PHILIPPE JORDAN: 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 JORDAN
Largest movements
- Cash +€132,121
up €132,121 (+22.8%), from €579,883 to €712,003
mainly Net result for the year (+€150,715) and Trade debts (+€114,331)
- Stocks and contracts -€56,708
down €56,708 (-22.2%), from €255,818 to €199,110
- Tangible fixed assets +€35,708
up €35,708 (+11.4%), from €313,660 to €349,368
of which Plant, machinery and equipment: +€28,635
- Deferred charges and accrued income +€32,463
up €32,463 (+535%), from €6,071 to €38,534
- Trade debts +€114,331
up €114,331 (+20.6%), from €554,115 to €668,446
- Other debts +€87,296
up €87,296 (+68.6%), from €127,343 to €214,639
- Debts after one year -€48,299
down €48,299 (-100%), from €48,299 to €0
- Accrued charges and deferred income +€21,000
new in 2025: €21,000
- Gross operating margin +€139,420
up €139,420 (+97.2%), from €143,433 to €282,853
- Taxes +€35,236
up €35,236 (+182%), from €19,355 to €54,591
- Depreciation -€13,288
down €13,288 (-24.9%), from €53,394 to €40,107
- Staff costs -€9,830
down €9,830 (-13.2%), from €74,681 to €64,850
- Financial income -€7,201
down €7,201 (-15.9%), from €45,414 to €38,213
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 | €1,765,009 | €1,925,964 | +€160,954 | +9.1% |
| Fixed assets | 21/28 | €318,410 | €360,002 | +€41,592 | +13.1% |
| Intangible fixed assets | 21 | - | €5,884 | +€5,884 | |
| Tangible fixed assets | 22/27 | €313,660 | €349,368 | +€35,708 | +11.4% |
| Land and buildings | 22 | €217,760 | €235,072 | +€17,312 | +7.9% |
| Plant, machinery and equipment | 23 | €70,058 | €98,693 | +€28,635 | +40.9% |
| Furniture and vehicles | 24 | €15,420 | €8,541 | -€6,880 | -44.6% |
| Leasing and similar rights | 25 | €10,422 | €7,063 | -€3,359 | -32.2% |
| Financial fixed assets | 28 | €4,750 | €4,750 | = | 0.0% |
| Current assets | 29/58 | €1,446,599 | €1,565,962 | +€119,362 | +8.3% |
| Stocks and contracts in progress | 3 | €255,818 | €199,110 | -€56,708 | -22.2% |
| Stocks | 30/36 | €255,818 | €199,110 | -€56,708 | -22.2% |
| Amounts receivable within one year | 40/41 | €604,828 | €616,314 | +€11,487 | +1.9% |
| Trade receivables | 40 | €579,828 | €615,905 | +€36,077 | +6.2% |
| Other amounts receivable | 41 | €25,000 | €409 | -€24,591 | -98.4% |
| Cash at bank and in hand | 54/58 | €579,883 | €712,003 | +€132,121 | +22.8% |
| Deferred charges and accrued income | 490/1 | €6,071 | €38,534 | +€32,463 | +535% |
| Total equity and liabilities | 10/49 | €1,765,009 | €1,925,964 | +€160,954 | +9.1% |
| Equity | 10/15 | €955,031 | €955,745 | +€715 | +0.1% |
| Contributions | 10/11 | €168,300 | €168,300 | = | 0.0% |
| Reserves | 13 | €19,000 | €19,000 | = | 0.0% |
| Distributable reserves | 133 | €19,000 | €19,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €767,731 | €768,445 | +€715 | +0.1% |
| Amounts payable | 17/49 | €809,979 | €970,218 | +€160,240 | +19.8% |
| Amounts payable after more than one year | 17 | €48,299 | €0 | -€48,299 | -100% |
| Financial debts | 170/4 | €48,299 | €0 | -€48,299 | -100% |
| Amounts payable within one year | 42/48 | €761,679 | €949,218 | +€187,539 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €64,374 | €55,343 | -€9,031 | -14.0% |
| Trade debts | 44 | €554,115 | €668,446 | +€114,331 | +20.6% |
| Suppliers | 440/4 | €554,115 | €668,446 | +€114,331 | +20.6% |
| Taxes, remuneration and social security | 45 | €15,847 | €10,790 | -€5,057 | -31.9% |
| Taxes | 450/3 | €10,430 | €0 | -€10,430 | -100% |
| Remuneration and social security | 454/9 | €5,416 | €10,790 | +€5,374 | +99.2% |
| Other amounts payable | 47/48 | €127,343 | €214,639 | +€87,296 | +68.6% |
| Accrued charges and deferred income | 492/3 | - | €21,000 | +€21,000 | |
| Remuneration, social security and pensions | 62 | €74,681 | €64,850 | -€9,830 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,394 | €40,107 | -€13,288 | -24.9% |
| Other operating charges | 640/8 | €6,651 | €6,685 | +€34 | +0.5% |
| Gross operating margin | 9900 | €143,433 | €282,853 | +€139,420 | +97.2% |
| Operating profit (loss) | 9901 | €8,707 | €171,211 | +€162,504 | +1,866% |
| Financial income | 75/76B | €45,414 | €38,213 | -€7,201 | -15.9% |
| Recurring financial income | 75 | €45,414 | €38,213 | -€7,201 | -15.9% |
| Financial charges | 65/66B | €3,864 | €4,118 | +€255 | +6.6% |
| Recurring financial charges | 65 | €3,864 | €4,118 | +€255 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €50,257 | €205,305 | +€155,048 | +309% |
| Income taxes | 67/77 | €19,355 | €54,591 | +€35,236 | +182% |
| Profit (loss) for the period | 9904 | €30,902 | €150,715 | +€119,812 | +388% |
| Profit (loss) for the period to be appropriated | 9905 | €30,902 | €150,715 | +€119,812 | +388% |
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 16 October 2026 via checked.be.