Philippe Raxhon: 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 Raxhon
Largest movements
- Current investments +€315,544
up €315,544 (+24.4%), from €1.3m to €1.6m
- Cash +€57,635
up €57,635 (+7.8%), from €738,107 to €795,742
mainly Net result for the year (+€362,906) and Depreciation (+€51,283)
- Tangible fixed assets -€48,544
down €48,544 (-11.7%), from €414,875 to €366,331
of which Land and buildings: -€46,068
- Receivables within one year +€41,344
up €41,344 (+82.8%), from €49,908 to €91,252
of which Other amounts receivable: +€30,000
- Profit (loss) carried forward +€362,906
up €362,906 (+16.3%), from €2.2m to €2.6m
- Financial income +€29,571
up €29,571 (+52.2%), from €56,674 to €86,245
of which Financial income: +€28,338
- Gross operating margin -€27,382
down €27,382 (-5.5%), from €501,296 to €473,914
- Financial charges +€20,042
up €20,042 (+260%), from €7,701 to €27,743
of which Financial charges: +€19,112
- Taxes -€12,211
down €12,211 (-9.6%), from €127,544 to €115,333
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 | €2,500,674 | €2,863,800 | +€363,126 | +14.5% |
| Fixed assets | 21/28 | €414,875 | €366,331 | -€48,544 | -11.7% |
| Tangible fixed assets | 22/27 | €414,875 | €366,331 | -€48,544 | -11.7% |
| Land and buildings | 22 | €386,783 | €340,715 | -€46,068 | -11.9% |
| Furniture and vehicles | 24 | €28,092 | €25,616 | -€2,476 | -8.8% |
| Current assets | 29/58 | €2,085,799 | €2,497,469 | +€411,670 | +19.7% |
| Amounts receivable within one year | 40/41 | €49,908 | €91,252 | +€41,344 | +82.8% |
| Trade receivables | 40 | €30,908 | €42,252 | +€11,344 | +36.7% |
| Other amounts receivable | 41 | €19,000 | €49,000 | +€30,000 | +158% |
| Current investments | 50/53 | €1,293,036 | €1,608,580 | +€315,544 | +24.4% |
| Cash at bank and in hand | 54/58 | €738,107 | €795,742 | +€57,635 | +7.8% |
| Deferred charges and accrued income | 490/1 | €4,748 | €1,895 | -€2,853 | -60.1% |
| Total equity and liabilities | 10/49 | €2,500,674 | €2,863,800 | +€363,126 | +14.5% |
| Equity | 10/15 | €2,469,009 | €2,831,915 | +€362,906 | +14.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €213,000 | €213,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €210,000 | €210,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,226,009 | €2,588,915 | +€362,906 | +16.3% |
| Amounts payable | 17/49 | €31,665 | €31,885 | +€220 | +0.7% |
| Amounts payable within one year | 42/48 | €31,665 | €31,885 | +€220 | +0.7% |
| Trade debts | 44 | €381 | €616 | +€235 | +61.7% |
| Suppliers | 440/4 | €381 | €616 | +€235 | +61.7% |
| Taxes, remuneration and social security | 45 | €18,834 | €15,370 | -€3,464 | -18.4% |
| Taxes | 450/3 | €15,034 | €12,763 | -€2,271 | -15.1% |
| Remuneration and social security | 454/9 | €3,800 | €2,607 | -€1,193 | -31.4% |
| Other amounts payable | 47/48 | €12,450 | €15,899 | +€3,449 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,955 | €51,283 | +€328 | +0.6% |
| Other operating charges | 640/8 | €2,794 | €2,894 | +€100 | +3.6% |
| Gross operating margin | 9900 | €501,296 | €473,914 | -€27,382 | -5.5% |
| Operating profit (loss) | 9901 | €447,547 | €419,737 | -€27,810 | -6.2% |
| Financial income | 75/76B | €56,674 | €86,245 | +€29,571 | +52.2% |
| Recurring financial income | 75 | €56,674 | €85,012 | +€28,338 | +50.0% |
| Non-recurring financial income | 76B | - | €1,233 | +€1,233 | |
| Financial charges | 65/66B | €7,701 | €27,743 | +€20,042 | +260% |
| Recurring financial charges | 65 | €7,701 | €26,813 | +€19,112 | +248% |
| Non-recurring financial charges | 66B | - | €930 | +€930 | |
| Profit (loss) for the period before taxes | 9903 | €496,520 | €478,239 | -€18,281 | -3.7% |
| Income taxes | 67/77 | €127,544 | €115,333 | -€12,211 | -9.6% |
| Profit (loss) for the period | 9904 | €368,976 | €362,906 | -€6,070 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €368,976 | €362,906 | -€6,070 | -1.6% |
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 24 October 2026 via checked.be.