'PHILIPPE MAES': 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 MAES'
Largest movements
- Tangible fixed assets -€20,784
down €20,784 (-19.2%), from €108,342 to €87,558
of which Leasing and similar rights: -€17,416
- Receivables within one year -€12,274
down €12,274 (-49.0%), from €25,037 to €12,764
of which Trade receivables: -€8,533
- Other debts -€34,614
down €34,614 (-58.0%), from €59,718 to €25,105
- Profit (loss) carried forward +€20,097
up €20,097 (+6.2%), from -€322,103 to -€302,006
- Debts after one year -€15,929
down €15,929 (-30.0%), from €53,032 to €37,103
- Current portion of long-term debt -€9,371
down €9,371 (-37.0%), from €25,300 to €15,929
- Tax, wage and social debts +€5,222
up €5,222 (+47.9%), from €10,891 to €16,113
- Depreciation -€50,004
down €50,004 (-71.7%), from €69,719 to €19,715
- Gross operating margin -€22,394
down €22,394 (-30.5%), from €73,532 to €51,138
- Taxes +€7,542
up €7,542 (+3,115%), from €242 to €7,784
- Financial charges -€1,708
down €1,708 (-47.6%), from €3,592 to €1,884
of which Financial charges: -€1,318
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 | €433,591 | €402,512 | -€31,078 | -7.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €408,342 | €387,558 | -€20,784 | -5.1% |
| Tangible fixed assets | 22/27 | €108,342 | €87,558 | -€20,784 | -19.2% |
| Plant, machinery and equipment | 23 | €1,288 | €0 | -€1,288 | -100% |
| Furniture and vehicles | 24 | €2,559 | €479 | -€2,080 | -81.3% |
| Leasing and similar rights | 25 | €104,494 | €87,079 | -€17,416 | -16.7% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €25,249 | €14,954 | -€10,294 | -40.8% |
| Amounts receivable within one year | 40/41 | €25,037 | €12,764 | -€12,274 | -49.0% |
| Trade receivables | 40 | €18,771 | €10,238 | -€8,533 | -45.5% |
| Other amounts receivable | 41 | €6,266 | €2,526 | -€3,741 | -59.7% |
| Cash at bank and in hand | 54/58 | €211 | €2,191 | +€1,979 | +937% |
| Total equity and liabilities | 10/49 | €433,591 | €402,512 | -€31,078 | -7.2% |
| Equity | 10/15 | €277,897 | €297,994 | +€20,097 | +7.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€322,103 | -€302,006 | +€20,097 | +6.2% |
| Amounts payable | 17/49 | €155,694 | €104,518 | -€51,175 | -32.9% |
| Amounts payable after more than one year | 17 | €53,032 | €37,103 | -€15,929 | -30.0% |
| Financial debts | 170/4 | €53,032 | €37,103 | -€15,929 | -30.0% |
| Amounts payable within one year | 42/48 | €98,662 | €59,665 | -€38,996 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €25,300 | €15,929 | -€9,371 | -37.0% |
| Trade debts | 44 | €2,752 | €2,518 | -€234 | -8.5% |
| Suppliers | 440/4 | €2,752 | €2,518 | -€234 | -8.5% |
| Taxes, remuneration and social security | 45 | €10,891 | €16,113 | +€5,222 | +47.9% |
| Taxes | 450/3 | €10,891 | €16,113 | +€5,222 | +47.9% |
| Other amounts payable | 47/48 | €59,718 | €25,105 | -€34,614 | -58.0% |
| Accrued charges and deferred income | 492/3 | €4,000 | €7,750 | +€3,750 | +93.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,719 | €19,715 | -€50,004 | -71.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,331 | €1,559 | +€228 | +17.1% |
| Non-recurring operating charges | 66A | €850 | €99 | -€751 | -88.4% |
| Gross operating margin | 9900 | €73,532 | €51,138 | -€22,394 | -30.5% |
| Operating profit (loss) | 9901 | €1,632 | €29,765 | +€28,133 | +1,724% |
| Financial charges | 65/66B | €3,592 | €1,884 | -€1,708 | -47.6% |
| Recurring financial charges | 65 | €3,122 | €1,804 | -€1,318 | -42.2% |
| Non-recurring financial charges | 66B | €470 | €80 | -€390 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,961 | €27,881 | +€29,841 | |
| Income taxes | 67/77 | €242 | €7,784 | +€7,542 | +3,115% |
| Profit (loss) for the period | 9904 | -€2,203 | €20,097 | +€22,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,203 | €20,097 | +€22,300 |
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 15 October 2026 via checked.be.