PHILIPPE LUIGGI: 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.
PHILIPPE LUIGGI
Largest movements
- Cash -€396,717
down €396,717 (-47.9%), from €828,829 to €432,113
mainly Contributions, distributions and other (-€325,533) and Receivables within one year (-€100,654)
- Receivables within one year +€100,654
up €100,654 (+493.6%), from €20,390 to €121,044
of which Other amounts receivable: +€78,482
- Current investments +€73,918
new in 2025: €73,918
- Reserves -€138,977
down €138,977 (-8.2%), from €1.7m to €1.6m
of which Distributable reserves: -€137,117
- Trade debts -€75,671
down €75,671 (-71.5%), from €105,776 to €30,104
- Gross operating margin -€171,002
down €171,002 (-35.9%), from €476,739 to €305,737
- Taxes -€54,336
down €54,336 (-33.7%), from €161,210 to €106,874
- Other operating charges +€7,753
up €7,753 (+7706.7%), from €101 to €7,854
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,863,530 | €1,645,650 | -€217,880 | -11.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,182 | €2,083 | +€901 | +76.2% |
| Tangible fixed assets | 22/27 | €1,182 | €2,083 | +€901 | +76.2% |
| Furniture and vehicles | 24 | €1,182 | €2,083 | +€901 | +76.2% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €1,862,347 | €1,643,567 | -€218,781 | -11.7% |
| Stocks and contracts in progress | 3 | €1,013,128 | €1,016,491 | +€3,364 | +0.3% |
| Stocks | 30/36 | €1,013,128 | €1,016,491 | +€3,364 | +0.3% |
| Amounts receivable within one year | 40/41 | €20,390 | €121,044 | +€100,654 | +493.6% |
| Trade receivables | 40 | €11,616 | €33,788 | +€22,172 | +190.9% |
| Other amounts receivable | 41 | €8,774 | €87,257 | +€78,482 | +894.5% |
| Current investments | 50/53 | - | €73,918 | +€73,918 | |
| Cash at bank and in hand | 54/58 | €828,829 | €432,113 | -€396,717 | -47.9% |
| Total equity and liabilities | 10/49 | €1,863,530 | €1,645,650 | -€217,880 | -11.7% |
| Equity | 10/15 | €1,710,909 | €1,571,932 | -€138,977 | -8.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,698,509 | €1,559,532 | -€138,977 | -8.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,696,649 | €1,559,532 | -€137,117 | -8.1% |
| Amounts payable | 17/49 | €152,621 | €73,718 | -€78,903 | -51.7% |
| Amounts payable within one year | 42/48 | €152,621 | €73,718 | -€78,903 | -51.7% |
| Trade debts | 44 | €105,776 | €30,104 | -€75,671 | -71.5% |
| Suppliers | 440/4 | €105,776 | €30,104 | -€75,671 | -71.5% |
| Taxes, remuneration and social security | 45 | €34,333 | €43,614 | +€9,281 | +27.0% |
| Taxes | 450/3 | €34,333 | €43,614 | +€9,281 | +27.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €12,512 | €0 | -€12,512 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047 | €1,062 | +€15 | +1.4% |
| Other operating charges | 640/8 | €101 | €7,854 | +€7,753 | +7706.7% |
| Gross operating margin | 9900 | €476,739 | €305,737 | -€171,002 | -35.9% |
| Operating profit (loss) | 9901 | €475,592 | €296,821 | -€178,770 | -37.6% |
| Financial income | 75/76B | €1 | €102 | +€102 | +12692.5% |
| Recurring financial income | 75 | €1 | €102 | +€102 | +12692.5% |
| Financial charges | 65/66B | €1,667 | €3,494 | +€1,827 | +109.6% |
| Recurring financial charges | 65 | €1,667 | €3,494 | +€1,827 | +109.6% |
| Profit (loss) for the period before taxes | 9903 | €473,926 | €293,430 | -€180,496 | -38.1% |
| Income taxes | 67/77 | €161,210 | €106,874 | -€54,336 | -33.7% |
| Profit (loss) for the period | 9904 | €312,716 | €186,556 | -€126,160 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €312,716 | €186,556 | -€126,160 | -40.3% |
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 5 October 2026 via checked.be.