Philippe Bral: 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 Bral
Largest movements
- Cash +€183,280
up €183,280 (+67.0%), from €273,385 to €456,665
mainly Net result for the year (+€319,032) and Other debts (+€319,000)
- Receivables within one year +€49,767
up €49,767 (+32.8%), from €151,818 to €201,585
of which Other amounts receivable: +€47,082
- Tangible fixed assets -€9,489
down €9,489 (-12.6%), from €75,588 to €66,099
of which Furniture and vehicles: -€16,128
- Other debts +€319,000
new in 2025: €319,000
- Tax, wage and social debts -€66,781
down €66,781 (-95.7%), from €69,780 to €2,999
of which Taxes: -€69,780
- Trade debts -€28,664
down €28,664 (-100%), from €28,664 to €0
- Gross operating margin +€62,738
up €62,738 (+17.0%), from €368,338 to €431,076
- Taxes -€9,218
down €9,218 (-8.4%), from €109,792 to €100,575
- Depreciation +€4,774
up €4,774 (+37.1%), from €12,871 to €17,645
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 | €501,410 | €724,997 | +€223,588 | +44.6% |
| Fixed assets | 21/28 | €75,588 | €66,099 | -€9,489 | -12.6% |
| Tangible fixed assets | 22/27 | €75,588 | €66,099 | -€9,489 | -12.6% |
| Plant, machinery and equipment | 23 | - | €673 | +€673 | |
| Furniture and vehicles | 24 | €71,338 | €55,211 | -€16,128 | -22.6% |
| Other tangible fixed assets | 26 | €4,250 | €10,216 | +€5,966 | +140% |
| Current assets | 29/58 | €425,822 | €658,898 | +€233,077 | +54.7% |
| Amounts receivable within one year | 40/41 | €151,818 | €201,585 | +€49,767 | +32.8% |
| Trade receivables | 40 | - | €2,686 | +€2,686 | |
| Other amounts receivable | 41 | €151,818 | €198,900 | +€47,082 | +31.0% |
| Cash at bank and in hand | 54/58 | €273,385 | €456,665 | +€183,280 | +67.0% |
| Deferred charges and accrued income | 490/1 | €619 | €648 | +€30 | +4.8% |
| Total equity and liabilities | 10/49 | €501,410 | €724,997 | +€223,588 | +44.6% |
| Equity | 10/15 | €402,966 | €402,998 | +€32 | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €399,900 | €399,900 | = | 0.0% |
| Distributable reserves | 133 | €399,900 | €399,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66 | €98 | +€32 | +48.9% |
| Amounts payable | 17/49 | €98,444 | €321,999 | +€223,555 | +227% |
| Amounts payable within one year | 42/48 | €98,444 | €321,999 | +€223,555 | +227% |
| Trade debts | 44 | €28,664 | €0 | -€28,664 | -100% |
| Suppliers | 440/4 | €28,664 | €0 | -€28,664 | -100% |
| Taxes, remuneration and social security | 45 | €69,780 | €2,999 | -€66,781 | -95.7% |
| Taxes | 450/3 | €69,780 | - | -€69,780 | |
| Remuneration and social security | 454/9 | - | €2,999 | +€2,999 | |
| Other amounts payable | 47/48 | - | €319,000 | +€319,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,871 | €17,645 | +€4,774 | +37.1% |
| Other operating charges | 640/8 | €892 | €970 | +€78 | +8.8% |
| Gross operating margin | 9900 | €368,338 | €431,076 | +€62,738 | +17.0% |
| Operating profit (loss) | 9901 | €354,574 | €412,461 | +€57,886 | +16.3% |
| Financial income | 75/76B | €4,367 | €7,468 | +€3,102 | +71.0% |
| Recurring financial income | 75 | €4,367 | €7,468 | +€3,102 | +71.0% |
| Financial charges | 65/66B | €324 | €322 | -€2 | -0.8% |
| Recurring financial charges | 65 | €324 | €322 | -€2 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €358,617 | €419,607 | +€60,990 | +17.0% |
| Income taxes | 67/77 | €109,792 | €100,575 | -€9,218 | -8.4% |
| Profit (loss) for the period | 9904 | €248,824 | €319,032 | +€70,208 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €248,824 | €319,032 | +€70,208 | +28.2% |
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 13 October 2026 via checked.be.