PATRICK LEROY: 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 LEROY
Largest movements
- Stocks and contracts -€26,750
down €26,750 (-94.7%), from €28,250 to €1,500
of which Contracts in progress: -€25,000
- Tangible fixed assets -€23,910
down €23,910 (-29.8%), from €80,163 to €56,253
of which Furniture and vehicles: -€16,687
- Cash -€19,769
down €19,769 (-75.8%), from €26,064 to €6,295
mainly Net result for the year (-€25,087) and Debts after one year (-€24,818)
- Receivables within one year +€13,306
up €13,306 (+19.7%), from €67,411 to €80,717
of which Other amounts receivable: +€27,125
- Profit (loss) carried forward -€25,087
down €25,087 (-208%), from -€12,072 to -€37,159
- Debts after one year -€24,818
down €24,818 (-38.8%), from €64,030 to €39,212
- Trade debts -€8,182
down €8,182 (-24.6%), from €33,258 to €25,076
- Tax, wage and social debts +€4,622
up €4,622 (+22.4%), from €20,676 to €25,298
of which Remuneration and social security: +€2,321
- Short-term financial debts -€3,915
down €3,915 (-100%), from €3,915 to €0
- Gross operating margin -€97,130
down €97,130 (-47.0%), from €206,837 to €109,707
- Other operating charges -€23,974
down €23,974 (-93.2%), from €25,728 to €1,755
- Staff costs +€16,218
up €16,218 (+19.0%), from €85,184 to €101,403
- Taxes -€6,475
down €6,475 (-82.9%), from €7,806 to €1,332
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 | €204,443 | €148,218 | -€56,224 | -27.5% |
| Fixed assets | 21/28 | €80,208 | €56,298 | -€23,910 | -29.8% |
| Tangible fixed assets | 22/27 | €80,163 | €56,253 | -€23,910 | -29.8% |
| Plant, machinery and equipment | 23 | €5,979 | €3,465 | -€2,514 | -42.0% |
| Furniture and vehicles | 24 | €60,457 | €43,770 | -€16,687 | -27.6% |
| Leasing and similar rights | 25 | €13,727 | €9,018 | -€4,709 | -34.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €124,235 | €91,920 | -€32,315 | -26.0% |
| Stocks and contracts in progress | 3 | €28,250 | €1,500 | -€26,750 | -94.7% |
| Stocks | 30/36 | €3,250 | €1,500 | -€1,750 | -53.8% |
| Contracts in progress | 37 | €25,000 | €0 | -€25,000 | -100% |
| Amounts receivable within one year | 40/41 | €67,411 | €80,717 | +€13,306 | +19.7% |
| Trade receivables | 40 | €20,252 | €6,433 | -€13,819 | -68.2% |
| Other amounts receivable | 41 | €47,159 | €74,285 | +€27,125 | +57.5% |
| Cash at bank and in hand | 54/58 | €26,064 | €6,295 | -€19,769 | -75.8% |
| Deferred charges and accrued income | 490/1 | €2,509 | €3,408 | +€899 | +35.8% |
| Total equity and liabilities | 10/49 | €204,443 | €148,218 | -€56,224 | -27.5% |
| Equity | 10/15 | €56,099 | €31,012 | -€25,087 | -44.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,072 | -€37,159 | -€25,087 | -208% |
| Amounts payable | 17/49 | €148,344 | €117,207 | -€31,137 | -21.0% |
| Amounts payable after more than one year | 17 | €64,030 | €39,212 | -€24,818 | -38.8% |
| Financial debts | 170/4 | €64,030 | €39,212 | -€24,818 | -38.8% |
| Amounts payable within one year | 42/48 | €84,314 | €77,044 | -€7,270 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €26,465 | €24,818 | -€1,647 | -6.2% |
| Financial debts | 43 | €3,915 | €0 | -€3,915 | -100% |
| Credit institutions | 430/8 | €3,915 | €0 | -€3,915 | -100% |
| Trade debts | 44 | €33,258 | €25,076 | -€8,182 | -24.6% |
| Suppliers | 440/4 | €33,258 | €25,076 | -€8,182 | -24.6% |
| Advances received on contracts in progress | 46 | - | €1,852 | +€1,852 | |
| Taxes, remuneration and social security | 45 | €20,676 | €25,298 | +€4,622 | +22.4% |
| Taxes | 450/3 | €7,806 | €10,107 | +€2,301 | +29.5% |
| Remuneration and social security | 454/9 | €12,870 | €15,191 | +€2,321 | +18.0% |
| Accrued charges and deferred income | 492/3 | - | €951 | +€951 | |
| Non-recurring operating income | 76A | €17,775 | €0 | -€17,775 | -100% |
| Remuneration, social security and pensions | 62 | €85,184 | €101,403 | +€16,218 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,140 | €23,910 | +€769 | +3.3% |
| Other operating charges | 640/8 | €25,728 | €1,755 | -€23,974 | -93.2% |
| Non-recurring operating charges | 66A | €306 | €0 | -€306 | -100% |
| Gross operating margin | 9900 | €206,837 | €109,707 | -€97,130 | -47.0% |
| Operating profit (loss) | 9901 | €72,478 | -€17,360 | -€89,838 | |
| Financial income | 75/76B | €2,497 | €4,343 | +€1,847 | +74.0% |
| Recurring financial income | 75 | €2,497 | €4,343 | +€1,847 | +74.0% |
| Financial charges | 65/66B | €10,431 | €10,739 | +€308 | +3.0% |
| Recurring financial charges | 65 | €10,431 | €10,739 | +€308 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €64,544 | -€23,755 | -€88,299 | |
| Income taxes | 67/77 | €7,806 | €1,332 | -€6,475 | -82.9% |
| Profit (loss) for the period | 9904 | €56,738 | -€25,087 | -€81,825 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,738 | -€25,087 | -€81,825 |
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 13 October 2026 via checked.be.