Philippe Goethals: 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 Goethals
Largest movements
- Current investments +€318,451
up €318,451 (+814%), from €39,143 to €357,594
- Cash -€108,009
down €108,009 (-35.2%), from €306,457 to €198,448
mainly Current investments (-€318,451) and Contributions, distributions and other (-€114,518)
- Receivables within one year -€64,195
down €64,195 (-33.2%), from €193,383 to €129,188
of which Other amounts receivable: -€66,453
- Tangible fixed assets -€35,008
down €35,008 (-8.5%), from €412,682 to €377,674
of which Furniture and vehicles: -€23,505
- Reserves +€82,178
up €82,178 (+9.2%), from €896,222 to €978,400
- Other debts +€34,334
new in 2025: €34,334
- Taxes -€4,129
down €4,129 (-4.6%), from €89,644 to €85,515
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 | €954,448 | €1,065,391 | +€110,943 | +11.6% |
| Fixed assets | 21/28 | €412,707 | €377,699 | -€35,008 | -8.5% |
| Tangible fixed assets | 22/27 | €412,682 | €377,674 | -€35,008 | -8.5% |
| Land and buildings | 22 | €353,190 | €340,864 | -€12,327 | -3.5% |
| Plant, machinery and equipment | 23 | €326 | €1,168 | +€842 | +258% |
| Furniture and vehicles | 24 | €59,148 | €35,643 | -€23,505 | -39.7% |
| Other tangible fixed assets | 26 | €18 | - | -€18 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €541,741 | €687,691 | +€145,950 | +26.9% |
| Amounts receivable within one year | 40/41 | €193,383 | €129,188 | -€64,195 | -33.2% |
| Trade receivables | 40 | €126,930 | €129,188 | +€2,257 | +1.8% |
| Other amounts receivable | 41 | €66,453 | - | -€66,453 | |
| Current investments | 50/53 | €39,143 | €357,594 | +€318,451 | +814% |
| Cash at bank and in hand | 54/58 | €306,457 | €198,448 | -€108,009 | -35.2% |
| Deferred charges and accrued income | 490/1 | €2,758 | €2,462 | -€296 | -10.7% |
| Total equity and liabilities | 10/49 | €954,448 | €1,065,391 | +€110,943 | +11.6% |
| Equity | 10/15 | €902,422 | €984,600 | +€82,178 | +9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €896,222 | €978,400 | +€82,178 | +9.2% |
| Distributable reserves | 133 | €896,222 | €978,400 | +€82,178 | +9.2% |
| Amounts payable | 17/49 | €52,026 | €80,790 | +€28,764 | +55.3% |
| Amounts payable within one year | 42/48 | €48,631 | €71,746 | +€23,115 | +47.5% |
| Trade debts | 44 | €13,656 | €9,690 | -€3,965 | -29.0% |
| Suppliers | 440/4 | €13,656 | €9,690 | -€3,965 | -29.0% |
| Taxes, remuneration and social security | 45 | €34,976 | €27,722 | -€7,253 | -20.7% |
| Taxes | 450/3 | €34,976 | €27,722 | -€7,253 | -20.7% |
| Other amounts payable | 47/48 | - | €34,334 | +€34,334 | |
| Accrued charges and deferred income | 492/3 | €3,395 | €9,044 | +€5,649 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,263 | €36,181 | -€82 | -0.2% |
| Other operating charges | 640/8 | €3,802 | €3,847 | +€46 | +1.2% |
| Non-recurring operating charges | 66A | €378 | - | -€378 | |
| Gross operating margin | 9900 | €315,702 | €312,583 | -€3,119 | -1.0% |
| Operating profit (loss) | 9901 | €275,258 | €272,555 | -€2,703 | -1.0% |
| Financial income | 75/76B | €17,024 | €14,711 | -€2,313 | -13.6% |
| Recurring financial income | 75 | €17,024 | €14,711 | -€2,313 | -13.6% |
| Financial charges | 65/66B | €4,177 | €5,053 | +€876 | +21.0% |
| Recurring financial charges | 65 | €4,177 | €5,053 | +€876 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €288,105 | €282,212 | -€5,893 | -2.0% |
| Income taxes | 67/77 | €89,644 | €85,515 | -€4,129 | -4.6% |
| Profit (loss) for the period | 9904 | €198,461 | €196,697 | -€1,764 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €198,461 | €196,697 | -€1,764 | -0.9% |
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 19 October 2026 via checked.be.