DR. PHILIP SEPOT: 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.
DR. PHILIP SEPOT
Largest movements
- Current investments +€64,391
up €64,391 (+10.3%), from €622,960 to €687,352
- Deferred charges and accrued income +€26,625
up €26,625 (+428%), from €6,221 to €32,846
- Cash -€24,192
down €24,192 (-41.5%), from €58,344 to €34,152
mainly Contributions, distributions and other (-€98,602) and Current investments (-€64,391)
- Tangible fixed assets -€15,668
down €15,668 (-23.2%), from €67,582 to €51,914
of which Land and buildings: -€15,069
- Receivables within one year -€9,665
down €9,665 (-45.9%), from €21,064 to €11,399
- Reserves +€26,105
up €26,105 (+4.3%), from €601,873 to €627,977
- Other debts +€12,033
up €12,033 (+13.9%), from €86,569 to €98,602
- Financial income -€64,554
down €64,554 (-85.6%), from €75,432 to €10,878
- Gross operating margin -€26,522
down €26,522 (-11.7%), from €226,481 to €199,959
- Taxes -€18,781
down €18,781 (-24.3%), from €77,167 to €58,387
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 | €776,171 | €817,663 | +€41,492 | +5.3% |
| Fixed assets | 21/28 | €67,582 | €51,914 | -€15,668 | -23.2% |
| Tangible fixed assets | 22/27 | €67,582 | €51,914 | -€15,668 | -23.2% |
| Land and buildings | 22 | €66,053 | €50,983 | -€15,069 | -22.8% |
| Furniture and vehicles | 24 | €1,529 | €931 | -€599 | -39.1% |
| Current assets | 29/58 | €708,588 | €765,749 | +€57,160 | +8.1% |
| Amounts receivable within one year | 40/41 | €21,064 | €11,399 | -€9,665 | -45.9% |
| Other amounts receivable | 41 | €21,064 | €11,399 | -€9,665 | -45.9% |
| Current investments | 50/53 | €622,960 | €687,352 | +€64,391 | +10.3% |
| Cash at bank and in hand | 54/58 | €58,344 | €34,152 | -€24,192 | -41.5% |
| Deferred charges and accrued income | 490/1 | €6,221 | €32,846 | +€26,625 | +428% |
| Total equity and liabilities | 10/49 | €776,171 | €817,663 | +€41,492 | +5.3% |
| Equity | 10/15 | €657,673 | €683,777 | +€26,105 | +4.0% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €601,873 | €627,977 | +€26,105 | +4.3% |
| Distributable reserves | 133 | €601,873 | €627,977 | +€26,105 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €118,498 | €133,886 | +€15,388 | +13.0% |
| Amounts payable within one year | 42/48 | €117,764 | €133,128 | +€15,364 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,442 | €675 | -€767 | -53.2% |
| Suppliers | 440/4 | €1,442 | €675 | -€767 | -53.2% |
| Taxes, remuneration and social security | 45 | €29,753 | €33,851 | +€4,098 | +13.8% |
| Taxes | 450/3 | €29,753 | €33,851 | +€4,098 | +13.8% |
| Other amounts payable | 47/48 | €86,569 | €98,602 | +€12,033 | +13.9% |
| Accrued charges and deferred income | 492/3 | €734 | €757 | +€24 | +3.2% |
| Remuneration, social security and pensions | 62 | €4,047 | €4,564 | +€516 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,379 | €17,942 | +€563 | +3.2% |
| Other operating charges | 640/8 | €2,550 | €2,698 | +€148 | +5.8% |
| Gross operating margin | 9900 | €226,481 | €199,959 | -€26,522 | -11.7% |
| Operating profit (loss) | 9901 | €202,505 | €174,756 | -€27,749 | -13.7% |
| Financial income | 75/76B | €75,432 | €10,878 | -€64,554 | -85.6% |
| Recurring financial income | 75 | €75,432 | €10,878 | -€64,554 | -85.6% |
| Financial charges | 65/66B | €2,914 | €2,541 | -€373 | -12.8% |
| Recurring financial charges | 65 | €2,914 | €2,541 | -€373 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €275,023 | €183,093 | -€91,930 | -33.4% |
| Income taxes | 67/77 | €77,167 | €58,387 | -€18,781 | -24.3% |
| Profit (loss) for the period | 9904 | €197,856 | €124,707 | -€73,149 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €197,856 | €124,707 | -€73,149 | -37.0% |
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 28 October 2026 via checked.be.