Philippe Rivoux: what changed
Two fiscal 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 Rivoux
Largest movements
- Tangible fixed assets +€31,357
new in 2025: €31,357
- Cash +€10,781
up €10,781 (+20.9%), from €51,480 to €62,262
mainly Other debts (+€36,000) and Debts after one year (+€25,998)
- Receivables within one year -€2,215
down €2,215 (-15.0%), from €14,761 to €12,546
- Other debts +€36,000
new in 2025: €36,000
- Debts after one year +€25,998
new in 2025: €25,998
- Profit (loss) carried forward -€21,028
down €21,028 (-46.8%), from €44,978 to €23,949
- Current portion of long-term debt +€8,631
new in 2025: €8,631
- Tax, wage and social debts -€8,289
down €8,289 (-45.0%), from €18,436 to €10,147
- Gross operating margin +€3,382
up €3,382 (+15.5%), from €21,794 to €25,176
- Other operating charges +€1,589
up €1,589 (+186.9%), from €850 to €2,439
- Depreciation +€1,555
new in 2025: €1,555
- Taxes -€295
down €295 (-4.9%), from €6,088 to €5,793
- Financial charges +€264
up €264 (+172.5%), from €153 to €418
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 | €67,801 | €107,724 | +€39,923 | +58.9% |
| Fixed assets | 21/28 | - | €31,357 | +€31,357 | |
| Tangible fixed assets | 22/27 | - | €31,357 | +€31,357 | |
| Furniture and vehicles | 24 | - | €31,357 | +€31,357 | |
| Current assets | 29/58 | €67,801 | €76,367 | +€8,566 | +12.6% |
| Amounts receivable within one year | 40/41 | €14,761 | €12,546 | -€2,215 | -15.0% |
| Trade receivables | 40 | €14,761 | €12,546 | -€2,215 | -15.0% |
| Cash at bank and in hand | 54/58 | €51,480 | €62,262 | +€10,781 | +20.9% |
| Deferred charges and accrued income | 490/1 | €1,559 | €1,559 | = | 0.0% |
| Total equity and liabilities | 10/49 | €67,801 | €107,724 | +€39,923 | +58.9% |
| Equity | 10/15 | €47,978 | €26,949 | -€21,028 | -43.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,978 | €23,949 | -€21,028 | -46.8% |
| Amounts payable | 17/49 | €19,823 | €80,775 | +€60,952 | +307.5% |
| Amounts payable after more than one year | 17 | - | €25,998 | +€25,998 | |
| Financial debts | 170/4 | - | €25,998 | +€25,998 | |
| Amounts payable within one year | 42/48 | €19,823 | €54,777 | +€34,954 | +176.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,631 | +€8,631 | |
| Trade debts | 44 | €1,387 | - | -€1,387 | |
| Suppliers | 440/4 | €1,387 | - | -€1,387 | |
| Taxes, remuneration and social security | 45 | €18,436 | €10,147 | -€8,289 | -45.0% |
| Taxes | 450/3 | €18,436 | €10,147 | -€8,289 | -45.0% |
| Other amounts payable | 47/48 | - | €36,000 | +€36,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,555 | +€1,555 | |
| Other operating charges | 640/8 | €850 | €2,439 | +€1,589 | +186.9% |
| Gross operating margin | 9900 | €21,794 | €25,176 | +€3,382 | +15.5% |
| Operating profit (loss) | 9901 | €20,944 | €21,182 | +€237 | +1.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €153 | €418 | +€264 | +172.5% |
| Recurring financial charges | 65 | €153 | €418 | +€264 | +172.5% |
| Profit (loss) for the period before taxes | 9903 | €20,791 | €20,764 | -€27 | -0.1% |
| Income taxes | 67/77 | €6,088 | €5,793 | -€295 | -4.9% |
| Profit (loss) for the period | 9904 | €14,703 | €14,972 | +€268 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,703 | €14,972 | +€268 | +1.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.