Patrick Van Haudt: 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 Van Haudt
Largest movements
- Cash +€83,954
up €83,954 (+32.9%), from €255,514 to €339,467
mainly Net result for the year (+€213,947) and Other debts (+€69,928)
- Current investments -€63,165
down €63,165 (-9.0%), from €700,271 to €637,106
- Tangible fixed assets +€61,441
up €61,441 (+65.4%), from €94,011 to €155,452
of which Other tangible fixed assets: +€70,036
- Other debts +€69,928
up €69,928, from €0 to €69,928
- Tax, wage and social debts +€15,220
up €15,220 (+38.0%), from €40,066 to €55,285
- Taxes -€18,621
down €18,621 (-24.4%), from €76,380 to €57,760
- Financial income -€8,758
down €8,758 (-21.4%), from €40,910 to €32,152
- Gross operating margin +€8,221
up €8,221 (+3.3%), from €250,090 to €258,311
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.
Derived cash bridge
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 | €1,052,824 | €1,138,191 | +€85,367 | +8.1% |
| Fixed assets | 21/28 | €94,011 | €155,452 | +€61,441 | +65.4% |
| Tangible fixed assets | 22/27 | €94,011 | €155,452 | +€61,441 | +65.4% |
| Land and buildings | 22 | €48,897 | €46,997 | -€1,900 | -3.9% |
| Plant, machinery and equipment | 23 | - | €8,303 | +€8,303 | |
| Furniture and vehicles | 24 | €45,114 | €30,116 | -€14,998 | -33.2% |
| Other tangible fixed assets | 26 | - | €70,036 | +€70,036 | |
| Current assets | 29/58 | €958,813 | €982,739 | +€23,926 | +2.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,800 | €5,927 | +€3,127 | +112% |
| Trade receivables | 40 | €0 | €640 | +€640 | +710,911% |
| Other amounts receivable | 41 | €2,800 | €5,287 | +€2,487 | +88.8% |
| Current investments | 50/53 | €700,271 | €637,106 | -€63,165 | -9.0% |
| Cash at bank and in hand | 54/58 | €255,514 | €339,467 | +€83,954 | +32.9% |
| Deferred charges and accrued income | 490/1 | €228 | €238 | +€10 | +4.4% |
| Total equity and liabilities | 10/49 | €1,052,824 | €1,138,191 | +€85,367 | +8.1% |
| Equity | 10/15 | €1,011,031 | €1,011,031 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €992,431 | €992,431 | = | 0.0% |
| Tax-exempt reserves | 132 | €657 | €657 | = | 0.0% |
| Distributable reserves | 133 | €991,774 | €991,774 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,792 | €127,159 | +€85,367 | +204% |
| Amounts payable within one year | 42/48 | €41,792 | €127,159 | +€85,367 | +204% |
| Financial debts | 43 | €47 | €125 | +€77 | +163% |
| Credit institutions | 430/8 | - | €125 | +€125 | |
| Other loans | 439 | €47 | €0 | -€47 | -100% |
| Trade debts | 44 | €1,679 | €1,822 | +€143 | +8.5% |
| Suppliers | 440/4 | €1,679 | €1,822 | +€143 | +8.5% |
| Taxes, remuneration and social security | 45 | €40,066 | €55,285 | +€15,220 | +38.0% |
| Taxes | 450/3 | €40,066 | €55,285 | +€15,220 | +38.0% |
| Other amounts payable | 47/48 | €0 | €69,928 | +€69,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,974 | €17,180 | -€794 | -4.4% |
| Other operating charges | 640/8 | €1,420 | €1,325 | -€95 | -6.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €250,090 | €258,311 | +€8,221 | +3.3% |
| Operating profit (loss) | 9901 | €230,696 | €239,806 | +€9,110 | +3.9% |
| Financial income | 75/76B | €40,910 | €32,152 | -€8,758 | -21.4% |
| Recurring financial income | 75 | €40,910 | €32,152 | -€8,758 | -21.4% |
| Financial charges | 65/66B | €327 | €251 | -€76 | -23.2% |
| Recurring financial charges | 65 | €327 | €251 | -€76 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €271,278 | €271,706 | +€429 | +0.2% |
| Income taxes | 67/77 | €76,380 | €57,760 | -€18,621 | -24.4% |
| Profit (loss) for the period | 9904 | €194,898 | €213,947 | +€19,049 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €194,898 | €213,947 | +€19,049 | +9.8% |
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 17 October 2026 via checked.be.