DR. PHILIPPE BREWAEYS: 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 BREWAEYS
Largest movements
- Cash +€70,812
up €70,812 (+19.8%), from €357,275 to €428,087
mainly Net result for the year (+€127,932) and Receivables within one year (+€67,073)
- Receivables within one year -€67,073
down €67,073 (-43.5%), from €154,137 to €87,064
of which Trade receivables: -€107,533
- Current investments +€60,343
new in 2025: €60,343
- Deferred charges and accrued income +€28,115
up €28,115 (+722%), from €3,893 to €32,008
- Reserves +€127,932
up €127,932 (+37.9%), from €337,786 to €465,718
of which Distributable reserves: +€127,932
- Other debts -€50,495
down €50,495 (-100%), from €50,495 to €0
- Advances received +€38,011
new in 2025: €38,011
- Debts after one year -€16,336
down €16,336 (-19.5%), from €83,811 to €67,475
- Tax, wage and social debts -€13,688
down €13,688 (-41.4%), from €33,036 to €19,348
of which Taxes: -€14,940
- Gross operating margin +€23,775
up €23,775 (+10.9%), from €218,085 to €241,860
- Taxes +€15,529
up €15,529 (+39.5%), from €39,327 to €54,856
- Staff costs +€8,099
up €8,099 (+69.5%), from €11,655 to €19,754
- Financial charges +€4,746
up €4,746 (+254%), from €1,870 to €6,616
- Other operating charges +€2,987
up €2,987 (+38.9%), from €7,672 to €10,658
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 | €638,848 | €729,442 | +€90,594 | +14.2% |
| Fixed assets | 21/28 | €123,543 | €121,940 | -€1,603 | -1.3% |
| Tangible fixed assets | 22/27 | €123,434 | €121,831 | -€1,603 | -1.3% |
| Land and buildings | 22 | €102,223 | €88,624 | -€13,599 | -13.3% |
| Plant, machinery and equipment | 23 | €8,059 | €16,934 | +€8,875 | +110% |
| Furniture and vehicles | 24 | €8,101 | €15,738 | +€7,637 | +94.3% |
| Other tangible fixed assets | 26 | €5,051 | €535 | -€4,516 | -89.4% |
| Financial fixed assets | 28 | €109 | €109 | = | 0.0% |
| Current assets | 29/58 | €515,305 | €607,502 | +€92,197 | +17.9% |
| Amounts receivable within one year | 40/41 | €154,137 | €87,064 | -€67,073 | -43.5% |
| Trade receivables | 40 | €129,327 | €21,795 | -€107,533 | -83.1% |
| Other amounts receivable | 41 | €24,810 | €65,269 | +€40,460 | +163% |
| Current investments | 50/53 | - | €60,343 | +€60,343 | |
| Cash at bank and in hand | 54/58 | €357,275 | €428,087 | +€70,812 | +19.8% |
| Deferred charges and accrued income | 490/1 | €3,893 | €32,008 | +€28,115 | +722% |
| Total equity and liabilities | 10/49 | €638,848 | €729,442 | +€90,594 | +14.2% |
| Equity | 10/15 | €450,107 | €578,039 | +€127,932 | +28.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €337,786 | €465,718 | +€127,932 | +37.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €337,786 | €465,718 | +€127,932 | +37.9% |
| Profit (loss) carried forward | 14 | €99,921 | €99,921 | = | 0.0% |
| Amounts payable | 17/49 | €188,741 | €151,403 | -€37,338 | -19.8% |
| Amounts payable after more than one year | 17 | €83,811 | €67,475 | -€16,336 | -19.5% |
| Financial debts | 170/4 | €83,811 | €67,475 | -€16,336 | -19.5% |
| Amounts payable within one year | 42/48 | €104,609 | €83,608 | -€21,002 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €15,691 | €16,336 | +€645 | +4.1% |
| Trade debts | 44 | €5,388 | €9,913 | +€4,524 | +84.0% |
| Suppliers | 440/4 | €5,388 | €9,913 | +€4,524 | +84.0% |
| Advances received on contracts in progress | 46 | - | €38,011 | +€38,011 | |
| Taxes, remuneration and social security | 45 | €33,036 | €19,348 | -€13,688 | -41.4% |
| Taxes | 450/3 | €31,384 | €16,444 | -€14,940 | -47.6% |
| Remuneration and social security | 454/9 | €1,652 | €2,904 | +€1,252 | +75.8% |
| Other amounts payable | 47/48 | €50,495 | €0 | -€50,495 | -100% |
| Accrued charges and deferred income | 492/3 | €320 | €320 | = | 0.0% |
| Non-recurring operating income | 76A | - | €11,790 | +€11,790 | |
| Remuneration, social security and pensions | 62 | €11,655 | €19,754 | +€8,099 | +69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,291 | €21,296 | +€1,006 | +5.0% |
| Other operating charges | 640/8 | €7,672 | €10,658 | +€2,987 | +38.9% |
| Non-recurring operating charges | 66A | - | €5,127 | +€5,127 | |
| Gross operating margin | 9900 | €218,085 | €241,860 | +€23,775 | +10.9% |
| Operating profit (loss) | 9901 | €178,469 | €185,025 | +€6,556 | +3.7% |
| Financial income | 75/76B | €3,197 | €4,379 | +€1,182 | +37.0% |
| Recurring financial income | 75 | €3,197 | €4,379 | +€1,182 | +37.0% |
| Financial charges | 65/66B | €1,870 | €6,616 | +€4,746 | +254% |
| Recurring financial charges | 65 | €1,870 | €6,616 | +€4,746 | +254% |
| Profit (loss) for the period before taxes | 9903 | €179,795 | €182,788 | +€2,992 | +1.7% |
| Income taxes | 67/77 | €39,327 | €54,856 | +€15,529 | +39.5% |
| Profit (loss) for the period | 9904 | €140,469 | €127,932 | -€12,536 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €140,469 | €127,932 | -€12,536 | -8.9% |
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 14 October 2026 via checked.be.