Philippe CALEWAERT: what changed
Philippe CALEWAERT
Largest movements
- Cash +€53,710
up €53,710 (+91.3%), from €58,801 to €112,511
mainly Net result for the year (+€52,409) and Depreciation (+€19,690)
- Tangible fixed assets -€15,779
down €15,779 (-22.6%), from €69,915 to €54,136
of which Furniture and vehicles: -€18,241
- Receivables within one year +€8,348
up €8,348 (+249%), from €3,358 to €11,706
- Current investments +€5,688
up €5,688 (+2.5%), from €223,848 to €229,536
- Reserves +€52,409
up €52,409 (+15.1%), from €348,127 to €400,536
of which Distributable reserves: +€52,409
- Gross operating margin +€4,701
up €4,701 (+5.0%), from €93,612 to €98,314
- Financial income -€3,532
down €3,532 (-67.9%), from €5,201 to €1,669
- Financial charges +€2,391
up €2,391 (+2,435%), from €98 to €2,489
of which Non-recurring financial charges: +€2,263
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €355,922 | €407,964 | +€52,042 | +14.6% |
| Fixed assets | 21/28 | €69,915 | €54,136 | -€15,779 | -22.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €69,915 | €54,136 | -€15,779 | -22.6% |
| Land and buildings | 22 | - | €3,129 | +€3,129 | |
| Plant, machinery and equipment | 23 | €1,647 | €980 | -€667 | -40.5% |
| Furniture and vehicles | 24 | €68,268 | €50,026 | -€18,241 | -26.7% |
| Current assets | 29/58 | €286,007 | €353,828 | +€67,821 | +23.7% |
| Amounts receivable within one year | 40/41 | €3,358 | €11,706 | +€8,348 | +249% |
| Other amounts receivable | 41 | €3,358 | €11,706 | +€8,348 | +249% |
| Current investments | 50/53 | €223,848 | €229,536 | +€5,688 | +2.5% |
| Cash at bank and in hand | 54/58 | €58,801 | €112,511 | +€53,710 | +91.3% |
| Deferred charges and accrued income | 490/1 | - | €75 | +€75 | |
| Total equity and liabilities | 10/49 | €355,922 | €407,964 | +€52,042 | +14.6% |
| Equity | 10/15 | €348,127 | €400,536 | +€52,409 | +15.1% |
| Reserves | 13 | €348,127 | €400,536 | +€52,409 | +15.1% |
| Non-distributable reserves | 130/1 | €6,945 | €6,945 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,945 | €6,945 | = | 0.0% |
| Distributable reserves | 133 | €341,183 | €393,592 | +€52,409 | +15.4% |
| Amounts payable | 17/49 | €7,795 | €7,427 | -€367 | -4.7% |
| Amounts payable within one year | 42/48 | €7,795 | €7,427 | -€367 | -4.7% |
| Trade debts | 44 | €1,600 | €1,570 | -€30 | -1.9% |
| Suppliers | 440/4 | €1,600 | €1,570 | -€30 | -1.9% |
| Taxes, remuneration and social security | 45 | €5,358 | €5,241 | -€117 | -2.2% |
| Taxes | 450/3 | €5,358 | €5,241 | -€117 | -2.2% |
| Other amounts payable | 47/48 | €837 | €616 | -€220 | -26.3% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,294 | €19,690 | +€396 | +2.1% |
| Other operating charges | 640/8 | €283 | €387 | +€105 | +37.0% |
| Gross operating margin | 9900 | €93,612 | €98,314 | +€4,701 | +5.0% |
| Operating profit (loss) | 9901 | €74,035 | €78,236 | +€4,200 | +5.7% |
| Financial income | 75/76B | €5,201 | €1,669 | -€3,532 | -67.9% |
| Recurring financial income | 75 | €5,201 | €1,669 | -€3,532 | -67.9% |
| Financial charges | 65/66B | €98 | €2,489 | +€2,391 | +2,435% |
| Recurring financial charges | 65 | €98 | €226 | +€128 | +130% |
| Non-recurring financial charges | 66B | - | €2,263 | +€2,263 | |
| Profit (loss) for the period before taxes | 9903 | €79,138 | €77,416 | -€1,722 | -2.2% |
| Income taxes | 67/77 | €25,560 | €25,007 | -€553 | -2.2% |
| Profit (loss) for the period | 9904 | €53,579 | €52,409 | -€1,169 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,579 | €52,409 | -€1,169 | -2.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.