ETS. TINANT 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.
ETS. TINANT PHILIPPE
Largest movements
- Cash -€28,364
down €28,364 (-53.2%), from €53,276 to €24,912
mainly Investment in fixed assets (net) (-€35,900) and Net result for the year (-€33,313)
- Tangible fixed assets +€26,490
up €26,490 (+123%), from €21,551 to €48,041
of which Furniture and vehicles: +€20,883
- Receivables within one year -€7,612
down €7,612 (-11.2%), from €67,720 to €60,108
of which Other amounts receivable: -€10,587
- Stocks and contracts +€2,486
up €2,486 (+40.8%), from €6,097 to €8,582
- Reserves -€33,313
down €33,313 (-49.1%), from €67,781 to €34,467
of which Distributable reserves: -€33,313
- Debts after one year +€18,001
up €18,001 (+60.4%), from €29,783 to €47,784
- Current portion of long-term debt +€7,606
up €7,606 (+80.1%), from €9,499 to €17,105
- Trade debts +€7,182
up €7,182 (+546%), from €1,316 to €8,498
- Tax, wage and social debts -€6,884
no longer reported in 2025 (was €6,884)
of which Remuneration and social security: -€3,590
- Gross operating margin -€42,631
down €42,631 (-23.6%), from €180,723 to €138,092
- Staff costs +€11,636
up €11,636 (+8.1%), from €143,730 to €155,366
- Taxes -€9,430
down €9,430, from €9,362 to -€67
- Depreciation +€4,139
up €4,139 (+78.5%), from €5,271 to €9,410
- Financial charges +€2,665
up €2,665 (+103%), from €2,598 to €5,262
of which Financial charges: +€3,693
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 | €153,643 | €146,234 | -€7,408 | -4.8% |
| Fixed assets | 21/28 | €21,551 | €48,041 | +€26,490 | +123% |
| Tangible fixed assets | 22/27 | €21,551 | €48,041 | +€26,490 | +123% |
| Plant, machinery and equipment | 23 | - | €5,607 | +€5,607 | |
| Furniture and vehicles | 24 | €21,551 | €42,434 | +€20,883 | +96.9% |
| Current assets | 29/58 | €132,092 | €98,194 | -€33,898 | -25.7% |
| Stocks and contracts in progress | 3 | €6,097 | €8,582 | +€2,486 | +40.8% |
| Stocks | 30/36 | €6,097 | €8,582 | +€2,486 | +40.8% |
| Amounts receivable within one year | 40/41 | €67,720 | €60,108 | -€7,612 | -11.2% |
| Trade receivables | 40 | €11,233 | €14,209 | +€2,975 | +26.5% |
| Other amounts receivable | 41 | €56,487 | €45,899 | -€10,587 | -18.7% |
| Cash at bank and in hand | 54/58 | €53,276 | €24,912 | -€28,364 | -53.2% |
| Deferred charges and accrued income | 490/1 | €5,000 | €4,592 | -€408 | -8.2% |
| Total equity and liabilities | 10/49 | €153,643 | €146,234 | -€7,408 | -4.8% |
| Equity | 10/15 | €106,161 | €72,848 | -€33,313 | -31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €67,781 | €34,467 | -€33,313 | -49.1% |
| 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 | €65,921 | €32,607 | -€33,313 | -50.5% |
| Profit (loss) carried forward | 14 | €19,781 | €19,781 | = | 0.0% |
| Amounts payable | 17/49 | €47,481 | €73,386 | +€25,905 | +54.6% |
| Amounts payable after more than one year | 17 | €29,783 | €47,784 | +€18,001 | +60.4% |
| Financial debts | 170/4 | €29,783 | €47,784 | +€18,001 | +60.4% |
| Amounts payable within one year | 42/48 | €17,699 | €25,603 | +€7,904 | +44.7% |
| Current portion of amounts payable after more than one year | 42 | €9,499 | €17,105 | +€7,606 | +80.1% |
| Trade debts | 44 | €1,316 | €8,498 | +€7,182 | +546% |
| Suppliers | 440/4 | €1,316 | €8,498 | +€7,182 | +546% |
| Taxes, remuneration and social security | 45 | €6,884 | - | -€6,884 | |
| Taxes | 450/3 | €3,294 | - | -€3,294 | |
| Remuneration and social security | 454/9 | €3,590 | - | -€3,590 | |
| Remuneration, social security and pensions | 62 | €143,730 | €155,366 | +€11,636 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,271 | €9,410 | +€4,139 | +78.5% |
| Other operating charges | 640/8 | €2,035 | €1,622 | -€413 | -20.3% |
| Gross operating margin | 9900 | €180,723 | €138,092 | -€42,631 | -23.6% |
| Operating profit (loss) | 9901 | €29,688 | -€28,306 | -€57,993 | |
| Financial income | 75/76B | €255 | €187 | -€68 | -26.6% |
| Recurring financial income | 75 | €255 | €187 | -€68 | -26.6% |
| Financial charges | 65/66B | €2,598 | €5,262 | +€2,665 | +103% |
| Recurring financial charges | 65 | €1,569 | €5,262 | +€3,693 | +235% |
| Non-recurring financial charges | 66B | €1,029 | - | -€1,029 | |
| Profit (loss) for the period before taxes | 9903 | €27,345 | -€33,381 | -€60,726 | |
| Income taxes | 67/77 | €9,362 | -€67 | -€9,430 | |
| Profit (loss) for the period | 9904 | €17,983 | -€33,313 | -€51,296 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,983 | -€33,313 | -€51,296 |
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 13 October 2026 via checked.be.