Philippe Renier Advocaat: what changed
Philippe Renier Advocaat
Largest movements
- Receivables after one year +€702,075
up €702,075 (+585%), from €120,000 to €822,075
- Current investments -€290,028
down €290,028 (-99.7%), from €291,028 to €1,000
- Cash -€128,618
down €128,618 (-93.5%), from €137,540 to €8,922
mainly Receivables after one year (-€702,075) and Other debts (-€53,203)
- Receivables within one year -€90,061
down €90,061 (-19.2%), from €468,648 to €378,587
of which Trade receivables: -€217,432
- Reserves +€221,020
up €221,020 (+25.5%), from €865,418 to €1.1m
of which Distributable reserves: +€221,020
- Tax, wage and social debts +€57,704
up €57,704 (+123%), from €47,089 to €104,794
of which Taxes: +€55,978
- Other debts -€53,203
no longer reported in 2025 (was €53,203)
- Debts after one year -€37,541
down €37,541 (-9.2%), from €409,767 to €372,226
- Trade debts +€19,319
up €19,319 (+237%), from €8,165 to €27,485
- Gross operating margin +€109,031
up €109,031 (+244%), from €44,658 to €153,689
- Financial income +€25,695
up €25,695 (+17.5%), from €146,667 to €172,362
- Taxes +€22,515
up €22,515 (+217%), from €10,353 to €32,868
- Staff costs -€15,477
down €15,477 (-37.6%), from €41,141 to €25,663
- Other operating charges +€10,791
up €10,791 (+161%), from €6,716 to €17,507
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,420,029 | €1,628,483 | +€208,454 | +14.7% |
| Fixed assets | 21/28 | €401,905 | €417,029 | +€15,124 | +3.8% |
| Tangible fixed assets | 22/27 | €401,664 | €416,788 | +€15,124 | +3.8% |
| Land and buildings | 22 | €385,047 | €378,710 | -€6,337 | -1.6% |
| Plant, machinery and equipment | 23 | €1,127 | €325 | -€802 | -71.1% |
| Furniture and vehicles | 24 | €15,490 | €37,754 | +€22,263 | +144% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €1,018,124 | €1,211,454 | +€193,330 | +19.0% |
| Amounts receivable after more than one year | 29 | €120,000 | €822,075 | +€702,075 | +585% |
| Other amounts receivable | 291 | €120,000 | €822,075 | +€702,075 | +585% |
| Amounts receivable within one year | 40/41 | €468,648 | €378,587 | -€90,061 | -19.2% |
| Trade receivables | 40 | €460,557 | €243,125 | -€217,432 | -47.2% |
| Other amounts receivable | 41 | €8,091 | €135,462 | +€127,371 | +1,574% |
| Current investments | 50/53 | €291,028 | €1,000 | -€290,028 | -99.7% |
| Cash at bank and in hand | 54/58 | €137,540 | €8,922 | -€128,618 | -93.5% |
| Deferred charges and accrued income | 490/1 | €909 | €870 | -€39 | -4.3% |
| Total equity and liabilities | 10/49 | €1,420,029 | €1,628,483 | +€208,454 | +14.7% |
| Equity | 10/15 | €865,418 | €1,086,438 | +€221,020 | +25.5% |
| Reserves | 13 | €865,418 | €1,086,438 | +€221,020 | +25.5% |
| Tax-exempt reserves | 132 | €234 | €234 | = | 0.0% |
| Distributable reserves | 133 | €865,183 | €1,086,203 | +€221,020 | +25.5% |
| Amounts payable | 17/49 | €554,611 | €542,045 | -€12,566 | -2.3% |
| Amounts payable after more than one year | 17 | €409,767 | €372,226 | -€37,541 | -9.2% |
| Financial debts | 170/4 | €409,767 | €372,226 | -€37,541 | -9.2% |
| Amounts payable within one year | 42/48 | €144,844 | €169,819 | +€24,975 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €36,387 | €37,541 | +€1,154 | +3.2% |
| Trade debts | 44 | €8,165 | €27,485 | +€19,319 | +237% |
| Suppliers | 440/4 | €8,165 | €27,485 | +€19,319 | +237% |
| Taxes, remuneration and social security | 45 | €47,089 | €104,794 | +€57,704 | +123% |
| Taxes | 450/3 | €40,975 | €96,953 | +€55,978 | +137% |
| Remuneration and social security | 454/9 | €6,114 | €7,841 | +€1,726 | +28.2% |
| Other amounts payable | 47/48 | €53,203 | - | -€53,203 | |
| Remuneration, social security and pensions | 62 | €41,141 | €25,663 | -€15,477 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,707 | €13,485 | +€778 | +6.1% |
| Other operating charges | 640/8 | €6,716 | €17,507 | +€10,791 | +161% |
| Gross operating margin | 9900 | €44,658 | €153,689 | +€109,031 | +244% |
| Operating profit (loss) | 9901 | -€15,906 | €97,034 | +€112,939 | |
| Financial income | 75/76B | €146,667 | €172,362 | +€25,695 | +17.5% |
| Recurring financial income | 75 | €146,667 | €172,362 | +€25,695 | +17.5% |
| Financial charges | 65/66B | €19,075 | €15,507 | -€3,568 | -18.7% |
| Recurring financial charges | 65 | €19,075 | €15,507 | -€3,568 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €111,686 | €253,888 | +€142,202 | +127% |
| Income taxes | 67/77 | €10,353 | €32,868 | +€22,515 | +217% |
| Profit (loss) for the period | 9904 | €101,333 | €221,020 | +€119,687 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €101,333 | €221,020 | +€119,687 | +118% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.