FRANK PHILIPPAERTS: 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.
FRANK PHILIPPAERTS
Largest movements
- Current investments +€128,780
up €128,780 (+58.5%), from €220,000 to €348,780
- Cash -€73,605
down €73,605 (-32.6%), from €225,947 to €152,342
mainly Current investments (-€128,780) and Receivables within one year (-€27,395)
- Receivables within one year +€27,395
up €27,395 (+224%), from €12,239 to €39,634
- Deferred charges and accrued income -€5,950
down €5,950 (-76.9%), from €7,735 to €1,785
- Reserves +€64,200
up €64,200 (+14.9%), from €432,000 to €496,200
- Tax, wage and social debts +€15,250
up €15,250 (+144%), from €10,593 to €25,842
- Gross operating margin +€28,604
up €28,604 (+50.9%), from €56,228 to €84,831
- Taxes +€6,310
up €6,310 (+37.1%), from €17,011 to €23,321
- Financial income -€2,536
down €2,536 (-41.9%), from €6,050 to €3,514
- Financial charges +€1,987
up €1,987 (+2,454%), from €81 to €2,068
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 | €465,920 | €544,339 | +€78,418 | +16.8% |
| Fixed assets | 21/28 | - | €1,798 | +€1,798 | |
| Tangible fixed assets | 22/27 | - | €1,798 | +€1,798 | |
| Furniture and vehicles | 24 | - | €1,798 | +€1,798 | |
| Current assets | 29/58 | €465,920 | €542,541 | +€76,620 | +16.4% |
| Amounts receivable within one year | 40/41 | €12,239 | €39,634 | +€27,395 | +224% |
| Trade receivables | 40 | €12,239 | €39,634 | +€27,395 | +224% |
| Current investments | 50/53 | €220,000 | €348,780 | +€128,780 | +58.5% |
| Cash at bank and in hand | 54/58 | €225,947 | €152,342 | -€73,605 | -32.6% |
| Deferred charges and accrued income | 490/1 | €7,735 | €1,785 | -€5,950 | -76.9% |
| Total equity and liabilities | 10/49 | €465,920 | €544,339 | +€78,418 | +16.8% |
| Equity | 10/15 | €445,652 | €506,708 | +€61,055 | +13.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €432,000 | €496,200 | +€64,200 | +14.9% |
| Distributable reserves | 133 | €432,000 | €496,200 | +€64,200 | +14.9% |
| Profit (loss) carried forward | 14 | €7,452 | €4,308 | -€3,145 | -42.2% |
| Amounts payable | 17/49 | €20,268 | €37,631 | +€17,363 | +85.7% |
| Amounts payable within one year | 42/48 | €20,215 | €37,577 | +€17,361 | +85.9% |
| Trade debts | 44 | €2,606 | €66 | -€2,540 | -97.5% |
| Suppliers | 440/4 | €2,606 | €66 | -€2,540 | -97.5% |
| Taxes, remuneration and social security | 45 | €10,593 | €25,842 | +€15,250 | +144% |
| Taxes | 450/3 | €10,593 | €25,842 | +€15,250 | +144% |
| Other amounts payable | 47/48 | €7,017 | €11,669 | +€4,651 | +66.3% |
| Accrued charges and deferred income | 492/3 | €53 | €54 | +€2 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €818 | +€818 | |
| Other operating charges | 640/8 | €1,049 | €1,083 | +€33 | +3.2% |
| Non-recurring operating charges | 66A | €57 | - | -€57 | |
| Gross operating margin | 9900 | €56,228 | €84,831 | +€28,604 | +50.9% |
| Operating profit (loss) | 9901 | €55,121 | €82,930 | +€27,809 | +50.5% |
| Financial income | 75/76B | €6,050 | €3,514 | -€2,536 | -41.9% |
| Recurring financial income | 75 | €6,050 | €3,514 | -€2,536 | -41.9% |
| Financial charges | 65/66B | €81 | €2,068 | +€1,987 | +2,454% |
| Recurring financial charges | 65 | €81 | €2,068 | +€1,987 | +2,454% |
| Profit (loss) for the period before taxes | 9903 | €61,090 | €84,377 | +€23,286 | +38.1% |
| Income taxes | 67/77 | €17,011 | €23,321 | +€6,310 | +37.1% |
| Profit (loss) for the period | 9904 | €44,079 | €61,055 | +€16,976 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,079 | €61,055 | +€16,976 | +38.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.