PHILIPPE DEMARET: 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.
What changed
PHILIPPE DEMARET
NACE 43.221, Plumbing work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€30,725
2024 · €35,225-€4,500
Equity
€46,078
2024 · €50,353-€4,275
Cash
€37,382
2024 · €38,294-€912
Balance sheet total
€124,182
2024 · €84,015+€40,167
Largest movements
Assets
- Receivables within one year +€41,099
up €41,099 (+660%), from €6,230 to €47,329
of which Trade receivables: +€42,168
Equity and liabilities
- Trade debts +€43,117
up €43,117 (+1,656%), from €2,604 to €45,721
- Other debts +€6,076
new in 2025: €6,076
- Profit (loss) carried forward -€4,275
down €4,275 (-10.6%), from €40,353 to €36,078
- Debts after one year -€4,000
down €4,000 (-40.8%), from €9,802 to €5,802
- Accrued charges and deferred income -€3,705
no longer reported in 2025 (was €3,705)
Income statement
- Gross operating margin +€19,665
up €19,665 (+27.6%), from €71,146 to €90,811
- Staff costs +€16,146
up €16,146 (+118%), from €13,720 to €29,866
- Depreciation -€3,243
down €3,243 (-45.9%), from €7,059 to €3,816
- Other operating charges +€1,519
up €1,519 (+117%), from €1,296 to €2,815
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.
Result 2024
€35,225
Gross operating margin
+€19,665
Staff costs
-€16,146
Depreciation
+€3,243
Other operating charges
-€1,519
Other operating items
-€10,305
Financial income
+€182
Financial charges
-€120
Taxes
+€500
Result 2025
€30,725
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€43,155
Investment
-€4,862
Financing
-€39,205
Cash 2024
€38,294
From operations (derived)
+€43,155
Net result for the year
+€30,725
Depreciation
+€3,816
Stocks and contracts
+€1,147
Receivables within one year
-€41,099
Deferred charges and accrued income
-€81
Trade debts
+€43,117
Tax, wage and social debts
+€3,159
Other debts
+€6,076
Accrued charges and deferred income
-€3,705
Investment (derived)
-€4,862
Investment in fixed assets (net)
-€4,862
Financing
-€39,205
Debts after one year
-€4,000
Current portion of long-term debt
-€205
Contributions, distributions and other
-€35,000
Cash 2025
€37,382
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €84,015 | €124,182 | +€40,167 | +47.8% |
| Fixed assets | 21/28 | €36,739 | €37,785 | +€1,046 | +2.8% |
| Tangible fixed assets | 22/27 | €36,739 | €37,785 | +€1,046 | +2.8% |
| Furniture and vehicles | 24 | €35,745 | €35,905 | +€160 | +0.4% |
| Other tangible fixed assets | 26 | €994 | €1,880 | +€886 | +89.1% |
| Current assets | 29/58 | €47,276 | €86,397 | +€39,121 | +82.8% |
| Stocks and contracts in progress | 3 | €1,147 | - | -€1,147 | |
| Stocks | 30/36 | €1,147 | - | -€1,147 | |
| Amounts receivable within one year | 40/41 | €6,230 | €47,329 | +€41,099 | +660% |
| Trade receivables | 40 | €4,384 | €46,552 | +€42,168 | +962% |
| Other amounts receivable | 41 | €1,846 | €777 | -€1,069 | -57.9% |
| Cash at bank and in hand | 54/58 | €38,294 | €37,382 | -€912 | -2.4% |
| Deferred charges and accrued income | 490/1 | €1,605 | €1,686 | +€81 | +5.0% |
| Total equity and liabilities | 10/49 | €84,015 | €124,182 | +€40,167 | +47.8% |
| Equity | 10/15 | €50,353 | €46,078 | -€4,275 | -8.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,353 | €36,078 | -€4,275 | -10.6% |
| Amounts payable | 17/49 | €33,662 | €78,104 | +€44,442 | +132% |
| Amounts payable after more than one year | 17 | €9,802 | €5,802 | -€4,000 | -40.8% |
| Financial debts | 170/4 | €9,802 | €5,802 | -€4,000 | -40.8% |
| Amounts payable within one year | 42/48 | €20,155 | €72,302 | +€52,147 | +259% |
| Current portion of amounts payable after more than one year | 42 | €4,606 | €4,401 | -€205 | -4.5% |
| Trade debts | 44 | €2,604 | €45,721 | +€43,117 | +1,656% |
| Suppliers | 440/4 | €2,604 | €45,721 | +€43,117 | +1,656% |
| Taxes, remuneration and social security | 45 | €12,945 | €16,104 | +€3,159 | +24.4% |
| Taxes | 450/3 | €10,850 | €16,104 | +€5,254 | +48.4% |
| Remuneration and social security | 454/9 | €2,095 | - | -€2,095 | |
| Other amounts payable | 47/48 | - | €6,076 | +€6,076 | |
| Accrued charges and deferred income | 492/3 | €3,705 | - | -€3,705 | |
| Non-recurring operating income | 76A | €24,158 | - | -€24,158 | |
| Remuneration, social security and pensions | 62 | €13,720 | €29,866 | +€16,146 | +118% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,059 | €3,816 | -€3,243 | -45.9% |
| Other operating charges | 640/8 | €1,296 | €2,815 | +€1,519 | +117% |
| Non-recurring operating charges | 66A | €175 | €10,480 | +€10,305 | +5,889% |
| Gross operating margin | 9900 | €71,146 | €90,811 | +€19,665 | +27.6% |
| Operating profit (loss) | 9901 | €48,896 | €43,834 | -€5,062 | -10.4% |
| Financial income | 75/76B | €144 | €326 | +€182 | +126% |
| Recurring financial income | 75 | €144 | €326 | +€182 | +126% |
| Financial charges | 65/66B | €1,015 | €1,135 | +€120 | +11.8% |
| Recurring financial charges | 65 | €1,015 | €1,135 | +€120 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €48,025 | €43,025 | -€5,000 | -10.4% |
| Income taxes | 67/77 | €12,800 | €12,300 | -€500 | -3.9% |
| Profit (loss) for the period | 9904 | €35,225 | €30,725 | -€4,500 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,225 | €30,725 | -€4,500 | -12.8% |
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 1 November 2026 via checked.be.