Philippe BALTHASAR: 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 BALTHASAR
Largest movements
- Current investments +€280,000
up €280,000 (+46.7%), from €600,000 to €880,000
- Tangible fixed assets -€20,423
down €20,423 (-4.4%), from €467,928 to €447,505
of which Plant, machinery and equipment: -€14,345
- Other debts +€193,864
up €193,864 (+295.1%), from €65,693 to €259,557
- Reserves +€56,522
up €56,522 (+7.9%), from €719,376 to €775,898
of which Distributable reserves: +€56,522
- Tax, wage and social debts +€29,756
up €29,756 (+38.6%), from €77,009 to €106,766
of which Taxes: +€29,665
- Debts after one year -€27,445
down €27,445 (-11.1%), from €246,958 to €219,513
- Gross operating margin +€57,493
up €57,493 (+13.8%), from €415,933 to €473,425
- Taxes +€27,085
up €27,085 (+26.6%), from €101,989 to €129,074
- Depreciation -€5,503
down €5,503 (-19.1%), from €28,855 to €23,352
- Financial income +€5,245
up €5,245 (+33.8%), from €15,513 to €20,758
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 | €1,302,005 | €1,554,802 | +€252,796 | +19.4% |
| Fixed assets | 21/28 | €472,258 | €448,906 | -€23,352 | -4.9% |
| Intangible fixed assets | 21 | €4,150 | €1,221 | -€2,929 | -70.6% |
| Tangible fixed assets | 22/27 | €467,928 | €447,505 | -€20,423 | -4.4% |
| Land and buildings | 22 | €231,378 | €226,683 | -€4,696 | -2.0% |
| Plant, machinery and equipment | 23 | €233,457 | €219,112 | -€14,345 | -6.1% |
| Furniture and vehicles | 24 | €3,093 | €1,711 | -€1,382 | -44.7% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €829,747 | €1,105,896 | +€276,148 | +33.3% |
| Amounts receivable within one year | 40/41 | €8,289 | €1,328 | -€6,961 | -84.0% |
| Trade receivables | 40 | €8,289 | €1,328 | -€6,961 | -84.0% |
| Current investments | 50/53 | €600,000 | €880,000 | +€280,000 | +46.7% |
| Cash at bank and in hand | 54/58 | €219,423 | €221,601 | +€2,178 | +1.0% |
| Deferred charges and accrued income | 490/1 | €2,035 | €2,966 | +€931 | +45.7% |
| Total equity and liabilities | 10/49 | €1,302,005 | €1,554,802 | +€252,796 | +19.4% |
| Equity | 10/15 | €870,176 | €926,701 | +€56,524 | +6.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €719,376 | €775,898 | +€56,522 | +7.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €719,376 | €775,898 | +€56,522 | +7.9% |
| Profit (loss) carried forward | 14 | €113,616 | €113,618 | +€2 | 0.0% |
| Amounts payable | 17/49 | €431,829 | €628,101 | +€196,272 | +45.5% |
| Amounts payable after more than one year | 17 | €246,958 | €219,513 | -€27,445 | -11.1% |
| Financial debts | 170/4 | €246,958 | €219,513 | -€27,445 | -11.1% |
| Amounts payable within one year | 42/48 | €176,724 | €399,852 | +€223,128 | +126.3% |
| Current portion of amounts payable after more than one year | 42 | €26,384 | €27,445 | +€1,061 | +4.0% |
| Trade debts | 44 | €7,637 | €6,084 | -€1,553 | -20.3% |
| Suppliers | 440/4 | €7,637 | €6,084 | -€1,553 | -20.3% |
| Taxes, remuneration and social security | 45 | €77,009 | €106,766 | +€29,756 | +38.6% |
| Taxes | 450/3 | €69,437 | €99,102 | +€29,665 | +42.7% |
| Remuneration and social security | 454/9 | €7,572 | €7,663 | +€91 | +1.2% |
| Other amounts payable | 47/48 | €65,693 | €259,557 | +€193,864 | +295.1% |
| Accrued charges and deferred income | 492/3 | €8,147 | €8,736 | +€589 | +7.2% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €46,897 | €46,766 | -€131 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,855 | €23,352 | -€5,503 | -19.1% |
| Other operating charges | 640/8 | €6,600 | €3,866 | -€2,734 | -41.4% |
| Gross operating margin | 9900 | €415,933 | €473,425 | +€57,493 | +13.8% |
| Operating profit (loss) | 9901 | €333,580 | €399,441 | +€65,861 | +19.7% |
| Financial income | 75/76B | €15,513 | €20,758 | +€5,245 | +33.8% |
| Recurring financial income | 75 | €15,513 | €20,758 | +€5,245 | +33.8% |
| Financial charges | 65/66B | €14,843 | €16,743 | +€1,900 | +12.8% |
| Recurring financial charges | 65 | €14,843 | €16,743 | +€1,900 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €334,250 | €403,456 | +€69,206 | +20.7% |
| Income taxes | 67/77 | €101,989 | €129,074 | +€27,085 | +26.6% |
| Profit (loss) for the period | 9904 | €232,261 | €274,382 | +€42,121 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €232,261 | €274,382 | +€42,121 | +18.1% |
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 7 October 2026 via checked.be.