DR. PHILIPPE BORREMAN: 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. PHILIPPE BORREMAN
Largest movements
- Current investments -€157,938
down €157,938 (-91.3%), from €173,082 to €15,144
- Cash +€45,799
up €45,799 (+74.9%), from €61,125 to €106,925
mainly Current investments (+€157,938) and Net result for the year (+€153,417)
- Receivables within one year -€15,830
down €15,830 (-69.5%), from €22,774 to €6,944
- Tangible fixed assets -€8,202
down €8,202 (-7.2%), from €114,149 to €105,947
of which Other tangible fixed assets: -€6,797
- Deferred charges and accrued income +€4,160
up €4,160 (+256%), from €1,625 to €5,785
- Other debts -€123,192
down €123,192 (-66.0%), from €186,745 to €63,554
- Tax, wage and social debts -€32,250
down €32,250 (-89.6%), from €36,000 to €3,750
of which Taxes: -€32,250
- Reserves +€23,417
up €23,417 (+17.9%), from €130,969 to €154,386
of which Distributable reserves: +€23,417
- Financial income -€34,742
down €34,742 (-90.7%), from €38,324 to €3,582
- Financial charges +€21,654
up €21,654 (+16,040%), from €135 to €21,789
- Gross operating margin -€4,319
down €4,319 (-1.8%), from €239,275 to €234,956
- Taxes -€3,843
down €3,843 (-6.7%), from €57,185 to €53,342
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 | €372,755 | €240,745 | -€132,011 | -35.4% |
| Fixed assets | 21/28 | €114,149 | €105,947 | -€8,202 | -7.2% |
| Tangible fixed assets | 22/27 | €114,149 | €105,947 | -€8,202 | -7.2% |
| Furniture and vehicles | 24 | €5,595 | €4,191 | -€1,405 | -25.1% |
| Other tangible fixed assets | 26 | €108,554 | €101,756 | -€6,797 | -6.3% |
| Current assets | 29/58 | €258,606 | €134,798 | -€123,808 | -47.9% |
| Amounts receivable within one year | 40/41 | €22,774 | €6,944 | -€15,830 | -69.5% |
| Other amounts receivable | 41 | €22,774 | €6,944 | -€15,830 | -69.5% |
| Current investments | 50/53 | €173,082 | €15,144 | -€157,938 | -91.3% |
| Cash at bank and in hand | 54/58 | €61,125 | €106,925 | +€45,799 | +74.9% |
| Deferred charges and accrued income | 490/1 | €1,625 | €5,785 | +€4,160 | +256% |
| Total equity and liabilities | 10/49 | €372,755 | €240,745 | -€132,011 | -35.4% |
| Equity | 10/15 | €149,569 | €172,986 | +€23,417 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,969 | €154,386 | +€23,417 | +17.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €129,109 | €152,526 | +€23,417 | +18.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €223,187 | €67,759 | -€155,428 | -69.6% |
| Amounts payable within one year | 42/48 | €223,187 | €67,759 | -€155,428 | -69.6% |
| Trade debts | 44 | €442 | €455 | +€13 | +3.0% |
| Suppliers | 440/4 | €442 | €455 | +€13 | +3.0% |
| Taxes, remuneration and social security | 45 | €36,000 | €3,750 | -€32,250 | -89.6% |
| Taxes | 450/3 | €36,000 | €3,750 | -€32,250 | -89.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €186,745 | €63,554 | -€123,192 | -66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,738 | €8,202 | +€465 | +6.0% |
| Other operating charges | 640/8 | €1,732 | €1,786 | +€55 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €239,275 | €234,956 | -€4,319 | -1.8% |
| Operating profit (loss) | 9901 | €229,806 | €224,967 | -€4,838 | -2.1% |
| Financial income | 75/76B | €38,324 | €3,582 | -€34,742 | -90.7% |
| Recurring financial income | 75 | €38,324 | €3,582 | -€34,742 | -90.7% |
| Financial charges | 65/66B | €135 | €21,789 | +€21,654 | +16,040% |
| Recurring financial charges | 65 | €135 | €21,789 | +€21,654 | +16,040% |
| Profit (loss) for the period before taxes | 9903 | €267,995 | €206,760 | -€61,235 | -22.8% |
| Income taxes | 67/77 | €57,185 | €53,342 | -€3,843 | -6.7% |
| Profit (loss) for the period | 9904 | €210,809 | €153,417 | -€57,392 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €210,809 | €153,417 | -€57,392 | -27.2% |
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 26 October 2026 via checked.be.