DR. PHILIPPE MASURE: 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 MASURE
Largest movements
- Cash +€233,285
up €233,285 (+138%), from €169,520 to €402,805
mainly Current investments (+€200,000) and Net result for the year (+€97,122)
- Current investments -€200,000
down €200,000 (-41.8%), from €478,760 to €278,760
- Reserves +€97,122
up €97,122 (+18.0%), from €539,178 to €636,300
of which Distributable reserves: +€98,622
- Other debts -€52,571
down €52,571 (-78.2%), from €67,209 to €14,638
- Gross operating margin -€17,140
down €17,140 (-12.0%), from €143,183 to €126,043
- Taxes -€4,019
down €4,019 (-9.3%), from €43,085 to €39,066
- Financial income +€3,103
up €3,103 (+38.3%), from €8,108 to €11,211
of which Financial income: +€3,591
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 | €654,960 | €688,352 | +€33,392 | +5.1% |
| Fixed assets | 21/28 | €4,553 | €6,787 | +€2,234 | +49.1% |
| Tangible fixed assets | 22/27 | - | €1,734 | +€1,734 | |
| Furniture and vehicles | 24 | - | €1,734 | +€1,734 | |
| Financial fixed assets | 28 | €4,553 | €5,053 | +€500 | +11.0% |
| Current assets | 29/58 | €650,407 | €681,565 | +€31,158 | +4.8% |
| Amounts receivable within one year | 40/41 | €297 | - | -€297 | |
| Trade receivables | 40 | €297 | - | -€297 | |
| Current investments | 50/53 | €478,760 | €278,760 | -€200,000 | -41.8% |
| Cash at bank and in hand | 54/58 | €169,520 | €402,805 | +€233,285 | +138% |
| Deferred charges and accrued income | 490/1 | €1,830 | - | -€1,830 | |
| Total equity and liabilities | 10/49 | €654,960 | €688,352 | +€33,392 | +5.1% |
| Equity | 10/15 | €545,375 | €642,497 | +€97,122 | +17.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €539,178 | €636,300 | +€97,122 | +18.0% |
| Tax-exempt reserves | 132 | €1,500 | - | -€1,500 | |
| Distributable reserves | 133 | €537,678 | €636,300 | +€98,622 | +18.3% |
| Amounts payable | 17/49 | €109,585 | €45,855 | -€63,730 | -58.2% |
| Amounts payable within one year | 42/48 | €109,585 | €45,855 | -€63,730 | -58.2% |
| Trade debts | 44 | €6,656 | €1,127 | -€5,529 | -83.1% |
| Suppliers | 440/4 | €6,656 | €1,127 | -€5,529 | -83.1% |
| Taxes, remuneration and social security | 45 | €35,720 | €30,090 | -€5,630 | -15.8% |
| Taxes | 450/3 | €13,000 | €9,500 | -€3,500 | -26.9% |
| Remuneration and social security | 454/9 | €22,720 | €20,590 | -€2,130 | -9.4% |
| Other amounts payable | 47/48 | €67,209 | €14,638 | -€52,571 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271 | €726 | +€455 | +168% |
| Other operating charges | 640/8 | €482 | €240 | -€242 | -50.2% |
| Gross operating margin | 9900 | €143,183 | €126,043 | -€17,140 | -12.0% |
| Operating profit (loss) | 9901 | €142,430 | €125,077 | -€17,353 | -12.2% |
| Financial income | 75/76B | €8,108 | €11,211 | +€3,103 | +38.3% |
| Recurring financial income | 75 | €2,108 | €5,699 | +€3,591 | +170% |
| Non-recurring financial income | 76B | €6,000 | €5,512 | -€488 | -8.1% |
| Financial charges | 65/66B | €74 | €100 | +€26 | +35.1% |
| Recurring financial charges | 65 | €74 | €100 | +€26 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €150,464 | €136,188 | -€14,276 | -9.5% |
| Income taxes | 67/77 | €43,085 | €39,066 | -€4,019 | -9.3% |
| Profit (loss) for the period | 9904 | €107,379 | €97,122 | -€10,257 | -9.6% |
| Transfer from tax-exempt reserves | 789 | - | €1,500 | +€1,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,379 | €98,622 | -€8,757 | -8.2% |
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 31 October 2026 via checked.be.