PHILIP MAES: 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 MAES
Largest movements
- Cash +€110,852
up €110,852 (+124%), from €89,364 to €200,216
mainly Receivables within one year (+€103,693) and Current investments (+€65,692)
- Receivables within one year -€103,693
down €103,693 (-78.2%), from €132,552 to €28,859
of which Trade receivables: -€105,881
- Current investments -€65,692
down €65,692 (-41.1%), from €159,667 to €93,975
- Tangible fixed assets -€22,809
down €22,809 (-12.3%), from €186,010 to €163,201
of which Land and buildings: -€15,918
- Profit (loss) carried forward -€64,134
down €64,134 (-1,680%), from -€3,818 to -€67,952
- Tax, wage and social debts -€22,883
no longer reported in 2025 (was €22,883)
- Trade debts +€7,074
up €7,074 (+126%), from €5,614 to €12,688
- Gross operating margin -€84,619
down €84,619, from €56,327 to -€28,292
- Financial charges -€13,226
down €13,226 (-98.4%), from €13,439 to €213
- Depreciation -€5,699
down €5,699 (-14.2%), from €40,148 to €34,449
- Taxes -€3,936
down €3,936 (-95.4%), from €4,126 to €190
- Financial income +€2,660
up €2,660 (+39,404%), from €7 to €2,667
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 | €576,023 | €492,667 | -€83,355 | -14.5% |
| Fixed assets | 21/28 | €193,955 | €166,961 | -€26,994 | -13.9% |
| Intangible fixed assets | 21 | €7,695 | €3,510 | -€4,185 | -54.4% |
| Tangible fixed assets | 22/27 | €186,010 | €163,201 | -€22,809 | -12.3% |
| Land and buildings | 22 | €114,819 | €98,901 | -€15,918 | -13.9% |
| Plant, machinery and equipment | 23 | €4,998 | €3,784 | -€1,214 | -24.3% |
| Furniture and vehicles | 24 | €10,464 | €13,959 | +€3,496 | +33.4% |
| Other tangible fixed assets | 26 | €55,729 | €46,556 | -€9,173 | -16.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €382,068 | €325,706 | -€56,362 | -14.8% |
| Amounts receivable within one year | 40/41 | €132,552 | €28,859 | -€103,693 | -78.2% |
| Trade receivables | 40 | €131,676 | €25,795 | -€105,881 | -80.4% |
| Other amounts receivable | 41 | €876 | €3,064 | +€2,188 | +250% |
| Current investments | 50/53 | €159,667 | €93,975 | -€65,692 | -41.1% |
| Cash at bank and in hand | 54/58 | €89,364 | €200,216 | +€110,852 | +124% |
| Deferred charges and accrued income | 490/1 | €484 | €2,655 | +€2,171 | +448% |
| Total equity and liabilities | 10/49 | €576,023 | €492,667 | -€83,355 | -14.5% |
| Equity | 10/15 | €485,937 | €421,803 | -€64,134 | -13.2% |
| Contributions | 10/11 | €6,408 | €6,408 | = | 0.0% |
| Reserves | 13 | €483,347 | €483,347 | = | 0.0% |
| Distributable reserves | 133 | €483,347 | €483,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,818 | -€67,952 | -€64,134 | -1,680% |
| Amounts payable | 17/49 | €90,086 | €70,865 | -€19,221 | -21.3% |
| Amounts payable within one year | 42/48 | €90,086 | €70,865 | -€19,221 | -21.3% |
| Financial debts | 43 | €1,691 | - | -€1,691 | |
| Credit institutions | 430/8 | €1,691 | - | -€1,691 | |
| Trade debts | 44 | €5,614 | €12,688 | +€7,074 | +126% |
| Suppliers | 440/4 | €5,614 | €12,688 | +€7,074 | +126% |
| Taxes, remuneration and social security | 45 | €22,883 | - | -€22,883 | |
| Taxes | 450/3 | €22,883 | - | -€22,883 | |
| Other amounts payable | 47/48 | €59,898 | €58,177 | -€1,722 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,148 | €34,449 | -€5,699 | -14.2% |
| Other operating charges | 640/8 | €2,439 | €3,656 | +€1,218 | +49.9% |
| Gross operating margin | 9900 | €56,327 | -€28,292 | -€84,619 | |
| Operating profit (loss) | 9901 | €13,740 | -€66,397 | -€80,137 | |
| Financial income | 75/76B | €7 | €2,667 | +€2,660 | +39,404% |
| Recurring financial income | 75 | €7 | €2,667 | +€2,660 | +39,404% |
| Financial charges | 65/66B | €13,439 | €213 | -€13,226 | -98.4% |
| Recurring financial charges | 65 | €13,439 | €213 | -€13,226 | -98.4% |
| Profit (loss) for the period before taxes | 9903 | €308 | -€63,944 | -€64,252 | |
| Income taxes | 67/77 | €4,126 | €190 | -€3,936 | -95.4% |
| Profit (loss) for the period | 9904 | -€3,818 | -€64,134 | -€60,316 | -1,580% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,818 | -€64,134 | -€60,316 | -1,580% |
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 24 October 2026 via checked.be.