DR. PH. WILLIAMS: 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.
DR. PH. WILLIAMS
Largest movements
- Cash -€57,293
down €57,293 (-35.4%), from €161,741 to €104,448
mainly Net result for the year (-€50,612) and Current portion of long-term debt (-€10,321)
- Tangible fixed assets -€9,878
down €9,878 (-17.9%), from €55,183 to €45,306
of which Land and buildings: -€5,910
- Receivables within one year +€3,572
up €3,572 (+23.1%), from €15,439 to €19,011
of which Other amounts receivable: +€3,572
- Reserves -€50,612
down €50,612 (-15.8%), from €320,833 to €270,221
- Current portion of long-term debt -€10,321
down €10,321 (-100.0%), from €10,321 to €0
- Gross operating margin -€30,083
down €30,083 (-716.3%), from -€4,200 to -€34,283
- Financial income -€1,729
down €1,729 (-29.2%), from €5,928 to €4,199
- Depreciation -€1,182
down €1,182 (-6.7%), from €17,610 to €16,428
- Financial charges -€350
down €350 (-53.1%), from €658 to €309
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 | €356,472 | €291,935 | -€64,536 | -18.1% |
| Fixed assets | 21/28 | €55,183 | €45,306 | -€9,878 | -17.9% |
| Tangible fixed assets | 22/27 | €55,183 | €45,306 | -€9,878 | -17.9% |
| Land and buildings | 22 | €21,358 | €15,448 | -€5,910 | -27.7% |
| Plant, machinery and equipment | 23 | €1,977 | €1,903 | -€73 | -3.7% |
| Furniture and vehicles | 24 | €23,299 | €19,404 | -€3,895 | -16.7% |
| Other tangible fixed assets | 26 | €8,550 | €8,550 | = | 0.0% |
| Current assets | 29/58 | €301,289 | €246,630 | -€54,659 | -18.1% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,439 | €19,011 | +€3,572 | +23.1% |
| Trade receivables | 40 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 41 | €439 | €4,011 | +€3,572 | +813.9% |
| Current investments | 50/53 | €45,672 | €45,672 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €161,741 | €104,448 | -€57,293 | -35.4% |
| Deferred charges and accrued income | 490/1 | €3,436 | €2,499 | -€938 | -27.3% |
| Total equity and liabilities | 10/49 | €356,472 | €291,935 | -€64,536 | -18.1% |
| Equity | 10/15 | €339,433 | €288,821 | -€50,612 | -14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €320,833 | €270,221 | -€50,612 | -15.8% |
| Distributable reserves | 133 | €320,833 | €270,221 | -€50,612 | -15.8% |
| Amounts payable | 17/49 | €17,039 | €3,115 | -€13,925 | -81.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €17,039 | €3,115 | -€13,925 | -81.7% |
| Current portion of amounts payable after more than one year | 42 | €10,321 | €0 | -€10,321 | -100.0% |
| Trade debts | 44 | €2,742 | €1,989 | -€753 | -27.5% |
| Suppliers | 440/4 | €2,742 | €1,989 | -€753 | -27.5% |
| Taxes, remuneration and social security | 45 | €1,242 | €144 | -€1,098 | -88.4% |
| Taxes | 450/3 | €1,242 | €144 | -€1,098 | -88.4% |
| Other amounts payable | 47/48 | €2,735 | €982 | -€1,753 | -64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,610 | €16,428 | -€1,182 | -6.7% |
| Other operating charges | 640/8 | €2,397 | €2,388 | -€8 | -0.3% |
| Gross operating margin | 9900 | -€4,200 | -€34,283 | -€30,083 | -716.3% |
| Operating profit (loss) | 9901 | -€24,207 | -€53,100 | -€28,893 | -119.4% |
| Financial income | 75/76B | €5,928 | €4,199 | -€1,729 | -29.2% |
| Recurring financial income | 75 | €5,928 | €4,199 | -€1,729 | -29.2% |
| Financial charges | 65/66B | €658 | €309 | -€350 | -53.1% |
| Recurring financial charges | 65 | €658 | €309 | -€350 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | -€18,937 | -€49,209 | -€30,272 | -159.9% |
| Income taxes | 67/77 | €1,340 | €1,403 | +€63 | +4.7% |
| Profit (loss) for the period | 9904 | -€20,276 | -€50,612 | -€30,336 | -149.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,276 | -€50,612 | -€30,336 | -149.6% |
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 5 October 2026 via checked.be.