PATRICK VANHORENBEKE: 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 VANHORENBEKE
Largest movements
- Receivables within one year +€182,092
up €182,092 (+386%), from €47,145 to €229,237
of which Other amounts receivable: +€169,116
- Tangible fixed assets -€77,112
down €77,112 (-5.2%), from €1.5m to €1.4m
- Cash -€71,789
down €71,789 (-38.6%), from €185,833 to €114,044
mainly Receivables within one year (-€182,092) and Debts after one year (-€83,565)
- Reserves +€152,777
up €152,777 (+21.6%), from €706,847 to €859,624
of which Distributable reserves: +€152,777
- Debts after one year -€83,565
down €83,565 (-10.7%), from €780,270 to €696,706
- Accrued charges and deferred income -€21,025
down €21,025 (-7.8%), from €271,218 to €250,193
- Gross operating margin -€15,112
down €15,112 (-2.5%), from €612,550 to €597,439
- Financial income +€13,057
up €13,057 (+91.0%), from €14,352 to €27,409
of which Non-recurring financial income: +€7,559
- Taxes -€9,697
down €9,697 (-9.8%), from €99,202 to €89,505
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 | €2,006,945 | €2,037,664 | +€30,719 | +1.5% |
| Fixed assets | 21/28 | €1,490,157 | €1,413,045 | -€77,112 | -5.2% |
| Tangible fixed assets | 22/27 | €1,489,766 | €1,412,654 | -€77,112 | -5.2% |
| Land and buildings | 22 | €1,150,128 | €1,122,589 | -€27,539 | -2.4% |
| Plant, machinery and equipment | 23 | €240,489 | €222,481 | -€18,008 | -7.5% |
| Furniture and vehicles | 24 | €99,149 | €67,584 | -€31,565 | -31.8% |
| Financial fixed assets | 28 | €391 | €391 | = | 0.0% |
| Current assets | 29/58 | €516,788 | €624,619 | +€107,831 | +20.9% |
| Amounts receivable after more than one year | 29 | €275,000 | €275,000 | = | 0.0% |
| Other amounts receivable | 291 | €275,000 | €275,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €8,810 | €6,338 | -€2,472 | -28.1% |
| Stocks | 30/36 | €8,810 | €6,338 | -€2,472 | -28.1% |
| Amounts receivable within one year | 40/41 | €47,145 | €229,237 | +€182,092 | +386% |
| Trade receivables | 40 | €47,145 | €60,121 | +€12,976 | +27.5% |
| Other amounts receivable | 41 | - | €169,116 | +€169,116 | |
| Cash at bank and in hand | 54/58 | €185,833 | €114,044 | -€71,789 | -38.6% |
| Total equity and liabilities | 10/49 | €2,006,945 | €2,037,664 | +€30,719 | +1.5% |
| Equity | 10/15 | €761,277 | €906,304 | +€145,027 | +19.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €706,847 | €859,624 | +€152,777 | +21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €704,987 | €857,764 | +€152,777 | +21.7% |
| Profit (loss) carried forward | 14 | €1,730 | €1,730 | = | 0.0% |
| Investment grants | 15 | €46,500 | €38,750 | -€7,750 | -16.7% |
| Amounts payable | 17/49 | €1,245,668 | €1,131,360 | -€114,308 | -9.2% |
| Amounts payable after more than one year | 17 | €780,270 | €696,706 | -€83,565 | -10.7% |
| Financial debts | 170/4 | €780,270 | €696,706 | -€83,565 | -10.7% |
| Amounts payable within one year | 42/48 | €194,180 | €184,462 | -€9,718 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €81,549 | €82,937 | +€1,388 | +1.7% |
| Trade debts | 44 | €24,165 | €10,313 | -€13,852 | -57.3% |
| Suppliers | 440/4 | €24,165 | €10,313 | -€13,852 | -57.3% |
| Advances received on contracts in progress | 46 | €23,156 | €19,906 | -€3,250 | -14.0% |
| Taxes, remuneration and social security | 45 | €53,487 | €71,305 | +€17,818 | +33.3% |
| Taxes | 450/3 | €29,795 | €49,031 | +€19,236 | +64.6% |
| Remuneration and social security | 454/9 | €23,692 | €22,274 | -€1,418 | -6.0% |
| Other amounts payable | 47/48 | €11,823 | - | -€11,823 | |
| Accrued charges and deferred income | 492/3 | €271,218 | €250,193 | -€21,025 | -7.8% |
| Remuneration, social security and pensions | 62 | €183,319 | €185,423 | +€2,104 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,950 | €109,077 | +€3,127 | +3.0% |
| Other operating charges | 640/8 | €12,481 | €14,174 | +€1,693 | +13.6% |
| Gross operating margin | 9900 | €612,550 | €597,439 | -€15,112 | -2.5% |
| Operating profit (loss) | 9901 | €310,801 | €288,765 | -€22,035 | -7.1% |
| Financial income | 75/76B | €14,352 | €27,409 | +€13,057 | +91.0% |
| Recurring financial income | 75 | €14,352 | €19,850 | +€5,498 | +38.3% |
| Non-recurring financial income | 76B | - | €7,559 | +€7,559 | |
| Financial charges | 65/66B | €14,190 | €15,322 | +€1,132 | +8.0% |
| Recurring financial charges | 65 | €14,190 | €15,322 | +€1,132 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €310,963 | €300,853 | -€10,110 | -3.3% |
| Income taxes | 67/77 | €99,202 | €89,505 | -€9,697 | -9.8% |
| Profit (loss) for the period | 9904 | €211,761 | €211,348 | -€412 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €211,761 | €211,348 | -€412 | -0.2% |
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.