Philippe Remels: 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 Remels
Largest movements
- Current investments -€1.0m
down €1.0m (-79.7%), from €1.3m to €263,143
- Receivables after one year +€60,000
up €60,000 (+10.8%), from €555,000 to €615,000
- Cash +€36,852
up €36,852 (+10.3%), from €358,060 to €394,912
mainly Current investments (+€1.0m) and Net result for the year (+€699,179)
- Tangible fixed assets -€27,591
down €27,591 (-22.4%), from €123,132 to €95,541
of which Furniture and vehicles: -€26,744
- Reserves -€481,201
down €481,201 (-35.3%), from €1.4m to €880,448
of which Distributable reserves: -€481,201
- Short-term financial debts -€248,455
down €248,455 (-100%), from €248,455 to €0
- Other debts -€197,797
down €197,797 (-28.5%), from €695,067 to €497,270
- Tax, wage and social debts -€37,373
down €37,373 (-46.6%), from €80,271 to €42,897
- Financial income -€351,199
down €351,199 (-78.7%), from €446,289 to €95,090
- Gross operating margin +€102,272
up €102,272 (+13.1%), from €780,205 to €882,477
- Financial charges +€16,362
up €16,362 (+1,394%), from €1,174 to €17,536
of which Financial charges: +€17,362
- Taxes +€14,977
up €14,977 (+7.4%), from €202,718 to €217,696
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 | €2,405,653 | €1,439,537 | -€966,116 | -40.2% |
| Fixed assets | 21/28 | €173,132 | €145,541 | -€27,591 | -15.9% |
| Tangible fixed assets | 22/27 | €123,132 | €95,541 | -€27,591 | -22.4% |
| Plant, machinery and equipment | 23 | €1,296 | €450 | -€846 | -65.3% |
| Furniture and vehicles | 24 | €121,836 | €95,092 | -€26,744 | -22.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €2,232,521 | €1,293,996 | -€938,525 | -42.0% |
| Amounts receivable after more than one year | 29 | €555,000 | €615,000 | +€60,000 | +10.8% |
| Other amounts receivable | 291 | €555,000 | €615,000 | +€60,000 | +10.8% |
| Amounts receivable within one year | 40/41 | €20,127 | €12,829 | -€7,298 | -36.3% |
| Trade receivables | 40 | €15,195 | €12,521 | -€2,674 | -17.6% |
| Other amounts receivable | 41 | €4,932 | €308 | -€4,625 | -93.8% |
| Current investments | 50/53 | €1,299,334 | €263,143 | -€1.0m | -79.7% |
| Cash at bank and in hand | 54/58 | €358,060 | €394,912 | +€36,852 | +10.3% |
| Deferred charges and accrued income | 490/1 | €0 | €8,112 | +€8,112 | |
| Total equity and liabilities | 10/49 | €2,405,653 | €1,439,537 | -€966,116 | -40.2% |
| Equity | 10/15 | €1,380,249 | €899,048 | -€481,201 | -34.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,361,649 | €880,448 | -€481,201 | -35.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,359,789 | €878,588 | -€481,201 | -35.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,025,403 | €540,489 | -€484,915 | -47.3% |
| Amounts payable within one year | 42/48 | €1,025,403 | €540,489 | -€484,915 | -47.3% |
| Financial debts | 43 | €248,455 | €0 | -€248,455 | -100% |
| Credit institutions | 430/8 | €248,455 | €0 | -€248,455 | -100% |
| Trade debts | 44 | €1,611 | €322 | -€1,289 | -80.0% |
| Suppliers | 440/4 | €1,611 | €322 | -€1,289 | -80.0% |
| Taxes, remuneration and social security | 45 | €80,271 | €42,897 | -€37,373 | -46.6% |
| Taxes | 450/3 | €80,271 | €42,897 | -€37,373 | -46.6% |
| Other amounts payable | 47/48 | €695,067 | €497,270 | -€197,797 | -28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,371 | €42,096 | +€1,725 | +4.3% |
| Other operating charges | 640/8 | €1,030 | €1,060 | +€31 | +3.0% |
| Gross operating margin | 9900 | €780,205 | €882,477 | +€102,272 | +13.1% |
| Operating profit (loss) | 9901 | €738,805 | €839,321 | +€100,516 | +13.6% |
| Financial income | 75/76B | €446,289 | €95,090 | -€351,199 | -78.7% |
| Recurring financial income | 75 | €446,289 | €95,090 | -€351,199 | -78.7% |
| Financial charges | 65/66B | €1,174 | €17,536 | +€16,362 | +1,394% |
| Recurring financial charges | 65 | €174 | €17,536 | +€17,362 | +9,973% |
| Non-recurring financial charges | 66B | €1,000 | €0 | -€1,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €1,183,920 | €916,875 | -€267,044 | -22.6% |
| Income taxes | 67/77 | €202,718 | €217,696 | +€14,977 | +7.4% |
| Profit (loss) for the period | 9904 | €981,201 | €699,179 | -€282,022 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €981,201 | €699,179 | -€282,022 | -28.7% |
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 18 October 2026 via checked.be.