PHILIPPE MONSEU: 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 MONSEU
Largest movements
- Receivables within one year -€17,109
down €17,109 (-21.1%), from €81,061 to €63,952
of which Trade receivables: -€21,865
- Tangible fixed assets -€9,172
down €9,172 (-22.7%), from €40,464 to €31,292
- Cash +€4,868
up €4,868 (+13.2%), from €36,838 to €41,706
mainly Other debts (+€54,021) and Receivables within one year (+€17,109)
- Reserves -€59,613
down €59,613 (-62.6%), from €95,296 to €35,683
- Other debts +€54,021
up €54,021 (+346.3%), from €15,598 to €69,619
- Debts after one year -€11,670
down €11,670 (-47.0%), from €24,815 to €13,145
- Trade debts -€8,412
down €8,412 (-79.4%), from €10,593 to €2,181
- Tax, wage and social debts +€2,022
up €2,022 (+24.1%), from €8,400 to €10,421
- Gross operating margin -€4,409
down €4,409 (-14.9%), from €29,654 to €25,245
- Other operating charges -€2,527
down €2,527 (-77.1%), from €3,279 to €751
- Financial charges -€522
down €522 (-17.7%), from €2,943 to €2,421
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 | €186,912 | €163,706 | -€23,205 | -12.4% |
| Fixed assets | 21/28 | €40,464 | €31,292 | -€9,172 | -22.7% |
| Tangible fixed assets | 22/27 | €40,464 | €31,292 | -€9,172 | -22.7% |
| Furniture and vehicles | 24 | €40,464 | €31,292 | -€9,172 | -22.7% |
| Current assets | 29/58 | €146,448 | €132,414 | -€14,034 | -9.6% |
| Amounts receivable after more than one year | 29 | €28,323 | €26,472 | -€1,851 | -6.5% |
| Other amounts receivable | 291 | €28,323 | €26,472 | -€1,851 | -6.5% |
| Amounts receivable within one year | 40/41 | €81,061 | €63,952 | -€17,109 | -21.1% |
| Trade receivables | 40 | €40,397 | €18,532 | -€21,865 | -54.1% |
| Other amounts receivable | 41 | €40,665 | €45,420 | +€4,756 | +11.7% |
| Cash at bank and in hand | 54/58 | €36,838 | €41,706 | +€4,868 | +13.2% |
| Deferred charges and accrued income | 490/1 | €225 | €283 | +€58 | +25.7% |
| Total equity and liabilities | 10/49 | €186,912 | €163,706 | -€23,205 | -12.4% |
| Equity | 10/15 | €113,896 | €54,283 | -€59,613 | -52.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,296 | €35,683 | -€59,613 | -62.6% |
| Distributable reserves | 133 | €95,296 | €35,683 | -€59,613 | -62.6% |
| Amounts payable | 17/49 | €73,016 | €109,423 | +€36,407 | +49.9% |
| Amounts payable after more than one year | 17 | €24,815 | €13,145 | -€11,670 | -47.0% |
| Financial debts | 170/4 | €24,815 | €13,145 | -€11,670 | -47.0% |
| Amounts payable within one year | 42/48 | €48,202 | €96,279 | +€48,077 | +99.7% |
| Current portion of amounts payable after more than one year | 42 | €11,242 | €11,670 | +€428 | +3.8% |
| Financial debts | 43 | €2,369 | €2,387 | +€18 | +0.8% |
| Credit institutions | 430/8 | €2,369 | €2,387 | +€18 | +0.8% |
| Trade debts | 44 | €10,593 | €2,181 | -€8,412 | -79.4% |
| Suppliers | 440/4 | €10,593 | €2,181 | -€8,412 | -79.4% |
| Taxes, remuneration and social security | 45 | €8,400 | €10,421 | +€2,022 | +24.1% |
| Taxes | 450/3 | €8,400 | €10,421 | +€2,022 | +24.1% |
| Other amounts payable | 47/48 | €15,598 | €69,619 | +€54,021 | +346.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,361 | €10,075 | -€286 | -2.8% |
| Other operating charges | 640/8 | €3,279 | €751 | -€2,527 | -77.1% |
| Gross operating margin | 9900 | €29,654 | €25,245 | -€4,409 | -14.9% |
| Operating profit (loss) | 9901 | €16,014 | €14,418 | -€1,596 | -10.0% |
| Financial income | 75/76B | €2,935 | €2,785 | -€149 | -5.1% |
| Recurring financial income | 75 | €2,935 | €2,785 | -€149 | -5.1% |
| Financial charges | 65/66B | €2,943 | €2,421 | -€522 | -17.7% |
| Recurring financial charges | 65 | €2,943 | €2,421 | -€522 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €16,006 | €14,783 | -€1,223 | -7.6% |
| Income taxes | 67/77 | €4,547 | €4,776 | +€229 | +5.0% |
| Profit (loss) for the period | 9904 | €11,459 | €10,007 | -€1,453 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,459 | €10,007 | -€1,453 | -12.7% |
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 11 October 2026 via checked.be.