Kurt Philtjens: what changed
Kurt Philtjens
Largest movements
- Cash +€26,051
up €26,051 (+29.0%), from €89,889 to €115,941
mainly Stocks and contracts (+€18,475) and Depreciation (+€13,363)
- Tangible fixed assets -€24,863
down €24,863 (-35.4%), from €70,296 to €45,433
of which Leasing and similar rights: -€27,128
- Stocks and contracts -€18,475
down €18,475 (-43.2%), from €42,740 to €24,265
of which Stocks: -€20,975
- Receivables within one year -€11,513
down €11,513 (-88.9%), from €12,951 to €1,438
of which Other amounts receivable: -€6,513
- Current portion of long-term debt -€16,222
down €16,222 (-57.0%), from €28,473 to €12,251
- Debts after one year -€12,251
down €12,251 (-30.7%), from €39,911 to €27,660
- Gross operating margin -€23,291
down €23,291 (-40.8%), from €57,127 to €33,836
- Depreciation -€13,051
down €13,051 (-49.4%), from €26,414 to €13,363
- Write-downs +€11,500
new in 2025: €11,500
- Taxes -€4,942
down €4,942 (-86.2%), from €5,735 to €793
- Financial charges +€2,645
up €2,645 (+117%), from €2,268 to €4,913
of which Non-recurring financial charges: +€3,315
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,573 | €189,763 | -€29,810 | -13.6% |
| Fixed assets | 21/28 | €70,296 | €45,433 | -€24,863 | -35.4% |
| Tangible fixed assets | 22/27 | €70,296 | €45,433 | -€24,863 | -35.4% |
| Plant, machinery and equipment | 23 | €3,358 | €5,805 | +€2,448 | +72.9% |
| Furniture and vehicles | 24 | €183 | - | -€183 | |
| Leasing and similar rights | 25 | €66,755 | €39,627 | -€27,128 | -40.6% |
| Current assets | 29/58 | €149,277 | €144,330 | -€4,947 | -3.3% |
| Stocks and contracts in progress | 3 | €42,740 | €24,265 | -€18,475 | -43.2% |
| Stocks | 30/36 | €30,240 | €9,265 | -€20,975 | -69.4% |
| Contracts in progress | 37 | €12,500 | €15,000 | +€2,500 | +20.0% |
| Amounts receivable within one year | 40/41 | €12,951 | €1,438 | -€11,513 | -88.9% |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €7,951 | €1,438 | -€6,513 | -81.9% |
| Cash at bank and in hand | 54/58 | €89,889 | €115,941 | +€26,051 | +29.0% |
| Deferred charges and accrued income | 490/1 | €3,697 | €2,687 | -€1,009 | -27.3% |
| Total equity and liabilities | 10/49 | €219,573 | €189,763 | -€29,810 | -13.6% |
| Equity | 10/15 | €129,368 | €130,475 | +€1,108 | +0.9% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €110,000 | €110,000 | = | 0.0% |
| Distributable reserves | 133 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,868 | €13,975 | +€1,108 | +8.6% |
| Amounts payable | 17/49 | €90,205 | €59,288 | -€30,917 | -34.3% |
| Amounts payable after more than one year | 17 | €39,911 | €27,660 | -€12,251 | -30.7% |
| Financial debts | 170/4 | €39,911 | €27,660 | -€12,251 | -30.7% |
| Amounts payable within one year | 42/48 | €50,295 | €31,628 | -€18,667 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €28,473 | €12,251 | -€16,222 | -57.0% |
| Trade debts | 44 | €2,970 | €2,657 | -€313 | -10.6% |
| Suppliers | 440/4 | €2,970 | €2,657 | -€313 | -10.6% |
| Taxes, remuneration and social security | 45 | €3,750 | €3,043 | -€707 | -18.9% |
| Taxes | 450/3 | €3,750 | €3,043 | -€707 | -18.9% |
| Other amounts payable | 47/48 | €15,102 | €13,678 | -€1,424 | -9.4% |
| Remuneration, social security and pensions | 62 | - | €60 | +€60 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,414 | €13,363 | -€13,051 | -49.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,500 | +€11,500 | |
| Other operating charges | 640/8 | €1,956 | €2,100 | +€144 | +7.4% |
| Gross operating margin | 9900 | €57,127 | €33,836 | -€23,291 | -40.8% |
| Operating profit (loss) | 9901 | €28,757 | €6,813 | -€21,944 | -76.3% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €2,268 | €4,913 | +€2,645 | +117% |
| Recurring financial charges | 65 | €2,268 | €1,598 | -€670 | -29.5% |
| Non-recurring financial charges | 66B | - | €3,315 | +€3,315 | |
| Profit (loss) for the period before taxes | 9903 | €26,497 | €1,900 | -€24,597 | -92.8% |
| Income taxes | 67/77 | €5,735 | €793 | -€4,942 | -86.2% |
| Profit (loss) for the period | 9904 | €20,763 | €1,108 | -€19,655 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,763 | €1,108 | -€19,655 | -94.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.