Philippe Muyters: 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 Muyters
Largest movements
- Receivables within one year -€27,204
down €27,204 (-100%), from €27,204 to €0
of which Trade receivables: -€18,585
- Cash -€10,266
down €10,266 (-37.6%), from €27,269 to €17,002
mainly Other debts (-€27,029) and Trade debts (-€15,993)
- Other debts -€27,029
down €27,029 (-74.5%), from €36,272 to €9,243
- Trade debts -€15,993
down €15,993 (-99.1%), from €16,136 to €142
- Reserves +€4,384
up €4,384 (+412%), from €1,064 to €5,449
- Tax, wage and social debts +€1,168
up €1,168, from €0 to €1,168
- Gross operating margin +€41,021
up €41,021, from -€31,032 to €9,989
- Taxes +€4,591
up €4,591, from -€4,591 to €0
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 | €54,472 | €17,002 | -€37,470 | -68.8% |
| Current assets | 29/58 | €54,472 | €17,002 | -€37,470 | -68.8% |
| Amounts receivable within one year | 40/41 | €27,204 | €0 | -€27,204 | -100% |
| Trade receivables | 40 | €18,585 | €0 | -€18,585 | -100% |
| Other amounts receivable | 41 | €8,619 | €0 | -€8,619 | -100% |
| Cash at bank and in hand | 54/58 | €27,269 | €17,002 | -€10,266 | -37.6% |
| Total equity and liabilities | 10/49 | €54,472 | €17,002 | -€37,470 | -68.8% |
| Equity | 10/15 | €2,064 | €6,449 | +€4,384 | +212% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,064 | €5,449 | +€4,384 | +412% |
| Distributable reserves | 133 | €1,064 | €5,449 | +€4,384 | +412% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,408 | €10,554 | -€41,854 | -79.9% |
| Amounts payable within one year | 42/48 | €52,408 | €10,554 | -€41,854 | -79.9% |
| Trade debts | 44 | €16,136 | €142 | -€15,993 | -99.1% |
| Suppliers | 440/4 | €16,136 | €142 | -€15,993 | -99.1% |
| Taxes, remuneration and social security | 45 | €0 | €1,168 | +€1,168 | |
| Taxes | 450/3 | €0 | €1,168 | +€1,168 | |
| Other amounts payable | 47/48 | €36,272 | €9,243 | -€27,029 | -74.5% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | -€31,032 | €9,989 | +€41,021 | |
| Operating profit (loss) | 9901 | -€31,537 | €9,470 | +€41,007 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €91 | €85 | -€5 | -5.9% |
| Recurring financial charges | 65 | €91 | €85 | -€5 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,628 | €9,384 | +€41,012 | |
| Income taxes | 67/77 | -€4,591 | €0 | +€4,591 | |
| Profit (loss) for the period | 9904 | -€27,037 | €9,384 | +€36,421 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,037 | €9,384 | +€36,421 |
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 15 October 2026 via checked.be.