Dr Philippe Roget: 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 Roget
Largest movements
- Tangible fixed assets +€17,649
up €17,649 (+397%), from €4,442 to €22,091
of which Land and buildings: +€14,452
- Receivables within one year +€5,526
up €5,526 (+3.3%), from €167,650 to €173,176
of which Other amounts receivable: +€5,526
- Cash -€3,301
down €3,301 (-6.1%), from €54,100 to €50,798
mainly Investment in fixed assets (net) (-€19,474) and Tax, wage and social debts (-€10,445)
- Reserves +€33,274
up €33,274 (+36.4%), from €91,362 to €124,637
of which Distributable reserves: +€33,274
- Tax, wage and social debts -€10,445
down €10,445 (-75.8%), from €13,773 to €3,327
- Gross operating margin -€18,318
down €18,318 (-30.2%), from €60,665 to €42,347
- Taxes -€5,824
down €5,824 (-26.9%), from €21,633 to €15,809
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 | €226,192 | €246,572 | +€20,381 | +9.0% |
| Fixed assets | 21/28 | €4,442 | €22,091 | +€17,649 | +397% |
| Tangible fixed assets | 22/27 | €4,442 | €22,091 | +€17,649 | +397% |
| Land and buildings | 22 | - | €14,452 | +€14,452 | |
| Furniture and vehicles | 24 | €4,442 | €4,296 | -€146 | -3.3% |
| Other tangible fixed assets | 26 | - | €3,343 | +€3,343 | |
| Current assets | 29/58 | €221,750 | €224,482 | +€2,732 | +1.2% |
| Amounts receivable within one year | 40/41 | €167,650 | €173,176 | +€5,526 | +3.3% |
| Trade receivables | 40 | €2,500 | €2,500 | = | 0.0% |
| Other amounts receivable | 41 | €165,150 | €170,676 | +€5,526 | +3.3% |
| Cash at bank and in hand | 54/58 | €54,100 | €50,798 | -€3,301 | -6.1% |
| Deferred charges and accrued income | 490/1 | - | €507 | +€507 | |
| Total equity and liabilities | 10/49 | €226,192 | €246,572 | +€20,381 | +9.0% |
| Equity | 10/15 | €209,971 | €243,245 | +€33,274 | +15.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €91,362 | €124,637 | +€33,274 | +36.4% |
| 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 | €89,502 | €122,777 | +€33,274 | +37.2% |
| Profit (loss) carried forward | 14 | €106,208 | €106,208 | = | 0.0% |
| Amounts payable | 17/49 | €16,221 | €3,327 | -€12,894 | -79.5% |
| Amounts payable within one year | 42/48 | €16,221 | €3,327 | -€12,894 | -79.5% |
| Trade debts | 44 | €396 | - | -€396 | |
| Suppliers | 440/4 | €396 | - | -€396 | |
| Taxes, remuneration and social security | 45 | €13,773 | €3,327 | -€10,445 | -75.8% |
| Taxes | 450/3 | €13,773 | €3,327 | -€10,445 | -75.8% |
| Other amounts payable | 47/48 | €2,053 | - | -€2,053 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,037 | €1,825 | -€212 | -10.4% |
| Other operating charges | 640/8 | €387 | €439 | +€52 | +13.4% |
| Gross operating margin | 9900 | €60,665 | €42,347 | -€18,318 | -30.2% |
| Operating profit (loss) | 9901 | €58,241 | €40,082 | -€18,158 | -31.2% |
| Financial income | 75/76B | €9,606 | €9,094 | -€512 | -5.3% |
| Recurring financial income | 75 | €9,606 | €9,094 | -€512 | -5.3% |
| Financial charges | 65/66B | €352 | €93 | -€259 | -73.5% |
| Recurring financial charges | 65 | €352 | €93 | -€259 | -73.5% |
| Profit (loss) for the period before taxes | 9903 | €67,495 | €49,083 | -€18,411 | -27.3% |
| Income taxes | 67/77 | €21,633 | €15,809 | -€5,824 | -26.9% |
| Profit (loss) for the period | 9904 | €45,862 | €33,274 | -€12,587 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,862 | €33,274 | -€12,587 | -27.4% |
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 24 October 2026 via checked.be.