Philippe Coninck: 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 Coninck
Largest movements
- Stocks and contracts -€48,332
down €48,332 (-92.6%), from €52,221 to €3,889
of which Contracts in progress: -€47,786
- Cash +€29,453
up €29,453 (+49.2%), from €59,817 to €89,270
mainly Stocks and contracts (+€48,332) and Depreciation (+€9,182)
- Tangible fixed assets -€9,182
down €9,182 (-38.4%), from €23,939 to €14,757
- Receivables within one year +€3,810
up €3,810 (+8.3%), from €45,841 to €49,652
of which Trade receivables: +€3,179
- Trade debts -€14,853
down €14,853 (-49.5%), from €29,983 to €15,129
- Other debts -€7,235
down €7,235 (-8.7%), from €83,511 to €76,276
- Reserves +€6,980
up €6,980 (+36.9%), from €18,940 to €25,920
of which Distributable reserves: +€6,980
- Debts after one year -€5,950
no longer reported in 2025 (was €5,950)
- Current portion of long-term debt -€1,850
down €1,850 (-13.5%), from €13,731 to €11,881
- Gross operating margin +€16,100
up €16,100 (+27.8%), from €57,872 to €73,971
- Staff costs +€5,981
up €5,981 (+12.3%), from €48,702 to €54,683
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 | €184,699 | €160,664 | -€24,035 | -13.0% |
| Fixed assets | 21/28 | €24,129 | €14,947 | -€9,182 | -38.1% |
| Tangible fixed assets | 22/27 | €23,939 | €14,757 | -€9,182 | -38.4% |
| Furniture and vehicles | 24 | €23,939 | €14,757 | -€9,182 | -38.4% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €160,571 | €145,717 | -€14,853 | -9.3% |
| Stocks and contracts in progress | 3 | €52,221 | €3,889 | -€48,332 | -92.6% |
| Stocks | 30/36 | €4,434 | €3,889 | -€546 | -12.3% |
| Contracts in progress | 37 | €47,786 | - | -€47,786 | |
| Amounts receivable within one year | 40/41 | €45,841 | €49,652 | +€3,810 | +8.3% |
| Trade receivables | 40 | €44,060 | €47,239 | +€3,179 | +7.2% |
| Other amounts receivable | 41 | €1,781 | €2,413 | +€632 | +35.5% |
| Cash at bank and in hand | 54/58 | €59,817 | €89,270 | +€29,453 | +49.2% |
| Deferred charges and accrued income | 490/1 | €2,692 | €2,907 | +€215 | +8.0% |
| Total equity and liabilities | 10/49 | €184,699 | €160,664 | -€24,035 | -13.0% |
| Equity | 10/15 | €46,151 | €53,140 | +€6,990 | +15.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,940 | €25,920 | +€6,980 | +36.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,080 | €24,060 | +€6,980 | +40.9% |
| Profit (loss) carried forward | 14 | €21,011 | €21,020 | +€10 | 0.0% |
| Amounts payable | 17/49 | €138,549 | €107,524 | -€31,025 | -22.4% |
| Amounts payable after more than one year | 17 | €5,950 | - | -€5,950 | |
| Financial debts | 170/4 | €5,950 | - | -€5,950 | |
| Amounts payable within one year | 42/48 | €132,599 | €107,524 | -€25,075 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €13,731 | €11,881 | -€1,850 | -13.5% |
| Trade debts | 44 | €29,983 | €15,129 | -€14,853 | -49.5% |
| Suppliers | 440/4 | €29,983 | €15,129 | -€14,853 | -49.5% |
| Taxes, remuneration and social security | 45 | €5,374 | €4,238 | -€1,136 | -21.1% |
| Taxes | 450/3 | €2,500 | €1,423 | -€1,077 | -43.1% |
| Remuneration and social security | 454/9 | €2,874 | €2,815 | -€59 | -2.1% |
| Other amounts payable | 47/48 | €83,511 | €76,276 | -€7,235 | -8.7% |
| Remuneration, social security and pensions | 62 | €48,702 | €54,683 | +€5,981 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,182 | €9,182 | = | 0.0% |
| Other operating charges | 640/8 | €555 | €1,157 | +€603 | +109% |
| Non-recurring operating charges | 66A | - | €438 | +€438 | |
| Gross operating margin | 9900 | €57,872 | €73,971 | +€16,100 | +27.8% |
| Operating profit (loss) | 9901 | -€567 | €8,511 | +€9,078 | |
| Financial income | 75/76B | - | €94 | +€94 | |
| Recurring financial income | 75 | - | €94 | +€94 | |
| Financial charges | 65/66B | €657 | €624 | -€33 | -5.0% |
| Recurring financial charges | 65 | €657 | €624 | -€33 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,223 | €7,981 | +€9,205 | |
| Income taxes | 67/77 | €393 | €992 | +€598 | +152% |
| Profit (loss) for the period | 9904 | -€1,617 | €6,990 | +€8,606 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,617 | €6,990 | +€8,606 |
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 19 October 2026 via checked.be.