Philippe Daems: 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 Daems
Largest movements
- Tangible fixed assets -€30,385
down €30,385 (-6.7%), from €455,550 to €425,165
of which Land and buildings: -€19,386
- Cash -€7,897
down €7,897 (-33.5%), from €23,604 to €15,708
mainly Debts after one year (-€65,339) and Accrued charges and deferred income (-€16,000)
- Debts after one year -€65,339
down €65,339 (-18.3%), from €357,531 to €292,192
of which Financial debts: -€65,339
- Reserves +€20,700
up €20,700 (+49.4%), from €41,864 to €62,564
- Accrued charges and deferred income -€16,000
down €16,000 (-100.0%), from €16,000 to €0
- Current portion of long-term debt +€15,663
up €15,663 (+26.9%), from €58,286 to €73,949
- Trade debts +€6,144
up €6,144 (+290.7%), from €2,114 to €8,258
- Gross operating margin +€17,246
up €17,246 (+23.2%), from €74,266 to €91,512
- Taxes +€4,166
up €4,166 (+93.7%), from €4,447 to €8,614
- Depreciation +€1,960
up €1,960 (+5.1%), from €38,226 to €40,186
- Financial charges -€1,890
down €1,890 (-9.1%), from €20,855 to €18,965
- Financial income -€1,660
down €1,660 (-92.3%), from €1,798 to €138
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 | €512,357 | €474,957 | -€37,400 | -7.3% |
| Fixed assets | 21/28 | €455,550 | €425,165 | -€30,385 | -6.7% |
| Tangible fixed assets | 22/27 | €455,550 | €425,165 | -€30,385 | -6.7% |
| Land and buildings | 22 | €197,829 | €178,443 | -€19,386 | -9.8% |
| Plant, machinery and equipment | 23 | - | €8,178 | +€8,178 | |
| Furniture and vehicles | 24 | €10,258 | €8,050 | -€2,209 | -21.5% |
| Leasing and similar rights | 25 | €247,462 | €230,494 | -€16,969 | -6.9% |
| Current assets | 29/58 | €56,807 | €49,792 | -€7,015 | -12.3% |
| Amounts receivable within one year | 40/41 | €30,561 | €33,271 | +€2,710 | +8.9% |
| Trade receivables | 40 | €1,182 | €7,643 | +€6,461 | +546.5% |
| Other amounts receivable | 41 | €29,378 | €25,628 | -€3,751 | -12.8% |
| Cash at bank and in hand | 54/58 | €23,604 | €15,708 | -€7,897 | -33.5% |
| Deferred charges and accrued income | 490/1 | €2,643 | €814 | -€1,829 | -69.2% |
| Total equity and liabilities | 10/49 | €512,357 | €474,957 | -€37,400 | -7.3% |
| Equity | 10/15 | €70,084 | €90,805 | +€20,720 | +29.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,864 | €62,564 | +€20,700 | +49.4% |
| Distributable reserves | 133 | €41,864 | €62,564 | +€20,700 | +49.4% |
| Profit (loss) carried forward | 14 | €9,620 | €9,641 | +€20 | +0.2% |
| Amounts payable | 17/49 | €442,273 | €384,152 | -€58,121 | -13.1% |
| Amounts payable after more than one year | 17 | €357,531 | €292,192 | -€65,339 | -18.3% |
| Financial debts | 170/4 | €347,981 | €282,642 | -€65,339 | -18.8% |
| Other amounts payable | 178/9 | €9,550 | €9,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,742 | €91,960 | +€23,219 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €58,286 | €73,949 | +€15,663 | +26.9% |
| Financial debts | 43 | €1,718 | €1,707 | -€10 | -0.6% |
| Credit institutions | 430/8 | €1,718 | €1,707 | -€10 | -0.6% |
| Trade debts | 44 | €2,114 | €8,258 | +€6,144 | +290.7% |
| Suppliers | 440/4 | €2,114 | €8,258 | +€6,144 | +290.7% |
| Advances received on contracts in progress | 46 | €1,122 | €2,893 | +€1,771 | +157.9% |
| Taxes, remuneration and social security | 45 | €5,345 | €5,154 | -€191 | -3.6% |
| Taxes | 450/3 | €2,345 | €5,154 | +€2,809 | +119.8% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts payable | 47/48 | €158 | €0 | -€158 | -100.0% |
| Accrued charges and deferred income | 492/3 | €16,000 | €0 | -€16,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,226 | €40,186 | +€1,960 | +5.1% |
| Other operating charges | 640/8 | €3,331 | €3,165 | -€166 | -5.0% |
| Gross operating margin | 9900 | €74,266 | €91,512 | +€17,246 | +23.2% |
| Operating profit (loss) | 9901 | €32,709 | €48,160 | +€15,451 | +47.2% |
| Financial income | 75/76B | €1,798 | €138 | -€1,660 | -92.3% |
| Recurring financial income | 75 | €1,798 | €138 | -€1,660 | -92.3% |
| Financial charges | 65/66B | €20,855 | €18,965 | -€1,890 | -9.1% |
| Recurring financial charges | 65 | €20,855 | €18,965 | -€1,890 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €13,652 | €29,334 | +€15,682 | +114.9% |
| Income taxes | 67/77 | €4,447 | €8,614 | +€4,166 | +93.7% |
| Profit (loss) for the period | 9904 | €9,205 | €20,720 | +€11,516 | +125.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,205 | €20,720 | +€11,516 | +125.1% |
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.