PHILIPPE KAISER: what changed
Two fiscal 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.
What changed
PHILIPPE KAISER
NACE 47.830, Retail sale of motorcycles and motorcycle parts and accessories
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€390,484
2024 · €94,179+€296,305
Equity
€2.5m
2024 · €2.6m-€109,516
Cash
€11,383
2024 · €34,820-€23,437
Balance sheet total
€7.8m
2024 · €6.9m+€887,116
Largest movements
Assets
- Stocks and contracts +€1.0m
up €1.0m (+18.6%), from €5.5m to €6.5m
- Receivables within one year -€97,693
down €97,693 (-41.1%), from €237,770 to €140,078
of which Trade receivables: -€97,914
Equity and liabilities
- Trade debts +€533,571
up €533,571 (+32.9%), from €1.6m to €2.2m
- Other debts +€518,938
up €518,938 (+651.4%), from €79,663 to €598,601
- Reserves -€407,380
down €407,380 (-16.3%), from €2.5m to €2.1m
of which Distributable reserves: -€500,000
- Profit (loss) carried forward +€297,864
up €297,864 (+316.3%), from €94,179 to €392,042
- Debts after one year -€193,390
down €193,390 (-38.6%), from €501,623 to €308,233
Income statement
- Gross operating margin +€297,741
up €297,741 (+21.0%), from €1.4m to €1.7m
- Taxes +€92,680
up €92,680 (+229.2%), from €40,432 to €133,112
- Financial charges -€54,892
down €54,892 (-28.7%), from €191,487 to €136,595
- Staff costs -€42,203
down €42,203 (-4.7%), from €898,638 to €856,436
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.
Result 2024
€94,179
Gross operating margin
+€297,741
Staff costs
+€42,203
Depreciation
-€10,473
Other operating charges
+€4,869
Other operating items
-€120
Financial income
-€126
Financial charges
+€54,892
Taxes
-€92,680
Result 2025
€390,484
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.
From operations
+€669,263
Investment
-€126,803
Financing
-€565,897
Cash 2024
€34,820
From operations (derived)
+€669,263
Net result for the year
+€390,484
Depreciation
+€170,767
Stocks and contracts
-€1.0m
Receivables within one year
+€97,693
Deferred charges and accrued income
-€30,096
Trade debts
+€533,571
Tax, wage and social debts
-€25,075
Advances received
+€32,079
Other debts
+€518,938
Accrued charges and deferred income
+€3,017
Investment (derived)
-€126,803
Investment in fixed assets (net)
-€126,803
Financing
-€565,897
Debts after one year
-€193,390
Current portion of long-term debt
+€158,511
Short-term financial debts
-€31,018
Contributions, distributions and other
-€500,000
Cash 2025
€11,383
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,880,224 | €7,767,340 | +€887,116 | +12.9% |
| Fixed assets | 21/28 | €1,093,089 | €1,049,125 | -€43,964 | -4.0% |
| Tangible fixed assets | 22/27 | €1,093,089 | €1,049,125 | -€43,964 | -4.0% |
| Land and buildings | 22 | €1,029,845 | €918,718 | -€111,127 | -10.8% |
| Plant, machinery and equipment | 23 | €26,726 | €15,382 | -€11,344 | -42.4% |
| Furniture and vehicles | 24 | €36,518 | €115,025 | +€78,507 | +215.0% |
| Current assets | 29/58 | €5,787,135 | €6,718,215 | +€931,080 | +16.1% |
| Stocks and contracts in progress | 3 | €5,486,499 | €6,508,613 | +€1.0m | +18.6% |
| Stocks | 30/36 | €5,486,499 | €6,508,613 | +€1.0m | +18.6% |
| Amounts receivable within one year | 40/41 | €237,770 | €140,078 | -€97,693 | -41.1% |
| Trade receivables | 40 | €165,766 | €67,852 | -€97,914 | -59.1% |
| Other amounts receivable | 41 | €72,005 | €72,226 | +€221 | +0.3% |
| Cash at bank and in hand | 54/58 | €34,820 | €11,383 | -€23,437 | -67.3% |
| Deferred charges and accrued income | 490/1 | €28,046 | €58,142 | +€30,096 | +107.3% |
| Total equity and liabilities | 10/49 | €6,880,224 | €7,767,340 | +€887,116 | +12.9% |
| Equity | 10/15 | €2,606,043 | €2,496,526 | -€109,516 | -4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,491,864 | €2,084,484 | -€407,380 | -16.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €92,620 | +€92,620 | |
| Distributable reserves | 133 | €2,489,864 | €1,989,864 | -€500,000 | -20.1% |
| Profit (loss) carried forward | 14 | €94,179 | €392,042 | +€297,864 | +316.3% |
| Amounts payable | 17/49 | €4,274,181 | €5,270,813 | +€996,632 | +23.3% |
| Amounts payable after more than one year | 17 | €501,623 | €308,233 | -€193,390 | -38.6% |
| Financial debts | 170/4 | €501,623 | €308,233 | -€193,390 | -38.6% |
| Amounts payable within one year | 42/48 | €3,767,560 | €4,954,566 | +€1.2m | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €220,342 | €378,853 | +€158,511 | +71.9% |
| Financial debts | 43 | €1,576,534 | €1,545,516 | -€31,018 | -2.0% |
| Credit institutions | 430/8 | €1,576,534 | €1,545,516 | -€31,018 | -2.0% |
| Trade debts | 44 | €1,621,389 | €2,154,960 | +€533,571 | +32.9% |
| Suppliers | 440/4 | €1,621,389 | €2,154,960 | +€533,571 | +32.9% |
| Advances received on contracts in progress | 46 | - | €32,079 | +€32,079 | |
| Taxes, remuneration and social security | 45 | €269,633 | €244,557 | -€25,075 | -9.3% |
| Taxes | 450/3 | €269,633 | €129,810 | -€139,822 | -51.9% |
| Remuneration and social security | 454/9 | - | €114,747 | +€114,747 | |
| Other amounts payable | 47/48 | €79,663 | €598,601 | +€518,938 | +651.4% |
| Accrued charges and deferred income | 492/3 | €4,998 | €8,015 | +€3,017 | +60.4% |
| Remuneration, social security and pensions | 62 | €898,638 | €856,436 | -€42,203 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,294 | €170,767 | +€10,473 | +6.5% |
| Other operating charges | 640/8 | €37,986 | €33,117 | -€4,869 | -12.8% |
| Non-recurring operating charges | 66A | - | €120 | +€120 | |
| Gross operating margin | 9900 | €1,419,869 | €1,717,611 | +€297,741 | +21.0% |
| Operating profit (loss) | 9901 | €322,952 | €657,172 | +€334,220 | +103.5% |
| Financial income | 75/76B | €3,146 | €3,020 | -€126 | -4.0% |
| Recurring financial income | 75 | €2,487 | €3,020 | +€533 | +21.4% |
| Non-recurring financial income | 76B | €659 | - | -€659 | |
| Financial charges | 65/66B | €191,487 | €136,595 | -€54,892 | -28.7% |
| Recurring financial charges | 65 | €191,487 | €136,595 | -€54,892 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €134,611 | €523,596 | +€388,985 | +289.0% |
| Income taxes | 67/77 | €40,432 | €133,112 | +€92,680 | +229.2% |
| Profit (loss) for the period | 9904 | €94,179 | €390,484 | +€296,305 | +314.6% |
| Transfer to tax-exempt reserves | 689 | - | €92,620 | +€92,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,179 | €297,864 | +€203,685 | +216.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.