OLIVIER PHILIPSEN: 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.
OLIVIER PHILIPSEN
Largest movements
- Cash +€68,458
up €68,458 (+28.6%), from €239,675 to €308,133
mainly Net result for the year (+€58,365) and Depreciation (+€7,085)
- Tangible fixed assets -€7,085
down €7,085 (-72.4%), from €9,786 to €2,701
of which Furniture and vehicles: -€6,800
- Reserves +€58,365
up €58,365 (+21.2%), from €275,944 to €334,309
of which Distributable reserves: +€58,365
- Gross operating margin +€3,872
up €3,872 (+4.3%), from €90,806 to €94,678
- Financial income +€3,318
new in 2025: €3,318
- Financial charges -€1,408
down €1,408 (-11.7%), from €12,070 to €10,662
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 | €446,206 | €503,756 | +€57,550 | +12.9% |
| Fixed assets | 21/28 | €180,042 | €172,957 | -€7,085 | -3.9% |
| Tangible fixed assets | 22/27 | €9,786 | €2,701 | -€7,085 | -72.4% |
| Plant, machinery and equipment | 23 | €284 | - | -€284 | |
| Furniture and vehicles | 24 | €9,502 | €2,701 | -€6,800 | -71.6% |
| Financial fixed assets | 28 | €170,255 | €170,255 | = | 0.0% |
| Current assets | 29/58 | €266,165 | €330,799 | +€64,635 | +24.3% |
| Amounts receivable within one year | 40/41 | €26,490 | €22,666 | -€3,823 | -14.4% |
| Trade receivables | 40 | €26,490 | €22,666 | -€3,823 | -14.4% |
| Cash at bank and in hand | 54/58 | €239,675 | €308,133 | +€68,458 | +28.6% |
| Total equity and liabilities | 10/49 | €446,206 | €503,756 | +€57,550 | +12.9% |
| Equity | 10/15 | €288,344 | €346,709 | +€58,365 | +20.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €275,944 | €334,309 | +€58,365 | +21.2% |
| 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 | €274,084 | €332,449 | +€58,365 | +21.3% |
| Amounts payable | 17/49 | €157,862 | €157,047 | -€815 | -0.5% |
| Amounts payable within one year | 42/48 | €157,862 | €157,047 | -€815 | -0.5% |
| Trade debts | 44 | €99 | €105 | +€7 | +6.7% |
| Suppliers | 440/4 | €99 | €105 | +€7 | +6.7% |
| Taxes, remuneration and social security | 45 | €7,763 | €6,942 | -€821 | -10.6% |
| Taxes | 450/3 | €7,763 | €6,942 | -€821 | -10.6% |
| Other amounts payable | 47/48 | €150,000 | €150,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,956 | €7,085 | -€871 | -11.0% |
| Other operating charges | 640/8 | €1,452 | €1,757 | +€305 | +21.0% |
| Gross operating margin | 9900 | €90,806 | €94,678 | +€3,872 | +4.3% |
| Operating profit (loss) | 9901 | €81,398 | €85,836 | +€4,438 | +5.5% |
| Financial income | 75/76B | - | €3,318 | +€3,318 | |
| Recurring financial income | 75 | - | €3,318 | +€3,318 | |
| Financial charges | 65/66B | €12,070 | €10,662 | -€1,408 | -11.7% |
| Recurring financial charges | 65 | €12,070 | €10,662 | -€1,408 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €69,329 | €78,493 | +€9,164 | +13.2% |
| Income taxes | 67/77 | €19,570 | €20,128 | +€558 | +2.9% |
| Profit (loss) for the period | 9904 | €49,759 | €58,365 | +€8,606 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,759 | €58,365 | +€8,606 | +17.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.