Philippe DEQUIN: 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 DEQUIN
Largest movements
- Receivables within one year +€86,893
up €86,893 (+11.7%), from €742,823 to €829,716
of which Other amounts receivable: +€71,024
- Cash -€62,595
down €62,595 (-66.8%), from €93,669 to €31,074
mainly Receivables within one year (-€86,893) and Trade debts (-€3,260)
- Profit (loss) carried forward +€16,608
up €16,608 (+1.8%), from €906,573 to €923,181
- Financial charges +€2,384
up €2,384 (+114%), from €2,087 to €4,471
- Other operating charges -€2,325
down €2,325 (-56.8%), from €4,092 to €1,768
- Taxes -€1,092
down €1,092 (-12.2%), from €8,934 to €7,842
- Gross operating margin -€1,036
down €1,036 (-15.6%), from -€6,629 to -€7,664
- Financial income -€848
down €848 (-2.0%), from €42,943 to €42,095
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 | €1,113,094 | €1,125,212 | +€12,118 | +1.1% |
| Fixed assets | 21/28 | €261,641 | €251,655 | -€9,986 | -3.8% |
| Tangible fixed assets | 22/27 | €256,792 | €246,806 | -€9,986 | -3.9% |
| Land and buildings | 22 | €246,055 | €237,769 | -€8,286 | -3.4% |
| Plant, machinery and equipment | 23 | €10,737 | €9,037 | -€1,700 | -15.8% |
| Financial fixed assets | 28 | €4,850 | €4,850 | = | 0.0% |
| Current assets | 29/58 | €851,452 | €873,557 | +€22,104 | +2.6% |
| Amounts receivable within one year | 40/41 | €742,823 | €829,716 | +€86,893 | +11.7% |
| Trade receivables | 40 | €4,512 | €20,380 | +€15,868 | +352% |
| Other amounts receivable | 41 | €738,312 | €809,336 | +€71,024 | +9.6% |
| Cash at bank and in hand | 54/58 | €93,669 | €31,074 | -€62,595 | -66.8% |
| Deferred charges and accrued income | 490/1 | €14,960 | €12,767 | -€2,193 | -14.7% |
| Total equity and liabilities | 10/49 | €1,113,094 | €1,125,212 | +€12,118 | +1.1% |
| Equity | 10/15 | €1,066,796 | €1,078,433 | +€11,637 | +1.1% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €139,763 | €136,652 | -€3,110 | -2.2% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €121,163 | €116,192 | -€4,970 | -4.1% |
| Distributable reserves | 133 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €906,573 | €923,181 | +€16,608 | +1.8% |
| Provisions and deferred taxes | 16 | €30,680 | €29,406 | -€1,274 | -4.2% |
| Deferred taxes | 168 | €30,680 | €29,406 | -€1,274 | -4.2% |
| Amounts payable | 17/49 | €15,618 | €17,373 | +€1,755 | +11.2% |
| Amounts payable within one year | 42/48 | €15,618 | €17,373 | +€1,755 | +11.2% |
| Trade debts | 44 | €5,623 | €2,363 | -€3,260 | -58.0% |
| Suppliers | 440/4 | €5,623 | €2,363 | -€3,260 | -58.0% |
| Taxes, remuneration and social security | 45 | €9,995 | €15,010 | +€5,015 | +50.2% |
| Taxes | 450/3 | €9,995 | €15,010 | +€5,015 | +50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,978 | €9,986 | +€8 | +0.1% |
| Other operating charges | 640/8 | €4,092 | €1,768 | -€2,325 | -56.8% |
| Gross operating margin | 9900 | -€6,629 | -€7,664 | -€1,036 | -15.6% |
| Operating profit (loss) | 9901 | -€20,699 | -€19,418 | +€1,280 | +6.2% |
| Financial income | 75/76B | €42,943 | €42,095 | -€848 | -2.0% |
| Recurring financial income | 75 | €42,943 | €42,095 | -€848 | -2.0% |
| Financial charges | 65/66B | €2,087 | €4,471 | +€2,384 | +114% |
| Recurring financial charges | 65 | €2,087 | €4,471 | +€2,384 | +114% |
| Profit (loss) for the period before taxes | 9903 | €20,157 | €18,206 | -€1,951 | -9.7% |
| Transfer from deferred taxes | 780 | €1,325 | €1,274 | -€51 | -3.9% |
| Income taxes | 67/77 | €8,934 | €7,842 | -€1,092 | -12.2% |
| Profit (loss) for the period | 9904 | €12,548 | €11,637 | -€911 | -7.3% |
| Transfer from tax-exempt reserves | 789 | €5,170 | €4,970 | -€200 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,718 | €16,608 | -€1,110 | -6.3% |
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 13 October 2026 via checked.be.