Philip Lecoque: 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.
Philip Lecoque
Largest movements
- Cash +€15,600
up €15,600 (+61.0%), from €25,580 to €41,179
mainly Other debts (+€14,363) and Depreciation (+€9,806)
- Stocks and contracts +€14,770
up €14,770 (+562%), from €2,630 to €17,400
of which Contracts in progress: +€15,000
- Receivables within one year +€5,524
up €5,524 (+104%), from €5,318 to €10,841
of which Trade receivables: +€8,459
- Tangible fixed assets -€1,183
down €1,183 (-3.0%), from €40,066 to €38,883
of which Furniture and vehicles: -€3,394
- Other debts +€14,363
up €14,363 (+18.8%), from €76,433 to €90,796
- Trade debts +€8,771
up €8,771 (+296%), from €2,968 to €11,739
- Profit (loss) carried forward +€7,427
up €7,427 (+73.9%), from -€10,052 to -€2,625
- Tax, wage and social debts +€4,561
up €4,561 (+284%), from €1,607 to €6,168
- Gross operating margin +€28,551
up €28,551, from -€10,503 to €18,048
- Depreciation +€2,262
up €2,262 (+30.0%), from €7,544 to €9,806
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 | €74,455 | €109,577 | +€35,122 | +47.2% |
| Fixed assets | 21/28 | €40,066 | €38,883 | -€1,183 | -3.0% |
| Tangible fixed assets | 22/27 | €40,066 | €38,883 | -€1,183 | -3.0% |
| Land and buildings | 22 | €2,352 | €5,838 | +€3,486 | +148% |
| Plant, machinery and equipment | 23 | €22,487 | €21,213 | -€1,275 | -5.7% |
| Furniture and vehicles | 24 | €15,227 | €11,833 | -€3,394 | -22.3% |
| Current assets | 29/58 | €34,389 | €70,694 | +€36,304 | +106% |
| Stocks and contracts in progress | 3 | €2,630 | €17,400 | +€14,770 | +562% |
| Stocks | 30/36 | €2,630 | €2,400 | -€230 | -8.7% |
| Contracts in progress | 37 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €5,318 | €10,841 | +€5,524 | +104% |
| Trade receivables | 40 | €2,248 | €10,707 | +€8,459 | +376% |
| Other amounts receivable | 41 | €3,070 | €135 | -€2,935 | -95.6% |
| Cash at bank and in hand | 54/58 | €25,580 | €41,179 | +€15,600 | +61.0% |
| Deferred charges and accrued income | 490/1 | €862 | €1,273 | +€411 | +47.7% |
| Total equity and liabilities | 10/49 | €74,455 | €109,577 | +€35,122 | +47.2% |
| Equity | 10/15 | -€6,552 | €875 | +€7,427 | |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,052 | -€2,625 | +€7,427 | +73.9% |
| Amounts payable | 17/49 | €81,007 | €108,702 | +€27,695 | +34.2% |
| Amounts payable within one year | 42/48 | €81,007 | €108,702 | +€27,695 | +34.2% |
| Trade debts | 44 | €2,968 | €11,739 | +€8,771 | +296% |
| Suppliers | 440/4 | €2,968 | €11,739 | +€8,771 | +296% |
| Taxes, remuneration and social security | 45 | €1,607 | €6,168 | +€4,561 | +284% |
| Taxes | 450/3 | €1,607 | €6,168 | +€4,561 | +284% |
| Other amounts payable | 47/48 | €76,433 | €90,796 | +€14,363 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,544 | €9,806 | +€2,262 | +30.0% |
| Other operating charges | 640/8 | €583 | €724 | +€141 | +24.3% |
| Gross operating margin | 9900 | -€10,503 | €18,048 | +€28,551 | |
| Operating profit (loss) | 9901 | -€18,629 | €7,518 | +€26,148 | |
| Financial income | 75/76B | €25 | €1 | -€24 | -97.5% |
| Recurring financial income | 75 | €25 | €1 | -€24 | -97.5% |
| Financial charges | 65/66B | €132 | €92 | -€40 | -30.5% |
| Recurring financial charges | 65 | €51 | €92 | +€41 | +80.8% |
| Non-recurring financial charges | 66B | €82 | - | -€82 | |
| Profit (loss) for the period before taxes | 9903 | -€18,737 | €7,427 | +€26,164 | |
| Income taxes | 67/77 | €5 | - | -€5 | |
| Profit (loss) for the period | 9904 | -€18,741 | €7,427 | +€26,168 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,741 | €7,427 | +€26,168 |
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 18 October 2026 via checked.be.