Philippe Rosquin: 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 Rosquin
Largest movements
- Financial fixed assets +€764,289
up €764,289 (+346%), from €220,800 to €985,089
- Tangible fixed assets -€760,576
down €760,576 (-31.9%), from €2.4m to €1.6m
of which Land and buildings: -€718,987
- Receivables within one year -€205,320
down €205,320 (-97.5%), from €210,627 to €5,307
of which Other amounts receivable: -€209,929
- Debts after one year -€329,752
down €329,752 (-26.4%), from €1.2m to €919,146
of which Other amounts payable: -€194,136
- Reserves +€161,905
up €161,905 (+14.1%), from €1.2m to €1.3m
of which Tax-exempt reserves: +€180,331
- Provisions +€45,015
up €45,015 (+38.9%), from €115,659 to €160,674
- Short-term financial debts -€35,991
down €35,991 (-33.0%), from €108,991 to €73,000
- Gross operating margin -€197,566
down €197,566 (-32.5%), from €607,330 to €409,764
- Depreciation -€83,564
down €83,564 (-44.2%), from €189,162 to €105,598
- Taxes +€59,627
up €59,627 (+331%), from €18,018 to €77,645
- Financial charges -€21,776
down €21,776 (-50.0%), from €43,520 to €21,744
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 | €2,845,859 | €2,638,207 | -€207,652 | -7.3% |
| Fixed assets | 21/28 | €2,608,029 | €2,611,741 | +€3,713 | +0.1% |
| Tangible fixed assets | 22/27 | €2,387,229 | €1,626,652 | -€760,576 | -31.9% |
| Land and buildings | 22 | €2,167,056 | €1,448,069 | -€718,987 | -33.2% |
| Plant, machinery and equipment | 23 | €2,524 | €221 | -€2,303 | -91.2% |
| Furniture and vehicles | 24 | €217,648 | €178,362 | -€39,286 | -18.1% |
| Financial fixed assets | 28 | €220,800 | €985,089 | +€764,289 | +346% |
| Current assets | 29/58 | €237,830 | €26,466 | -€211,364 | -88.9% |
| Amounts receivable within one year | 40/41 | €210,627 | €5,307 | -€205,320 | -97.5% |
| Trade receivables | 40 | - | €4,609 | +€4,609 | |
| Other amounts receivable | 41 | €210,627 | €698 | -€209,929 | -99.7% |
| Cash at bank and in hand | 54/58 | €4,374 | €2,869 | -€1,505 | -34.4% |
| Deferred charges and accrued income | 490/1 | €22,829 | €18,290 | -€4,539 | -19.9% |
| Total equity and liabilities | 10/49 | €2,845,859 | €2,638,207 | -€207,652 | -7.3% |
| Equity | 10/15 | €1,164,488 | €1,312,961 | +€148,473 | +12.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,152,088 | €1,313,994 | +€161,905 | +14.1% |
| Tax-exempt reserves | 132 | €460,421 | €640,752 | +€180,331 | +39.2% |
| Distributable reserves | 133 | €691,667 | €673,242 | -€18,425 | -2.7% |
| Profit (loss) carried forward | 14 | - | -€13,432 | -€13,432 | |
| Provisions and deferred taxes | 16 | €115,659 | €160,674 | +€45,015 | +38.9% |
| Deferred taxes | 168 | €115,659 | €160,674 | +€45,015 | +38.9% |
| Amounts payable | 17/49 | €1,565,711 | €1,164,571 | -€401,140 | -25.6% |
| Amounts payable after more than one year | 17 | €1,248,897 | €919,146 | -€329,752 | -26.4% |
| Financial debts | 170/4 | €1,043,941 | €908,326 | -€135,615 | -13.0% |
| Other amounts payable | 178/9 | €204,956 | €10,820 | -€194,136 | -94.7% |
| Amounts payable within one year | 42/48 | €316,771 | €242,160 | -€74,611 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €133,614 | €135,615 | +€2,002 | +1.5% |
| Financial debts | 43 | €108,991 | €73,000 | -€35,991 | -33.0% |
| Credit institutions | 430/8 | €108,991 | €73,000 | -€35,991 | -33.0% |
| Trade debts | 44 | €26,205 | €14,856 | -€11,349 | -43.3% |
| Suppliers | 440/4 | €26,205 | €14,856 | -€11,349 | -43.3% |
| Taxes, remuneration and social security | 45 | €2,398 | - | -€2,398 | |
| Taxes | 450/3 | €2,398 | - | -€2,398 | |
| Other amounts payable | 47/48 | €45,564 | €18,689 | -€26,875 | -59.0% |
| Accrued charges and deferred income | 492/3 | €43 | €3,265 | +€3,223 | +7,579% |
| Non-recurring operating income | 76A | €480,053 | €277,554 | -€202,499 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,162 | €105,598 | -€83,564 | -44.2% |
| Other operating charges | 640/8 | €10,987 | €9,467 | -€1,520 | -13.8% |
| Gross operating margin | 9900 | €607,330 | €409,764 | -€197,566 | -32.5% |
| Operating profit (loss) | 9901 | €407,182 | €294,700 | -€112,482 | -27.6% |
| Financial income | 75/76B | €21,355 | €16,603 | -€4,752 | -22.3% |
| Recurring financial income | 75 | €21,355 | €16,603 | -€4,752 | -22.3% |
| Financial charges | 65/66B | €43,520 | €21,744 | -€21,776 | -50.0% |
| Recurring financial charges | 65 | €43,520 | €21,744 | -€21,776 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €385,017 | €289,558 | -€95,458 | -24.8% |
| Transfer from deferred taxes | 780 | €4,046 | €27,626 | +€23,580 | +583% |
| Transfer to deferred taxes | 680 | €42,322 | €50,594 | +€8,273 | +19.5% |
| Income taxes | 67/77 | €18,018 | €77,645 | +€59,627 | +331% |
| Profit (loss) for the period | 9904 | €328,723 | €188,945 | -€139,779 | -42.5% |
| Transfer from tax-exempt reserves | 789 | €15,914 | - | -€15,914 | |
| Transfer to tax-exempt reserves | 689 | €169,287 | €202,377 | +€33,090 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €175,350 | -€13,432 | -€188,782 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.