €1,621 | €1,922 | +€301 | +18.6% |
| Recurring financial charges | 65 | €1,621 | €1,922 | +€301 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €128,680 | €176,335 | +€47,655 | +37.0% |
| Income taxes | 67/77 | €44,369 | €57,618 | +€13,250 | +29.9% |
| Profit (loss) for the period | 9904 | €84,312 | €118,717 | +€34,405 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,312 | €118,717 | +€34,405 | +40.8% |
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 3 October 2026 via checked.be.