DR. PHILIP SIMONS: 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 SIMONS
Largest movements
- Current investments +€558,962
up €558,962 (+32.3%), from €1.7m to €2.3m
- Cash -€199,470
down €199,470 (-42.8%), from €466,590 to €267,120
mainly Current investments (-€558,962) and Contributions, distributions and other (-€323,168)
- Tangible fixed assets -€32,016
down €32,016 (-17.1%), from €187,222 to €155,206
of which Furniture and vehicles: -€29,022
- Other debts +€266,871
up €266,871 (+240%), from €111,392 to €378,263
- Reserves +€120,800
up €120,800 (+5.8%), from €2.1m to €2.2m
- Current portion of long-term debt -€37,824
down €37,824 (-39.9%), from €94,842 to €57,017
- Financial income +€41,346
up €41,346 (+117%), from €35,352 to €76,698
of which Financial income: +€43,941
- Financial charges +€29,890
up €29,890 (+103%), from €28,977 to €58,867
of which Financial charges: +€23,594
- Other operating charges -€16,459
down €16,459 (-71.6%), from €22,986 to €6,527
- Depreciation +€14,725
up €14,725 (+48.1%), from €30,594 to €45,319
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 | €2,387,047 | €2,714,917 | +€327,870 | +13.7% |
| Fixed assets | 21/28 | €187,222 | €155,206 | -€32,016 | -17.1% |
| Tangible fixed assets | 22/27 | €187,222 | €155,206 | -€32,016 | -17.1% |
| Plant, machinery and equipment | 23 | €1,429 | €925 | -€503 | -35.2% |
| Furniture and vehicles | 24 | €174,976 | €145,954 | -€29,022 | -16.6% |
| Other tangible fixed assets | 26 | €10,818 | €8,327 | -€2,491 | -23.0% |
| Current assets | 29/58 | €2,199,824 | €2,559,711 | +€359,887 | +16.4% |
| Current investments | 50/53 | €1,730,581 | €2,289,543 | +€558,962 | +32.3% |
| Cash at bank and in hand | 54/58 | €466,590 | €267,120 | -€199,470 | -42.8% |
| Deferred charges and accrued income | 490/1 | €2,654 | €3,048 | +€394 | +14.9% |
| Total equity and liabilities | 10/49 | €2,387,047 | €2,714,917 | +€327,870 | +13.7% |
| Equity | 10/15 | €2,119,379 | €2,226,179 | +€106,800 | +5.0% |
| Contributions | 10/11 | €20,000 | €6,000 | -€14,000 | -70.0% |
| Reserves | 13 | €2,099,379 | €2,220,179 | +€120,800 | +5.8% |
| Distributable reserves | 133 | €2,099,379 | €2,220,179 | +€120,800 | +5.8% |
| Amounts payable | 17/49 | €267,668 | €488,738 | +€221,070 | +82.6% |
| Amounts payable after more than one year | 17 | €27,017 | - | -€27,017 | |
| Financial debts | 170/4 | €27,017 | - | -€27,017 | |
| Amounts payable within one year | 42/48 | €238,151 | €484,238 | +€246,088 | +103% |
| Current portion of amounts payable after more than one year | 42 | €94,842 | €57,017 | -€37,824 | -39.9% |
| Trade debts | 44 | €2,052 | €7,512 | +€5,460 | +266% |
| Suppliers | 440/4 | €2,052 | €7,512 | +€5,460 | +266% |
| Taxes, remuneration and social security | 45 | €29,865 | €41,446 | +€11,581 | +38.8% |
| Taxes | 450/3 | €29,865 | €41,446 | +€11,581 | +38.8% |
| Other amounts payable | 47/48 | €111,392 | €378,263 | +€266,871 | +240% |
| Accrued charges and deferred income | 492/3 | €2,500 | €4,500 | +€2,000 | +80.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,594 | €45,319 | +€14,725 | +48.1% |
| Other operating charges | 640/8 | €22,986 | €6,527 | -€16,459 | -71.6% |
| Gross operating margin | 9900 | €645,157 | €648,917 | +€3,760 | +0.6% |
| Operating profit (loss) | 9901 | €591,577 | €597,071 | +€5,494 | +0.9% |
| Financial income | 75/76B | €35,352 | €76,698 | +€41,346 | +117% |
| Recurring financial income | 75 | €24,863 | €68,804 | +€43,941 | +177% |
| Non-recurring financial income | 76B | €10,489 | €7,894 | -€2,595 | -24.7% |
| Financial charges | 65/66B | €28,977 | €58,867 | +€29,890 | +103% |
| Recurring financial charges | 65 | €22,088 | €45,682 | +€23,594 | +107% |
| Non-recurring financial charges | 66B | €6,890 | €13,185 | +€6,295 | +91.4% |
| Profit (loss) for the period before taxes | 9903 | €597,952 | €614,902 | +€16,950 | +2.8% |
| Income taxes | 67/77 | €185,202 | €184,933 | -€269 | -0.1% |
| Profit (loss) for the period | 9904 | €412,750 | €429,968 | +€17,218 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €412,750 | €429,968 | +€17,218 | +4.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.