PHILIP VANHAMEL: 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 VANHAMEL
Largest movements
- Cash -€164,834
down €164,834 (-99.6%), from €165,478 to €645
mainly Investment in fixed assets (net) (-€167,668) and Receivables within one year (-€163,089)
- Receivables within one year +€163,089
up €163,089 (+487%), from €33,456 to €196,545
of which Other amounts receivable: +€162,324
- Tangible fixed assets +€129,926
up €129,926 (+38.9%), from €333,808 to €463,734
of which Furniture and vehicles: +€143,670
- Reserves +€42,972
up €42,972 (+17.8%), from €241,413 to €284,385
of which Distributable reserves: +€42,972
- Tax, wage and social debts +€40,213
up €40,213 (+59.5%), from €67,555 to €107,768
of which Taxes: +€36,183
- Debts after one year +€26,750
up €26,750 (+14.6%), from €183,332 to €210,082
- Current portion of long-term debt +€16,833
up €16,833 (+76.5%), from €22,000 to €38,833
- Profit (loss) carried forward +€7,170
no longer reported in 2025 (was -€7,170)
- Taxes -€40,301
down €40,301 (-65.4%), from €61,662 to €21,361
- Depreciation +€18,977
up €18,977 (+101%), from €18,766 to €37,743
- Gross operating margin -€10,045
down €10,045 (-4.4%), from €229,521 to €219,476
- Staff costs +€4,606
up €4,606 (+37.0%), from €12,442 to €17,048
- Financial charges -€3,379
down €3,379 (-31.8%), from €10,610 to €7,231
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 | €532,742 | €660,923 | +€128,181 | +24.1% |
| Fixed assets | 21/28 | €333,808 | €463,734 | +€129,926 | +38.9% |
| Tangible fixed assets | 22/27 | €333,808 | €463,734 | +€129,926 | +38.9% |
| Land and buildings | 22 | €322,175 | €306,890 | -€15,285 | -4.7% |
| Plant, machinery and equipment | 23 | €611 | €2,152 | +€1,541 | +252% |
| Furniture and vehicles | 24 | €11,022 | €154,692 | +€143,670 | +1,303% |
| Current assets | 29/58 | €198,934 | €197,190 | -€1,744 | -0.9% |
| Amounts receivable within one year | 40/41 | €33,456 | €196,545 | +€163,089 | +487% |
| Trade receivables | 40 | €33,456 | €34,221 | +€765 | +2.3% |
| Other amounts receivable | 41 | - | €162,324 | +€162,324 | |
| Cash at bank and in hand | 54/58 | €165,478 | €645 | -€164,834 | -99.6% |
| Total equity and liabilities | 10/49 | €532,742 | €660,923 | +€128,181 | +24.1% |
| Equity | 10/15 | €252,843 | €302,985 | +€50,142 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €241,413 | €284,385 | +€42,972 | +17.8% |
| 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 | €239,553 | €282,525 | +€42,972 | +17.9% |
| Profit (loss) carried forward | 14 | -€7,170 | - | +€7,170 | |
| Amounts payable | 17/49 | €279,899 | €357,939 | +€78,039 | +27.9% |
| Amounts payable after more than one year | 17 | €183,332 | €210,082 | +€26,750 | +14.6% |
| Financial debts | 170/4 | €183,332 | €210,082 | +€26,750 | +14.6% |
| Amounts payable within one year | 42/48 | €96,567 | €147,856 | +€51,289 | +53.1% |
| Current portion of amounts payable after more than one year | 42 | €22,000 | €38,833 | +€16,833 | +76.5% |
| Trade debts | 44 | €2,064 | €1,255 | -€809 | -39.2% |
| Suppliers | 440/4 | €2,064 | €1,255 | -€809 | -39.2% |
| Taxes, remuneration and social security | 45 | €67,555 | €107,768 | +€40,213 | +59.5% |
| Taxes | 450/3 | €67,555 | €103,738 | +€36,183 | +53.6% |
| Remuneration and social security | 454/9 | - | €4,030 | +€4,030 | |
| Other amounts payable | 47/48 | €4,948 | - | -€4,948 | |
| Non-recurring operating income | 76A | €10 | - | -€10 | |
| Remuneration, social security and pensions | 62 | €12,442 | €17,048 | +€4,606 | +37.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,766 | €37,743 | +€18,977 | +101% |
| Other operating charges | 640/8 | €5,446 | €3,178 | -€2,267 | -41.6% |
| Non-recurring operating charges | 66A | - | €85,000 | +€85,000 | |
| Gross operating margin | 9900 | €229,521 | €219,476 | -€10,045 | -4.4% |
| Operating profit (loss) | 9901 | €192,868 | €76,507 | -€116,361 | -60.3% |
| Financial income | 75/76B | - | €2,228 | +€2,228 | |
| Recurring financial income | 75 | - | €2,228 | +€2,228 | |
| Financial charges | 65/66B | €10,610 | €7,231 | -€3,379 | -31.8% |
| Recurring financial charges | 65 | €10,610 | €7,231 | -€3,379 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €182,258 | €71,503 | -€110,755 | -60.8% |
| Income taxes | 67/77 | €61,662 | €21,361 | -€40,301 | -65.4% |
| Profit (loss) for the period | 9904 | €120,596 | €50,142 | -€70,454 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €120,596 | €50,142 | -€70,454 | -58.4% |
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 14 October 2026 via checked.be.