BRANDT PHILIPPE: 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.
BRANDT PHILIPPE
Largest movements
- Receivables within one year +€29,790
up €29,790 (+121%), from €24,523 to €54,313
of which Trade receivables: +€28,483
- Cash -€15,676
down €15,676 (-12.7%), from €122,962 to €107,287
mainly Receivables within one year (-€29,790) and Contributions, distributions and other (-€6,000)
- Tangible fixed assets -€14,471
down €14,471 (-34.5%), from €41,945 to €27,474
- Trade debts +€8,400
up €8,400 (+54.7%), from €15,344 to €23,744
- Debts after one year -€4,631
down €4,631 (-31.1%), from €14,910 to €10,279
- Current portion of long-term debt -€3,233
down €3,233 (-41.1%), from €7,864 to €4,631
- Reserves -€2,100
down €2,100 (-2.1%), from €99,450 to €97,350
- Gross operating margin -€14,316
down €14,316 (-37.9%), from €37,725 to €23,408
- Depreciation +€4,651
up €4,651 (+47.4%), from €9,821 to €14,471
- Taxes -€4,487
down €4,487 (-61.7%), from €7,277 to €2,789
- Financial income +€1,068
up €1,068 (+103%), from €1,033 to €2,102
- Financial charges -€642
down €642 (-17.6%), from €3,644 to €3,002
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 | €192,898 | €193,242 | +€344 | +0.2% |
| Fixed assets | 21/28 | €41,945 | €27,474 | -€14,471 | -34.5% |
| Tangible fixed assets | 22/27 | €41,945 | €27,474 | -€14,471 | -34.5% |
| Furniture and vehicles | 24 | €41,945 | €27,474 | -€14,471 | -34.5% |
| Current assets | 29/58 | €150,953 | €165,768 | +€14,815 | +9.8% |
| Stocks and contracts in progress | 3 | €2,286 | €2,890 | +€604 | +26.4% |
| Stocks | 30/36 | €2,286 | €2,890 | +€604 | +26.4% |
| Amounts receivable within one year | 40/41 | €24,523 | €54,313 | +€29,790 | +121% |
| Trade receivables | 40 | €24,148 | €52,631 | +€28,483 | +118% |
| Other amounts receivable | 41 | €375 | €1,682 | +€1,307 | +349% |
| Cash at bank and in hand | 54/58 | €122,962 | €107,287 | -€15,676 | -12.7% |
| Deferred charges and accrued income | 490/1 | €1,182 | €1,280 | +€98 | +8.3% |
| Total equity and liabilities | 10/49 | €192,898 | €193,242 | +€344 | +0.2% |
| Equity | 10/15 | €112,866 | €110,825 | -€2,041 | -1.8% |
| Contributions | 10/11 | €12,700 | €12,700 | = | 0.0% |
| Reserves | 13 | €99,450 | €97,350 | -€2,100 | -2.1% |
| Distributable reserves | 133 | €99,450 | €97,350 | -€2,100 | -2.1% |
| Profit (loss) carried forward | 14 | €716 | €775 | +€59 | +8.3% |
| Amounts payable | 17/49 | €80,032 | €82,417 | +€2,385 | +3.0% |
| Amounts payable after more than one year | 17 | €14,910 | €10,279 | -€4,631 | -31.1% |
| Financial debts | 170/4 | €14,910 | €10,279 | -€4,631 | -31.1% |
| Amounts payable within one year | 42/48 | €65,122 | €72,138 | +€7,016 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €7,864 | €4,631 | -€3,233 | -41.1% |
| Trade debts | 44 | €15,344 | €23,744 | +€8,400 | +54.7% |
| Suppliers | 440/4 | €15,344 | €23,744 | +€8,400 | +54.7% |
| Taxes, remuneration and social security | 45 | €12,343 | €14,070 | +€1,727 | +14.0% |
| Taxes | 450/3 | €10,608 | €12,334 | +€1,727 | +16.3% |
| Remuneration and social security | 454/9 | €1,735 | €1,735 | = | 0.0% |
| Other amounts payable | 47/48 | €29,572 | €29,694 | +€122 | +0.4% |
| Remuneration, social security and pensions | 62 | €304 | €106 | -€198 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,821 | €14,471 | +€4,651 | +47.4% |
| Other operating charges | 640/8 | €671 | €1,107 | +€436 | +65.1% |
| Non-recurring operating charges | 66A | €45 | €75 | +€30 | +67.6% |
| Gross operating margin | 9900 | €37,725 | €23,408 | -€14,316 | -37.9% |
| Operating profit (loss) | 9901 | €26,885 | €7,649 | -€19,236 | -71.5% |
| Financial income | 75/76B | €1,033 | €2,102 | +€1,068 | +103% |
| Recurring financial income | 75 | €1,033 | €2,102 | +€1,068 | +103% |
| Financial charges | 65/66B | €3,644 | €3,002 | -€642 | -17.6% |
| Recurring financial charges | 65 | €3,644 | €3,002 | -€642 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €24,274 | €6,749 | -€17,525 | -72.2% |
| Income taxes | 67/77 | €7,277 | €2,789 | -€4,487 | -61.7% |
| Profit (loss) for the period | 9904 | €16,997 | €3,959 | -€13,038 | -76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,997 | €3,959 | -€13,038 | -76.7% |
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 20 October 2026 via checked.be.