PATRICK VAN KERSCHAEVER: 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 KERSCHAEVER
Largest movements
- Receivables after one year -€30,000
down €30,000 (-80.0%), from €37,500 to €7,500
- Receivables within one year +€23,106
up €23,106 (+82.9%), from €27,886 to €50,992
of which Other amounts receivable: +€15,116
- Cash -€5,089
down €5,089 (-100.0%), from €5,089 to €0
mainly Other debts (-€27,500) and Receivables within one year (-€23,106)
- Stocks and contracts -€1,709
down €1,709 (-16.4%), from €10,404 to €8,695
of which Contracts in progress: -€1,229
- Other debts -€27,500
down €27,500 (-100.0%), from €27,500 to €0
- Current portion of long-term debt +€18,296
new in 2025: €18,296
- Tax, wage and social debts -€4,014
down €4,014 (-75.0%), from €5,353 to €1,340
- Gross operating margin -€7,635
down €7,635 (-56.5%), from €13,518 to €5,883
- Financial income +€1,057
up €1,057 (+163.0%), from €648 to €1,705
- Write-downs -€883
down €883 (-100.0%), from €883 to €0
- Financial charges -€581
down €581 (-15.9%), from €3,649 to €3,068
- Other operating charges +€253
up €253 (+10.3%), from €2,461 to €2,714
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 | €94,050 | €79,271 | -€14,779 | -15.7% |
| Fixed assets | 21/28 | €8,868 | €8,019 | -€849 | -9.6% |
| Tangible fixed assets | 22/27 | €8,818 | €7,969 | -€849 | -9.6% |
| Land and buildings | 22 | €409 | €347 | -€63 | -15.4% |
| Plant, machinery and equipment | 23 | €8,409 | €6,232 | -€2,177 | -25.9% |
| Furniture and vehicles | 24 | - | €1,391 | +€1,391 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €85,181 | €71,252 | -€13,930 | -16.4% |
| Amounts receivable after more than one year | 29 | €37,500 | €7,500 | -€30,000 | -80.0% |
| Other amounts receivable | 291 | €37,500 | €7,500 | -€30,000 | -80.0% |
| Stocks and contracts in progress | 3 | €10,404 | €8,695 | -€1,709 | -16.4% |
| Stocks | 30/36 | €4,000 | €3,520 | -€480 | -12.0% |
| Contracts in progress | 37 | €6,404 | €5,175 | -€1,229 | -19.2% |
| Amounts receivable within one year | 40/41 | €27,886 | €50,992 | +€23,106 | +82.9% |
| Trade receivables | 40 | €11,252 | €19,242 | +€7,990 | +71.0% |
| Other amounts receivable | 41 | €16,634 | €31,750 | +€15,116 | +90.9% |
| Cash at bank and in hand | 54/58 | €5,089 | €0 | -€5,089 | -100.0% |
| Deferred charges and accrued income | 490/1 | €4,302 | €4,064 | -€237 | -5.5% |
| Total equity and liabilities | 10/49 | €94,050 | €79,271 | -€14,779 | -15.7% |
| Equity | 10/15 | €46,361 | €45,612 | -€749 | -1.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €30,945 | €30,945 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Reserves not available under the articles | 1311 | €1,859 | €0 | -€1,859 | -100.0% |
| Tax-exempt reserves | 132 | €10,729 | €10,729 | = | 0.0% |
| Distributable reserves | 133 | €18,356 | €20,215 | +€1,859 | +10.1% |
| Profit (loss) carried forward | 14 | -€3,175 | -€3,924 | -€749 | -23.6% |
| Amounts payable | 17/49 | €47,688 | €33,659 | -€14,030 | -29.4% |
| Amounts payable within one year | 42/48 | €47,688 | €33,659 | -€14,030 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | - | €18,296 | +€18,296 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €14,835 | €14,023 | -€812 | -5.5% |
| Suppliers | 440/4 | €14,835 | €14,023 | -€812 | -5.5% |
| Taxes, remuneration and social security | 45 | €5,353 | €1,340 | -€4,014 | -75.0% |
| Taxes | 450/3 | €5,353 | €1,340 | -€4,014 | -75.0% |
| Other amounts payable | 47/48 | €27,500 | €0 | -€27,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,381 | €2,414 | +€33 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €883 | €0 | -€883 | -100.0% |
| Other operating charges | 640/8 | €2,461 | €2,714 | +€253 | +10.3% |
| Gross operating margin | 9900 | €13,518 | €5,883 | -€7,635 | -56.5% |
| Operating profit (loss) | 9901 | €7,794 | €756 | -€7,038 | -90.3% |
| Financial income | 75/76B | €648 | €1,705 | +€1,057 | +163.0% |
| Recurring financial income | 75 | €648 | €1,705 | +€1,057 | +163.0% |
| Financial charges | 65/66B | €3,649 | €3,068 | -€581 | -15.9% |
| Recurring financial charges | 65 | €3,649 | €3,068 | -€581 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €4,793 | -€608 | -€5,401 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €4,654 | -€749 | -€5,402 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,654 | -€749 | -€5,402 |
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 8 October 2026 via checked.be.