Philippe MARCHAND: 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 MARCHAND
Largest movements
- Receivables within one year -€1,101
down €1,101 (-8.8%), from €12,554 to €11,453
- Trade debts -€550
down €550 (-4.9%), from €11,270 to €10,720
- Profit (loss) carried forward -€525
down €525 (-2.5%), from -€20,630 to -€21,155
- Gross operating margin +€2,815
up €2,815 (+71.7%), from -€3,928 to -€1,113
- Financial income +€634
new in 2025: €634
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 | €12,554 | €11,466 | -€1,088 | -8.7% |
| Current assets | 29/58 | €12,554 | €11,466 | -€1,088 | -8.7% |
| Amounts receivable within one year | 40/41 | €12,554 | €11,453 | -€1,101 | -8.8% |
| Other amounts receivable | 41 | €12,554 | €11,453 | -€1,101 | -8.8% |
| Cash at bank and in hand | 54/58 | €0 | €14 | +€14 | |
| Total equity and liabilities | 10/49 | €12,554 | €11,466 | -€1,088 | -8.7% |
| Equity | 10/15 | -€179 | -€704 | -€525 | -294.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,630 | -€21,155 | -€525 | -2.5% |
| Amounts payable | 17/49 | €12,733 | €12,170 | -€563 | -4.4% |
| Amounts payable within one year | 42/48 | €12,733 | €12,170 | -€563 | -4.4% |
| Financial debts | 43 | €13 | - | -€13 | |
| Credit institutions | 430/8 | €13 | - | -€13 | |
| Trade debts | 44 | €11,270 | €10,720 | -€550 | -4.9% |
| Suppliers | 440/4 | €11,270 | €10,720 | -€550 | -4.9% |
| Other amounts payable | 47/48 | €1,450 | €1,450 | = | 0.0% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | -€3,928 | -€1,113 | +€2,815 | +71.7% |
| Operating profit (loss) | 9901 | -€3,928 | -€1,113 | +€2,815 | +71.7% |
| Financial income | 75/76B | - | €634 | +€634 | |
| Recurring financial income | 75 | - | €634 | +€634 | |
| Financial charges | 65/66B | €76 | €47 | -€29 | -38.4% |
| Recurring financial charges | 65 | €76 | €47 | -€29 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,004 | -€525 | +€3,478 | +86.9% |
| Profit (loss) for the period | 9904 | -€4,004 | -€525 | +€3,478 | +86.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,004 | -€525 | +€3,478 | +86.9% |
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 10 October 2026 via checked.be.