PATRICK VAN NOTEN: 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 NOTEN
Largest movements
- Cash -€93,579
down €93,579 (-73.0%), from €128,171 to €34,592
mainly Other debts (-€44,301) and Current investments (-€25,000)
- Current investments +€25,000
up €25,000 (+38.5%), from €65,000 to €90,000
- Receivables within one year +€15,610
up €15,610 (+42.9%), from €36,420 to €52,029
- Tangible fixed assets -€10,740
down €10,740 (-2.4%), from €440,355 to €429,616
of which Land and buildings: -€10,740
- Other debts -€44,301
down €44,301 (-99.6%), from €44,474 to €172
- Reserves -€9,150
down €9,150 (-1.5%), from €590,445 to €581,295
of which Tax-exempt reserves: -€11,911
- Gross operating margin +€5,393
up €5,393 (+31.7%), from €17,019 to €22,412
- Depreciation -€4,588
down €4,588 (-20.1%), from €22,828 to €18,240
- Other operating charges +€2,798
up €2,798 (+29.7%), from €9,424 to €12,221
- Financial income -€1,972
down €1,972 (-99.1%), from €1,990 to €17
- Financial charges -€1,285
down €1,285 (-85.3%), from €1,506 to €221
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 | €731,946 | €668,237 | -€63,709 | -8.7% |
| Fixed assets | 21/28 | €502,355 | €491,616 | -€10,740 | -2.1% |
| Tangible fixed assets | 22/27 | €440,355 | €429,616 | -€10,740 | -2.4% |
| Land and buildings | 22 | €434,355 | €423,616 | -€10,740 | -2.5% |
| Other tangible fixed assets | 26 | €6,000 | €6,000 | = | 0.0% |
| Financial fixed assets | 28 | €62,000 | €62,000 | = | 0.0% |
| Current assets | 29/58 | €229,590 | €176,621 | -€52,969 | -23.1% |
| Amounts receivable within one year | 40/41 | €36,420 | €52,029 | +€15,610 | +42.9% |
| Other amounts receivable | 41 | €36,420 | €52,029 | +€15,610 | +42.9% |
| Current investments | 50/53 | €65,000 | €90,000 | +€25,000 | +38.5% |
| Cash at bank and in hand | 54/58 | €128,171 | €34,592 | -€93,579 | -73.0% |
| Total equity and liabilities | 10/49 | €731,946 | €668,237 | -€63,709 | -8.7% |
| Equity | 10/15 | €652,445 | €643,295 | -€9,150 | -1.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €590,445 | €581,295 | -€9,150 | -1.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,091 | €95,180 | -€11,911 | -11.1% |
| Distributable reserves | 133 | €477,154 | €479,915 | +€2,761 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €26,773 | €23,795 | -€2,978 | -11.1% |
| Deferred taxes | 168 | €26,773 | €23,795 | -€2,978 | -11.1% |
| Amounts payable | 17/49 | €52,728 | €1,147 | -€51,581 | -97.8% |
| Amounts payable within one year | 42/48 | €52,728 | €1,147 | -€51,581 | -97.8% |
| Trade debts | 44 | €4,518 | €975 | -€3,543 | -78.4% |
| Suppliers | 440/4 | €4,518 | €975 | -€3,543 | -78.4% |
| Taxes, remuneration and social security | 45 | €3,737 | €0 | -€3,737 | -100.0% |
| Taxes | 450/3 | €3,737 | €0 | -€3,737 | -100.0% |
| Other amounts payable | 47/48 | €44,474 | €172 | -€44,301 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,828 | €18,240 | -€4,588 | -20.1% |
| Other operating charges | 640/8 | €9,424 | €12,221 | +€2,798 | +29.7% |
| Gross operating margin | 9900 | €17,019 | €22,412 | +€5,393 | +31.7% |
| Operating profit (loss) | 9901 | -€15,233 | -€8,049 | +€7,184 | +47.2% |
| Financial income | 75/76B | €1,990 | €17 | -€1,972 | -99.1% |
| Recurring financial income | 75 | €1,990 | €17 | -€1,972 | -99.1% |
| Financial charges | 65/66B | €1,506 | €221 | -€1,285 | -85.3% |
| Recurring financial charges | 65 | €1,506 | €221 | -€1,285 | -85.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,750 | -€8,253 | +€6,497 | +44.0% |
| Transfer from deferred taxes | 780 | €3,383 | €2,978 | -€405 | -12.0% |
| Income taxes | 67/77 | €3,779 | €3,875 | +€95 | +2.5% |
| Profit (loss) for the period | 9904 | -€15,146 | -€9,150 | +€5,996 | +39.6% |
| Transfer from tax-exempt reserves | 789 | €13,531 | €11,911 | -€1,621 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,615 | €2,761 | +€4,376 |
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 1 October 2026 via checked.be.