Ets Philippe ROUSSEAU: 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.
Ets Philippe ROUSSEAU
Largest movements
- Receivables within one year +€86,244
up €86,244 (+36.8%), from €234,315 to €320,559
of which Trade receivables: +€106,760
- Current investments -€71,641
down €71,641 (-20.5%), from €350,009 to €278,368
- Tangible fixed assets -€68,241
down €68,241 (-12.4%), from €550,102 to €481,861
- Cash -€60,298
down €60,298 (-31.9%), from €189,294 to €128,996
mainly Receivables within one year (-€86,244) and Debts after one year (-€64,649)
- Stocks and contracts +€20,406
up €20,406 (+221%), from €9,246 to €29,652
- Debts after one year -€64,649
down €64,649 (-29.7%), from €217,385 to €152,737
of which Financial debts: -€64,649
- Trade debts -€61,960
down €61,960 (-38.6%), from €160,347 to €98,387
- Reserves +€16,300
up €16,300 (+30.8%), from €52,860 to €69,160
of which Distributable reserves: +€16,300
- Staff costs +€19,297
up €19,297 (+4.0%), from €485,911 to €505,208
- Depreciation +€12,589
up €12,589 (+13.7%), from €91,859 to €104,448
- Gross operating margin +€11,700
up €11,700 (+1.8%), from €655,303 to €667,003
- Other operating charges +€10,049
up €10,049 (+67.9%), from €14,802 to €24,850
- Taxes -€7,655
down €7,655 (-36.5%), from €20,959 to €13,304
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 | €1,346,299 | €1,242,776 | -€103,523 | -7.7% |
| Fixed assets | 21/28 | €550,237 | €481,996 | -€68,241 | -12.4% |
| Tangible fixed assets | 22/27 | €550,102 | €481,861 | -€68,241 | -12.4% |
| Land and buildings | 22 | €279,600 | €263,882 | -€15,718 | -5.6% |
| Plant, machinery and equipment | 23 | €121,027 | €99,690 | -€21,338 | -17.6% |
| Furniture and vehicles | 24 | €78,933 | €68,716 | -€10,217 | -12.9% |
| Leasing and similar rights | 25 | €70,542 | €49,573 | -€20,968 | -29.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €796,063 | €760,781 | -€35,282 | -4.4% |
| Stocks and contracts in progress | 3 | €9,246 | €29,652 | +€20,406 | +221% |
| Stocks | 30/36 | €9,246 | €29,652 | +€20,406 | +221% |
| Amounts receivable within one year | 40/41 | €234,315 | €320,559 | +€86,244 | +36.8% |
| Trade receivables | 40 | €213,799 | €320,559 | +€106,760 | +49.9% |
| Other amounts receivable | 41 | €20,516 | - | -€20,516 | |
| Current investments | 50/53 | €350,009 | €278,368 | -€71,641 | -20.5% |
| Cash at bank and in hand | 54/58 | €189,294 | €128,996 | -€60,298 | -31.9% |
| Deferred charges and accrued income | 490/1 | €13,198 | €3,205 | -€9,993 | -75.7% |
| Total equity and liabilities | 10/49 | €1,346,299 | €1,242,776 | -€103,523 | -7.7% |
| Equity | 10/15 | €792,309 | €808,674 | +€16,365 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,860 | €69,160 | +€16,300 | +30.8% |
| Non-distributable reserves | 130/1 | €10,860 | €10,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,860 | €10,860 | = | 0.0% |
| Distributable reserves | 133 | €42,000 | €58,300 | +€16,300 | +38.8% |
| Profit (loss) carried forward | 14 | €720,849 | €720,914 | +€65 | 0.0% |
| Amounts payable | 17/49 | €553,991 | €434,102 | -€119,888 | -21.6% |
| Amounts payable after more than one year | 17 | €217,385 | €152,737 | -€64,649 | -29.7% |
| Financial debts | 170/4 | €215,885 | €151,237 | -€64,649 | -29.9% |
| Other amounts payable | 178/9 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €336,605 | €281,366 | -€55,239 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €66,899 | €66,959 | +€60 | +0.1% |
| Trade debts | 44 | €160,347 | €98,387 | -€61,960 | -38.6% |
| Suppliers | 440/4 | €160,347 | €98,387 | -€61,960 | -38.6% |
| Taxes, remuneration and social security | 45 | €87,336 | €94,768 | +€7,431 | +8.5% |
| Taxes | 450/3 | €20,402 | €26,446 | +€6,044 | +29.6% |
| Remuneration and social security | 454/9 | €66,934 | €68,322 | +€1,388 | +2.1% |
| Other amounts payable | 47/48 | €22,023 | €21,251 | -€771 | -3.5% |
| Remuneration, social security and pensions | 62 | €485,911 | €505,208 | +€19,297 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,859 | €104,448 | +€12,589 | +13.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,909 | - | +€5,909 | |
| Other operating charges | 640/8 | €14,802 | €24,850 | +€10,049 | +67.9% |
| Gross operating margin | 9900 | €655,303 | €667,003 | +€11,700 | +1.8% |
| Operating profit (loss) | 9901 | €68,639 | €32,496 | -€36,143 | -52.7% |
| Financial income | 75/76B | €2,066 | €4,811 | +€2,745 | +133% |
| Recurring financial income | 75 | €2,066 | €4,811 | +€2,745 | +133% |
| Financial charges | 65/66B | €7,436 | €7,638 | +€202 | +2.7% |
| Recurring financial charges | 65 | €7,436 | €7,638 | +€202 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €63,268 | €29,669 | -€33,599 | -53.1% |
| Income taxes | 67/77 | €20,959 | €13,304 | -€7,655 | -36.5% |
| Profit (loss) for the period | 9904 | €42,309 | €16,365 | -€25,944 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,309 | €16,365 | -€25,944 | -61.3% |
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 14 October 2026 via checked.be.