PHILIPPE GREGOIRE: 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 GREGOIRE
Largest movements
- Tangible fixed assets -€10,095
down €10,095 (-32.1%), from €31,491 to €21,395
- Receivables within one year -€3,357
down €3,357 (-10.3%), from €32,724 to €29,367
of which Other amounts receivable: -€4,728
- Other debts -€24,227
down €24,227 (-45.7%), from €52,993 to €28,766
- Tax, wage and social debts +€9,176
up €9,176 (+96.7%), from €9,492 to €18,668
- Gross operating margin +€54,518
up €54,518, from -€2,591 to €51,927
- Taxes +€13,010
up €13,010 (+2,459%), from €529 to €13,539
- Financial charges -€3,251
down €3,251 (-39.1%), from €8,323 to €5,072
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 | €328,531 | €316,131 | -€12,400 | -3.8% |
| Fixed assets | 21/28 | €33,991 | €23,895 | -€10,095 | -29.7% |
| Tangible fixed assets | 22/27 | €31,491 | €21,395 | -€10,095 | -32.1% |
| Furniture and vehicles | 24 | €31,491 | €21,395 | -€10,095 | -32.1% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €294,540 | €292,236 | -€2,305 | -0.8% |
| Amounts receivable within one year | 40/41 | €32,724 | €29,367 | -€3,357 | -10.3% |
| Trade receivables | 40 | €27,996 | €29,367 | +€1,371 | +4.9% |
| Other amounts receivable | 41 | €4,728 | - | -€4,728 | |
| Current investments | 50/53 | €158,224 | €158,224 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,464 | €100,408 | +€1,945 | +2.0% |
| Deferred charges and accrued income | 490/1 | €5,129 | €4,237 | -€892 | -17.4% |
| Total equity and liabilities | 10/49 | €328,531 | €316,131 | -€12,400 | -3.8% |
| Equity | 10/15 | €253,310 | €255,945 | +€2,635 | +1.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €94,927 | €97,562 | +€2,635 | +2.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €93,072 | €95,707 | +€2,635 | +2.8% |
| Profit (loss) carried forward | 14 | €145,883 | €145,883 | = | 0.0% |
| Amounts payable | 17/49 | €75,221 | €60,186 | -€15,035 | -20.0% |
| Amounts payable within one year | 42/48 | €71,422 | €57,576 | -€13,846 | -19.4% |
| Trade debts | 44 | €8,937 | €10,142 | +€1,205 | +13.5% |
| Suppliers | 440/4 | €8,937 | €10,142 | +€1,205 | +13.5% |
| Taxes, remuneration and social security | 45 | €9,492 | €18,668 | +€9,176 | +96.7% |
| Taxes | 450/3 | €9,492 | €18,668 | +€9,176 | +96.7% |
| Other amounts payable | 47/48 | €52,993 | €28,766 | -€24,227 | -45.7% |
| Accrued charges and deferred income | 492/3 | €3,799 | €2,610 | -€1,189 | -31.3% |
| Non-recurring operating income | 76A | - | €117 | +€117 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,956 | €10,095 | +€140 | +1.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €133 | +€133 | |
| Gross operating margin | 9900 | -€2,591 | €51,927 | +€54,518 | |
| Operating profit (loss) | 9901 | -€12,934 | €41,299 | +€54,233 | |
| Financial income | 75/76B | €9,564 | €9,946 | +€382 | +4.0% |
| Recurring financial income | 75 | €9,564 | €9,946 | +€382 | +4.0% |
| Financial charges | 65/66B | €8,323 | €5,072 | -€3,251 | -39.1% |
| Recurring financial charges | 65 | €8,323 | €5,072 | -€3,251 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,692 | €46,174 | +€57,866 | |
| Income taxes | 67/77 | €529 | €13,539 | +€13,010 | +2,459% |
| Profit (loss) for the period | 9904 | -€12,222 | €32,635 | +€44,856 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,222 | €32,635 | +€44,856 |
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.