Dr. Philippe Volders: 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 Volders
Largest movements
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Cash +€84,037
up €84,037 (+60.7%), from €138,463 to €222,500
mainly Current investments (+€250,000) and Depreciation (+€32,478)
- Tangible fixed assets -€10,860
down €10,860 (-7.7%), from €141,133 to €130,273
of which Furniture and vehicles: -€15,299
- Reserves -€169,463
down €169,463 (-35.2%), from €480,823 to €311,360
- Debts after one year -€12,359
down €12,359 (-31.2%), from €39,621 to €27,262
- Gross operating margin -€56,494
down €56,494 (-53.1%), from €106,431 to €49,937
- Depreciation +€9,673
up €9,673 (+42.4%), from €22,805 to €32,478
- Taxes -€8,787
down €8,787 (-41.6%), from €21,113 to €12,326
- Financial income -€4,077
down €4,077 (-42.6%), from €9,563 to €5,486
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 | €568,632 | €387,944 | -€180,689 | -31.8% |
| Fixed assets | 21/28 | €141,133 | €130,273 | -€10,860 | -7.7% |
| Tangible fixed assets | 22/27 | €141,133 | €130,273 | -€10,860 | -7.7% |
| Plant, machinery and equipment | 23 | - | €756 | +€756 | |
| Furniture and vehicles | 24 | €75,154 | €59,854 | -€15,299 | -20.4% |
| Other tangible fixed assets | 26 | €65,980 | €69,663 | +€3,683 | +5.6% |
| Current assets | 29/58 | €427,499 | €257,670 | -€169,829 | -39.7% |
| Amounts receivable after more than one year | 29 | €15,000 | €20,000 | +€5,000 | +33.3% |
| Other amounts receivable | 291 | €15,000 | €20,000 | +€5,000 | +33.3% |
| Amounts receivable within one year | 40/41 | €19,036 | €15,000 | -€4,036 | -21.2% |
| Trade receivables | 40 | €5,747 | €15,000 | +€9,253 | +161% |
| Other amounts receivable | 41 | €13,289 | - | -€13,289 | |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €138,463 | €222,500 | +€84,037 | +60.7% |
| Deferred charges and accrued income | 490/1 | €5,000 | €170 | -€4,830 | -96.6% |
| Total equity and liabilities | 10/49 | €568,632 | €387,944 | -€180,689 | -31.8% |
| Equity | 10/15 | €493,223 | €323,760 | -€169,463 | -34.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €480,823 | €311,360 | -€169,463 | -35.2% |
| Distributable reserves | 133 | €480,823 | €311,360 | -€169,463 | -35.2% |
| Amounts payable | 17/49 | €75,410 | €64,184 | -€11,226 | -14.9% |
| Amounts payable after more than one year | 17 | €39,621 | €27,262 | -€12,359 | -31.2% |
| Financial debts | 170/4 | €39,621 | €27,262 | -€12,359 | -31.2% |
| Amounts payable within one year | 42/48 | €35,789 | €36,922 | +€1,133 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €25,574 | €25,928 | +€355 | +1.4% |
| Trade debts | 44 | - | €821 | +€821 | |
| Suppliers | 440/4 | - | €821 | +€821 | |
| Taxes, remuneration and social security | 45 | €6,646 | €8,359 | +€1,713 | +25.8% |
| Taxes | 450/3 | €6,646 | €8,359 | +€1,713 | +25.8% |
| Other amounts payable | 47/48 | €3,569 | €1,814 | -€1,755 | -49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,805 | €32,478 | +€9,673 | +42.4% |
| Other operating charges | 640/8 | €2,321 | €1,604 | -€716 | -30.9% |
| Gross operating margin | 9900 | €106,431 | €49,937 | -€56,494 | -53.1% |
| Operating profit (loss) | 9901 | €81,306 | €15,855 | -€65,451 | -80.5% |
| Financial income | 75/76B | €9,563 | €5,486 | -€4,077 | -42.6% |
| Recurring financial income | 75 | €9,563 | €5,486 | -€4,077 | -42.6% |
| Financial charges | 65/66B | €3,294 | €2,499 | -€795 | -24.1% |
| Recurring financial charges | 65 | €3,294 | €2,499 | -€795 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €87,574 | €18,842 | -€68,732 | -78.5% |
| Income taxes | 67/77 | €21,113 | €12,326 | -€8,787 | -41.6% |
| Profit (loss) for the period | 9904 | €66,461 | €6,515 | -€59,945 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,461 | €6,515 | -€59,945 | -90.2% |
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 23 October 2026 via checked.be.