PHILIPPE MOUTON: 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 MOUTON
Largest movements
- Receivables within one year -€41,703
down €41,703 (-14.2%), from €292,823 to €251,120
of which Other amounts receivable: -€45,849
- Cash +€34,617
up €34,617 (+407%), from €8,505 to €43,122
mainly Net result for the year (+€100,645) and Depreciation (+€50,717)
- Stocks and contracts +€32,988
up €32,988 (+102%), from €32,210 to €65,198
- Receivables after one year -€26,549
down €26,549 (-7.8%), from €341,202 to €314,653
of which Other amounts receivable: -€24,949
- Tangible fixed assets -€12,202
down €12,202 (-5.0%), from €244,736 to €232,534
of which Other tangible fixed assets: -€12,905
- Reserves +€100,645
up €100,645 (+28.9%), from €347,955 to €448,600
- Trade debts -€59,820
down €59,820 (-47.5%), from €125,838 to €66,017
- Debts after one year -€29,786
down €29,786 (-51.5%), from €57,791 to €28,005
- Current portion of long-term debt -€15,640
down €15,640 (-21.1%), from €74,031 to €58,391
- Advances received -€11,169
no longer reported in 2025 (was €11,169)
- Gross operating margin +€95,731
up €95,731 (+36.7%), from €260,780 to €356,511
- Taxes +€23,905
up €23,905 (+112%), from €21,297 to €45,202
- Staff costs +€15,113
up €15,113 (+11.7%), from €129,483 to €144,596
- Depreciation +€5,350
up €5,350 (+11.8%), from €45,367 to €50,717
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 | €934,128 | €924,647 | -€9,481 | -1.0% |
| Fixed assets | 21/28 | €254,781 | €242,915 | -€11,866 | -4.7% |
| Intangible fixed assets | 21 | €1,358 | €2,281 | +€922 | +67.9% |
| Tangible fixed assets | 22/27 | €244,736 | €232,534 | -€12,202 | -5.0% |
| Plant, machinery and equipment | 23 | €10,697 | €9,221 | -€1,475 | -13.8% |
| Furniture and vehicles | 24 | €54,666 | €56,844 | +€2,178 | +4.0% |
| Other tangible fixed assets | 26 | €179,374 | €166,469 | -€12,905 | -7.2% |
| Financial fixed assets | 28 | €8,686 | €8,100 | -€586 | -6.7% |
| Current assets | 29/58 | €679,347 | €681,732 | +€2,385 | +0.4% |
| Amounts receivable after more than one year | 29 | €341,202 | €314,653 | -€26,549 | -7.8% |
| Trade receivables | 290 | €1,600 | - | -€1,600 | |
| Other amounts receivable | 291 | €339,602 | €314,653 | -€24,949 | -7.3% |
| Stocks and contracts in progress | 3 | €32,210 | €65,198 | +€32,988 | +102% |
| Stocks | 30/36 | €32,210 | €65,198 | +€32,988 | +102% |
| Amounts receivable within one year | 40/41 | €292,823 | €251,120 | -€41,703 | -14.2% |
| Trade receivables | 40 | €9,115 | €13,261 | +€4,146 | +45.5% |
| Other amounts receivable | 41 | €283,708 | €237,859 | -€45,849 | -16.2% |
| Cash at bank and in hand | 54/58 | €8,505 | €43,122 | +€34,617 | +407% |
| Deferred charges and accrued income | 490/1 | €4,607 | €7,640 | +€3,032 | +65.8% |
| Total equity and liabilities | 10/49 | €934,128 | €924,647 | -€9,481 | -1.0% |
| Equity | 10/15 | €616,314 | €716,959 | +€100,645 | +16.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €347,955 | €448,600 | +€100,645 | +28.9% |
| Distributable reserves | 133 | €347,955 | €448,600 | +€100,645 | +28.9% |
| Profit (loss) carried forward | 14 | €249,809 | €249,809 | = | 0.0% |
| Amounts payable | 17/49 | €317,814 | €207,688 | -€110,126 | -34.7% |
| Amounts payable after more than one year | 17 | €57,791 | €28,005 | -€29,786 | -51.5% |
| Financial debts | 170/4 | €57,791 | €28,005 | -€29,786 | -51.5% |
| Amounts payable within one year | 42/48 | €260,022 | €179,683 | -€80,339 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €74,031 | €58,391 | -€15,640 | -21.1% |
| Financial debts | 43 | €196 | - | -€196 | |
| Credit institutions | 430/8 | €196 | - | -€196 | |
| Trade debts | 44 | €125,838 | €66,017 | -€59,820 | -47.5% |
| Suppliers | 440/4 | €125,838 | €66,017 | -€59,820 | -47.5% |
| Advances received on contracts in progress | 46 | €11,169 | - | -€11,169 | |
| Taxes, remuneration and social security | 45 | €48,789 | €55,275 | +€6,486 | +13.3% |
| Taxes | 450/3 | €15,422 | €22,737 | +€7,315 | +47.4% |
| Remuneration and social security | 454/9 | €33,367 | €32,538 | -€828 | -2.5% |
| Remuneration, social security and pensions | 62 | €129,483 | €144,596 | +€15,113 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,367 | €50,717 | +€5,350 | +11.8% |
| Other operating charges | 640/8 | €3,225 | €3,426 | +€201 | +6.2% |
| Gross operating margin | 9900 | €260,780 | €356,511 | +€95,731 | +36.7% |
| Operating profit (loss) | 9901 | €82,705 | €157,772 | +€75,067 | +90.8% |
| Financial income | 75/76B | €1 | €3 | +€2 | +257% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +257% |
| Financial charges | 65/66B | €14,101 | €11,929 | -€2,172 | -15.4% |
| Recurring financial charges | 65 | €14,101 | €11,929 | -€2,172 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €68,604 | €145,846 | +€77,242 | +113% |
| Income taxes | 67/77 | €21,297 | €45,202 | +€23,905 | +112% |
| Profit (loss) for the period | 9904 | €47,308 | €100,645 | +€53,337 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €47,308 | €100,645 | +€53,337 | +113% |
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 13 October 2026 via checked.be.