Patrick Pelzer: 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 Pelzer
Largest movements
- Cash +€28,379
up €28,379 (+26.7%), from €106,164 to €134,543
mainly Net result for the year (+€42,652) and Depreciation (+€427)
- Receivables within one year +€7,216
new in 2025: €7,216
- Reserves +€42,652
up €42,652 (+60.3%), from €70,738 to €113,389
- Tax, wage and social debts -€6,786
down €6,786 (-21.5%), from €31,628 to €24,841
- Gross operating margin -€42,326
down €42,326 (-39.8%), from €106,294 to €63,968
- Taxes -€14,309
down €14,309 (-43.6%), from €32,793 to €18,484
- Financial charges +€1,161
up €1,161 (+147%), from €787 to €1,949
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 | €108,012 | €143,230 | +€35,218 | +32.6% |
| Fixed assets | 21/28 | €784 | €357 | -€427 | -54.5% |
| Tangible fixed assets | 22/27 | €784 | €357 | -€427 | -54.5% |
| Furniture and vehicles | 24 | €784 | €357 | -€427 | -54.5% |
| Current assets | 29/58 | €107,228 | €142,873 | +€35,645 | +33.2% |
| Amounts receivable within one year | 40/41 | - | €7,216 | +€7,216 | |
| Other amounts receivable | 41 | - | €7,216 | +€7,216 | |
| Cash at bank and in hand | 54/58 | €106,164 | €134,543 | +€28,379 | +26.7% |
| Deferred charges and accrued income | 490/1 | €1,064 | €1,114 | +€50 | +4.7% |
| Total equity and liabilities | 10/49 | €108,012 | €143,230 | +€35,218 | +32.6% |
| Equity | 10/15 | €75,738 | €118,389 | +€42,652 | +56.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,738 | €113,389 | +€42,652 | +60.3% |
| Distributable reserves | 133 | €70,738 | €113,389 | +€42,652 | +60.3% |
| Amounts payable | 17/49 | €32,275 | €24,841 | -€7,434 | -23.0% |
| Amounts payable within one year | 42/48 | €32,275 | €24,841 | -€7,434 | -23.0% |
| Trade debts | 44 | €335 | €0 | -€335 | -100% |
| Suppliers | 440/4 | €335 | €0 | -€335 | -100% |
| Taxes, remuneration and social security | 45 | €31,628 | €24,841 | -€6,786 | -21.5% |
| Taxes | 450/3 | €31,628 | €24,841 | -€6,786 | -21.5% |
| Other amounts payable | 47/48 | €312 | €0 | -€312 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498 | €427 | -€70 | -14.1% |
| Other operating charges | 640/8 | €1,478 | €528 | -€950 | -64.3% |
| Gross operating margin | 9900 | €106,294 | €63,968 | -€42,326 | -39.8% |
| Operating profit (loss) | 9901 | €104,318 | €63,013 | -€41,305 | -39.6% |
| Financial income | 75/76B | - | €72 | +€72 | |
| Recurring financial income | 75 | - | €72 | +€72 | |
| Financial charges | 65/66B | €787 | €1,949 | +€1,161 | +147% |
| Recurring financial charges | 65 | €787 | €1,949 | +€1,161 | +147% |
| Profit (loss) for the period before taxes | 9903 | €103,531 | €61,136 | -€42,395 | -40.9% |
| Income taxes | 67/77 | €32,793 | €18,484 | -€14,309 | -43.6% |
| Profit (loss) for the period | 9904 | €70,738 | €42,652 | -€28,086 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €70,738 | €42,652 | -€28,086 | -39.7% |
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 15 October 2026 via checked.be.