PATRICK PIRARD: 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 PIRARD
Largest movements
- Tangible fixed assets +€69,525
up €69,525 (+76.2%), from €91,219 to €160,744
of which Other tangible fixed assets: +€42,777
- Stocks and contracts +€20,720
up €20,720 (+63.6%), from €32,572 to €53,291
- Cash -€5,414
down €5,414 (-8.6%), from €62,793 to €57,380
mainly Investment in fixed assets (net) (-€100,023) and Advances received (-€35,122)
- Deferred charges and accrued income +€5,091
up €5,091 (+384.5%), from €1,324 to €6,415
- Profit (loss) carried forward +€58,740
up €58,740, from -€11,906 to €46,834
- Advances received -€35,122
down €35,122 (-100.0%), from €35,122 to €0
- Debts after one year +€31,482
up €31,482 (+58.5%), from €53,795 to €85,277
- Trade debts +€20,072
up €20,072 (+71.1%), from €28,247 to €48,319
- Current portion of long-term debt +€18,271
up €18,271 (+172.4%), from €10,595 to €28,865
- Gross operating margin +€128,427
up €128,427 (+40.5%), from €317,449 to €445,875
- Depreciation +€17,101
up €17,101 (+127.6%), from €13,398 to €30,499
- Staff costs +€15,743
up €15,743 (+5.0%), from €315,650 to €331,393
- Taxes +€5,446
up €5,446 (+1306.6%), from €417 to €5,863
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 | €230,908 | €319,920 | +€89,011 | +38.5% |
| Fixed assets | 21/28 | €91,219 | €160,744 | +€69,525 | +76.2% |
| Tangible fixed assets | 22/27 | €91,219 | €160,744 | +€69,525 | +76.2% |
| Plant, machinery and equipment | 23 | €15,462 | €11,808 | -€3,654 | -23.6% |
| Furniture and vehicles | 24 | €8,636 | €7,773 | -€864 | -10.0% |
| Leasing and similar rights | 25 | €45,407 | €76,673 | +€31,266 | +68.9% |
| Other tangible fixed assets | 26 | €21,714 | €64,491 | +€42,777 | +197.0% |
| Current assets | 29/58 | €139,689 | €159,176 | +€19,487 | +13.9% |
| Stocks and contracts in progress | 3 | €32,572 | €53,291 | +€20,720 | +63.6% |
| Stocks | 30/36 | €32,572 | €53,291 | +€20,720 | +63.6% |
| Amounts receivable within one year | 40/41 | €43,000 | €42,090 | -€910 | -2.1% |
| Trade receivables | 40 | €37,263 | €37,952 | +€689 | +1.8% |
| Other amounts receivable | 41 | €5,737 | €4,138 | -€1,599 | -27.9% |
| Cash at bank and in hand | 54/58 | €62,793 | €57,380 | -€5,414 | -8.6% |
| Deferred charges and accrued income | 490/1 | €1,324 | €6,415 | +€5,091 | +384.5% |
| Total equity and liabilities | 10/49 | €230,908 | €319,920 | +€89,011 | +38.5% |
| Equity | 10/15 | €6,694 | €65,434 | +€58,740 | +877.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,906 | €46,834 | +€58,740 | |
| Amounts payable | 17/49 | €224,214 | €254,486 | +€30,272 | +13.5% |
| Amounts payable after more than one year | 17 | €53,795 | €85,277 | +€31,482 | +58.5% |
| Financial debts | 170/4 | €53,795 | €85,277 | +€31,482 | +58.5% |
| Amounts payable within one year | 42/48 | €170,419 | €169,209 | -€1,210 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €10,595 | €28,865 | +€18,271 | +172.4% |
| Financial debts | 43 | €70,000 | €75,000 | +€5,000 | +7.1% |
| Credit institutions | 430/8 | €70,000 | €75,000 | +€5,000 | +7.1% |
| Trade debts | 44 | €28,247 | €48,319 | +€20,072 | +71.1% |
| Suppliers | 440/4 | €28,247 | €48,319 | +€20,072 | +71.1% |
| Advances received on contracts in progress | 46 | €35,122 | €0 | -€35,122 | -100.0% |
| Taxes, remuneration and social security | 45 | €26,003 | €16,540 | -€9,463 | -36.4% |
| Taxes | 450/3 | €972 | €1,299 | +€327 | +33.6% |
| Remuneration and social security | 454/9 | €25,031 | €15,242 | -€9,790 | -39.1% |
| Other amounts payable | 47/48 | €451 | €484 | +€32 | +7.2% |
| Non-recurring operating income | 76A | €2,645 | €18,135 | +€15,490 | +585.7% |
| Remuneration, social security and pensions | 62 | €315,650 | €331,393 | +€15,743 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,398 | €30,499 | +€17,101 | +127.6% |
| Other operating charges | 640/8 | €4,405 | €7,457 | +€3,052 | +69.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €317,449 | €445,875 | +€128,427 | +40.5% |
| Operating profit (loss) | 9901 | -€16,003 | €76,526 | +€92,530 | |
| Financial income | 75/76B | €1,092 | €977 | -€115 | -10.6% |
| Recurring financial income | 75 | €1,092 | €977 | -€115 | -10.6% |
| Financial charges | 65/66B | €8,871 | €12,901 | +€4,029 | +45.4% |
| Recurring financial charges | 65 | €8,871 | €12,901 | +€4,029 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | -€23,782 | €64,603 | +€88,385 | |
| Income taxes | 67/77 | €417 | €5,863 | +€5,446 | +1306.6% |
| Profit (loss) for the period | 9904 | -€24,199 | €58,740 | +€82,939 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,199 | €58,740 | +€82,939 |
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 11 October 2026 via checked.be.