DENIS 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.
DENIS PHILIPPE
Largest movements
- Tangible fixed assets +€68,328
up €68,328 (+13.9%), from €490,086 to €558,414
of which Land and buildings: +€69,058
- Receivables within one year +€67,934
up €67,934 (+57.3%), from €118,571 to €186,505
of which Trade receivables: +€76,734
- Cash -€38,998
down €38,998 (-98.6%), from €39,559 to €561
mainly Investment in fixed assets (net) (-€97,198) and Receivables within one year (-€67,934)
- Profit (loss) carried forward +€40,820
up €40,820 (+7.8%), from €525,924 to €566,744
- Other debts +€35,084
up €35,084 (+150%), from €23,376 to €58,460
- Trade debts +€28,025
up €28,025 (+208%), from €13,485 to €41,510
- Gross operating margin +€34,979
up €34,979 (+40.7%), from €85,931 to €120,909
- Other operating charges -€10,581
down €10,581 (-27.4%), from €38,607 to €28,026
- Depreciation +€2,487
up €2,487 (+9.4%), from €26,384 to €28,870
- Financial charges -€2,390
down €2,390 (-86.1%), from €2,774 to €384
of which Non-recurring financial charges: -€1,803
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 | €676,169 | €774,208 | +€98,039 | +14.5% |
| Fixed assets | 21/28 | €492,361 | €560,689 | +€68,328 | +13.9% |
| Tangible fixed assets | 22/27 | €490,086 | €558,414 | +€68,328 | +13.9% |
| Land and buildings | 22 | €485,962 | €555,020 | +€69,058 | +14.2% |
| Furniture and vehicles | 24 | €3,646 | €3,075 | -€571 | -15.7% |
| Other tangible fixed assets | 26 | €478 | €319 | -€159 | -33.3% |
| Financial fixed assets | 28 | €2,275 | €2,275 | = | 0.0% |
| Current assets | 29/58 | €183,808 | €213,519 | +€29,711 | +16.2% |
| Amounts receivable within one year | 40/41 | €118,571 | €186,505 | +€67,934 | +57.3% |
| Trade receivables | 40 | €72,266 | €149,000 | +€76,734 | +106% |
| Other amounts receivable | 41 | €46,305 | €37,505 | -€8,800 | -19.0% |
| Current investments | 50/53 | €25,677 | €26,453 | +€776 | +3.0% |
| Cash at bank and in hand | 54/58 | €39,559 | €561 | -€38,998 | -98.6% |
| Total equity and liabilities | 10/49 | €676,169 | €774,208 | +€98,039 | +14.5% |
| Equity | 10/15 | €540,183 | €581,003 | +€40,820 | +7.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €525,924 | €566,744 | +€40,820 | +7.8% |
| Provisions and deferred taxes | 16 | €91,336 | €91,336 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €91,336 | €91,336 | = | 0.0% |
| Pensions and similar obligations | 160 | €91,336 | €91,336 | = | 0.0% |
| Amounts payable | 17/49 | €44,650 | €101,869 | +€57,219 | +128% |
| Amounts payable within one year | 42/48 | €44,650 | €101,869 | +€57,219 | +128% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €13,485 | €41,510 | +€28,025 | +208% |
| Suppliers | 440/4 | €13,485 | €41,510 | +€28,025 | +208% |
| Taxes, remuneration and social security | 45 | €7,789 | €1,899 | -€5,890 | -75.6% |
| Taxes | 450/3 | €7,789 | €1,899 | -€5,890 | -75.6% |
| Other amounts payable | 47/48 | €23,376 | €58,460 | +€35,084 | +150% |
| Non-recurring operating income | 76A | €1,736 | €0 | -€1,736 | -100% |
| Remuneration, social security and pensions | 62 | €824 | €0 | -€824 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,384 | €28,870 | +€2,487 | +9.4% |
| Other operating charges | 640/8 | €38,607 | €28,026 | -€10,581 | -27.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €85,931 | €120,909 | +€34,979 | +40.7% |
| Operating profit (loss) | 9901 | €20,116 | €64,013 | +€43,897 | +218% |
| Financial income | 75/76B | €399 | €537 | +€139 | +34.8% |
| Recurring financial income | 75 | €399 | €537 | +€139 | +34.8% |
| Financial charges | 65/66B | €2,774 | €384 | -€2,390 | -86.1% |
| Recurring financial charges | 65 | €971 | €384 | -€587 | -60.4% |
| Non-recurring financial charges | 66B | €1,803 | €0 | -€1,803 | -100% |
| Profit (loss) for the period before taxes | 9903 | €17,740 | €64,166 | +€46,426 | +262% |
| Income taxes | 67/77 | €22,227 | €23,346 | +€1,119 | +5.0% |
| Profit (loss) for the period | 9904 | -€4,487 | €40,820 | +€45,307 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,487 | €40,820 | +€45,307 |
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 24 October 2026 via checked.be.