PHILIPPE MENKE: 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 MENKE
Largest movements
- Cash +€79,903
up €79,903 (+29.4%), from €272,025 to €351,927
mainly Other debts (+€350,143) and Net result for the year (+€98,159)
- Tangible fixed assets +€20,544
up €20,544 (+38.4%), from €53,510 to €74,054
- Other debts +€350,143
up €350,143, from €0 to €350,143
- Profit (loss) carried forward -€251,841
down €251,841 (-83.8%), from €300,690 to €48,849
- Gross operating margin -€20,504
down €20,504 (-12.9%), from €158,556 to €138,052
- Taxes -€5,124
down €5,124 (-15.9%), from €32,173 to €27,049
- Depreciation -€3,855
down €3,855 (-33.2%), from €11,608 to €7,754
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 | €368,744 | €464,639 | +€95,895 | +26.0% |
| Fixed assets | 21/28 | €53,510 | €74,054 | +€20,544 | +38.4% |
| Tangible fixed assets | 22/27 | €53,510 | €74,054 | +€20,544 | +38.4% |
| Furniture and vehicles | 24 | €53,510 | €74,054 | +€20,544 | +38.4% |
| Current assets | 29/58 | €315,234 | €390,585 | +€75,351 | +23.9% |
| Amounts receivable within one year | 40/41 | €43,129 | €38,650 | -€4,479 | -10.4% |
| Trade receivables | 40 | €37,585 | €27,871 | -€9,714 | -25.8% |
| Other amounts receivable | 41 | €5,543 | €10,778 | +€5,235 | +94.4% |
| Cash at bank and in hand | 54/58 | €272,025 | €351,927 | +€79,903 | +29.4% |
| Deferred charges and accrued income | 490/1 | €80 | €8 | -€72 | -90.1% |
| Total equity and liabilities | 10/49 | €368,744 | €464,639 | +€95,895 | +26.0% |
| Equity | 10/15 | €358,190 | €106,349 | -€251,841 | -70.3% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €300,690 | €48,849 | -€251,841 | -83.8% |
| Amounts payable | 17/49 | €10,554 | €358,290 | +€347,736 | +3294.8% |
| Amounts payable within one year | 42/48 | €10,554 | €358,290 | +€347,736 | +3294.8% |
| Financial debts | 43 | €2,568 | €0 | -€2,568 | -100.0% |
| Credit institutions | 430/8 | €2,568 | €0 | -€2,568 | -100.0% |
| Trade debts | 44 | €421 | €180 | -€242 | -57.4% |
| Suppliers | 440/4 | €421 | €180 | -€242 | -57.4% |
| Taxes, remuneration and social security | 45 | €7,565 | €7,967 | +€402 | +5.3% |
| Taxes | 450/3 | €4,815 | €5,217 | +€402 | +8.4% |
| Remuneration and social security | 454/9 | €2,750 | €2,750 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €350,143 | +€350,143 | |
| Non-recurring operating income | 76A | €7,813 | €0 | -€7,813 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,608 | €7,754 | -€3,855 | -33.2% |
| Other operating charges | 640/8 | €534 | €1,134 | +€599 | +112.2% |
| Non-recurring operating charges | 66A | - | €3,826 | +€3,826 | |
| Gross operating margin | 9900 | €158,556 | €138,052 | -€20,504 | -12.9% |
| Operating profit (loss) | 9901 | €146,414 | €125,339 | -€21,075 | -14.4% |
| Financial income | 75/76B | €150 | €48 | -€102 | -68.2% |
| Recurring financial income | 75 | €150 | €48 | -€102 | -68.2% |
| Financial charges | 65/66B | €630 | €179 | -€451 | -71.6% |
| Recurring financial charges | 65 | €630 | €179 | -€451 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €145,934 | €125,208 | -€20,726 | -14.2% |
| Income taxes | 67/77 | €32,173 | €27,049 | -€5,124 | -15.9% |
| Profit (loss) for the period | 9904 | €113,761 | €98,159 | -€15,602 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,761 | €98,159 | -€15,602 | -13.7% |
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 12 October 2026 via checked.be.