PATRIGEMA: 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.
PATRIGEMA
Largest movements
- Tangible fixed assets -€86,871
down €86,871 (-19.4%), from €448,124 to €361,253
of which Land and buildings: -€79,265
- Cash +€12,780
up €12,780 (+518.4%), from €2,465 to €15,245
mainly Investment in fixed assets (net) (+€60,771) and Depreciation (+€26,101)
- Debts after one year -€100,000
no longer reported in 2025 (was €100,000)
- Profit (loss) carried forward +€28,573
no longer reported in 2025 (was -€28,573)
- Reserves -€21,771
down €21,771 (-20.1%), from €108,057 to €86,286
of which Tax-exempt reserves: -€42,697
- Other debts +€13,725
up €13,725 (+25.8%), from €53,176 to €66,902
- Tax, wage and social debts +€5,382
up €5,382 (+579.6%), from €929 to €6,311
- Gross operating margin +€29,811
up €29,811 (+200.9%), from €14,841 to €44,652
- Financial charges -€8,803
down €8,803 (-69.0%), from €12,764 to €3,961
- Depreciation -€8,268
down €8,268 (-24.1%), from €34,369 to €26,101
- Taxes +€5,397
up €5,397 (+1181.3%), from €457 to €5,854
- Other operating charges -€2,001
down €2,001 (-50.8%), from €3,936 to €1,935
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 | €450,590 | €376,498 | -€74,091 | -16.4% |
| Fixed assets | 21/28 | €448,124 | €361,253 | -€86,871 | -19.4% |
| Tangible fixed assets | 22/27 | €448,124 | €361,253 | -€86,871 | -19.4% |
| Land and buildings | 22 | €351,080 | €271,815 | -€79,265 | -22.6% |
| Plant, machinery and equipment | 23 | €97,044 | €88,522 | -€8,522 | -8.8% |
| Furniture and vehicles | 24 | - | €916 | +€916 | |
| Current assets | 29/58 | €2,465 | €15,245 | +€12,780 | +518.4% |
| Cash at bank and in hand | 54/58 | €2,465 | €15,245 | +€12,780 | +518.4% |
| Total equity and liabilities | 10/49 | €450,590 | €376,498 | -€74,091 | -16.4% |
| Equity | 10/15 | €296,485 | €303,286 | +€6,801 | +2.3% |
| Contributions | 10/11 | €217,000 | €217,000 | = | 0.0% |
| Capital | 10 | €217,000 | €217,000 | = | 0.0% |
| Issued capital | 100 | €217,000 | €217,000 | = | 0.0% |
| Reserves | 13 | €108,057 | €86,286 | -€21,771 | -20.1% |
| Non-distributable reserves | 130/1 | €21,700 | €21,700 | = | 0.0% |
| Legal reserve | 130 | €21,700 | €21,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,281 | €35,584 | -€42,697 | -54.5% |
| Distributable reserves | 133 | €8,077 | €29,002 | +€20,926 | +259.1% |
| Profit (loss) carried forward | 14 | -€28,573 | - | +€28,573 | |
| Amounts payable | 17/49 | €154,105 | €73,213 | -€80,892 | -52.5% |
| Amounts payable after more than one year | 17 | €100,000 | - | -€100,000 | |
| Financial debts | 170/4 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €54,105 | €73,213 | +€19,108 | +35.3% |
| Taxes, remuneration and social security | 45 | €929 | €6,311 | +€5,382 | +579.6% |
| Taxes | 450/3 | €929 | €6,311 | +€5,382 | +579.6% |
| Other amounts payable | 47/48 | €53,176 | €66,902 | +€13,725 | +25.8% |
| Non-recurring operating income | 76A | - | €12,242 | +€12,242 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,369 | €26,101 | -€8,268 | -24.1% |
| Other operating charges | 640/8 | €3,936 | €1,935 | -€2,001 | -50.8% |
| Gross operating margin | 9900 | €14,841 | €44,652 | +€29,811 | +200.9% |
| Operating profit (loss) | 9901 | -€23,464 | €16,616 | +€40,080 | |
| Financial income | 75/76B | €497 | - | -€497 | |
| Recurring financial income | 75 | €497 | - | -€497 | |
| Financial charges | 65/66B | €12,764 | €3,961 | -€8,803 | -69.0% |
| Recurring financial charges | 65 | €12,764 | €3,961 | -€8,803 | -69.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,731 | €12,655 | +€48,386 | |
| Income taxes | 67/77 | €457 | €5,854 | +€5,397 | +1181.3% |
| Profit (loss) for the period | 9904 | -€36,187 | €6,801 | +€42,989 | |
| Transfer from tax-exempt reserves | 789 | €7,615 | €54,939 | +€47,325 | +621.5% |
| Transfer to tax-exempt reserves | 689 | - | €12,242 | +€12,242 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,573 | €49,498 | +€78,071 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.