PHILIPPE ANTHOINE: what changed
Two fiscal 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.
PHILIPPE ANTHOINE
Largest movements
- Cash +€27,860
up €27,860 (+33.5%), from €83,170 to €111,031
mainly Net result for the year (+€21,214) and Receivables within one year (+€10,849)
- Receivables within one year -€10,849
down €10,849 (-30.9%), from €35,106 to €24,257
of which Other amounts receivable: -€12,244
- Reserves +€21,214
up €21,214 (+22.8%), from €93,043 to €114,257
- Tax, wage and social debts -€5,654
down €5,654 (-12.9%), from €43,989 to €38,336
- Trade debts +€2,323
up €2,323 (+134.7%), from €1,724 to €4,047
- Gross operating margin -€44,679
down €44,679 (-54.0%), from €82,812 to €38,133
- Taxes -€15,180
down €15,180 (-59.6%), from €25,456 to €10,276
- Depreciation +€1,081
up €1,081 (+27.2%), from €3,979 to €5,060
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.
Cash bridge derived
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 | €139,757 | €157,640 | +€17,883 | +12.8% |
| Fixed assets | 21/28 | €20,280 | €20,889 | +€610 | +3.0% |
| Tangible fixed assets | 22/27 | €20,280 | €20,889 | +€610 | +3.0% |
| Plant, machinery and equipment | 23 | €20,280 | €20,889 | +€610 | +3.0% |
| Current assets | 29/58 | €119,477 | €136,751 | +€17,274 | +14.5% |
| Amounts receivable within one year | 40/41 | €35,106 | €24,257 | -€10,849 | -30.9% |
| Trade receivables | 40 | €1,005 | €2,399 | +€1,395 | +138.9% |
| Other amounts receivable | 41 | €34,102 | €21,858 | -€12,244 | -35.9% |
| Cash at bank and in hand | 54/58 | €83,170 | €111,031 | +€27,860 | +33.5% |
| Deferred charges and accrued income | 490/1 | €1,200 | €1,463 | +€263 | +21.9% |
| Total equity and liabilities | 10/49 | €139,757 | €157,640 | +€17,883 | +12.8% |
| Equity | 10/15 | €94,043 | €115,257 | +€21,214 | +22.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €93,043 | €114,257 | +€21,214 | +22.8% |
| Distributable reserves | 133 | €93,043 | €114,257 | +€21,214 | +22.8% |
| Amounts payable | 17/49 | €45,714 | €42,383 | -€3,331 | -7.3% |
| Amounts payable within one year | 42/48 | €45,714 | €42,383 | -€3,331 | -7.3% |
| Trade debts | 44 | €1,724 | €4,047 | +€2,323 | +134.7% |
| Suppliers | 440/4 | €1,724 | €4,047 | +€2,323 | +134.7% |
| Taxes, remuneration and social security | 45 | €43,989 | €38,336 | -€5,654 | -12.9% |
| Taxes | 450/3 | €43,989 | €38,336 | -€5,654 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,979 | €5,060 | +€1,081 | +27.2% |
| Other operating charges | 640/8 | €1,563 | €2,258 | +€695 | +44.5% |
| Gross operating margin | 9900 | €82,812 | €38,133 | -€44,679 | -54.0% |
| Operating profit (loss) | 9901 | €77,270 | €30,815 | -€46,456 | -60.1% |
| Financial income | 75/76B | €2,061 | €1,490 | -€572 | -27.7% |
| Recurring financial income | 75 | €2,061 | €1,490 | -€572 | -27.7% |
| Financial charges | 65/66B | €21 | €814 | +€793 | +3714.6% |
| Recurring financial charges | 65 | €21 | €814 | +€793 | +3714.6% |
| Profit (loss) for the period before taxes | 9903 | €79,310 | €31,490 | -€47,820 | -60.3% |
| Income taxes | 67/77 | €25,456 | €10,276 | -€15,180 | -59.6% |
| Profit (loss) for the period | 9904 | €53,855 | €21,214 | -€32,641 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,855 | €21,214 | -€32,641 | -60.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.