PATRICK RIBAUCOURT: 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 RIBAUCOURT
Largest movements
- Cash +€109,457
up €109,457 (+28.0%), from €390,858 to €500,316
mainly Depreciation (+€144,703) and Receivables within one year (+€40,861)
- Tangible fixed assets -€85,800
down €85,800 (-7.8%), from €1.1m to €1.0m
of which Furniture and vehicles: -€81,820
- Receivables within one year -€40,861
down €40,861 (-31.5%), from €129,581 to €88,720
of which Other amounts receivable: -€52,519
- Stocks and contracts +€31,484
up €31,484 (+65.1%), from €48,364 to €79,848
- Other debts +€40,250
up €40,250 (+8.0%), from €500,016 to €540,266
- Debts after one year -€34,000
down €34,000 (-36.2%), from €94,000 to €60,000
- Depreciation +€76,132
up €76,132 (+111.0%), from €68,570 to €144,703
- Gross operating margin -€21,558
down €21,558 (-8.9%), from €241,516 to €219,958
- Taxes -€15,969
down €15,969 (-62.0%), from €25,747 to €9,778
- Financial charges +€15,538
up €15,538 (+55.4%), from €28,026 to €43,564
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 | €1,685,195 | €1,698,951 | +€13,756 | +0.8% |
| Fixed assets | 21/28 | €1,103,826 | €1,018,027 | -€85,800 | -7.8% |
| Tangible fixed assets | 22/27 | €1,097,496 | €1,011,697 | -€85,800 | -7.8% |
| Land and buildings | 22 | €758,466 | €754,281 | -€4,186 | -0.6% |
| Plant, machinery and equipment | 23 | €644 | €389 | -€255 | -39.6% |
| Furniture and vehicles | 24 | €312,193 | €230,373 | -€81,820 | -26.2% |
| Leasing and similar rights | 25 | €26,193 | €26,653 | +€461 | +1.8% |
| Financial fixed assets | 28 | €6,330 | €6,330 | = | 0.0% |
| Current assets | 29/58 | €581,369 | €680,925 | +€99,556 | +17.1% |
| Stocks and contracts in progress | 3 | €48,364 | €79,848 | +€31,484 | +65.1% |
| Stocks | 30/36 | €48,364 | €79,848 | +€31,484 | +65.1% |
| Amounts receivable within one year | 40/41 | €129,581 | €88,720 | -€40,861 | -31.5% |
| Trade receivables | 40 | €63,175 | €74,833 | +€11,658 | +18.5% |
| Other amounts receivable | 41 | €66,406 | €13,887 | -€52,519 | -79.1% |
| Cash at bank and in hand | 54/58 | €390,858 | €500,316 | +€109,457 | +28.0% |
| Deferred charges and accrued income | 490/1 | €12,566 | €12,041 | -€525 | -4.2% |
| Total equity and liabilities | 10/49 | €1,685,195 | €1,698,951 | +€13,756 | +0.8% |
| Equity | 10/15 | €978,828 | €995,444 | +€16,616 | +1.7% |
| Contributions | 10/11 | €49,083 | €49,083 | = | 0.0% |
| Reserves | 13 | €770,972 | €786,922 | +€15,950 | +2.1% |
| Tax-exempt reserves | 132 | €51,000 | €46,950 | -€4,050 | -7.9% |
| Distributable reserves | 133 | €719,972 | €739,972 | +€20,000 | +2.8% |
| Profit (loss) carried forward | 14 | €158,774 | €159,439 | +€666 | +0.4% |
| Provisions and deferred taxes | 16 | €15,400 | €15,650 | +€250 | +1.6% |
| Provisions for liabilities and charges | 160/5 | - | €15,650 | +€15,650 | |
| Major repairs and maintenance | 162 | - | €15,650 | +€15,650 | |
| Deferred taxes | 168 | €15,400 | - | -€15,400 | |
| Amounts payable | 17/49 | €690,967 | €687,858 | -€3,110 | -0.5% |
| Amounts payable after more than one year | 17 | €94,000 | €60,000 | -€34,000 | -36.2% |
| Financial debts | 170/4 | €94,000 | €60,000 | -€34,000 | -36.2% |
| Amounts payable within one year | 42/48 | €596,967 | €627,858 | +€30,890 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €34,000 | €34,000 | = | 0.0% |
| Trade debts | 44 | €57,371 | €52,511 | -€4,860 | -8.5% |
| Suppliers | 440/4 | €57,371 | €52,511 | -€4,860 | -8.5% |
| Taxes, remuneration and social security | 45 | €5,581 | €1,081 | -€4,500 | -80.6% |
| Taxes | 450/3 | €1,081 | €1,081 | = | 0.0% |
| Remuneration and social security | 454/9 | €4,500 | €0 | -€4,500 | -100.0% |
| Other amounts payable | 47/48 | €500,016 | €540,266 | +€40,250 | +8.0% |
| Non-recurring operating income | 76A | €65,000 | €29,500 | -€35,500 | -54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,570 | €144,703 | +€76,132 | +111.0% |
| Other operating charges | 640/8 | €6,173 | €6,495 | +€322 | +5.2% |
| Gross operating margin | 9900 | €241,516 | €219,958 | -€21,558 | -8.9% |
| Operating profit (loss) | 9901 | €166,773 | €68,761 | -€98,012 | -58.8% |
| Financial income | 75/76B | €1,141 | €1,448 | +€307 | +26.9% |
| Recurring financial income | 75 | €1,141 | €1,448 | +€307 | +26.9% |
| Financial charges | 65/66B | €28,026 | €43,564 | +€15,538 | +55.4% |
| Recurring financial charges | 65 | €28,026 | €43,564 | +€15,538 | +55.4% |
| Profit (loss) for the period before taxes | 9903 | €139,887 | €26,644 | -€113,243 | -81.0% |
| Transfer from deferred taxes | 780 | €6,163 | €7,125 | +€963 | +15.6% |
| Transfer to deferred taxes | 680 | €16,250 | €7,375 | -€8,875 | -54.6% |
| Income taxes | 67/77 | €25,747 | €9,778 | -€15,969 | -62.0% |
| Profit (loss) for the period | 9904 | €104,052 | €16,616 | -€87,437 | -84.0% |
| Transfer from tax-exempt reserves | 789 | €18,488 | €26,175 | +€7,688 | +41.6% |
| Transfer to tax-exempt reserves | 689 | €48,750 | €22,125 | -€26,625 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,790 | €20,666 | -€53,124 | -72.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.