Philippe DUMOULIN: 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 DUMOULIN
Largest movements
- Current investments +€89,685
up €89,685 (+67.9%), from €132,057 to €221,742
- Tangible fixed assets +€29,429
new in 2025: €29,429
- Cash -€26,677
down €26,677 (-38.6%), from €69,050 to €42,373
mainly Current investments (-€89,685) and Investment in fixed assets (net) (-€38,000)
- Reserves +€179,000
up €179,000 (+472%), from €37,960 to €216,960
of which Distributable reserves: +€108,860
- Profit (loss) carried forward -€129,013
down €129,013 (-91.6%), from €140,789 to €11,776
- Other debts +€25,750
up €25,750 (+259%), from €9,957 to €35,708
- Tax, wage and social debts +€16,700
new in 2025: €16,700
- Gross operating margin +€44,011
up €44,011 (+68.1%), from €64,617 to €108,628
- Taxes +€26,201
up €26,201 (+416%), from €6,299 to €32,500
- Depreciation +€8,571
new in 2025: €8,571
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 | €201,106 | €293,544 | +€92,437 | +46.0% |
| Fixed assets | 21/28 | - | €29,429 | +€29,429 | |
| Tangible fixed assets | 22/27 | - | €29,429 | +€29,429 | |
| Furniture and vehicles | 24 | - | €29,429 | +€29,429 | |
| Current assets | 29/58 | €201,106 | €264,115 | +€63,008 | +31.3% |
| Current investments | 50/53 | €132,057 | €221,742 | +€89,685 | +67.9% |
| Cash at bank and in hand | 54/58 | €69,050 | €42,373 | -€26,677 | -38.6% |
| Total equity and liabilities | 10/49 | €201,106 | €293,544 | +€92,437 | +46.0% |
| Equity | 10/15 | €191,149 | €241,136 | +€49,987 | +26.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Share premium | 1100/10 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €37,960 | €216,960 | +€179,000 | +472% |
| Non-distributable reserves | 130/1 | €1,860 | €72,000 | +€70,140 | +3,771% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Own shares acquired | 1312 | - | €72,000 | +€72,000 | |
| Tax-exempt reserves | 132 | €36,100 | €36,100 | = | 0.0% |
| Distributable reserves | 133 | - | €108,860 | +€108,860 | |
| Profit (loss) carried forward | 14 | €140,789 | €11,776 | -€129,013 | -91.6% |
| Amounts payable | 17/49 | €9,957 | €52,408 | +€42,450 | +426% |
| Amounts payable within one year | 42/48 | €9,957 | €52,408 | +€42,450 | +426% |
| Taxes, remuneration and social security | 45 | - | €16,700 | +€16,700 | |
| Taxes | 450/3 | - | €16,700 | +€16,700 | |
| Other amounts payable | 47/48 | €9,957 | €35,708 | +€25,750 | +259% |
| Non-recurring operating income | 76A | - | €1,625 | +€1,625 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,571 | +€8,571 | |
| Other operating charges | 640/8 | €1,744 | €989 | -€755 | -43.3% |
| Gross operating margin | 9900 | €64,617 | €108,628 | +€44,011 | +68.1% |
| Operating profit (loss) | 9901 | €62,873 | €99,068 | +€36,195 | +57.6% |
| Financial income | 75/76B | €1,117 | €743 | -€373 | -33.4% |
| Recurring financial income | 75 | €1,117 | €743 | -€373 | -33.4% |
| Financial charges | 65/66B | €207 | €191 | -€17 | -8.0% |
| Recurring financial charges | 65 | €207 | €191 | -€17 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €63,783 | €99,620 | +€35,838 | +56.2% |
| Income taxes | 67/77 | €6,299 | €32,500 | +€26,201 | +416% |
| Profit (loss) for the period | 9904 | €57,484 | €67,120 | +€9,637 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,484 | €67,120 | +€9,637 | +16.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.