Philippe DANDOY: 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 DANDOY
Largest movements
- Current investments +€99,929
up €99,929 (+167%), from €60,000 to €159,929
- Cash -€50,030
down €50,030 (-52.8%), from €94,719 to €44,689
mainly Current investments (-€99,929) and Contributions, distributions and other (-€46,000)
- Receivables within one year -€20,294
down €20,294 (-33.3%), from €60,937 to €40,643
of which Trade receivables: -€19,721
- Tangible fixed assets -€5,743
down €5,743 (-42.8%), from €13,427 to €7,685
- Profit (loss) carried forward -€46,000
down €46,000 (-47.5%), from €96,900 to €50,900
- Reserves +€45,471
up €45,471 (+52.8%), from €86,175 to €131,646
- Other debts +€16,000
up €16,000 (+53.3%), from €30,000 to €46,000
- Tax, wage and social debts +€7,279
up €7,279 (+40.3%), from €18,049 to €25,328
- Gross operating margin -€28,817
down €28,817 (-28.0%), from €102,909 to €74,092
- Taxes -€2,284
down €2,284 (-8.5%), from €26,766 to €24,482
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 | €235,024 | €256,971 | +€21,947 | +9.3% |
| Fixed assets | 21/28 | €13,427 | €7,685 | -€5,743 | -42.8% |
| Tangible fixed assets | 22/27 | €13,427 | €7,685 | -€5,743 | -42.8% |
| Furniture and vehicles | 24 | €13,427 | €7,685 | -€5,743 | -42.8% |
| Current assets | 29/58 | €221,597 | €249,286 | +€27,689 | +12.5% |
| Amounts receivable within one year | 40/41 | €60,937 | €40,643 | -€20,294 | -33.3% |
| Trade receivables | 40 | €56,582 | €36,861 | -€19,721 | -34.9% |
| Other amounts receivable | 41 | €4,354 | €3,782 | -€573 | -13.1% |
| Current investments | 50/53 | €60,000 | €159,929 | +€99,929 | +167% |
| Cash at bank and in hand | 54/58 | €94,719 | €44,689 | -€50,030 | -52.8% |
| Deferred charges and accrued income | 490/1 | €5,941 | €4,025 | -€1,916 | -32.3% |
| Total equity and liabilities | 10/49 | €235,024 | €256,971 | +€21,947 | +9.3% |
| Equity | 10/15 | €185,075 | €184,546 | -€529 | -0.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €86,175 | €131,646 | +€45,471 | +52.8% |
| Distributable reserves | 133 | €86,175 | €131,646 | +€45,471 | +52.8% |
| Profit (loss) carried forward | 14 | €96,900 | €50,900 | -€46,000 | -47.5% |
| Amounts payable | 17/49 | €49,949 | €72,425 | +€22,476 | +45.0% |
| Amounts payable within one year | 42/48 | €49,769 | €72,425 | +€22,656 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €700 | - | -€700 | |
| Financial debts | 43 | - | €366 | +€366 | |
| Credit institutions | 430/8 | - | €366 | +€366 | |
| Trade debts | 44 | €1,020 | €731 | -€288 | -28.3% |
| Suppliers | 440/4 | €1,020 | €731 | -€288 | -28.3% |
| Taxes, remuneration and social security | 45 | €18,049 | €25,328 | +€7,279 | +40.3% |
| Taxes | 450/3 | €18,049 | €25,328 | +€7,279 | +40.3% |
| Other amounts payable | 47/48 | €30,000 | €46,000 | +€16,000 | +53.3% |
| Accrued charges and deferred income | 492/3 | €180 | - | -€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,391 | €6,614 | +€223 | +3.5% |
| Other operating charges | 640/8 | €457 | €470 | +€12 | +2.7% |
| Gross operating margin | 9900 | €102,909 | €74,092 | -€28,817 | -28.0% |
| Operating profit (loss) | 9901 | €96,060 | €67,009 | -€29,052 | -30.2% |
| Financial income | 75/76B | €2,685 | €3,109 | +€425 | +15.8% |
| Recurring financial income | 75 | €2,685 | €3,109 | +€425 | +15.8% |
| Financial charges | 65/66B | €128 | €165 | +€37 | +29.1% |
| Recurring financial charges | 65 | €128 | €165 | +€37 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €98,617 | €69,953 | -€28,664 | -29.1% |
| Income taxes | 67/77 | €26,766 | €24,482 | -€2,284 | -8.5% |
| Profit (loss) for the period | 9904 | €71,851 | €45,471 | -€26,381 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,851 | €45,471 | -€26,381 | -36.7% |
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.