Philippe Evrard: 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 Evrard
Largest movements
- Receivables within one year +€56,851
up €56,851 (+77.8%), from €73,095 to €129,946
of which Trade receivables: +€75,192
- Stocks and contracts +€32,194
up €32,194 (+242.0%), from €13,304 to €45,498
- Cash +€18,476
up €18,476 (+4.6%), from €404,940 to €423,416
mainly Other debts (+€143,389) and Accrued charges and deferred income (+€66,486)
- Other debts +€143,389
up €143,389 (+716.9%), from €20,000 to €163,389
- Reserves -€121,910
down €121,910 (-31.2%), from €390,911 to €269,001
of which Distributable reserves: -€121,910
- Accrued charges and deferred income +€66,486
up €66,486 (+8091.0%), from €822 to €67,307
- Tax, wage and social debts +€13,133
up €13,133 (+225.6%), from €5,821 to €18,953
- Trade debts +€7,384
up €7,384 (+61.2%), from €12,062 to €19,446
- Gross operating margin +€50,343
up €50,343 (+161.1%), from €31,245 to €81,588
- Taxes +€16,995
up €16,995 (+141.1%), from €12,048 to €29,043
- Depreciation -€2,970
down €2,970 (-71.4%), from €4,161 to €1,190
- Financial income -€830
down €830 (-23.1%), from €3,595 to €2,766
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.
Cash bridge derived
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 | €541,632 | €650,131 | +€108,499 | +20.0% |
| Fixed assets | 21/28 | €38,595 | €37,404 | -€1,190 | -3.1% |
| Tangible fixed assets | 22/27 | €19,729 | €18,538 | -€1,190 | -6.0% |
| Land and buildings | 22 | €18,538 | €18,538 | = | 0.0% |
| Plant, machinery and equipment | 23 | €390 | - | -€390 | |
| Furniture and vehicles | 24 | €800 | - | -€800 | |
| Financial fixed assets | 28 | €18,866 | €18,866 | = | 0.0% |
| Current assets | 29/58 | €503,037 | €612,726 | +€109,689 | +21.8% |
| Stocks and contracts in progress | 3 | €13,304 | €45,498 | +€32,194 | +242.0% |
| Stocks | 30/36 | €13,304 | €45,498 | +€32,194 | +242.0% |
| Amounts receivable within one year | 40/41 | €73,095 | €129,946 | +€56,851 | +77.8% |
| Trade receivables | 40 | €39,745 | €114,937 | +€75,192 | +189.2% |
| Other amounts receivable | 41 | €33,350 | €15,009 | -€18,341 | -55.0% |
| Cash at bank and in hand | 54/58 | €404,940 | €423,416 | +€18,476 | +4.6% |
| Deferred charges and accrued income | 490/1 | €11,698 | €13,866 | +€2,169 | +18.5% |
| Total equity and liabilities | 10/49 | €541,632 | €650,131 | +€108,499 | +20.0% |
| Equity | 10/15 | €502,928 | €381,035 | -€121,893 | -24.2% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €390,911 | €269,001 | -€121,910 | -31.2% |
| Tax-exempt reserves | 132 | €15,451 | €15,451 | = | 0.0% |
| Distributable reserves | 133 | €375,460 | €253,550 | -€121,910 | -32.5% |
| Profit (loss) carried forward | 14 | €2,017 | €2,034 | +€17 | +0.9% |
| Amounts payable | 17/49 | €38,704 | €269,095 | +€230,392 | +595.3% |
| Amounts payable within one year | 42/48 | €37,882 | €201,788 | +€163,906 | +432.7% |
| Trade debts | 44 | €12,062 | €19,446 | +€7,384 | +61.2% |
| Suppliers | 440/4 | €12,062 | €19,446 | +€7,384 | +61.2% |
| Taxes, remuneration and social security | 45 | €5,821 | €18,953 | +€13,133 | +225.6% |
| Taxes | 450/3 | €5,821 | €18,953 | +€13,133 | +225.6% |
| Other amounts payable | 47/48 | €20,000 | €163,389 | +€143,389 | +716.9% |
| Accrued charges and deferred income | 492/3 | €822 | €67,307 | +€66,486 | +8091.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,161 | €1,190 | -€2,970 | -71.4% |
| Other operating charges | 640/8 | €1,922 | €1,425 | -€497 | -25.9% |
| Gross operating margin | 9900 | €31,245 | €81,588 | +€50,343 | +161.1% |
| Operating profit (loss) | 9901 | €25,163 | €78,973 | +€53,810 | +213.8% |
| Financial income | 75/76B | €3,595 | €2,766 | -€830 | -23.1% |
| Recurring financial income | 75 | €3,595 | €2,766 | -€830 | -23.1% |
| Financial charges | 65/66B | €84 | €128 | +€44 | +52.5% |
| Recurring financial charges | 65 | €84 | €128 | +€44 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €28,674 | €81,611 | +€52,937 | +184.6% |
| Income taxes | 67/77 | €12,048 | €29,043 | +€16,995 | +141.1% |
| Profit (loss) for the period | 9904 | €16,626 | €52,567 | +€35,941 | +216.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,626 | €52,567 | +€35,941 | +216.2% |
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 10 October 2026 via checked.be.