PHILIPPE PIESSENS: 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 PIESSENS
Largest movements
- Cash +€48,487
up €48,487 (+455.8%), from €10,638 to €59,125
mainly Net result for the year (+€83,367) and Depreciation (+€24,057)
- Current investments +€19,416
up €19,416 (+17.1%), from €113,405 to €132,821
- Receivables within one year +€15,138
up €15,138 (+162.5%), from €9,315 to €24,453
of which Trade receivables: +€14,797
- Tangible fixed assets -€3,792
down €3,792 (-2.5%), from €150,294 to €146,502
of which Furniture and vehicles: -€16,137
- Reserves +€83,367
up €83,367 (+72.5%), from €114,930 to €198,298
- Debts after one year -€10,000
down €10,000 (-6.7%), from €150,000 to €140,000
- Tax, wage and social debts +€8,287
up €8,287 (+327.8%), from €2,528 to €10,815
- Gross operating margin +€45,839
up €45,839 (+85.3%), from €53,723 to €99,562
- Financial charges -€17,453
down €17,453 (-80.5%), from €21,684 to €4,232
- Financial income -€9,612
down €9,612 (-24.7%), from €38,840 to €29,228
- Taxes +€9,281
up €9,281 (+265.2%), from €3,500 to €12,781
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.
Cash bridge derived
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 | €283,652 | €364,864 | +€81,213 | +28.6% |
| Fixed assets | 21/28 | €150,294 | €146,502 | -€3,792 | -2.5% |
| Tangible fixed assets | 22/27 | €150,294 | €146,502 | -€3,792 | -2.5% |
| Land and buildings | 22 | €109,604 | €121,950 | +€12,346 | +11.3% |
| Furniture and vehicles | 24 | €40,690 | €24,553 | -€16,137 | -39.7% |
| Current assets | 29/58 | €133,357 | €218,362 | +€85,005 | +63.7% |
| Amounts receivable within one year | 40/41 | €9,315 | €24,453 | +€15,138 | +162.5% |
| Trade receivables | 40 | €8,764 | €23,561 | +€14,797 | +168.8% |
| Other amounts receivable | 41 | €550 | €891 | +€341 | +62.0% |
| Current investments | 50/53 | €113,405 | €132,821 | +€19,416 | +17.1% |
| Cash at bank and in hand | 54/58 | €10,638 | €59,125 | +€48,487 | +455.8% |
| Deferred charges and accrued income | 490/1 | - | €1,964 | +€1,964 | |
| Total equity and liabilities | 10/49 | €283,652 | €364,864 | +€81,213 | +28.6% |
| Equity | 10/15 | €116,930 | €200,298 | +€83,367 | +71.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €114,930 | €198,298 | +€83,367 | +72.5% |
| Distributable reserves | 133 | €114,930 | €198,298 | +€83,367 | +72.5% |
| Amounts payable | 17/49 | €166,721 | €164,567 | -€2,155 | -1.3% |
| Amounts payable after more than one year | 17 | €150,000 | €140,000 | -€10,000 | -6.7% |
| Financial debts | 170/4 | €150,000 | €140,000 | -€10,000 | -6.7% |
| Amounts payable within one year | 42/48 | €16,721 | €24,567 | +€7,845 | +46.9% |
| Trade debts | 44 | €11,943 | €9,992 | -€1,951 | -16.3% |
| Suppliers | 440/4 | €11,943 | €9,992 | -€1,951 | -16.3% |
| Advances received on contracts in progress | 46 | €2,250 | €2,250 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,528 | €10,815 | +€8,287 | +327.8% |
| Taxes | 450/3 | €2,528 | €10,815 | +€8,287 | +327.8% |
| Other amounts payable | 47/48 | €0 | €1,510 | +€1,510 | |
| Remuneration, social security and pensions | 62 | €1,680 | €2,240 | +€560 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,863 | €24,057 | +€194 | +0.8% |
| Other operating charges | 640/8 | €1,290 | €2,113 | +€822 | +63.7% |
| Gross operating margin | 9900 | €53,723 | €99,562 | +€45,839 | +85.3% |
| Operating profit (loss) | 9901 | €26,889 | €71,152 | +€44,263 | +164.6% |
| Financial income | 75/76B | €38,840 | €29,228 | -€9,612 | -24.7% |
| Recurring financial income | 75 | €38,840 | €29,228 | -€9,612 | -24.7% |
| Financial charges | 65/66B | €21,684 | €4,232 | -€17,453 | -80.5% |
| Recurring financial charges | 65 | €21,684 | €4,232 | -€17,453 | -80.5% |
| Profit (loss) for the period before taxes | 9903 | €44,045 | €96,149 | +€52,104 | +118.3% |
| Income taxes | 67/77 | €3,500 | €12,781 | +€9,281 | +265.2% |
| Profit (loss) for the period | 9904 | €40,545 | €83,367 | +€42,823 | +105.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,545 | €83,367 | +€42,823 | +105.6% |
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 12 October 2026 via checked.be.