PHILIPPE ANTOINE: 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.
PHILIPPE ANTOINE
Largest movements
- Receivables within one year +€34,493
up €34,493 (+21.2%), from €162,527 to €197,020
of which Other amounts receivable: +€28,200
- Stocks and contracts +€22,029
up €22,029 (+22.4%), from €98,156 to €120,185
- Cash +€16,641
up €16,641 (+18.2%), from €91,396 to €108,038
mainly Other debts (+€87,790) and Net result for the year (+€59,166)
- Other debts +€87,790
new in 2025: €87,790
- Reserves -€34,411
down €34,411 (-19.8%), from €173,491 to €139,080
of which Distributable reserves: -€34,411
- Tax, wage and social debts +€7,534
up €7,534 (+72.1%), from €10,453 to €17,986
of which Taxes: +€4,691
- Trade debts +€4,605
up €4,605 (+31.8%), from €14,484 to €19,089
- Gross operating margin +€48,431
up €48,431 (+47.0%), from €103,052 to €151,483
- Staff costs +€23,554
up €23,554 (+44.4%), from €53,063 to €76,617
- Taxes +€8,461
up €8,461 (+53.4%), from €15,837 to €24,298
- Financial income +€6,017
up €6,017 (+43.8%), from €13,731 to €19,748
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €367,510 | €434,194 | +€66,684 | +18.1% |
| Fixed assets | 21/28 | €9,409 | €6,600 | -€2,809 | -29.9% |
| Intangible fixed assets | 21 | €2,423 | €674 | -€1,749 | -72.2% |
| Tangible fixed assets | 22/27 | €2,092 | €1,031 | -€1,061 | -50.7% |
| Plant, machinery and equipment | 23 | €1,236 | €658 | -€578 | -46.8% |
| Furniture and vehicles | 24 | €856 | €374 | -€482 | -56.4% |
| Financial fixed assets | 28 | €4,895 | €4,895 | = | 0.0% |
| Current assets | 29/58 | €358,101 | €427,595 | +€69,494 | +19.4% |
| Stocks and contracts in progress | 3 | €98,156 | €120,185 | +€22,029 | +22.4% |
| Stocks | 30/36 | €98,156 | €120,185 | +€22,029 | +22.4% |
| Amounts receivable within one year | 40/41 | €162,527 | €197,020 | +€34,493 | +21.2% |
| Trade receivables | 40 | €25,416 | €31,710 | +€6,294 | +24.8% |
| Other amounts receivable | 41 | €137,111 | €165,311 | +€28,200 | +20.6% |
| Cash at bank and in hand | 54/58 | €91,396 | €108,038 | +€16,641 | +18.2% |
| Deferred charges and accrued income | 490/1 | €6,021 | €2,352 | -€3,670 | -60.9% |
| Total equity and liabilities | 10/49 | €367,510 | €434,194 | +€66,684 | +18.1% |
| Equity | 10/15 | €342,573 | €309,329 | -€33,244 | -9.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €173,491 | €139,080 | -€34,411 | -19.8% |
| 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 | €171,631 | €137,220 | -€34,411 | -20.0% |
| Profit (loss) carried forward | 14 | €162,882 | €164,049 | +€1,166 | +0.7% |
| Amounts payable | 17/49 | €24,937 | €124,865 | +€99,929 | +401% |
| Amounts payable within one year | 42/48 | €24,937 | €124,865 | +€99,929 | +401% |
| Trade debts | 44 | €14,484 | €19,089 | +€4,605 | +31.8% |
| Suppliers | 440/4 | €14,484 | €19,089 | +€4,605 | +31.8% |
| Taxes, remuneration and social security | 45 | €10,453 | €17,986 | +€7,534 | +72.1% |
| Taxes | 450/3 | €2,797 | €7,488 | +€4,691 | +168% |
| Remuneration and social security | 454/9 | €7,655 | €10,498 | +€2,843 | +37.1% |
| Other amounts payable | 47/48 | - | €87,790 | +€87,790 | |
| Remuneration, social security and pensions | 62 | €53,063 | €76,617 | +€23,554 | +44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,615 | €3,107 | +€493 | +18.8% |
| Other operating charges | 640/8 | €357 | €178 | -€179 | -50.1% |
| Non-recurring operating charges | 66A | €2,962 | €3,905 | +€943 | +31.9% |
| Gross operating margin | 9900 | €103,052 | €151,483 | +€48,431 | +47.0% |
| Operating profit (loss) | 9901 | €44,055 | €67,675 | +€23,620 | +53.6% |
| Financial income | 75/76B | €13,731 | €19,748 | +€6,017 | +43.8% |
| Recurring financial income | 75 | €13,731 | €19,748 | +€6,017 | +43.8% |
| Financial charges | 65/66B | €2,729 | €3,959 | +€1,230 | +45.1% |
| Recurring financial charges | 65 | €2,729 | €3,959 | +€1,230 | +45.1% |
| Profit (loss) for the period before taxes | 9903 | €55,058 | €83,465 | +€28,407 | +51.6% |
| Income taxes | 67/77 | €15,837 | €24,298 | +€8,461 | +53.4% |
| Profit (loss) for the period | 9904 | €39,220 | €59,166 | +€19,946 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,220 | €59,166 | +€19,946 | +50.9% |
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 15 October 2026 via checked.be.