Patrick Smet: 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 Smet
Largest movements
- Tangible fixed assets +€420,985
up €420,985 (+35.2%), from €1.2m to €1.6m
of which Land and buildings: +€1.5m
- Current investments -€250,000
down €250,000 (-74.3%), from €336,600 to €86,600
- Receivables after one year -€182,807
down €182,807 (-35.9%), from €509,502 to €326,695
- Cash -€123,648
down €123,648 (-27.2%), from €455,188 to €331,540
mainly Contributions, distributions and other (-€830,363) and Investment in fixed assets (net) (-€443,634)
- Profit (loss) carried forward +€336,859
up €336,859 (+41.2%), from €816,830 to €1.2m
- Reserves -€312,716
down €312,716 (-16.9%), from €1.8m to €1.5m
of which Distributable reserves: -€312,716
- Other debts -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Trade debts -€39,996
down €39,996 (-39.6%), from €101,009 to €61,013
- Gross operating margin -€67,946
down €67,946 (-5.6%), from €1.2m to €1.1m
- Financial income -€54,671
down €54,671 (-73.3%), from €74,623 to €19,952
- Taxes -€41,405
down €41,405 (-13.4%), from €309,770 to €268,365
- Depreciation +€15,301
up €15,301 (+208.2%), from €7,348 to €22,649
- Financial charges +€13,363
up €13,363, from -€5,960 to €7,404
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 | €2,978,210 | €2,852,388 | -€125,822 | -4.2% |
| Fixed assets | 21/28 | €1,197,322 | €1,618,308 | +€420,985 | +35.2% |
| Tangible fixed assets | 22/27 | €1,197,322 | €1,618,308 | +€420,985 | +35.2% |
| Land and buildings | 22 | - | €1,485,109 | +€1.5m | |
| Plant, machinery and equipment | 23 | €2,656 | €3,803 | +€1,148 | +43.2% |
| Furniture and vehicles | 24 | €24,799 | €129,395 | +€104,596 | +421.8% |
| Assets under construction and advance payments | 27 | €1,169,867 | €0 | -€1.2m | -100.0% |
| Current assets | 29/58 | €1,780,887 | €1,234,080 | -€546,807 | -30.7% |
| Amounts receivable after more than one year | 29 | €509,502 | €326,695 | -€182,807 | -35.9% |
| Other amounts receivable | 291 | €509,502 | €326,695 | -€182,807 | -35.9% |
| Amounts receivable within one year | 40/41 | €440,790 | €466,643 | +€25,852 | +5.9% |
| Trade receivables | 40 | €361,899 | €386,862 | +€24,964 | +6.9% |
| Other amounts receivable | 41 | €78,892 | €79,780 | +€889 | +1.1% |
| Current investments | 50/53 | €336,600 | €86,600 | -€250,000 | -74.3% |
| Cash at bank and in hand | 54/58 | €455,188 | €331,540 | -€123,648 | -27.2% |
| Deferred charges and accrued income | 490/1 | €38,807 | €22,602 | -€16,205 | -41.8% |
| Total equity and liabilities | 10/49 | €2,978,210 | €2,852,388 | -€125,822 | -4.2% |
| Equity | 10/15 | €2,684,077 | €2,708,220 | +€24,143 | +0.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,847,247 | €1,534,531 | -€312,716 | -16.9% |
| Tax-exempt reserves | 132 | €343,328 | €343,328 | = | 0.0% |
| Distributable reserves | 133 | €1,503,918 | €1,191,203 | -€312,716 | -20.8% |
| Profit (loss) carried forward | 14 | €816,830 | €1,153,690 | +€336,859 | +41.2% |
| Amounts payable | 17/49 | €294,133 | €144,167 | -€149,965 | -51.0% |
| Amounts payable within one year | 42/48 | €294,133 | €126,291 | -€167,842 | -57.1% |
| Trade debts | 44 | €101,009 | €61,013 | -€39,996 | -39.6% |
| Suppliers | 440/4 | €101,009 | €61,013 | -€39,996 | -39.6% |
| Taxes, remuneration and social security | 45 | €43,124 | €65,278 | +€22,154 | +51.4% |
| Taxes | 450/3 | €43,124 | €65,278 | +€22,154 | +51.4% |
| Other amounts payable | 47/48 | €150,000 | €0 | -€150,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | €17,876 | +€17,876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,348 | €22,649 | +€15,301 | +208.2% |
| Other operating charges | 640/8 | €5,993 | €6,696 | +€703 | +11.7% |
| Gross operating margin | 9900 | €1,207,614 | €1,139,668 | -€67,946 | -5.6% |
| Operating profit (loss) | 9901 | €1,194,273 | €1,110,323 | -€83,951 | -7.0% |
| Financial income | 75/76B | €74,623 | €19,952 | -€54,671 | -73.3% |
| Recurring financial income | 75 | €74,623 | €19,952 | -€54,671 | -73.3% |
| Financial charges | 65/66B | -€5,960 | €7,404 | +€13,363 | |
| Recurring financial charges | 65 | -€5,960 | €7,404 | +€13,363 | |
| Profit (loss) for the period before taxes | 9903 | €1,274,856 | €1,122,871 | -€151,985 | -11.9% |
| Income taxes | 67/77 | €309,770 | €268,365 | -€41,405 | -13.4% |
| Profit (loss) for the period | 9904 | €965,086 | €854,506 | -€110,580 | -11.5% |
| Transfer from tax-exempt reserves | 789 | €178,000 | €0 | -€178,000 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,143,086 | €854,506 | -€288,580 | -25.2% |
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 2 October 2026 via checked.be.