Patrick Steylaerts: 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 Steylaerts
Largest movements
- Cash +€156,311
up €156,311 (+73.9%), from €211,576 to €367,887
mainly Net result for the year (+€101,823) and Receivables within one year (+€20,916)
- Receivables within one year -€20,916
down €20,916 (-43.3%), from €48,340 to €27,423
of which Trade receivables: -€20,916
- Tangible fixed assets -€19,458
down €19,458 (-100.0%), from €19,458 to €0
of which Plant, machinery and equipment: -€10,804
- Reserves +€101,823
up €101,823 (+9.8%), from €1.0m to €1.1m
- Gross operating margin -€62,143
down €62,143 (-28.1%), from €221,482 to €159,338
- Depreciation -€47,041
down €47,041 (-92.8%), from €50,693 to €3,652
- Financial income -€20,738
down €20,738 (-95.1%), from €21,809 to €1,071
- Taxes -€9,714
down €9,714 (-19.5%), from €49,802 to €40,088
- Other operating charges +€8,124
up €8,124 (+214.4%), from €3,789 to €11,913
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 | €1,079,374 | €1,195,311 | +€115,937 | +10.7% |
| Fixed assets | 21/28 | €819,458 | €800,000 | -€19,458 | -2.4% |
| Tangible fixed assets | 22/27 | €19,458 | €0 | -€19,458 | -100.0% |
| Land and buildings | 22 | €1,752 | - | -€1,752 | |
| Plant, machinery and equipment | 23 | €10,804 | - | -€10,804 | |
| Furniture and vehicles | 24 | €6,902 | €0 | -€6,902 | -100.0% |
| Financial fixed assets | 28 | €800,000 | €800,000 | = | 0.0% |
| Current assets | 29/58 | €259,916 | €395,311 | +€135,395 | +52.1% |
| Amounts receivable within one year | 40/41 | €48,340 | €27,423 | -€20,916 | -43.3% |
| Trade receivables | 40 | €48,141 | €27,225 | -€20,916 | -43.4% |
| Other amounts receivable | 41 | €198 | €198 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €211,576 | €367,887 | +€156,311 | +73.9% |
| Total equity and liabilities | 10/49 | €1,079,374 | €1,195,311 | +€115,937 | +10.7% |
| Equity | 10/15 | €1,058,631 | €1,160,455 | +€101,823 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,040,031 | €1,141,855 | +€101,823 | +9.8% |
| Distributable reserves | 133 | €1,040,031 | €1,141,855 | +€101,823 | +9.8% |
| Amounts payable | 17/49 | €20,743 | €34,856 | +€14,113 | +68.0% |
| Amounts payable within one year | 42/48 | €20,339 | €34,856 | +€14,517 | +71.4% |
| Trade debts | 44 | €3,246 | €4,048 | +€802 | +24.7% |
| Suppliers | 440/4 | €3,246 | €4,048 | +€802 | +24.7% |
| Taxes, remuneration and social security | 45 | €14,708 | €22,982 | +€8,274 | +56.3% |
| Taxes | 450/3 | €13,439 | €21,733 | +€8,294 | +61.7% |
| Remuneration and social security | 454/9 | €1,269 | €1,249 | -€20 | -1.6% |
| Other amounts payable | 47/48 | €2,384 | €7,825 | +€5,441 | +228.2% |
| Accrued charges and deferred income | 492/3 | €404 | - | -€404 | |
| Remuneration, social security and pensions | 62 | €307 | €1,153 | +€845 | +275.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,693 | €3,652 | -€47,041 | -92.8% |
| Other operating charges | 640/8 | €3,789 | €11,913 | +€8,124 | +214.4% |
| Non-recurring operating charges | 66A | - | €901 | +€901 | |
| Gross operating margin | 9900 | €221,482 | €159,338 | -€62,143 | -28.1% |
| Operating profit (loss) | 9901 | €166,691 | €141,719 | -€24,972 | -15.0% |
| Financial income | 75/76B | €21,809 | €1,071 | -€20,738 | -95.1% |
| Recurring financial income | 75 | €21,809 | €1,071 | -€20,738 | -95.1% |
| Financial charges | 65/66B | €77 | €879 | +€802 | +1048.5% |
| Recurring financial charges | 65 | €77 | €879 | +€802 | +1048.5% |
| Profit (loss) for the period before taxes | 9903 | €188,424 | €141,911 | -€46,512 | -24.7% |
| Income taxes | 67/77 | €49,802 | €40,088 | -€9,714 | -19.5% |
| Profit (loss) for the period | 9904 | €138,622 | €101,823 | -€36,799 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €138,622 | €101,823 | -€36,799 | -26.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.