PHILIPPE NAEYE: 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 NAEYE
Largest movements
- Cash -€197,925
down €197,925 (-99.0%), from €199,923 to €1,999
mainly Current investments (-€150,000) and Receivables within one year (-€22,711)
- Current investments +€150,000
up €150,000, from €0 to €150,000
- Receivables within one year +€22,711
up €22,711 (+68.2%), from €33,312 to €56,023
of which Other amounts receivable: +€22,711
- Reserves -€12,618
down €12,618 (-6.7%), from €189,172 to €176,554
of which Distributable reserves: -€12,618
- Current portion of long-term debt -€10,104
down €10,104 (-66.2%), from €15,266 to €5,162
- Debts after one year -€3,876
down €3,876 (-100%), from €3,876 to €0
- Other operating charges -€7,098
down €7,098 (-96.9%), from €7,324 to €226
- Financial income -€5,546
down €5,546 (-100.0%), from €5,547 to €1
- Gross operating margin -€2,389
down €2,389 (-30.7%), from -€7,793 to -€10,182
- Financial charges -€595
down €595 (-54.7%), from €1,088 to €493
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 | €234,235 | €208,022 | -€26,213 | -11.2% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €234,235 | €208,022 | -€26,213 | -11.2% |
| Amounts receivable within one year | 40/41 | €33,312 | €56,023 | +€22,711 | +68.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €33,312 | €56,023 | +€22,711 | +68.2% |
| Current investments | 50/53 | €0 | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €199,923 | €1,999 | -€197,925 | -99.0% |
| Deferred charges and accrued income | 490/1 | €1,000 | €0 | -€1,000 | -100% |
| Total equity and liabilities | 10/49 | €234,235 | €208,022 | -€26,213 | -11.2% |
| Equity | 10/15 | €209,172 | €196,554 | -€12,618 | -6.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €189,172 | €176,554 | -€12,618 | -6.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €189,172 | €176,554 | -€12,618 | -6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,063 | €11,467 | -€13,595 | -54.2% |
| Amounts payable after more than one year | 17 | €3,876 | €0 | -€3,876 | -100% |
| Financial debts | 170/4 | €3,876 | €0 | -€3,876 | -100% |
| Amounts payable within one year | 42/48 | €21,187 | €11,467 | -€9,720 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €15,266 | €5,162 | -€10,104 | -66.2% |
| Trade debts | 44 | €2,293 | €1,125 | -€1,168 | -50.9% |
| Suppliers | 440/4 | €2,293 | €1,125 | -€1,168 | -50.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,628 | €5,180 | +€1,552 | +42.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €7,324 | €226 | -€7,098 | -96.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€7,793 | -€10,182 | -€2,389 | -30.7% |
| Operating profit (loss) | 9901 | -€15,117 | -€10,408 | +€4,709 | +31.2% |
| Financial income | 75/76B | €5,547 | €1 | -€5,546 | -100.0% |
| Recurring financial income | 75 | €5,547 | €1 | -€5,546 | -100.0% |
| Financial charges | 65/66B | €1,088 | €493 | -€595 | -54.7% |
| Recurring financial charges | 65 | €1,088 | €493 | -€595 | -54.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,658 | -€10,900 | -€242 | -2.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€10,658 | -€10,900 | -€242 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,658 | -€10,900 | -€242 | -2.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.