PATRICK SEGERS: 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 SEGERS
Largest movements
- Tangible fixed assets +€43,235
up €43,235 (+37.0%), from €116,849 to €160,084
of which Furniture and vehicles: +€43,112
- Cash +€16,385
up €16,385 (+43.9%), from €37,331 to €53,716
mainly Debts after one year (+€36,266) and Depreciation (+€35,195)
- Debts after one year +€36,266
up €36,266 (+49.4%), from €73,344 to €109,611
- Current portion of long-term debt +€17,937
up €17,937 (+66.2%), from €27,089 to €45,026
- Tax, wage and social debts +€4,270
up €4,270 (+32.6%), from €13,078 to €17,348
of which Taxes: +€4,270
- Reserves +€3,858
up €3,858 (+25.0%), from €15,462 to €19,320
- Trade debts -€2,520
down €2,520 (-69.9%), from €3,604 to €1,084
- Gross operating margin -€24,036
down €24,036 (-30.8%), from €78,133 to €54,097
- Depreciation +€7,470
up €7,470 (+26.9%), from €27,726 to €35,195
- Other operating charges -€4,789
down €4,789 (-50.5%), from €9,480 to €4,691
- Financial charges +€3,828
up €3,828 (+294.1%), from €1,301 to €5,129
- Taxes -€3,112
down €3,112 (-37.3%), from €8,335 to €5,223
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,893 | €239,542 | +€58,649 | +32.4% |
| Fixed assets | 21/28 | €116,849 | €160,084 | +€43,235 | +37.0% |
| Tangible fixed assets | 22/27 | €116,849 | €160,084 | +€43,235 | +37.0% |
| Land and buildings | 22 | €2,844 | €2,448 | -€397 | -13.9% |
| Plant, machinery and equipment | 23 | €1,927 | €2,447 | +€520 | +27.0% |
| Furniture and vehicles | 24 | €112,078 | €155,189 | +€43,112 | +38.5% |
| Current assets | 29/58 | €64,044 | €79,458 | +€15,413 | +24.1% |
| Amounts receivable within one year | 40/41 | €22,428 | €21,263 | -€1,165 | -5.2% |
| Trade receivables | 40 | €19,309 | €17,570 | -€1,739 | -9.0% |
| Other amounts receivable | 41 | €3,119 | €3,693 | +€574 | +18.4% |
| Cash at bank and in hand | 54/58 | €37,331 | €53,716 | +€16,385 | +43.9% |
| Deferred charges and accrued income | 490/1 | €4,285 | €4,478 | +€193 | +4.5% |
| Total equity and liabilities | 10/49 | €180,893 | €239,542 | +€58,649 | +32.4% |
| Equity | 10/15 | €35,462 | €39,320 | +€3,858 | +10.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €15,462 | €19,320 | +€3,858 | +25.0% |
| Distributable reserves | 133 | €15,462 | €19,320 | +€3,858 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €145,432 | €200,222 | +€54,790 | +37.7% |
| Amounts payable after more than one year | 17 | €73,344 | €109,611 | +€36,266 | +49.4% |
| Financial debts | 170/4 | €73,344 | €109,611 | +€36,266 | +49.4% |
| Amounts payable within one year | 42/48 | €72,087 | €90,611 | +€18,524 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €27,089 | €45,026 | +€17,937 | +66.2% |
| Trade debts | 44 | €3,604 | €1,084 | -€2,520 | -69.9% |
| Suppliers | 440/4 | €3,604 | €1,084 | -€2,520 | -69.9% |
| Taxes, remuneration and social security | 45 | €13,078 | €17,348 | +€4,270 | +32.6% |
| Taxes | 450/3 | €9,941 | €14,211 | +€4,270 | +42.9% |
| Remuneration and social security | 454/9 | €3,137 | €3,137 | = | 0.0% |
| Other amounts payable | 47/48 | €28,317 | €27,154 | -€1,162 | -4.1% |
| Non-recurring operating income | 76A | €36,364 | €3,501 | -€32,863 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,726 | €35,195 | +€7,470 | +26.9% |
| Other operating charges | 640/8 | €9,480 | €4,691 | -€4,789 | -50.5% |
| Gross operating margin | 9900 | €78,133 | €54,097 | -€24,036 | -30.8% |
| Operating profit (loss) | 9901 | €40,927 | €14,210 | -€26,717 | -65.3% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €1,301 | €5,129 | +€3,828 | +294.1% |
| Recurring financial charges | 65 | €1,301 | €5,129 | +€3,828 | +294.1% |
| Profit (loss) for the period before taxes | 9903 | €39,629 | €9,081 | -€30,548 | -77.1% |
| Income taxes | 67/77 | €8,335 | €5,223 | -€3,112 | -37.3% |
| Profit (loss) for the period | 9904 | €31,294 | €3,858 | -€27,436 | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,294 | €3,858 | -€27,436 | -87.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.