PATRICK VAN HOUDT: 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 VAN HOUDT
Largest movements
- Cash +€57,739
up €57,739 (+36.7%), from €157,235 to €214,973
mainly Depreciation (+€31,078) and Net result for the year (+€27,360)
- Receivables within one year -€22,973
down €22,973 (-46.9%), from €48,962 to €25,989
of which Trade receivables: -€29,855
- Tangible fixed assets -€22,603
down €22,603 (-27.2%), from €83,178 to €60,575
of which Plant, machinery and equipment: -€14,613
- Stocks and contracts -€4,138
down €4,138 (-51.7%), from €8,008 to €3,870
- Debts after one year -€8,599
down €8,599 (-55.0%), from €15,633 to €7,034
- Other debts +€5,740
up €5,740 (+85.8%), from €6,694 to €12,434
- Tax, wage and social debts +€5,030
up €5,030 (+134.9%), from €3,729 to €8,759
of which Taxes: +€4,687
- Reserves +€4,929
up €4,929 (+2.1%), from €235,091 to €240,020
- Gross operating margin -€39,307
down €39,307 (-14.6%), from €270,117 to €230,810
- Staff costs -€10,460
down €10,460 (-6.5%), from €161,952 to €151,491
- Taxes -€8,187
down €8,187 (-32.0%), from €25,577 to €17,390
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 | €303,746 | €312,317 | +€8,571 | +2.8% |
| Fixed assets | 21/28 | €83,178 | €60,575 | -€22,603 | -27.2% |
| Tangible fixed assets | 22/27 | €83,178 | €60,575 | -€22,603 | -27.2% |
| Land and buildings | 22 | €911 | €719 | -€193 | -21.1% |
| Plant, machinery and equipment | 23 | €53,966 | €39,353 | -€14,613 | -27.1% |
| Furniture and vehicles | 24 | €3,950 | €2,659 | -€1,291 | -32.7% |
| Leasing and similar rights | 25 | €24,351 | €17,845 | -€6,507 | -26.7% |
| Current assets | 29/58 | €220,568 | €251,742 | +€31,174 | +14.1% |
| Stocks and contracts in progress | 3 | €8,008 | €3,870 | -€4,138 | -51.7% |
| Stocks | 30/36 | €8,008 | €3,870 | -€4,138 | -51.7% |
| Amounts receivable within one year | 40/41 | €48,962 | €25,989 | -€22,973 | -46.9% |
| Trade receivables | 40 | €29,915 | €61 | -€29,855 | -99.8% |
| Other amounts receivable | 41 | €19,047 | €25,929 | +€6,881 | +36.1% |
| Cash at bank and in hand | 54/58 | €157,235 | €214,973 | +€57,739 | +36.7% |
| Deferred charges and accrued income | 490/1 | €6,363 | €6,909 | +€546 | +8.6% |
| Total equity and liabilities | 10/49 | €303,746 | €312,317 | +€8,571 | +2.8% |
| Equity | 10/15 | €241,291 | €246,220 | +€4,929 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €235,091 | €240,020 | +€4,929 | +2.1% |
| Distributable reserves | 133 | €235,091 | €240,020 | +€4,929 | +2.1% |
| Amounts payable | 17/49 | €62,455 | €66,096 | +€3,641 | +5.8% |
| Amounts payable after more than one year | 17 | €15,633 | €7,034 | -€8,599 | -55.0% |
| Financial debts | 170/4 | €15,633 | €7,034 | -€8,599 | -55.0% |
| Amounts payable within one year | 42/48 | €46,822 | €59,062 | +€12,240 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €17,051 | €17,012 | -€38 | -0.2% |
| Trade debts | 44 | €19,348 | €20,857 | +€1,509 | +7.8% |
| Suppliers | 440/4 | €19,348 | €20,857 | +€1,509 | +7.8% |
| Taxes, remuneration and social security | 45 | €3,729 | €8,759 | +€5,030 | +134.9% |
| Taxes | 450/3 | €577 | €5,264 | +€4,687 | +812.3% |
| Remuneration and social security | 454/9 | €3,152 | €3,495 | +€343 | +10.9% |
| Other amounts payable | 47/48 | €6,694 | €12,434 | +€5,740 | +85.8% |
| Remuneration, social security and pensions | 62 | €161,952 | €151,491 | -€10,460 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,716 | €31,078 | -€639 | -2.0% |
| Other operating charges | 640/8 | €4,173 | €2,156 | -€2,017 | -48.3% |
| Gross operating margin | 9900 | €270,117 | €230,810 | -€39,307 | -14.6% |
| Operating profit (loss) | 9901 | €72,276 | €46,085 | -€26,191 | -36.2% |
| Financial income | 75/76B | €19 | €6 | -€13 | -69.0% |
| Recurring financial income | 75 | €19 | €6 | -€13 | -69.0% |
| Financial charges | 65/66B | €1,932 | €1,341 | -€590 | -30.6% |
| Recurring financial charges | 65 | €1,932 | €1,341 | -€590 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €70,364 | €44,750 | -€25,614 | -36.4% |
| Income taxes | 67/77 | €25,577 | €17,390 | -€8,187 | -32.0% |
| Profit (loss) for the period | 9904 | €44,786 | €27,360 | -€17,426 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,786 | €27,360 | -€17,426 | -38.9% |
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 4 October 2026 via checked.be.