PATRICK VERWORST: 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 VERWORST
Largest movements
- Deferred charges and accrued income +€70,530
up €70,530 (+49.7%), from €141,769 to €212,298
- Tangible fixed assets -€52,629
down €52,629 (-3.2%), from €1.6m to €1.6m
of which Land and buildings: -€52,478
- Receivables within one year +€40,943
up €40,943 (+32.4%), from €126,303 to €167,247
of which Trade receivables: +€57,230
- Receivables after one year -€23,400
down €23,400 (-25.7%), from €91,065 to €67,665
- Debts after one year -€107,097
down €107,097 (-19.1%), from €560,693 to €453,597
of which Financial debts: -€105,247
- Profit (loss) carried forward +€86,764
up €86,764 (+16.6%), from €522,180 to €608,944
- Other debts +€31,983
up €31,983 (+5.1%), from €625,362 to €657,344
- Gross operating margin +€31,854
up €31,854 (+21.8%), from €146,269 to €178,123
- Financial charges +€20,338
up €20,338 (+65.0%), from €31,282 to €51,620
- Financial income +€14,703
up €14,703 (+107%), from €13,717 to €28,420
of which Financial income: +€9,327
- Depreciation +€12,963
up €12,963 (+34.5%), from €37,543 to €50,506
- Other operating charges -€8,047
down €8,047 (-43.0%), from €18,719 to €10,672
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 | €2,181,812 | €2,214,368 | +€32,556 | +1.5% |
| Fixed assets | 21/28 | €1,638,247 | €1,585,618 | -€52,629 | -3.2% |
| Tangible fixed assets | 22/27 | €1,637,301 | €1,584,672 | -€52,629 | -3.2% |
| Land and buildings | 22 | €1,583,024 | €1,530,546 | -€52,478 | -3.3% |
| Furniture and vehicles | 24 | €245 | €94 | -€151 | -61.5% |
| Other tangible fixed assets | 26 | €54,031 | €54,031 | = | 0.0% |
| Financial fixed assets | 28 | €946 | €946 | = | 0.0% |
| Current assets | 29/58 | €543,565 | €628,750 | +€85,185 | +15.7% |
| Amounts receivable after more than one year | 29 | €91,065 | €67,665 | -€23,400 | -25.7% |
| Other amounts receivable | 291 | €91,065 | €67,665 | -€23,400 | -25.7% |
| Amounts receivable within one year | 40/41 | €126,303 | €167,247 | +€40,943 | +32.4% |
| Trade receivables | 40 | €31,363 | €88,593 | +€57,230 | +182% |
| Other amounts receivable | 41 | €94,940 | €78,653 | -€16,287 | -17.2% |
| Current investments | 50/53 | €115,160 | €118,555 | +€3,394 | +2.9% |
| Cash at bank and in hand | 54/58 | €69,267 | €62,985 | -€6,282 | -9.1% |
| Deferred charges and accrued income | 490/1 | €141,769 | €212,298 | +€70,530 | +49.7% |
| Total equity and liabilities | 10/49 | €2,181,812 | €2,214,368 | +€32,556 | +1.5% |
| Equity | 10/15 | €851,640 | €938,404 | +€86,764 | +10.2% |
| Contributions | 10/11 | €323,000 | €323,000 | = | 0.0% |
| Reserves | 13 | €6,460 | €6,460 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,121 | €3,121 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,121 | €3,121 | = | 0.0% |
| Distributable reserves | 133 | €3,339 | €3,339 | = | 0.0% |
| Profit (loss) carried forward | 14 | €522,180 | €608,944 | +€86,764 | +16.6% |
| Amounts payable | 17/49 | €1,330,172 | €1,275,964 | -€54,208 | -4.1% |
| Amounts payable after more than one year | 17 | €560,693 | €453,597 | -€107,097 | -19.1% |
| Financial debts | 170/4 | €558,843 | €453,597 | -€105,247 | -18.8% |
| Other amounts payable | 178/9 | €1,850 | - | -€1,850 | |
| Amounts payable within one year | 42/48 | €745,493 | €782,898 | +€37,405 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €105,507 | €107,097 | +€1,589 | +1.5% |
| Trade debts | 44 | €11,224 | €11,657 | +€433 | +3.9% |
| Suppliers | 440/4 | €11,224 | €11,657 | +€433 | +3.9% |
| Taxes, remuneration and social security | 45 | €3,400 | €6,800 | +€3,400 | +100% |
| Remuneration and social security | 454/9 | €3,400 | €6,800 | +€3,400 | +100% |
| Other amounts payable | 47/48 | €625,362 | €657,344 | +€31,983 | +5.1% |
| Accrued charges and deferred income | 492/3 | €23,985 | €39,470 | +€15,484 | +64.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,543 | €50,506 | +€12,963 | +34.5% |
| Other operating charges | 640/8 | €18,719 | €10,672 | -€8,047 | -43.0% |
| Gross operating margin | 9900 | €146,269 | €178,123 | +€31,854 | +21.8% |
| Operating profit (loss) | 9901 | €90,007 | €116,945 | +€26,938 | +29.9% |
| Financial income | 75/76B | €13,717 | €28,420 | +€14,703 | +107% |
| Recurring financial income | 75 | €13,717 | €23,044 | +€9,327 | +68.0% |
| Non-recurring financial income | 76B | - | €5,376 | +€5,376 | |
| Financial charges | 65/66B | €31,282 | €51,620 | +€20,338 | +65.0% |
| Recurring financial charges | 65 | €31,282 | €51,620 | +€20,338 | +65.0% |
| Profit (loss) for the period before taxes | 9903 | €72,442 | €93,745 | +€21,303 | +29.4% |
| Income taxes | 67/77 | €2,626 | €6,982 | +€4,356 | +166% |
| Profit (loss) for the period | 9904 | €69,816 | €86,764 | +€16,948 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,816 | €86,764 | +€16,948 | +24.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.