PATRICK MORTROUX: 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 MORTROUX
Largest movements
- Receivables within one year +€209,199
up €209,199 (+25.9%), from €809,057 to €1.0m
of which Other amounts receivable: +€123,990
- Current investments +€168,390
up €168,390 (+18.5%), from €910,773 to €1.1m
- Cash +€121,293
up €121,293 (+74.5%), from €162,810 to €284,103
mainly Net result for the year (+€492,591) and Short-term financial debts (+€50,000)
- Tangible fixed assets -€55,825
down €55,825 (-17.2%), from €324,237 to €268,412
of which Furniture and vehicles: -€50,437
- Reserves +€332,590
up €332,590 (+15.7%), from €2.1m to €2.5m
of which Distributable reserves: +€332,590
- Short-term financial debts +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
- Current portion of long-term debt +€44,663
up €44,663 (+123.8%), from €36,078 to €80,742
- Tax, wage and social debts +€36,193
up €36,193 (+66.6%), from €54,364 to €90,558
- Debts after one year -€31,928
down €31,928 (-31.8%), from €100,552 to €68,624
of which Financial debts: -€31,928
- Financial income +€122,840
up €122,840 (+333.3%), from €36,859 to €159,698
- Taxes +€33,513
up €33,513 (+21.1%), from €158,915 to €192,428
- Depreciation -€22,270
down €22,270 (-59.9%), from €37,161 to €14,891
- Gross operating margin +€22,106
up €22,106 (+4.1%), from €543,088 to €565,194
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 | €2,489,041 | €2,926,665 | +€437,624 | +17.6% |
| Fixed assets | 21/28 | €399,357 | €343,532 | -€55,825 | -14.0% |
| Tangible fixed assets | 22/27 | €324,237 | €268,412 | -€55,825 | -17.2% |
| Land and buildings | 22 | €171,706 | €166,318 | -€5,389 | -3.1% |
| Furniture and vehicles | 24 | €55,475 | €5,039 | -€50,437 | -90.9% |
| Other tangible fixed assets | 26 | €97,055 | €97,055 | = | 0.0% |
| Financial fixed assets | 28 | €75,120 | €75,120 | = | 0.0% |
| Current assets | 29/58 | €2,089,684 | €2,583,133 | +€493,449 | +23.6% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €809,057 | €1,018,256 | +€209,199 | +25.9% |
| Trade receivables | 40 | €152,526 | €237,735 | +€85,209 | +55.9% |
| Other amounts receivable | 41 | €656,532 | €780,521 | +€123,990 | +18.9% |
| Current investments | 50/53 | €910,773 | €1,079,163 | +€168,390 | +18.5% |
| Cash at bank and in hand | 54/58 | €162,810 | €284,103 | +€121,293 | +74.5% |
| Deferred charges and accrued income | 490/1 | €17,043 | €11,611 | -€5,433 | -31.9% |
| Total equity and liabilities | 10/49 | €2,489,041 | €2,926,665 | +€437,624 | +17.6% |
| Equity | 10/15 | €2,132,849 | €2,465,439 | +€332,591 | +15.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,120,075 | €2,452,665 | +€332,590 | +15.7% |
| 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 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €1,907,715 | €2,240,305 | +€332,590 | +17.4% |
| Profit (loss) carried forward | 14 | €374 | €374 | +€1 | +0.2% |
| Amounts payable | 17/49 | €356,192 | €461,225 | +€105,033 | +29.5% |
| Amounts payable after more than one year | 17 | €100,552 | €68,624 | -€31,928 | -31.8% |
| Financial debts | 170/4 | €99,087 | €67,159 | -€31,928 | -32.2% |
| Other amounts payable | 178/9 | €1,465 | €1,465 | = | 0.0% |
| Amounts payable within one year | 42/48 | €255,640 | €391,603 | +€135,963 | +53.2% |
| Current portion of amounts payable after more than one year | 42 | €36,078 | €80,742 | +€44,663 | +123.8% |
| Financial debts | 43 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Credit institutions | 430/8 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Trade debts | 44 | €15,198 | €20,304 | +€5,106 | +33.6% |
| Suppliers | 440/4 | €15,198 | €20,304 | +€5,106 | +33.6% |
| Taxes, remuneration and social security | 45 | €54,364 | €90,558 | +€36,193 | +66.6% |
| Taxes | 450/3 | €54,364 | €90,558 | +€36,193 | +66.6% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Non-recurring operating income | 76A | €8,600 | €7,182 | -€1,418 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,161 | €14,891 | -€22,270 | -59.9% |
| Other operating charges | 640/8 | €7,920 | €4,675 | -€3,245 | -41.0% |
| Non-recurring operating charges | 66A | - | €3,773 | +€3,773 | |
| Gross operating margin | 9900 | €543,088 | €565,194 | +€22,106 | +4.1% |
| Operating profit (loss) | 9901 | €498,007 | €541,856 | +€43,849 | +8.8% |
| Financial income | 75/76B | €36,859 | €159,698 | +€122,840 | +333.3% |
| Recurring financial income | 75 | €36,859 | €159,698 | +€122,840 | +333.3% |
| Financial charges | 65/66B | €11,416 | €16,535 | +€5,119 | +44.8% |
| Recurring financial charges | 65 | €11,416 | €16,535 | +€5,119 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €523,450 | €685,019 | +€161,569 | +30.9% |
| Income taxes | 67/77 | €158,915 | €192,428 | +€33,513 | +21.1% |
| Profit (loss) for the period | 9904 | €364,534 | €492,591 | +€128,056 | +35.1% |
| Transfer to tax-exempt reserves | 689 | €210,500 | - | -€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €154,034 | €492,591 | +€338,556 | +219.8% |
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 2 October 2026 via checked.be.