Patrick Vermeulen: 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 Vermeulen
Largest movements
- Cash +€6,280
up €6,280 (+8.2%), from €76,445 to €82,725
mainly Net result for the year (+€40,654) and Other debts (+€34,382)
- Receivables within one year -€3,862
down €3,862 (-38.1%), from €10,140 to €6,278
of which Other amounts receivable: -€4,514
- Deferred charges and accrued income -€1,008
down €1,008 (-87.9%), from €1,147 to €139
- Reserves -€35,203
down €35,203 (-67.4%), from €52,256 to €17,054
- Other debts +€34,382
up €34,382 (+192.3%), from €17,875 to €52,256
- Tax, wage and social debts +€7,002
up €7,002 (+378.0%), from €1,852 to €8,855
- Trade debts -€4,643
down €4,643 (-92.0%), from €5,047 to €403
- Gross operating margin -€33,946
down €33,946 (-36.4%), from €93,198 to €59,252
- Taxes -€4,440
down €4,440 (-24.7%), from €17,974 to €13,534
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 | €92,030 | €93,568 | +€1,538 | +1.7% |
| Fixed assets | 21/28 | €4,299 | €4,427 | +€128 | +3.0% |
| Tangible fixed assets | 22/27 | €4,299 | €4,427 | +€128 | +3.0% |
| Furniture and vehicles | 24 | €1,510 | €3,424 | +€1,914 | +126.8% |
| Other tangible fixed assets | 26 | €2,789 | €1,003 | -€1,786 | -64.0% |
| Current assets | 29/58 | €87,731 | €89,141 | +€1,409 | +1.6% |
| Amounts receivable within one year | 40/41 | €10,140 | €6,278 | -€3,862 | -38.1% |
| Trade receivables | 40 | €561 | €1,214 | +€653 | +116.2% |
| Other amounts receivable | 41 | €9,578 | €5,064 | -€4,514 | -47.1% |
| Cash at bank and in hand | 54/58 | €76,445 | €82,725 | +€6,280 | +8.2% |
| Deferred charges and accrued income | 490/1 | €1,147 | €139 | -€1,008 | -87.9% |
| Total equity and liabilities | 10/49 | €92,030 | €93,568 | +€1,538 | +1.7% |
| Equity | 10/15 | €67,256 | €32,054 | -€35,203 | -52.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €52,256 | €17,054 | -€35,203 | -67.4% |
| Distributable reserves | 133 | €52,256 | €17,054 | -€35,203 | -67.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,774 | €61,514 | +€36,740 | +148.3% |
| Amounts payable within one year | 42/48 | €24,774 | €61,514 | +€36,740 | +148.3% |
| Trade debts | 44 | €5,047 | €403 | -€4,643 | -92.0% |
| Suppliers | 440/4 | €5,047 | €403 | -€4,643 | -92.0% |
| Taxes, remuneration and social security | 45 | €1,852 | €8,855 | +€7,002 | +378.0% |
| Taxes | 450/3 | €1,852 | €8,855 | +€7,002 | +378.0% |
| Other amounts payable | 47/48 | €17,875 | €52,256 | +€34,382 | +192.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,173 | €2,181 | +€8 | +0.4% |
| Other operating charges | 640/8 | €787 | €777 | -€10 | -1.3% |
| Gross operating margin | 9900 | €93,198 | €59,252 | -€33,946 | -36.4% |
| Operating profit (loss) | 9901 | €90,238 | €56,293 | -€33,944 | -37.6% |
| Financial charges | 65/66B | €2,389 | €2,106 | -€283 | -11.8% |
| Recurring financial charges | 65 | €2,389 | €2,106 | -€283 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €87,849 | €54,187 | -€33,662 | -38.3% |
| Income taxes | 67/77 | €17,974 | €13,534 | -€4,440 | -24.7% |
| Profit (loss) for the period | 9904 | €69,875 | €40,654 | -€29,221 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,875 | €40,654 | -€29,221 | -41.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.