PHILIPPE BURNET: 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 BURNET
Largest movements
- Cash +€19,578
up €19,578 (+30.1%), from €65,134 to €84,711
mainly Net result for the year (+€17,147) and Depreciation (+€10,776)
- Tangible fixed assets -€10,776
down €10,776 (-21.4%), from €50,298 to €39,522
of which Land and buildings: -€5,655
- Receivables within one year -€4,004
down €4,004 (-62.3%), from €6,423 to €2,419
- Profit (loss) carried forward +€17,147
up €17,147 (+15.5%), from -€110,411 to -€93,264
- Trade debts -€6,093
down €6,093 (-42.1%), from €14,466 to €8,373
- Debts after one year -€4,538
down €4,538 (-18.1%), from €25,079 to €20,541
- Tax, wage and social debts -€1,471
down €1,471 (-12.1%), from €12,160 to €10,689
of which Remuneration and social security: -€3,103
- Gross operating margin +€42,010
up €42,010 (+430%), from €9,765 to €51,776
- Staff costs -€13,464
down €13,464 (-38.0%), from €35,419 to €21,955
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 | €125,342 | €130,245 | +€4,902 | +3.9% |
| Fixed assets | 21/28 | €50,445 | €39,669 | -€10,776 | -21.4% |
| Tangible fixed assets | 22/27 | €50,298 | €39,522 | -€10,776 | -21.4% |
| Land and buildings | 22 | €35,399 | €29,744 | -€5,655 | -16.0% |
| Plant, machinery and equipment | 23 | €2,828 | €2,478 | -€350 | -12.4% |
| Furniture and vehicles | 24 | €12,071 | €7,300 | -€4,771 | -39.5% |
| Financial fixed assets | 28 | €148 | €148 | = | 0.0% |
| Current assets | 29/58 | €74,897 | €90,575 | +€15,679 | +20.9% |
| Amounts receivable within one year | 40/41 | €6,423 | €2,419 | -€4,004 | -62.3% |
| Trade receivables | 40 | €6,423 | €2,419 | -€4,004 | -62.3% |
| Cash at bank and in hand | 54/58 | €65,134 | €84,711 | +€19,578 | +30.1% |
| Deferred charges and accrued income | 490/1 | €3,340 | €3,445 | +€105 | +3.1% |
| Total equity and liabilities | 10/49 | €125,342 | €130,245 | +€4,902 | +3.9% |
| Equity | 10/15 | -€89,356 | -€72,209 | +€17,147 | +19.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €6,150 | €6,150 | = | 0.0% |
| Reserves | 13 | €8,655 | €8,655 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €6,800 | €6,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,411 | -€93,264 | +€17,147 | +15.5% |
| Amounts payable | 17/49 | €214,698 | €202,453 | -€12,244 | -5.7% |
| Amounts payable after more than one year | 17 | €25,079 | €20,541 | -€4,538 | -18.1% |
| Financial debts | 170/4 | €25,079 | €20,541 | -€4,538 | -18.1% |
| Amounts payable within one year | 42/48 | €189,619 | €181,913 | -€7,706 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €4,359 | €4,538 | +€178 | +4.1% |
| Trade debts | 44 | €14,466 | €8,373 | -€6,093 | -42.1% |
| Suppliers | 440/4 | €14,466 | €8,373 | -€6,093 | -42.1% |
| Taxes, remuneration and social security | 45 | €12,160 | €10,689 | -€1,471 | -12.1% |
| Taxes | 450/3 | €3,638 | €5,271 | +€1,633 | +44.9% |
| Remuneration and social security | 454/9 | €8,522 | €5,418 | -€3,103 | -36.4% |
| Other amounts payable | 47/48 | €158,634 | €158,313 | -€321 | -0.2% |
| Remuneration, social security and pensions | 62 | €35,419 | €21,955 | -€13,464 | -38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,116 | €10,776 | -€340 | -3.1% |
| Other operating charges | 640/8 | - | €99 | +€99 | |
| Gross operating margin | 9900 | €9,765 | €51,776 | +€42,010 | +430% |
| Operating profit (loss) | 9901 | -€36,770 | €18,946 | +€55,716 | |
| Financial income | 75/76B | €1 | €1 | -€1 | -62.7% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -62.7% |
| Financial charges | 65/66B | €1,612 | €1,465 | -€147 | -9.1% |
| Recurring financial charges | 65 | €1,612 | €1,465 | -€147 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | -€38,380 | €17,482 | +€55,862 | |
| Income taxes | 67/77 | €327 | €336 | +€8 | +2.5% |
| Profit (loss) for the period | 9904 | -€38,707 | €17,147 | +€55,854 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,707 | €17,147 | +€55,854 |
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 20 October 2026 via checked.be.