PHILIPPE MEYERS: 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 MEYERS
Largest movements
- Tangible fixed assets -€21,498
down €21,498 (-25.0%), from €85,997 to €64,498
of which Other tangible fixed assets: -€14,451
- Cash -€16,110
down €16,110 (-37.6%), from €42,902 to €26,792
mainly Debts after one year (-€28,242) and Net result for the year (-€18,908)
- Receivables within one year -€6,233
down €6,233 (-26.3%), from €23,726 to €17,494
of which Trade receivables: -€6,069
- Deferred charges and accrued income -€2,086
down €2,086 (-25.5%), from €8,175 to €6,089
- Debts after one year -€28,242
down €28,242 (-74.4%), from €37,964 to €9,722
- Profit (loss) carried forward -€13,181
new in 2025: -€13,181
- Reserves -€5,727
down €5,727 (-15.7%), from €36,448 to €30,722
of which Distributable reserves: -€5,727
- Tax, wage and social debts -€4,645
down €4,645 (-14.1%), from €33,002 to €28,357
of which Remuneration and social security: -€2,742
- Trade debts +€3,228
up €3,228 (+11.9%), from €27,172 to €30,400
- Gross operating margin -€20,743
down €20,743 (-10.6%), from €194,977 to €174,234
- Staff costs +€3,986
up €3,986 (+2.6%), from €152,079 to €156,065
- Depreciation -€2,170
down €2,170 (-7.5%), from €28,777 to €26,607
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 | €200,474 | €153,829 | -€46,645 | -23.3% |
| Fixed assets | 21/28 | €86,547 | €65,048 | -€21,498 | -24.8% |
| Tangible fixed assets | 22/27 | €85,997 | €64,498 | -€21,498 | -25.0% |
| Furniture and vehicles | 24 | €37,910 | €30,863 | -€7,047 | -18.6% |
| Other tangible fixed assets | 26 | €48,087 | €33,636 | -€14,451 | -30.1% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €113,927 | €88,780 | -€25,146 | -22.1% |
| Stocks and contracts in progress | 3 | €39,123 | €38,406 | -€718 | -1.8% |
| Stocks | 30/36 | €39,123 | €38,406 | -€718 | -1.8% |
| Amounts receivable within one year | 40/41 | €23,726 | €17,494 | -€6,233 | -26.3% |
| Trade receivables | 40 | €23,556 | €17,487 | -€6,069 | -25.8% |
| Other amounts receivable | 41 | €170 | €6 | -€164 | -96.3% |
| Cash at bank and in hand | 54/58 | €42,902 | €26,792 | -€16,110 | -37.6% |
| Deferred charges and accrued income | 490/1 | €8,175 | €6,089 | -€2,086 | -25.5% |
| Total equity and liabilities | 10/49 | €200,474 | €153,829 | -€46,645 | -23.3% |
| Equity | 10/15 | €55,048 | €36,140 | -€18,908 | -34.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,448 | €30,722 | -€5,727 | -15.7% |
| Tax-exempt reserves | 132 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €31,948 | €26,222 | -€5,727 | -17.9% |
| Profit (loss) carried forward | 14 | - | -€13,181 | -€13,181 | |
| Amounts payable | 17/49 | €145,425 | €117,689 | -€27,737 | -19.1% |
| Amounts payable after more than one year | 17 | €37,964 | €9,722 | -€28,242 | -74.4% |
| Financial debts | 170/4 | €37,964 | €9,722 | -€28,242 | -74.4% |
| Amounts payable within one year | 42/48 | €105,718 | €107,273 | +€1,555 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €30,020 | €32,184 | +€2,163 | +7.2% |
| Trade debts | 44 | €27,172 | €30,400 | +€3,228 | +11.9% |
| Suppliers | 440/4 | €27,172 | €30,400 | +€3,228 | +11.9% |
| Advances received on contracts in progress | 46 | €15,370 | €15,350 | -€21 | -0.1% |
| Taxes, remuneration and social security | 45 | €33,002 | €28,357 | -€4,645 | -14.1% |
| Taxes | 450/3 | €13,239 | €11,336 | -€1,903 | -14.4% |
| Remuneration and social security | 454/9 | €19,763 | €17,021 | -€2,742 | -13.9% |
| Other amounts payable | 47/48 | €154 | €982 | +€828 | +537% |
| Accrued charges and deferred income | 492/3 | €1,743 | €694 | -€1,050 | -60.2% |
| Non-recurring operating income | 76A | - | €186 | +€186 | |
| Remuneration, social security and pensions | 62 | €152,079 | €156,065 | +€3,986 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,777 | €26,607 | -€2,170 | -7.5% |
| Other operating charges | 640/8 | €3,272 | €1,414 | -€1,858 | -56.8% |
| Non-recurring operating charges | 66A | €546 | €0 | -€546 | -100% |
| Gross operating margin | 9900 | €194,977 | €174,234 | -€20,743 | -10.6% |
| Operating profit (loss) | 9901 | €10,303 | -€9,852 | -€20,155 | |
| Financial income | 75/76B | €353 | €103 | -€250 | -70.9% |
| Recurring financial income | 75 | €353 | €103 | -€250 | -70.9% |
| Financial charges | 65/66B | €10,079 | €8,619 | -€1,460 | -14.5% |
| Recurring financial charges | 65 | €9,779 | €8,619 | -€1,160 | -11.9% |
| Non-recurring financial charges | 66B | €300 | €0 | -€300 | -100% |
| Profit (loss) for the period before taxes | 9903 | €576 | -€18,369 | -€18,945 | |
| Income taxes | 67/77 | €2,487 | €539 | -€1,948 | -78.3% |
| Profit (loss) for the period | 9904 | -€1,911 | -€18,908 | -€16,997 | -889% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,911 | -€18,908 | -€16,997 | -889% |
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 25 October 2026 via checked.be.