Philippe HERRENT: what changed
Philippe HERRENT
Largest movements
- Receivables after one year +€3,482
up €3,482 (+3.2%), from €109,082 to €112,564
- Tangible fixed assets -€2,774
down €2,774 (-72.1%), from €3,848 to €1,074
of which Furniture and vehicles: -€2,269
- Cash -€1,535
no longer reported in 2025 (was €1,535)
mainly Receivables after one year (-€3,482) and Net result for the year (-€1,849)
- Profit (loss) carried forward -€1,849
down €1,849 (-1.8%), from €104,182 to €102,334
- Tax, wage and social debts +€1,296
up €1,296 (+73.7%), from €1,759 to €3,055
- Short-term financial debts -€1,231
down €1,231 (-24.1%), from €5,113 to €3,881
- Gross operating margin -€3,970
down €3,970 (-67.1%), from €5,918 to €1,948
- Other operating charges -€2,564
down €2,564 (-63.5%), from €4,041 to €1,477
- Depreciation -€2,470
down €2,470 (-47.1%), from €5,244 to €2,774
- Financial charges -€1,735
down €1,735 (-72.7%), from €2,385 to €650
- Taxes +€516
up €516 (+15.4%), from €3,359 to €3,875
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €119,184 | €117,897 | -€1,287 | -1.1% |
| Fixed assets | 21/28 | €3,873 | €1,099 | -€2,774 | -71.6% |
| Tangible fixed assets | 22/27 | €3,848 | €1,074 | -€2,774 | -72.1% |
| Plant, machinery and equipment | 23 | €1,055 | €550 | -€505 | -47.9% |
| Furniture and vehicles | 24 | €2,793 | €524 | -€2,269 | -81.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €115,311 | €116,797 | +€1,487 | +1.3% |
| Amounts receivable after more than one year | 29 | €109,082 | €112,564 | +€3,482 | +3.2% |
| Trade receivables | 290 | €109,082 | €112,564 | +€3,482 | +3.2% |
| Amounts receivable within one year | 40/41 | €3,144 | €2,472 | -€672 | -21.4% |
| Trade receivables | 40 | €3,144 | €2,472 | -€672 | -21.4% |
| Cash at bank and in hand | 54/58 | €1,535 | - | -€1,535 | |
| Deferred charges and accrued income | 490/1 | €1,550 | €1,761 | +€211 | +13.6% |
| Total equity and liabilities | 10/49 | €119,184 | €117,897 | -€1,287 | -1.1% |
| Equity | 10/15 | €112,242 | €110,394 | -€1,849 | -1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,182 | €102,334 | -€1,849 | -1.8% |
| Amounts payable | 17/49 | €6,941 | €7,503 | +€562 | +8.1% |
| Amounts payable within one year | 42/48 | €6,941 | €7,503 | +€562 | +8.1% |
| Financial debts | 43 | €5,113 | €3,881 | -€1,231 | -24.1% |
| Credit institutions | 430/8 | €5,113 | €3,881 | -€1,231 | -24.1% |
| Trade debts | 44 | €70 | €567 | +€497 | +715% |
| Suppliers | 440/4 | €70 | €567 | +€497 | +715% |
| Taxes, remuneration and social security | 45 | €1,759 | €3,055 | +€1,296 | +73.7% |
| Taxes | 450/3 | €1,759 | €3,055 | +€1,296 | +73.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,244 | €2,774 | -€2,470 | -47.1% |
| Other operating charges | 640/8 | €4,041 | €1,477 | -€2,564 | -63.5% |
| Gross operating margin | 9900 | €5,918 | €1,948 | -€3,970 | -67.1% |
| Operating profit (loss) | 9901 | -€3,367 | -€2,302 | +€1,065 | +31.6% |
| Financial income | 75/76B | €4,981 | €4,979 | -€2 | 0.0% |
| Recurring financial income | 75 | €4,981 | €4,979 | -€2 | 0.0% |
| Financial charges | 65/66B | €2,385 | €650 | -€1,735 | -72.7% |
| Recurring financial charges | 65 | €2,385 | €650 | -€1,735 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | -€771 | €2,027 | +€2,798 | |
| Income taxes | 67/77 | €3,359 | €3,875 | +€516 | +15.4% |
| Profit (loss) for the period | 9904 | -€4,130 | -€1,849 | +€2,281 | +55.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,130 | -€1,849 | +€2,281 | +55.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.