PATRICK VAN VARENBERG: 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 VARENBERG
Largest movements
- Cash -€32,300
down €32,300 (-2.9%), from €1.1m to €1.1m
mainly Net result for the year (-€34,772) and Receivables within one year (-€5,981)
- Profit (loss) carried forward -€34,772
down €34,772 (-75.7%), from -€45,931 to -€80,703
- Gross operating margin -€13,319
down €13,319 (-66.3%), from -€20,101 to -€33,420
- Financial income +€6,540
up €6,540 (+105%), from €6,228 to €12,769
of which Non-recurring financial income: +€8,125
- Depreciation +€546
up €546 (+4.9%), from €11,049 to €11,595
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 | €1,173,870 | €1,137,749 | -€36,121 | -3.1% |
| Fixed assets | 21/28 | €58,648 | €48,120 | -€10,528 | -18.0% |
| Tangible fixed assets | 22/27 | €58,516 | €48,120 | -€10,396 | -17.8% |
| Land and buildings | 22 | €54,011 | €44,432 | -€9,578 | -17.7% |
| Plant, machinery and equipment | 23 | €2,609 | €2,522 | -€87 | -3.3% |
| Furniture and vehicles | 24 | €1,896 | €1,165 | -€730 | -38.5% |
| Financial fixed assets | 28 | €132 | - | -€132 | |
| Current assets | 29/58 | €1,115,222 | €1,089,629 | -€25,593 | -2.3% |
| Amounts receivable within one year | 40/41 | €4,258 | €10,239 | +€5,981 | +140% |
| Trade receivables | 40 | €595 | €8,978 | +€8,384 | +1,410% |
| Other amounts receivable | 41 | €3,664 | €1,261 | -€2,403 | -65.6% |
| Cash at bank and in hand | 54/58 | €1,110,738 | €1,078,438 | -€32,300 | -2.9% |
| Deferred charges and accrued income | 490/1 | €226 | €952 | +€726 | +320% |
| Total equity and liabilities | 10/49 | €1,173,870 | €1,137,749 | -€36,121 | -3.1% |
| Equity | 10/15 | €1,169,033 | €1,134,261 | -€34,772 | -3.0% |
| Contributions | 10/11 | €212,177 | €212,177 | = | 0.0% |
| Reserves | 13 | €1,002,787 | €1,002,787 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,218 | €21,218 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,218 | €21,218 | = | 0.0% |
| Distributable reserves | 133 | €981,569 | €981,569 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,931 | -€80,703 | -€34,772 | -75.7% |
| Amounts payable | 17/49 | €4,837 | €3,488 | -€1,349 | -27.9% |
| Amounts payable within one year | 42/48 | €4,837 | €3,488 | -€1,349 | -27.9% |
| Trade debts | 44 | €1,067 | €1,164 | +€97 | +9.1% |
| Suppliers | 440/4 | €1,067 | €1,164 | +€97 | +9.1% |
| Taxes, remuneration and social security | 45 | - | €853 | +€853 | |
| Taxes | 450/3 | - | €853 | +€853 | |
| Other amounts payable | 47/48 | €3,771 | €1,471 | -€2,300 | -61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,049 | €11,595 | +€546 | +4.9% |
| Other operating charges | 640/8 | €1,829 | €2,110 | +€281 | +15.3% |
| Gross operating margin | 9900 | -€20,101 | -€33,420 | -€13,319 | -66.3% |
| Operating profit (loss) | 9901 | -€32,979 | -€47,125 | -€14,146 | -42.9% |
| Financial income | 75/76B | €6,228 | €12,769 | +€6,540 | +105% |
| Recurring financial income | 75 | €6,228 | €4,644 | -€1,585 | -25.4% |
| Non-recurring financial income | 76B | - | €8,125 | +€8,125 | |
| Financial charges | 65/66B | €323 | €284 | -€39 | -12.2% |
| Recurring financial charges | 65 | €323 | €284 | -€39 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,074 | -€34,640 | -€7,566 | -27.9% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.4% |
| Profit (loss) for the period | 9904 | -€27,202 | -€34,772 | -€7,570 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,202 | -€34,772 | -€7,570 | -27.8% |
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 30 October 2026 via checked.be.