Philippe Estas: 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 Estas
Largest movements
- Current investments +€399,998
new in 2025: €399,998
- Receivables within one year +€158,337
up €158,337 (+126%), from €125,578 to €283,915
of which Trade receivables: +€161,768
- Cash +€34,766
up €34,766 (+10.3%), from €338,144 to €372,910
mainly Net result for the year (+€538,167) and Other debts (+€491,258)
- Tangible fixed assets -€21,792
down €21,792 (-3.4%), from €643,360 to €621,568
of which Land and buildings: -€25,989
- Other debts +€491,258
up €491,258 (+441%), from €111,492 to €602,750
- Reserves +€38,167
up €38,167 (+3.8%), from €1.0m to €1.1m
- Tax, wage and social debts +€31,922
up €31,922 (+63.3%), from €50,391 to €82,313
- Gross operating margin +€205,033
up €205,033 (+36.8%), from €556,658 to €761,691
- Taxes +€24,202
up €24,202 (+14.9%), from €162,903 to €187,104
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 | €1,311,516 | €1,877,272 | +€565,756 | +43.1% |
| Fixed assets | 21/28 | €643,360 | €621,568 | -€21,792 | -3.4% |
| Tangible fixed assets | 22/27 | €643,360 | €621,568 | -€21,792 | -3.4% |
| Land and buildings | 22 | €605,064 | €579,076 | -€25,989 | -4.3% |
| Plant, machinery and equipment | 23 | €31,875 | €36,727 | +€4,852 | +15.2% |
| Furniture and vehicles | 24 | €5,443 | €4,788 | -€655 | -12.0% |
| Other tangible fixed assets | 26 | €977 | €977 | = | 0.0% |
| Current assets | 29/58 | €668,156 | €1,255,704 | +€587,548 | +87.9% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €125,578 | €283,915 | +€158,337 | +126% |
| Trade receivables | 40 | €120,711 | €282,478 | +€161,768 | +134% |
| Other amounts receivable | 41 | €4,867 | €1,437 | -€3,431 | -70.5% |
| Current investments | 50/53 | - | €399,998 | +€399,998 | |
| Cash at bank and in hand | 54/58 | €338,144 | €372,910 | +€34,766 | +10.3% |
| Deferred charges and accrued income | 490/1 | €14,434 | €8,881 | -€5,553 | -38.5% |
| Total equity and liabilities | 10/49 | €1,311,516 | €1,877,272 | +€565,756 | +43.1% |
| Equity | 10/15 | €1,130,893 | €1,169,060 | +€38,167 | +3.4% |
| Contributions | 10/11 | €117,800 | €117,800 | = | 0.0% |
| Reserves | 13 | €1,013,093 | €1,051,260 | +€38,167 | +3.8% |
| Distributable reserves | 133 | €1,013,093 | €1,051,260 | +€38,167 | +3.8% |
| Amounts payable | 17/49 | €180,623 | €708,212 | +€527,589 | +292% |
| Amounts payable after more than one year | 17 | €5,680 | €5,680 | = | 0.0% |
| Other amounts payable | 178/9 | €5,680 | €5,680 | = | 0.0% |
| Amounts payable within one year | 42/48 | €174,463 | €702,532 | +€528,069 | +303% |
| Trade debts | 44 | €12,580 | €17,469 | +€4,889 | +38.9% |
| Suppliers | 440/4 | €12,580 | €17,469 | +€4,889 | +38.9% |
| Taxes, remuneration and social security | 45 | €50,391 | €82,313 | +€31,922 | +63.3% |
| Taxes | 450/3 | €50,391 | €82,313 | +€31,922 | +63.3% |
| Other amounts payable | 47/48 | €111,492 | €602,750 | +€491,258 | +441% |
| Accrued charges and deferred income | 492/3 | €480 | - | -€480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,085 | €34,589 | +€504 | +1.5% |
| Other operating charges | 640/8 | €5,161 | €6,668 | +€1,507 | +29.2% |
| Gross operating margin | 9900 | €556,658 | €761,691 | +€205,033 | +36.8% |
| Operating profit (loss) | 9901 | €517,412 | €720,434 | +€203,022 | +39.2% |
| Financial income | 75/76B | €7,049 | €7,094 | +€45 | +0.6% |
| Recurring financial income | 75 | €7,049 | €7,094 | +€45 | +0.6% |
| Financial charges | 65/66B | €1,557 | €2,257 | +€701 | +45.0% |
| Recurring financial charges | 65 | €1,557 | €2,257 | +€701 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | €522,904 | €725,271 | +€202,367 | +38.7% |
| Income taxes | 67/77 | €162,903 | €187,104 | +€24,202 | +14.9% |
| Profit (loss) for the period | 9904 | €360,002 | €538,167 | +€178,165 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €360,002 | €538,167 | +€178,165 | +49.5% |
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 17 October 2026 via checked.be.