PHILIPPE LATHUY: 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 LATHUY
Largest movements
- Receivables within one year -€10,174
down €10,174 (-88.8%), from €11,456 to €1,282
of which Trade receivables: -€10,174
- Cash +€8,811
up €8,811 (+635%), from €1,388 to €10,200
mainly Receivables within one year (+€10,174) and Depreciation (+€7,813)
- Tangible fixed assets -€5,109
down €5,109 (-45.4%), from €11,252 to €6,144
of which Leasing and similar rights: -€7,269
- Deferred charges and accrued income -€630
down €630 (-14.1%), from €4,473 to €3,844
- Current portion of long-term debt -€5,097
no longer reported in 2025 (was €5,097)
- Trade debts -€2,045
down €2,045 (-54.9%), from €3,723 to €1,678
- Other debts -€1,589
down €1,589 (-35.9%), from €4,428 to €2,839
- Tax, wage and social debts +€1,275
up €1,275 (+64.8%), from €1,968 to €3,244
- Purchases and services +€8,387
up €8,387 (+12.0%), from €69,649 to €78,036
- Gross operating margin -€1,738
down €1,738 (-13.5%), from €12,851 to €11,113
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 | €29,323 | €21,957 | -€7,366 | -25.1% |
| Fixed assets | 21/28 | €11,447 | €6,169 | -€5,279 | -46.1% |
| Tangible fixed assets | 22/27 | €11,252 | €6,144 | -€5,109 | -45.4% |
| Plant, machinery and equipment | 23 | €2,098 | €2,979 | +€881 | +42.0% |
| Furniture and vehicles | 24 | €1,886 | €3,165 | +€1,279 | +67.8% |
| Leasing and similar rights | 25 | €7,269 | - | -€7,269 | |
| Financial fixed assets | 28 | €195 | €25 | -€170 | -87.2% |
| Current assets | 29/58 | €17,876 | €15,789 | -€2,087 | -11.7% |
| Stocks and contracts in progress | 3 | €559 | €464 | -€95 | -17.0% |
| Stocks | 30/36 | €559 | €464 | -€95 | -17.0% |
| Amounts receivable within one year | 40/41 | €11,456 | €1,282 | -€10,174 | -88.8% |
| Trade receivables | 40 | €11,315 | €1,141 | -€10,174 | -89.9% |
| Other amounts receivable | 41 | €141 | €141 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,388 | €10,200 | +€8,811 | +635% |
| Deferred charges and accrued income | 490/1 | €4,473 | €3,844 | -€630 | -14.1% |
| Total equity and liabilities | 10/49 | €29,323 | €21,957 | -€7,366 | -25.1% |
| Equity | 10/15 | €14,107 | €14,197 | +€90 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,493 | -€4,403 | +€90 | +2.0% |
| Amounts payable | 17/49 | €15,217 | €7,761 | -€7,456 | -49.0% |
| Amounts payable within one year | 42/48 | €15,217 | €7,761 | -€7,456 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €5,097 | - | -€5,097 | |
| Trade debts | 44 | €3,723 | €1,678 | -€2,045 | -54.9% |
| Suppliers | 440/4 | €3,723 | €1,678 | -€2,045 | -54.9% |
| Taxes, remuneration and social security | 45 | €1,968 | €3,244 | +€1,275 | +64.8% |
| Taxes | 450/3 | €1,968 | €3,244 | +€1,275 | +64.8% |
| Other amounts payable | 47/48 | €4,428 | €2,839 | -€1,589 | -35.9% |
| Turnover | 70 | €82,276 | €82,177 | -€99 | -0.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €69,649 | €78,036 | +€8,387 | +12.0% |
| Remuneration, social security and pensions | 62 | €107 | €505 | +€398 | +372% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,516 | €7,813 | +€297 | +4.0% |
| Other operating charges | 640/8 | €1,119 | €1,251 | +€131 | +11.7% |
| Gross operating margin | 9900 | €12,851 | €11,113 | -€1,738 | -13.5% |
| Operating profit (loss) | 9901 | €4,109 | €1,545 | -€2,565 | -62.4% |
| Financial income | 75/76B | €82 | €9 | -€73 | -89.2% |
| Recurring financial income | 75 | €82 | €9 | -€73 | -89.2% |
| Financial charges | 65/66B | €1,084 | €630 | -€454 | -41.9% |
| Recurring financial charges | 65 | €1,084 | €630 | -€454 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €3,107 | €923 | -€2,184 | -70.3% |
| Income taxes | 67/77 | €1,101 | €833 | -€268 | -24.3% |
| Profit (loss) for the period | 9904 | €2,006 | €90 | -€1,916 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,006 | €90 | -€1,916 | -95.5% |
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 21 October 2026 via checked.be.