Patrick Naeyaert: 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 Naeyaert
Largest movements
- Receivables within one year +€8,099
up €8,099 (+90.0%), from €8,996 to €17,095
of which Trade receivables: +€8,605
- Stocks and contracts -€3,798
down €3,798 (-31.1%), from €12,205 to €8,406
- Tangible fixed assets -€1,097
down €1,097 (-7.5%), from €14,591 to €13,494
of which Furniture and vehicles: -€2,850
- Cash +€1,045
up €1,045 (+2.6%), from €40,635 to €41,680
mainly Net result for the year (+€7,814) and Depreciation (+€7,765)
- Reserves +€6,600
up €6,600 (+25.4%), from €26,003 to €32,603
of which Distributable reserves: +€6,600
- Other debts +€3,921
up €3,921 (+18.7%), from €21,022 to €24,943
- Current portion of long-term debt -€3,844
down €3,844 (-83.1%), from €4,623 to €780
- Trade debts -€2,247
down €2,247 (-57.7%), from €3,892 to €1,646
- Gross operating margin +€1,042
up €1,042 (+4.6%), from €22,419 to €23,460
- Taxes +€364
up €364 (+7.8%), from €4,655 to €5,018
- Financial income +€316
up €316 (+205%), from €154 to €469
- Financial charges +€298
up €298 (+19.9%), from €1,495 to €1,793
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 | €77,609 | €81,932 | +€4,324 | +5.6% |
| Fixed assets | 21/28 | €14,591 | €13,494 | -€1,097 | -7.5% |
| Tangible fixed assets | 22/27 | €14,591 | €13,494 | -€1,097 | -7.5% |
| Plant, machinery and equipment | 23 | €5,294 | €7,047 | +€1,753 | +33.1% |
| Furniture and vehicles | 24 | €9,297 | €6,447 | -€2,850 | -30.7% |
| Current assets | 29/58 | €63,018 | €68,438 | +€5,420 | +8.6% |
| Stocks and contracts in progress | 3 | €12,205 | €8,406 | -€3,798 | -31.1% |
| Stocks | 30/36 | €12,205 | €8,406 | -€3,798 | -31.1% |
| Amounts receivable within one year | 40/41 | €8,996 | €17,095 | +€8,099 | +90.0% |
| Trade receivables | 40 | €7,338 | €15,943 | +€8,605 | +117% |
| Other amounts receivable | 41 | €1,658 | €1,152 | -€506 | -30.5% |
| Cash at bank and in hand | 54/58 | €40,635 | €41,680 | +€1,045 | +2.6% |
| Deferred charges and accrued income | 490/1 | €1,183 | €1,257 | +€74 | +6.3% |
| Total equity and liabilities | 10/49 | €77,609 | €81,932 | +€4,324 | +5.6% |
| Equity | 10/15 | €44,771 | €51,285 | +€6,514 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,003 | €32,603 | +€6,600 | +25.4% |
| Tax-exempt reserves | 132 | €43 | €43 | = | 0.0% |
| Distributable reserves | 133 | €25,960 | €32,560 | +€6,600 | +25.4% |
| Profit (loss) carried forward | 14 | €169 | €82 | -€86 | -51.2% |
| Amounts payable | 17/49 | €32,837 | €30,647 | -€2,190 | -6.7% |
| Amounts payable after more than one year | 17 | €780 | €0 | -€780 | -100% |
| Financial debts | 170/4 | €780 | €0 | -€780 | -100% |
| Amounts payable within one year | 42/48 | €30,568 | €28,684 | -€1,884 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €4,623 | €780 | -€3,844 | -83.1% |
| Trade debts | 44 | €3,892 | €1,646 | -€2,247 | -57.7% |
| Suppliers | 440/4 | €3,892 | €1,646 | -€2,247 | -57.7% |
| Taxes, remuneration and social security | 45 | €1,030 | €1,315 | +€285 | +27.7% |
| Taxes | 450/3 | €1,030 | €1,315 | +€285 | +27.7% |
| Other amounts payable | 47/48 | €21,022 | €24,943 | +€3,921 | +18.7% |
| Accrued charges and deferred income | 492/3 | €1,489 | €1,963 | +€474 | +31.8% |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,907 | €7,765 | -€142 | -1.8% |
| Other operating charges | 640/8 | €1,491 | €1,540 | +€49 | +3.3% |
| Gross operating margin | 9900 | €22,419 | €23,460 | +€1,042 | +4.6% |
| Operating profit (loss) | 9901 | €13,021 | €14,156 | +€1,135 | +8.7% |
| Financial income | 75/76B | €154 | €469 | +€316 | +205% |
| Recurring financial income | 75 | €154 | €469 | +€316 | +205% |
| Financial charges | 65/66B | €1,495 | €1,793 | +€298 | +19.9% |
| Recurring financial charges | 65 | €1,495 | €1,793 | +€298 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €11,680 | €12,832 | +€1,152 | +9.9% |
| Income taxes | 67/77 | €4,655 | €5,018 | +€364 | +7.8% |
| Profit (loss) for the period | 9904 | €7,025 | €7,814 | +€789 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,025 | €7,814 | +€789 | +11.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.