DR. SINNAEVE PHILIPPE: 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. SINNAEVE PHILIPPE
Largest movements
- Current investments +€243,663
new in 2025: €243,663
- Cash -€190,534
down €190,534 (-70.4%), from €270,824 to €80,290
mainly Current investments (-€243,663) and Contributions, distributions and other (-€15,833)
- Tangible fixed assets -€8,513
down €8,513 (-33.2%), from €25,633 to €17,120
of which Land and buildings: -€6,787
- Reserves +€28,314
up €28,314 (+13.4%), from €210,814 to €239,128
of which Distributable reserves: +€28,314
- Other debts +€19,650
up €19,650 (+26.2%), from €74,913 to €94,563
- Gross operating margin -€23,135
down €23,135 (-23.4%), from €99,038 to €75,904
- Taxes -€4,886
down €4,886 (-21.4%), from €22,837 to €17,950
- Financial charges -€3,699
down €3,699 (-30.2%), from €12,250 to €8,551
- Financial income +€2,004
up €2,004 (+69.7%), from €2,875 to €4,878
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 | €319,361 | €361,736 | +€42,375 | +13.3% |
| Fixed assets | 21/28 | €25,633 | €17,120 | -€8,513 | -33.2% |
| Tangible fixed assets | 22/27 | €25,633 | €17,120 | -€8,513 | -33.2% |
| Land and buildings | 22 | €19,438 | €12,651 | -€6,787 | -34.9% |
| Plant, machinery and equipment | 23 | €6,195 | €4,468 | -€1,727 | -27.9% |
| Current assets | 29/58 | €293,728 | €344,616 | +€50,888 | +17.3% |
| Amounts receivable within one year | 40/41 | €21,042 | €18,652 | -€2,390 | -11.4% |
| Trade receivables | 40 | €21,042 | €18,128 | -€2,914 | -13.8% |
| Other amounts receivable | 41 | - | €524 | +€524 | |
| Current investments | 50/53 | - | €243,663 | +€243,663 | |
| Cash at bank and in hand | 54/58 | €270,824 | €80,290 | -€190,534 | -70.4% |
| Deferred charges and accrued income | 490/1 | €1,861 | €2,010 | +€149 | +8.0% |
| Total equity and liabilities | 10/49 | €319,361 | €361,736 | +€42,375 | +13.3% |
| Equity | 10/15 | €223,214 | €251,528 | +€28,314 | +12.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €210,814 | €239,128 | +€28,314 | +13.4% |
| Tax-exempt reserves | 132 | €175 | €175 | = | 0.0% |
| Distributable reserves | 133 | €210,639 | €238,953 | +€28,314 | +13.4% |
| Amounts payable | 17/49 | €96,147 | €110,208 | +€14,061 | +14.6% |
| Amounts payable within one year | 42/48 | €86,697 | €103,995 | +€17,298 | +20.0% |
| Trade debts | 44 | €4,539 | €2,732 | -€1,808 | -39.8% |
| Suppliers | 440/4 | €4,539 | €2,732 | -€1,808 | -39.8% |
| Taxes, remuneration and social security | 45 | €7,244 | €6,700 | -€544 | -7.5% |
| Taxes | 450/3 | €3,744 | €2,450 | -€1,294 | -34.6% |
| Remuneration and social security | 454/9 | €3,500 | €4,250 | +€750 | +21.4% |
| Other amounts payable | 47/48 | €74,913 | €94,563 | +€19,650 | +26.2% |
| Accrued charges and deferred income | 492/3 | €9,450 | €6,213 | -€3,237 | -34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,092 | €8,513 | +€421 | +5.2% |
| Other operating charges | 640/8 | €1,679 | €1,620 | -€59 | -3.5% |
| Gross operating margin | 9900 | €99,038 | €75,904 | -€23,135 | -23.4% |
| Operating profit (loss) | 9901 | €89,267 | €65,770 | -€23,497 | -26.3% |
| Financial income | 75/76B | €2,875 | €4,878 | +€2,004 | +69.7% |
| Recurring financial income | 75 | €2,875 | €4,878 | +€2,004 | +69.7% |
| Financial charges | 65/66B | €12,250 | €8,551 | -€3,699 | -30.2% |
| Recurring financial charges | 65 | €12,250 | €8,551 | -€3,699 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €79,892 | €62,097 | -€17,794 | -22.3% |
| Income taxes | 67/77 | €22,837 | €17,950 | -€4,886 | -21.4% |
| Profit (loss) for the period | 9904 | €57,055 | €44,147 | -€12,908 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,055 | €44,147 | -€12,908 | -22.6% |
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 1 November 2026 via checked.be.