David Philtjens: 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.
David Philtjens
Largest movements
- Deferred charges and accrued income +€13,299
up €13,299 (+1,313%), from €1,013 to €14,312
- Cash -€12,226
down €12,226 (-56.0%), from €21,838 to €9,612
mainly Trade debts (-€26,209) and Deferred charges and accrued income (-€13,299)
- Receivables within one year -€4,923
down €4,923 (-5.3%), from €93,711 to €88,788
of which Trade receivables: -€4,923
- Tangible fixed assets -€3,405
down €3,405 (-21.9%), from €15,575 to €12,169
of which Furniture and vehicles: -€1,948
- Financial fixed assets -€1,960
down €1,960 (-83.1%), from €2,360 to €400
- Trade debts -€26,209
down €26,209 (-55.5%), from €47,194 to €20,985
- Current portion of long-term debt +€8,011
up €8,011 (+401%), from €2,000 to €10,011
- Accrued charges and deferred income +€5,527
up €5,527 (+27.0%), from €20,494 to €26,021
- Profit (loss) carried forward +€2,463
up €2,463 (+7.1%), from €34,915 to €37,378
- Gross operating margin -€14,482
down €14,482 (-64.8%), from €22,342 to €7,860
- Taxes -€3,330
down €3,330 (-73.5%), from €4,530 to €1,200
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 | €134,496 | €125,282 | -€9,214 | -6.9% |
| Fixed assets | 21/28 | €17,935 | €12,569 | -€5,365 | -29.9% |
| Tangible fixed assets | 22/27 | €15,575 | €12,169 | -€3,405 | -21.9% |
| Land and buildings | 22 | €8,231 | €6,773 | -€1,457 | -17.7% |
| Furniture and vehicles | 24 | €7,344 | €5,396 | -€1,948 | -26.5% |
| Financial fixed assets | 28 | €2,360 | €400 | -€1,960 | -83.1% |
| Current assets | 29/58 | €116,561 | €112,712 | -€3,849 | -3.3% |
| Amounts receivable within one year | 40/41 | €93,711 | €88,788 | -€4,923 | -5.3% |
| Trade receivables | 40 | €60,770 | €55,847 | -€4,923 | -8.1% |
| Other amounts receivable | 41 | €32,941 | €32,941 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,838 | €9,612 | -€12,226 | -56.0% |
| Deferred charges and accrued income | 490/1 | €1,013 | €14,312 | +€13,299 | +1,313% |
| Total equity and liabilities | 10/49 | €134,496 | €125,282 | -€9,214 | -6.9% |
| Equity | 10/15 | €53,515 | €55,978 | +€2,463 | +4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,915 | €37,378 | +€2,463 | +7.1% |
| Amounts payable | 17/49 | €80,981 | €69,304 | -€11,677 | -14.4% |
| Amounts payable within one year | 42/48 | €60,488 | €43,284 | -€17,204 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €2,000 | €10,011 | +€8,011 | +401% |
| Trade debts | 44 | €47,194 | €20,985 | -€26,209 | -55.5% |
| Suppliers | 440/4 | €47,194 | €20,985 | -€26,209 | -55.5% |
| Taxes, remuneration and social security | 45 | €10,226 | €11,219 | +€994 | +9.7% |
| Taxes | 450/3 | €6,916 | €5,535 | -€1,381 | -20.0% |
| Remuneration and social security | 454/9 | €3,310 | €5,685 | +€2,375 | +71.8% |
| Other amounts payable | 47/48 | €1,068 | €1,068 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20,494 | €26,021 | +€5,527 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,405 | €3,405 | = | 0.0% |
| Other operating charges | 640/8 | €661 | €545 | -€116 | -17.6% |
| Gross operating margin | 9900 | €22,342 | €7,860 | -€14,482 | -64.8% |
| Operating profit (loss) | 9901 | €18,276 | €3,910 | -€14,366 | -78.6% |
| Financial charges | 65/66B | €331 | €247 | -€84 | -25.3% |
| Recurring financial charges | 65 | €331 | €247 | -€84 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €17,945 | €3,663 | -€14,282 | -79.6% |
| Income taxes | 67/77 | €4,530 | €1,200 | -€3,330 | -73.5% |
| Profit (loss) for the period | 9904 | €13,415 | €2,463 | -€10,952 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,415 | €2,463 | -€10,952 | -81.6% |
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 25 October 2026 via checked.be.