PHILIPPE DAIVE: 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 DAIVE
Largest movements
- Cash +€257,681
up €257,681 (+71.7%), from €359,424 to €617,104
mainly Net result for the year (+€291,157) and Receivables within one year (+€89,658)
- Receivables within one year -€89,658
down €89,658 (-85.2%), from €105,288 to €15,629
of which Trade receivables: -€49,495
- Tangible fixed assets -€28,989
down €28,989 (-3.8%), from €761,091 to €732,103
of which Furniture and vehicles: -€18,656
- Reserves +€148,299
up €148,299 (+20.7%), from €717,513 to €865,812
- Debts after one year -€49,171
down €49,171 (-21.3%), from €230,538 to €181,367
- Tax, wage and social debts +€29,219
up €29,219 (+45.0%), from €64,881 to €94,100
- Gross operating margin +€56,854
up €56,854 (+13.6%), from €417,098 to €473,952
- Taxes +€14,845
up €14,845 (+14.8%), from €100,175 to €115,020
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 | €1,232,840 | €1,372,995 | +€140,155 | +11.4% |
| Fixed assets | 21/28 | €761,151 | €732,163 | -€28,989 | -3.8% |
| Tangible fixed assets | 22/27 | €761,091 | €732,103 | -€28,989 | -3.8% |
| Land and buildings | 22 | €593,390 | €578,984 | -€14,406 | -2.4% |
| Furniture and vehicles | 24 | €61,328 | €42,672 | -€18,656 | -30.4% |
| Other tangible fixed assets | 26 | €106,373 | €110,446 | +€4,073 | +3.8% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €471,689 | €640,833 | +€169,144 | +35.9% |
| Amounts receivable within one year | 40/41 | €105,288 | €15,629 | -€89,658 | -85.2% |
| Trade receivables | 40 | €65,125 | €15,629 | -€49,495 | -76.0% |
| Other amounts receivable | 41 | €40,163 | €0 | -€40,163 | -100.0% |
| Cash at bank and in hand | 54/58 | €359,424 | €617,104 | +€257,681 | +71.7% |
| Deferred charges and accrued income | 490/1 | €6,978 | €8,099 | +€1,122 | +16.1% |
| Total equity and liabilities | 10/49 | €1,232,840 | €1,372,995 | +€140,155 | +11.4% |
| Equity | 10/15 | €729,913 | €878,212 | +€148,299 | +20.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €717,513 | €865,812 | +€148,299 | +20.7% |
| Distributable reserves | 133 | €717,513 | €865,812 | +€148,299 | +20.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €502,927 | €494,783 | -€8,144 | -1.6% |
| Amounts payable after more than one year | 17 | €230,538 | €181,367 | -€49,171 | -21.3% |
| Financial debts | 170/4 | €230,538 | €181,367 | -€49,171 | -21.3% |
| Amounts payable within one year | 42/48 | €272,389 | €313,416 | +€41,027 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €47,508 | €49,171 | +€1,664 | +3.5% |
| Trade debts | 44 | €17,283 | €24,007 | +€6,724 | +38.9% |
| Suppliers | 440/4 | €17,283 | €24,007 | +€6,724 | +38.9% |
| Taxes, remuneration and social security | 45 | €64,881 | €94,100 | +€29,219 | +45.0% |
| Taxes | 450/3 | €64,881 | €94,100 | +€29,219 | +45.0% |
| Other amounts payable | 47/48 | €142,718 | €146,138 | +€3,420 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,132 | €51,603 | +€471 | +0.9% |
| Other operating charges | 640/8 | €5,325 | €6,975 | +€1,650 | +31.0% |
| Gross operating margin | 9900 | €417,098 | €473,952 | +€56,854 | +13.6% |
| Operating profit (loss) | 9901 | €360,641 | €415,374 | +€54,733 | +15.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +414.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +414.3% |
| Financial charges | 65/66B | €10,807 | €9,198 | -€1,609 | -14.9% |
| Recurring financial charges | 65 | €10,807 | €9,198 | -€1,609 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €349,833 | €406,176 | +€56,343 | +16.1% |
| Income taxes | 67/77 | €100,175 | €115,020 | +€14,845 | +14.8% |
| Profit (loss) for the period | 9904 | €249,658 | €291,157 | +€41,498 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €249,658 | €291,157 | +€41,498 | +16.6% |
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 6 October 2026 via checked.be.