PHILIPPE MALHERBE, AVOCAT: 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 MALHERBE, AVOCAT
Largest movements
- Stocks and contracts -€121,254
no longer reported in 2025 (was €121,254)
- Cash -€94,916
down €94,916 (-14.0%), from €677,449 to €582,533
mainly Contributions, distributions and other (-€100,000) and Trade debts (-€97,797)
- Deferred charges and accrued income -€53,148
down €53,148 (-92.1%), from €57,728 to €4,580
- Financial fixed assets -€23,848
down €23,848 (-99.5%), from €23,973 to €125
- Receivables within one year +€23,813
up €23,813 (+6.3%), from €379,375 to €403,188
of which Trade receivables: +€28,819
- Trade debts -€97,797
down €97,797 (-59.4%), from €164,618 to €66,821
- Other debts -€94,558
down €94,558 (-84.1%), from €112,484 to €17,926
- Reserves -€49,024
down €49,024 (-2.9%), from €1.7m to €1.6m
of which Distributable reserves: -€49,024
- Tax, wage and social debts -€36,620
down €36,620 (-38.8%), from €94,341 to €57,721
of which Taxes: -€21,614
- Gross operating margin -€315,417
down €315,417 (-75.5%), from €418,000 to €102,583
- Staff costs -€84,885
down €84,885 (-96.1%), from €88,353 to €3,468
- Taxes -€82,900
down €82,900 (-80.1%), from €103,556 to €20,656
- Write-downs +€22,534
new in 2025: €22,534
- Financial income +€5,992
up €5,992 (+101%), from €5,920 to €11,912
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 | €2,106,893 | €1,827,687 | -€279,206 | -13.3% |
| Fixed assets | 21/28 | €51,242 | €10,681 | -€40,561 | -79.2% |
| Tangible fixed assets | 22/27 | €27,269 | €10,556 | -€16,713 | -61.3% |
| Furniture and vehicles | 24 | €27,269 | €10,556 | -€16,713 | -61.3% |
| Financial fixed assets | 28 | €23,973 | €125 | -€23,848 | -99.5% |
| Current assets | 29/58 | €2,055,651 | €1,817,006 | -€238,645 | -11.6% |
| Stocks and contracts in progress | 3 | €121,254 | - | -€121,254 | |
| Contracts in progress | 37 | €121,254 | - | -€121,254 | |
| Amounts receivable within one year | 40/41 | €379,375 | €403,188 | +€23,813 | +6.3% |
| Trade receivables | 40 | €369,189 | €398,008 | +€28,819 | +7.8% |
| Other amounts receivable | 41 | €10,186 | €5,180 | -€5,006 | -49.1% |
| Current investments | 50/53 | €819,845 | €826,705 | +€6,860 | +0.8% |
| Cash at bank and in hand | 54/58 | €677,449 | €582,533 | -€94,916 | -14.0% |
| Deferred charges and accrued income | 490/1 | €57,728 | €4,580 | -€53,148 | -92.1% |
| Total equity and liabilities | 10/49 | €2,106,893 | €1,827,687 | -€279,206 | -13.3% |
| Equity | 10/15 | €1,734,243 | €1,685,218 | -€49,024 | -2.8% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €1,696,743 | €1,647,718 | -€49,024 | -2.9% |
| Non-distributable reserves | 130/1 | €3,750 | €3,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,750 | €3,750 | = | 0.0% |
| Distributable reserves | 133 | €1,692,993 | €1,643,968 | -€49,024 | -2.9% |
| Amounts payable | 17/49 | €372,651 | €142,469 | -€230,182 | -61.8% |
| Amounts payable within one year | 42/48 | €371,443 | €142,469 | -€228,974 | -61.6% |
| Trade debts | 44 | €164,618 | €66,821 | -€97,797 | -59.4% |
| Suppliers | 440/4 | €164,618 | €66,821 | -€97,797 | -59.4% |
| Taxes, remuneration and social security | 45 | €94,341 | €57,721 | -€36,620 | -38.8% |
| Taxes | 450/3 | €76,865 | €55,251 | -€21,614 | -28.1% |
| Remuneration and social security | 454/9 | €17,475 | €2,470 | -€15,006 | -85.9% |
| Other amounts payable | 47/48 | €112,484 | €17,926 | -€94,558 | -84.1% |
| Accrued charges and deferred income | 492/3 | €1,208 | - | -€1,208 | |
| Remuneration, social security and pensions | 62 | €88,353 | €3,468 | -€84,885 | -96.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,390 | €11,683 | -€2,707 | -18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,534 | +€22,534 | |
| Other operating charges | 640/8 | €1,020 | €3,931 | +€2,911 | +285% |
| Gross operating margin | 9900 | €418,000 | €102,583 | -€315,417 | -75.5% |
| Operating profit (loss) | 9901 | €314,237 | €60,967 | -€253,270 | -80.6% |
| Financial income | 75/76B | €5,920 | €11,912 | +€5,992 | +101% |
| Recurring financial income | 75 | €5,920 | €11,912 | +€5,992 | +101% |
| Financial charges | 65/66B | €832 | €1,248 | +€416 | +50.1% |
| Recurring financial charges | 65 | €832 | €1,248 | +€416 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | €319,326 | €71,632 | -€247,694 | -77.6% |
| Income taxes | 67/77 | €103,556 | €20,656 | -€82,900 | -80.1% |
| Profit (loss) for the period | 9904 | €215,770 | €50,976 | -€164,794 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €215,770 | €50,976 | -€164,794 | -76.4% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.