FIETSEN PHILIP: 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.
FIETSEN PHILIP
Largest movements
- Receivables within one year +€23,342
up €23,342 (+280%), from €8,336 to €31,678
- Cash -€19,554
down €19,554 (-13.0%), from €149,995 to €130,441
mainly Contributions, distributions and other (-€96,800) and Receivables within one year (-€23,342)
- Stocks and contracts +€10,516
up €10,516 (+3.9%), from €266,877 to €277,393
- Other debts +€96,800
up €96,800 (+691%), from €14,000 to €110,800
- Reserves -€77,400
down €77,400 (-38.9%), from €198,860 to €121,460
of which Distributable reserves: -€77,400
- Tax, wage and social debts -€7,400
down €7,400 (-66.1%), from €11,198 to €3,799
- Gross operating margin -€40,118
down €40,118 (-53.5%), from €74,927 to €34,809
- Taxes -€11,089
down €11,089 (-58.3%), from €19,006 to €7,917
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 | €442,477 | €453,263 | +€10,786 | +2.4% |
| Fixed assets | 21/28 | €13,836 | €9,680 | -€4,156 | -30.0% |
| Tangible fixed assets | 22/27 | €13,836 | €9,680 | -€4,156 | -30.0% |
| Land and buildings | 22 | €3,369 | €0 | -€3,369 | -100% |
| Plant, machinery and equipment | 23 | €7,575 | €8,662 | +€1,087 | +14.3% |
| Furniture and vehicles | 24 | €439 | €163 | -€277 | -63.0% |
| Other tangible fixed assets | 26 | €2,453 | €856 | -€1,597 | -65.1% |
| Current assets | 29/58 | €428,641 | €443,583 | +€14,942 | +3.5% |
| Stocks and contracts in progress | 3 | €266,877 | €277,393 | +€10,516 | +3.9% |
| Stocks | 30/36 | €266,877 | €277,393 | +€10,516 | +3.9% |
| Amounts receivable within one year | 40/41 | €8,336 | €31,678 | +€23,342 | +280% |
| Other amounts receivable | 41 | €8,336 | €31,678 | +€23,342 | +280% |
| Cash at bank and in hand | 54/58 | €149,995 | €130,441 | -€19,554 | -13.0% |
| Deferred charges and accrued income | 490/1 | €3,433 | €4,072 | +€639 | +18.6% |
| Total equity and liabilities | 10/49 | €442,477 | €453,263 | +€10,786 | +2.4% |
| Equity | 10/15 | €404,948 | €327,610 | -€77,338 | -19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €198,860 | €121,460 | -€77,400 | -38.9% |
| 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 | €197,000 | €119,600 | -€77,400 | -39.3% |
| Profit (loss) carried forward | 14 | €187,488 | €187,550 | +€62 | 0.0% |
| Amounts payable | 17/49 | €37,529 | €125,653 | +€88,124 | +235% |
| Amounts payable within one year | 42/48 | €37,489 | €125,653 | +€88,164 | +235% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €12,291 | €11,055 | -€1,236 | -10.1% |
| Suppliers | 440/4 | €12,291 | €11,055 | -€1,236 | -10.1% |
| Taxes, remuneration and social security | 45 | €11,198 | €3,799 | -€7,400 | -66.1% |
| Taxes | 450/3 | €11,198 | €3,799 | -€7,400 | -66.1% |
| Other amounts payable | 47/48 | €14,000 | €110,800 | +€96,800 | +691% |
| Accrued charges and deferred income | 492/3 | €40 | €0 | -€40 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,649 | €8,238 | +€589 | +7.7% |
| Other operating charges | 640/8 | €1,983 | €2,045 | +€61 | +3.1% |
| Gross operating margin | 9900 | €74,927 | €34,809 | -€40,118 | -53.5% |
| Operating profit (loss) | 9901 | €65,295 | €24,527 | -€40,768 | -62.4% |
| Financial income | 75/76B | €3,922 | €3,631 | -€292 | -7.4% |
| Recurring financial income | 75 | €3,922 | €3,631 | -€292 | -7.4% |
| Financial charges | 65/66B | €851 | €778 | -€73 | -8.5% |
| Recurring financial charges | 65 | €851 | €778 | -€73 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €68,367 | €27,379 | -€40,987 | -60.0% |
| Income taxes | 67/77 | €19,006 | €7,917 | -€11,089 | -58.3% |
| Profit (loss) for the period | 9904 | €49,361 | €19,462 | -€29,898 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,361 | €19,462 | -€29,898 | -60.6% |
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 28 October 2026 via checked.be.