PHILIPPE DEMAEYER: 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 DEMAEYER
Largest movements
- Cash +€80,637
up €80,637 (+271%), from €29,753 to €110,389
mainly Net result for the year (+€128,950) and Depreciation (+€62,374)
- Receivables within one year +€34,562
up €34,562 (+30.9%), from €111,707 to €146,269
of which Other amounts receivable: +€33,744
- Tangible fixed assets -€32,289
down €32,289 (-18.3%), from €176,878 to €144,589
of which Furniture and vehicles: -€20,336
- Reserves +€128,900
up €128,900 (+73.8%), from €174,560 to €303,460
- Debts after one year -€33,998
down €33,998 (-52.7%), from €64,509 to €30,512
- Current portion of long-term debt -€8,802
down €8,802 (-20.6%), from €42,799 to €33,998
- Gross operating margin +€80,531
up €80,531 (+47.0%), from €171,517 to €252,048
- Taxes +€26,184
up €26,184 (+89.8%), from €29,160 to €55,344
- Depreciation +€4,766
up €4,766 (+8.3%), from €57,608 to €62,374
- Financial charges -€3,338
down €3,338 (-56.6%), from €5,901 to €2,563
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 | €323,831 | €407,038 | +€83,207 | +25.7% |
| Fixed assets | 21/28 | €176,878 | €144,589 | -€32,289 | -18.3% |
| Tangible fixed assets | 22/27 | €176,878 | €144,589 | -€32,289 | -18.3% |
| Land and buildings | 22 | €74,295 | €62,342 | -€11,953 | -16.1% |
| Furniture and vehicles | 24 | €100,963 | €80,627 | -€20,336 | -20.1% |
| Other tangible fixed assets | 26 | €1,620 | €1,620 | = | 0.0% |
| Current assets | 29/58 | €146,953 | €262,449 | +€115,496 | +78.6% |
| Amounts receivable within one year | 40/41 | €111,707 | €146,269 | +€34,562 | +30.9% |
| Trade receivables | 40 | €65,349 | €66,167 | +€818 | +1.3% |
| Other amounts receivable | 41 | €46,358 | €80,102 | +€33,744 | +72.8% |
| Cash at bank and in hand | 54/58 | €29,753 | €110,389 | +€80,637 | +271% |
| Deferred charges and accrued income | 490/1 | €5,493 | €5,790 | +€297 | +5.4% |
| Total equity and liabilities | 10/49 | €323,831 | €407,038 | +€83,207 | +25.7% |
| Equity | 10/15 | €198,254 | €327,204 | +€128,950 | +65.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €174,560 | €303,460 | +€128,900 | +73.8% |
| Distributable reserves | 133 | €174,560 | €303,460 | +€128,900 | +73.8% |
| Profit (loss) carried forward | 14 | €5,094 | €5,144 | +€50 | +1.0% |
| Amounts payable | 17/49 | €125,577 | €79,833 | -€45,743 | -36.4% |
| Amounts payable after more than one year | 17 | €64,509 | €30,512 | -€33,998 | -52.7% |
| Financial debts | 170/4 | €64,509 | €30,512 | -€33,998 | -52.7% |
| Amounts payable within one year | 42/48 | €61,067 | €49,322 | -€11,746 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €42,799 | €33,998 | -€8,802 | -20.6% |
| Trade debts | 44 | €5,676 | €5,134 | -€542 | -9.6% |
| Suppliers | 440/4 | €3,921 | €5,134 | +€1,213 | +30.9% |
| Bills of exchange payable | 441 | €1,755 | - | -€1,755 | |
| Taxes, remuneration and social security | 45 | €12,592 | €10,190 | -€2,402 | -19.1% |
| Taxes | 450/3 | €10,092 | €10,190 | +€98 | +1.0% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,608 | €62,374 | +€4,766 | +8.3% |
| Other operating charges | 640/8 | €5,800 | €5,983 | +€183 | +3.2% |
| Gross operating margin | 9900 | €171,517 | €252,048 | +€80,531 | +47.0% |
| Operating profit (loss) | 9901 | €108,109 | €183,691 | +€75,582 | +69.9% |
| Financial income | 75/76B | €2,396 | €3,166 | +€770 | +32.1% |
| Recurring financial income | 75 | €2,396 | €3,166 | +€770 | +32.1% |
| Financial charges | 65/66B | €5,901 | €2,563 | -€3,338 | -56.6% |
| Recurring financial charges | 65 | €5,901 | €2,563 | -€3,338 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €104,604 | €184,295 | +€79,691 | +76.2% |
| Income taxes | 67/77 | €29,160 | €55,344 | +€26,184 | +89.8% |
| Profit (loss) for the period | 9904 | €75,444 | €128,950 | +€53,506 | +70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,444 | €128,950 | +€53,506 | +70.9% |
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 22 October 2026 via checked.be.