Philippe Beuls: 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 Beuls
Largest movements
- Receivables within one year -€33,219
down €33,219 (-63.7%), from €52,145 to €18,925
of which Trade receivables: -€34,153
- Tangible fixed assets -€20,302
down €20,302 (-22.2%), from €91,488 to €71,187
of which Furniture and vehicles: -€18,613
- Cash +€2,358
up €2,358 (+16.3%), from €14,500 to €16,858
mainly Net result for the year (+€48,320) and Other debts (+€42,380)
- Profit (loss) carried forward -€92,731
down €92,731 (-100.0%), from €92,731 to €0
- Other debts +€42,380
up €42,380 (+97.4%), from €43,500 to €85,880
- Trade debts -€2,385
down €2,385 (-79.7%), from €2,992 to €607
- Gross operating margin -€40,734
down €40,734 (-33.0%), from €123,290 to €82,555
- Depreciation +€11,191
up €11,191 (+122.8%), from €9,110 to €20,302
- Taxes -€10,507
down €10,507 (-44.0%), from €23,892 to €13,384
- Financial income -€1,403
down €1,403 (-87.5%), from €1,604 to €201
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 | €169,999 | €118,163 | -€51,836 | -30.5% |
| Fixed assets | 21/28 | €91,488 | €71,187 | -€20,302 | -22.2% |
| Tangible fixed assets | 22/27 | €91,488 | €71,187 | -€20,302 | -22.2% |
| Furniture and vehicles | 24 | €83,225 | €64,612 | -€18,613 | -22.4% |
| Other tangible fixed assets | 26 | €8,263 | €6,575 | -€1,688 | -20.4% |
| Current assets | 29/58 | €78,511 | €46,976 | -€31,534 | -40.2% |
| Amounts receivable within one year | 40/41 | €52,145 | €18,925 | -€33,219 | -63.7% |
| Trade receivables | 40 | €51,093 | €16,940 | -€34,153 | -66.8% |
| Other amounts receivable | 41 | €1,051 | €1,985 | +€934 | +88.8% |
| Cash at bank and in hand | 54/58 | €14,500 | €16,858 | +€2,358 | +16.3% |
| Deferred charges and accrued income | 490/1 | €11,866 | €11,193 | -€673 | -5.7% |
| Total equity and liabilities | 10/49 | €169,999 | €118,163 | -€51,836 | -30.5% |
| Equity | 10/15 | €113,191 | €20,460 | -€92,731 | -81.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,731 | €0 | -€92,731 | -100.0% |
| Amounts payable | 17/49 | €56,808 | €97,703 | +€40,895 | +72.0% |
| Amounts payable within one year | 42/48 | €56,808 | €97,703 | +€40,895 | +72.0% |
| Trade debts | 44 | €2,992 | €607 | -€2,385 | -79.7% |
| Suppliers | 440/4 | €2,992 | €607 | -€2,385 | -79.7% |
| Taxes, remuneration and social security | 45 | €10,316 | €11,216 | +€900 | +8.7% |
| Taxes | 450/3 | €10,316 | €11,216 | +€900 | +8.7% |
| Other amounts payable | 47/48 | €43,500 | €85,880 | +€42,380 | +97.4% |
| Non-recurring operating income | 76A | €11,765 | €0 | -€11,765 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,110 | €20,302 | +€11,191 | +122.8% |
| Other operating charges | 640/8 | €934 | €565 | -€369 | -39.5% |
| Gross operating margin | 9900 | €123,290 | €82,555 | -€40,734 | -33.0% |
| Operating profit (loss) | 9901 | €113,245 | €61,688 | -€51,556 | -45.5% |
| Financial income | 75/76B | €1,604 | €201 | -€1,403 | -87.5% |
| Recurring financial income | 75 | €1,604 | €201 | -€1,403 | -87.5% |
| Financial charges | 65/66B | €176 | €185 | +€9 | +5.0% |
| Recurring financial charges | 65 | €176 | €185 | +€9 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €114,673 | €61,705 | -€52,968 | -46.2% |
| Income taxes | 67/77 | €23,892 | €13,384 | -€10,507 | -44.0% |
| Profit (loss) for the period | 9904 | €90,781 | €48,320 | -€42,461 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,781 | €48,320 | -€42,461 | -46.8% |
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 5 October 2026 via checked.be.