PHILIPPE BOUILLON: 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 BOUILLON
Largest movements
- Cash +€37,669
up €37,669 (+122.2%), from €30,837 to €68,505
mainly Trade debts (+€48,127) and Depreciation (+€24,407)
- Tangible fixed assets -€9,138
down €9,138 (-5.2%), from €174,374 to €165,236
of which Land and buildings: -€8,348
- Stocks and contracts +€4,964
up €4,964 (+451.8%), from €1,099 to €6,063
- Receivables within one year +€3,557
up €3,557 (+32.3%), from €10,998 to €14,555
of which Other amounts receivable: +€5,431
- Trade debts +€48,127
up €48,127 (+128.1%), from €37,563 to €85,689
- Debts after one year -€19,951
down €19,951 (-45.8%), from €43,566 to €23,615
of which Financial debts: -€13,711
- Current portion of long-term debt -€18,177
down €18,177 (-47.7%), from €38,128 to €19,951
- Other debts +€14,769
new in 2025: €14,769
- Tax, wage and social debts +€11,151
up €11,151 (+30.3%), from €36,823 to €47,973
of which Remuneration and social security: +€10,760
- Purchases and services +€56,664
up €56,664 (+8.8%), from €645,045 to €701,710
- Staff costs +€48,696
up €48,696 (+31.6%), from €153,870 to €202,566
- Gross operating margin +€21,637
up €21,637 (+9.5%), from €227,577 to €249,214
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 | €219,519 | €258,249 | +€38,730 | +17.6% |
| Fixed assets | 21/28 | €174,844 | €165,706 | -€9,138 | -5.2% |
| Tangible fixed assets | 22/27 | €174,374 | €165,236 | -€9,138 | -5.2% |
| Land and buildings | 22 | €130,788 | €122,440 | -€8,348 | -6.4% |
| Plant, machinery and equipment | 23 | €37,854 | €40,752 | +€2,898 | +7.7% |
| Furniture and vehicles | 24 | €2,347 | €1,558 | -€789 | -33.6% |
| Leasing and similar rights | 25 | €3,385 | €486 | -€2,899 | -85.6% |
| Financial fixed assets | 28 | €470 | €470 | = | 0.0% |
| Current assets | 29/58 | €44,675 | €92,543 | +€47,869 | +107.1% |
| Stocks and contracts in progress | 3 | €1,099 | €6,063 | +€4,964 | +451.8% |
| Stocks | 30/36 | €1,099 | €6,063 | +€4,964 | +451.8% |
| Amounts receivable within one year | 40/41 | €10,998 | €14,555 | +€3,557 | +32.3% |
| Trade receivables | 40 | €8,515 | €6,641 | -€1,874 | -22.0% |
| Other amounts receivable | 41 | €2,483 | €7,914 | +€5,431 | +218.7% |
| Cash at bank and in hand | 54/58 | €30,837 | €68,505 | +€37,669 | +122.2% |
| Deferred charges and accrued income | 490/1 | €1,741 | €3,420 | +€1,679 | +96.5% |
| Total equity and liabilities | 10/49 | €219,519 | €258,249 | +€38,730 | +17.6% |
| Equity | 10/15 | €36,444 | €43,950 | +€7,507 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,221 | €37,221 | = | 0.0% |
| Distributable reserves | 133 | €37,221 | €37,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,378 | -€11,871 | +€7,507 | +38.7% |
| Amounts payable | 17/49 | €183,076 | €214,299 | +€31,224 | +17.1% |
| Amounts payable after more than one year | 17 | €43,566 | €23,615 | -€19,951 | -45.8% |
| Financial debts | 170/4 | €35,726 | €22,015 | -€13,711 | -38.4% |
| Other amounts payable | 178/9 | €7,840 | €1,600 | -€6,240 | -79.6% |
| Amounts payable within one year | 42/48 | €138,213 | €190,332 | +€52,119 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €38,128 | €19,951 | -€18,177 | -47.7% |
| Financial debts | 43 | €25,200 | €21,950 | -€3,250 | -12.9% |
| Credit institutions | 430/8 | €25,200 | €21,950 | -€3,250 | -12.9% |
| Trade debts | 44 | €37,563 | €85,689 | +€48,127 | +128.1% |
| Suppliers | 440/4 | €37,563 | €85,689 | +€48,127 | +128.1% |
| Advances received on contracts in progress | 46 | €500 | - | -€500 | |
| Taxes, remuneration and social security | 45 | €36,823 | €47,973 | +€11,151 | +30.3% |
| Taxes | 450/3 | €14,417 | €14,807 | +€390 | +2.7% |
| Remuneration and social security | 454/9 | €22,406 | €33,166 | +€10,760 | +48.0% |
| Other amounts payable | 47/48 | - | €14,769 | +€14,769 | |
| Accrued charges and deferred income | 492/3 | €1,296 | €352 | -€944 | -72.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €645,045 | €701,710 | +€56,664 | +8.8% |
| Remuneration, social security and pensions | 62 | €153,870 | €202,566 | +€48,696 | +31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,411 | €24,407 | -€1,004 | -4.0% |
| Other operating charges | 640/8 | €3,997 | €3,939 | -€58 | -1.5% |
| Non-recurring operating charges | 66A | €8,590 | €4,024 | -€4,566 | -53.2% |
| Gross operating margin | 9900 | €227,577 | €249,214 | +€21,637 | +9.5% |
| Operating profit (loss) | 9901 | €35,709 | €14,278 | -€21,431 | -60.0% |
| Financial income | 75/76B | €179 | €103 | -€77 | -42.7% |
| Recurring financial income | 75 | €179 | €103 | -€77 | -42.7% |
| Financial charges | 65/66B | €4,922 | €3,176 | -€1,747 | -35.5% |
| Recurring financial charges | 65 | €4,922 | €3,176 | -€1,747 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €30,966 | €11,205 | -€19,761 | -63.8% |
| Income taxes | 67/77 | €3,695 | €3,699 | +€4 | +0.1% |
| Profit (loss) for the period | 9904 | €27,271 | €7,507 | -€19,765 | -72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,271 | €7,507 | -€19,765 | -72.5% |
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.