Philippe BEDORET and Co: 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 BEDORET and Co
Largest movements
- Tangible fixed assets -€31,944
down €31,944 (-7.0%), from €458,673 to €426,729
of which Land and buildings: -€23,110
- Receivables within one year -€31,740
down €31,740 (-12.3%), from €258,036 to €226,295
of which Trade receivables: -€25,027
- Stocks and contracts -€16,497
down €16,497 (-9.4%), from €174,647 to €158,150
- Debts after one year -€40,044
down €40,044 (-11.1%), from €361,528 to €321,484
of which Financial debts: -€40,044
- Reserves -€31,000
down €31,000 (-33.3%), from €92,986 to €61,986
of which Distributable reserves: -€31,000
- Other debts +€30,000
new in 2025: €30,000
- Short-term financial debts -€20,000
down €20,000 (-40.0%), from €50,000 to €30,000
- Trade debts -€17,613
down €17,613 (-6.8%), from €258,767 to €241,153
- Financial charges -€2,427
down €2,427 (-20.8%), from €11,689 to €9,262
- Gross operating margin -€1,938
down €1,938 (-2.6%), from €74,226 to €72,288
- Other operating charges -€943
down €943 (-11.6%), from €8,102 to €7,159
- Taxes +€848
up €848 (+42.4%), from €2,000 to €2,848
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 | €940,078 | €861,278 | -€78,800 | -8.4% |
| Fixed assets | 21/28 | €490,962 | €459,318 | -€31,644 | -6.4% |
| Tangible fixed assets | 22/27 | €458,673 | €426,729 | -€31,944 | -7.0% |
| Land and buildings | 22 | €445,384 | €422,274 | -€23,110 | -5.2% |
| Plant, machinery and equipment | 23 | €4,715 | €2,611 | -€2,105 | -44.6% |
| Furniture and vehicles | 24 | €8,574 | €1,844 | -€6,730 | -78.5% |
| Financial fixed assets | 28 | €32,289 | €32,589 | +€300 | +0.9% |
| Current assets | 29/58 | €449,116 | €401,961 | -€47,155 | -10.5% |
| Stocks and contracts in progress | 3 | €174,647 | €158,150 | -€16,497 | -9.4% |
| Stocks | 30/36 | €174,647 | €158,150 | -€16,497 | -9.4% |
| Amounts receivable within one year | 40/41 | €258,036 | €226,295 | -€31,740 | -12.3% |
| Trade receivables | 40 | €226,664 | €201,637 | -€25,027 | -11.0% |
| Other amounts receivable | 41 | €31,372 | €24,658 | -€6,714 | -21.4% |
| Cash at bank and in hand | 54/58 | €16,075 | €16,392 | +€316 | +2.0% |
| Deferred charges and accrued income | 490/1 | €358 | €1,124 | +€766 | +214% |
| Total equity and liabilities | 10/49 | €940,078 | €861,278 | -€78,800 | -8.4% |
| Equity | 10/15 | €200,440 | €170,874 | -€29,566 | -14.8% |
| Contributions | 10/11 | €71,369 | €71,369 | = | 0.0% |
| Reserves | 13 | €92,986 | €61,986 | -€31,000 | -33.3% |
| Non-distributable reserves | 130/1 | €12,218 | €12,218 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,218 | €12,218 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,222 | €3,222 | = | 0.0% |
| Distributable reserves | 133 | €77,545 | €46,545 | -€31,000 | -40.0% |
| Profit (loss) carried forward | 14 | €36,085 | €37,518 | +€1,434 | +4.0% |
| Amounts payable | 17/49 | €739,638 | €690,405 | -€49,233 | -6.7% |
| Amounts payable after more than one year | 17 | €361,528 | €321,484 | -€40,044 | -11.1% |
| Financial debts | 170/4 | €307,370 | €267,327 | -€40,044 | -13.0% |
| Other amounts payable | 178/9 | €54,157 | €54,157 | = | 0.0% |
| Amounts payable within one year | 42/48 | €361,001 | €351,398 | -€9,604 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €40,237 | €40,044 | -€193 | -0.5% |
| Financial debts | 43 | €50,000 | €30,000 | -€20,000 | -40.0% |
| Credit institutions | 430/8 | €50,000 | €30,000 | -€20,000 | -40.0% |
| Trade debts | 44 | €258,767 | €241,153 | -€17,613 | -6.8% |
| Suppliers | 440/4 | €258,767 | €241,153 | -€17,613 | -6.8% |
| Advances received on contracts in progress | 46 | €4,400 | €4,900 | +€500 | +11.4% |
| Taxes, remuneration and social security | 45 | €7,598 | €5,301 | -€2,297 | -30.2% |
| Taxes | 450/3 | €7,598 | €5,301 | -€2,297 | -30.2% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Accrued charges and deferred income | 492/3 | €17,109 | €17,523 | +€414 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,944 | €31,944 | = | 0.0% |
| Other operating charges | 640/8 | €8,102 | €7,159 | -€943 | -11.6% |
| Gross operating margin | 9900 | €74,226 | €72,288 | -€1,938 | -2.6% |
| Operating profit (loss) | 9901 | €34,180 | €33,185 | -€995 | -2.9% |
| Financial income | 75/76B | €806 | €359 | -€448 | -55.5% |
| Recurring financial income | 75 | €806 | €359 | -€448 | -55.5% |
| Financial charges | 65/66B | €11,689 | €9,262 | -€2,427 | -20.8% |
| Recurring financial charges | 65 | €11,689 | €9,262 | -€2,427 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €23,297 | €24,282 | +€985 | +4.2% |
| Income taxes | 67/77 | €2,000 | €2,848 | +€848 | +42.4% |
| Profit (loss) for the period | 9904 | €21,297 | €21,434 | +€136 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,297 | €21,434 | +€136 | +0.6% |
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 31 October 2026 via checked.be.