PHILIPPE PIERARD: 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 PIERARD
Largest movements
- Tangible fixed assets -€8,011
down €8,011 (-100%), from €8,011 to €0
of which Furniture and vehicles: -€8,011
- Current investments +€3,222
up €3,222 (+2.5%), from €131,212 to €134,433
- Tax, wage and social debts -€5,844
down €5,844 (-39.5%), from €14,790 to €8,946
- Reserves +€3,610
up €3,610 (+4.0%), from €89,794 to €93,404
of which Distributable reserves: +€3,610
- Other debts -€2,676
down €2,676 (-18.9%), from €14,165 to €11,489
- Gross operating margin -€33,611
down €33,611 (-68.1%), from €49,389 to €15,778
- Taxes -€18,979
down €18,979, from €16,120 to -€2,859
- Staff costs +€1,615
up €1,615 (+32.4%), from €4,986 to €6,601
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 | €148,644 | €144,298 | -€4,346 | -2.9% |
| Fixed assets | 21/28 | €8,011 | €0 | -€8,011 | -100% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €8,011 | €0 | -€8,011 | -100% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €8,011 | €0 | -€8,011 | -100% |
| Current assets | 29/58 | €140,634 | €144,298 | +€3,664 | +2.6% |
| Stocks and contracts in progress | 3 | €261 | €191 | -€71 | -27.0% |
| Stocks | 30/36 | €261 | €191 | -€71 | -27.0% |
| Amounts receivable within one year | 40/41 | €4,310 | €4,678 | +€368 | +8.5% |
| Trade receivables | 40 | €0 | €1,212 | +€1,212 | |
| Other amounts receivable | 41 | €4,310 | €3,466 | -€844 | -19.6% |
| Current investments | 50/53 | €131,212 | €134,433 | +€3,222 | +2.5% |
| Cash at bank and in hand | 54/58 | €4,003 | €4,092 | +€89 | +2.2% |
| Deferred charges and accrued income | 490/1 | €848 | €904 | +€56 | +6.6% |
| Total equity and liabilities | 10/49 | €148,644 | €144,298 | -€4,346 | -2.9% |
| Equity | 10/15 | €119,037 | €122,648 | +€3,610 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,794 | €93,404 | +€3,610 | +4.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,366 | €22,366 | = | 0.0% |
| Distributable reserves | 133 | €65,568 | €69,178 | +€3,610 | +5.5% |
| Profit (loss) carried forward | 14 | €10,644 | €10,644 | = | 0.0% |
| Amounts payable | 17/49 | €29,607 | €21,651 | -€7,956 | -26.9% |
| Amounts payable within one year | 42/48 | €29,607 | €21,651 | -€7,956 | -26.9% |
| Trade debts | 44 | €652 | €1,215 | +€563 | +86.4% |
| Suppliers | 440/4 | €652 | €1,215 | +€563 | +86.4% |
| Taxes, remuneration and social security | 45 | €14,790 | €8,946 | -€5,844 | -39.5% |
| Taxes | 450/3 | €14,790 | €8,946 | -€5,844 | -39.5% |
| Other amounts payable | 47/48 | €14,165 | €11,489 | -€2,676 | -18.9% |
| Remuneration, social security and pensions | 62 | €4,986 | €6,601 | +€1,615 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,330 | €8,011 | -€319 | -3.8% |
| Other operating charges | 640/8 | €1,206 | €1,125 | -€81 | -6.7% |
| Gross operating margin | 9900 | €49,389 | €15,778 | -€33,611 | -68.1% |
| Operating profit (loss) | 9901 | €34,867 | €42 | -€34,825 | -99.9% |
| Financial income | 75/76B | €1,173 | €846 | -€327 | -27.9% |
| Recurring financial income | 75 | €1,173 | €846 | -€327 | -27.9% |
| Financial charges | 65/66B | €65 | €137 | +€72 | +111% |
| Recurring financial charges | 65 | €65 | €137 | +€72 | +111% |
| Profit (loss) for the period before taxes | 9903 | €35,976 | €751 | -€35,224 | -97.9% |
| Income taxes | 67/77 | €16,120 | -€2,859 | -€18,979 | |
| Profit (loss) for the period | 9904 | €19,855 | €3,610 | -€16,245 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,855 | €3,610 | -€16,245 | -81.8% |
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 28 October 2026 via checked.be.