Philippe Nelissen: 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 Nelissen
Largest movements
- Cash -€53,201
down €53,201 (-90.0%), from €59,123 to €5,922
mainly Net result for the year (-€55,470) and Debts after one year (-€47,698)
- Tangible fixed assets -€29,383
down €29,383 (-19.3%), from €152,456 to €123,074
of which Furniture and vehicles: -€23,734
- Receivables within one year -€9,325
down €9,325 (-5.6%), from €165,901 to €156,576
of which Trade receivables: -€9,092
- Profit (loss) carried forward -€55,470
down €55,470 (-421%), from -€13,168 to -€68,638
- Debts after one year -€47,698
down €47,698 (-50.9%), from €93,636 to €45,938
- Trade debts +€16,835
up €16,835 (+13.7%), from €122,530 to €139,365
- Current portion of long-term debt -€6,358
down €6,358 (-7.4%), from €86,261 to €79,904
- Gross operating margin -€64,120
down €64,120 (-70.0%), from €91,640 to €27,520
- Depreciation -€7,174
down €7,174 (-18.6%), from €38,614 to €31,440
- Staff costs +€3,158
up €3,158 (+23.4%), from €13,521 to €16,679
- Financial charges +€2,704
up €2,704 (+43.1%), from €6,278 to €8,983
- Other operating charges +€2,660
up €2,660 (+244%), from €1,089 to €3,749
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 | €377,480 | €285,572 | -€91,908 | -24.3% |
| Fixed assets | 21/28 | €152,456 | €123,074 | -€29,383 | -19.3% |
| Tangible fixed assets | 22/27 | €152,456 | €123,074 | -€29,383 | -19.3% |
| Land and buildings | 22 | €7,497 | €6,194 | -€1,303 | -17.4% |
| Plant, machinery and equipment | 23 | €16,272 | €11,926 | -€4,346 | -26.7% |
| Furniture and vehicles | 24 | €128,687 | €104,954 | -€23,734 | -18.4% |
| Current assets | 29/58 | €225,024 | €162,498 | -€62,526 | -27.8% |
| Amounts receivable within one year | 40/41 | €165,901 | €156,576 | -€9,325 | -5.6% |
| Trade receivables | 40 | €165,669 | €156,576 | -€9,092 | -5.5% |
| Other amounts receivable | 41 | €233 | - | -€233 | |
| Cash at bank and in hand | 54/58 | €59,123 | €5,922 | -€53,201 | -90.0% |
| Total equity and liabilities | 10/49 | €377,480 | €285,572 | -€91,908 | -24.3% |
| Equity | 10/15 | €5,332 | -€50,138 | -€55,470 | |
| Contributions | 10/11 | €18,500 | €18,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,168 | -€68,638 | -€55,470 | -421% |
| Amounts payable | 17/49 | €372,148 | €335,710 | -€36,438 | -9.8% |
| Amounts payable after more than one year | 17 | €93,636 | €45,938 | -€47,698 | -50.9% |
| Financial debts | 170/4 | €93,636 | €45,938 | -€47,698 | -50.9% |
| Amounts payable within one year | 42/48 | €278,512 | €289,773 | +€11,260 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €86,261 | €79,904 | -€6,358 | -7.4% |
| Trade debts | 44 | €122,530 | €139,365 | +€16,835 | +13.7% |
| Suppliers | 440/4 | €122,530 | €139,365 | +€16,835 | +13.7% |
| Taxes, remuneration and social security | 45 | €5,788 | €6,957 | +€1,169 | +20.2% |
| Taxes | 450/3 | €1,809 | €3,134 | +€1,325 | +73.2% |
| Remuneration and social security | 454/9 | €3,979 | €3,824 | -€155 | -3.9% |
| Other amounts payable | 47/48 | €63,934 | €63,547 | -€387 | -0.6% |
| Remuneration, social security and pensions | 62 | €13,521 | €16,679 | +€3,158 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,614 | €31,440 | -€7,174 | -18.6% |
| Other operating charges | 640/8 | €1,089 | €3,749 | +€2,660 | +244% |
| Non-recurring operating charges | 66A | - | €21,435 | +€21,435 | |
| Gross operating margin | 9900 | €91,640 | €27,520 | -€64,120 | -70.0% |
| Operating profit (loss) | 9901 | €38,417 | -€45,782 | -€84,199 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -81.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -81.8% |
| Financial charges | 65/66B | €6,278 | €8,983 | +€2,704 | +43.1% |
| Recurring financial charges | 65 | €6,278 | €8,983 | +€2,704 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €32,139 | -€54,765 | -€86,904 | |
| Income taxes | 67/77 | €891 | €705 | -€186 | -20.9% |
| Profit (loss) for the period | 9904 | €31,247 | -€55,470 | -€86,717 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,247 | -€55,470 | -€86,717 |
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 23 October 2026 via checked.be.