Patrick Vansteelant: 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 Vansteelant
Largest movements
- Tangible fixed assets +€512,366
up €512,366 (+126%), from €407,662 to €920,028
of which Plant, machinery and equipment: +€322,642
- Cash +€74,624
up €74,624 (+38.9%), from €191,810 to €266,434
mainly Debts after one year (+€367,228) and Net result for the year (+€268,018)
- Receivables within one year +€45,683
up €45,683 (+19.9%), from €229,438 to €275,121
of which Other amounts receivable: +€121,325
- Debts after one year +€367,228
up €367,228 (+200%), from €183,609 to €550,838
- Profit (loss) carried forward +€268,018
up €268,018 (+71.8%), from €373,114 to €641,133
- Current portion of long-term debt +€68,786
up €68,786 (+90.0%), from €76,438 to €145,224
- Tax, wage and social debts -€37,081
down €37,081 (-89.1%), from €41,604 to €4,522
of which Taxes: -€37,191
- Trade debts -€34,088
down €34,088 (-26.7%), from €127,867 to €93,779
- Taxes -€22,815
down €22,815 (-26.9%), from €84,861 to €62,046
- Depreciation +€12,997
up €12,997 (+11.5%), from €113,217 to €126,215
- Staff costs +€10,725
up €10,725 (+21.4%), from €50,116 to €60,840
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 | €834,982 | €1,467,846 | +€632,863 | +75.8% |
| Fixed assets | 21/28 | €407,912 | €920,663 | +€512,751 | +126% |
| Tangible fixed assets | 22/27 | €407,662 | €920,028 | +€512,366 | +126% |
| Plant, machinery and equipment | 23 | €106,259 | €428,900 | +€322,642 | +304% |
| Furniture and vehicles | 24 | €301,404 | €491,128 | +€189,724 | +62.9% |
| Financial fixed assets | 28 | €250 | €635 | +€385 | +154% |
| Current assets | 29/58 | €427,070 | €547,183 | +€120,113 | +28.1% |
| Amounts receivable within one year | 40/41 | €229,438 | €275,121 | +€45,683 | +19.9% |
| Trade receivables | 40 | €229,435 | €153,793 | -€75,643 | -33.0% |
| Other amounts receivable | 41 | €3 | €121,329 | +€121,325 | +3,767,869% |
| Cash at bank and in hand | 54/58 | €191,810 | €266,434 | +€74,624 | +38.9% |
| Deferred charges and accrued income | 490/1 | €5,822 | €5,628 | -€194 | -3.3% |
| Total equity and liabilities | 10/49 | €834,982 | €1,467,846 | +€632,863 | +75.8% |
| Equity | 10/15 | €383,114 | €651,133 | +€268,018 | +70.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €373,114 | €641,133 | +€268,018 | +71.8% |
| Amounts payable | 17/49 | €451,868 | €816,713 | +€364,845 | +80.7% |
| Amounts payable after more than one year | 17 | €183,609 | €550,838 | +€367,228 | +200% |
| Financial debts | 170/4 | €183,609 | €550,838 | +€367,228 | +200% |
| Amounts payable within one year | 42/48 | €268,259 | €265,876 | -€2,383 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €76,438 | €145,224 | +€68,786 | +90.0% |
| Trade debts | 44 | €127,867 | €93,779 | -€34,088 | -26.7% |
| Suppliers | 440/4 | €127,867 | €93,779 | -€34,088 | -26.7% |
| Taxes, remuneration and social security | 45 | €41,604 | €4,522 | -€37,081 | -89.1% |
| Taxes | 450/3 | €38,191 | €1,000 | -€37,191 | -97.4% |
| Remuneration and social security | 454/9 | €3,413 | €3,522 | +€110 | +3.2% |
| Other amounts payable | 47/48 | €22,351 | €22,351 | = | 0.0% |
| Non-recurring operating income | 76A | €2,000 | €38,661 | +€36,661 | +1,833% |
| Remuneration, social security and pensions | 62 | €50,116 | €60,840 | +€10,725 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,217 | €126,215 | +€12,997 | +11.5% |
| Other operating charges | 640/8 | €4,997 | €10,139 | +€5,141 | +103% |
| Gross operating margin | 9900 | €538,286 | €534,790 | -€3,496 | -0.6% |
| Operating profit (loss) | 9901 | €369,956 | €337,597 | -€32,359 | -8.7% |
| Financial income | 75/76B | €39 | €15 | -€24 | -61.7% |
| Recurring financial income | 75 | €39 | €15 | -€24 | -61.7% |
| Financial charges | 65/66B | €7,479 | €7,547 | +€68 | +0.9% |
| Recurring financial charges | 65 | €7,479 | €7,547 | +€68 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €362,515 | €330,064 | -€32,451 | -9.0% |
| Income taxes | 67/77 | €84,861 | €62,046 | -€22,815 | -26.9% |
| Profit (loss) for the period | 9904 | €277,654 | €268,018 | -€9,636 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €277,654 | €268,018 | -€9,636 | -3.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.