PHILIPPE ROUSSEL: 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 ROUSSEL
Largest movements
- Current investments +€3.2m
up €3.2m (+158.6%), from €2.0m to €5.3m
- Receivables within one year -€857,223
down €857,223 (-34.9%), from €2.5m to €1.6m
of which Trade receivables: -€838,866
- Cash -€542,700
down €542,700 (-30.5%), from €1.8m to €1.2m
mainly Current investments (-€3.2m)
- Financial fixed assets -€380,000
down €380,000 (-99.5%), from €381,720 to €1,720
- Reserves +€1.3m
up €1.3m (+20.2%), from €6.2m to €7.5m
- Tax, wage and social debts +€165,541
up €165,541 (+271.5%), from €60,968 to €226,508
- Gross operating margin +€302,548
up €302,548 (+20.7%), from €1.5m to €1.8m
- Taxes +€111,543
up €111,543 (+24.2%), from €460,776 to €572,319
- Depreciation -€31,830
down €31,830 (-61.9%), from €51,403 to €19,573
- Financial income +€27,623
up €27,623 (+47.1%), from €58,635 to €86,258
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 | €6,829,462 | €8,249,229 | +€1.4m | +20.8% |
| Fixed assets | 21/28 | €557,873 | €158,301 | -€399,573 | -71.6% |
| Tangible fixed assets | 22/27 | €176,153 | €156,581 | -€19,573 | -11.1% |
| Land and buildings | 22 | €176,153 | €156,581 | -€19,573 | -11.1% |
| Financial fixed assets | 28 | €381,720 | €1,720 | -€380,000 | -99.5% |
| Current assets | 29/58 | €6,271,589 | €8,090,928 | +€1.8m | +29.0% |
| Amounts receivable within one year | 40/41 | €2,454,087 | €1,596,864 | -€857,223 | -34.9% |
| Trade receivables | 40 | €2,435,730 | €1,596,864 | -€838,866 | -34.4% |
| Other amounts receivable | 41 | €18,357 | €0 | -€18,357 | -100.0% |
| Current investments | 50/53 | €2,030,125 | €5,250,125 | +€3.2m | +158.6% |
| Cash at bank and in hand | 54/58 | €1,781,870 | €1,239,170 | -€542,700 | -30.5% |
| Deferred charges and accrued income | 490/1 | €5,507 | €4,769 | -€737 | -13.4% |
| Total equity and liabilities | 10/49 | €6,829,462 | €8,249,229 | +€1.4m | +20.8% |
| Equity | 10/15 | €6,753,148 | €8,003,970 | +€1.3m | +18.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €6,200,821 | €7,451,643 | +€1.3m | +20.2% |
| Distributable reserves | 133 | €6,200,821 | €7,451,643 | +€1.3m | +20.2% |
| Profit (loss) carried forward | 14 | €539,927 | €539,927 | = | 0.0% |
| Amounts payable | 17/49 | €76,314 | €245,259 | +€168,945 | +221.4% |
| Amounts payable within one year | 42/48 | €76,314 | €245,259 | +€168,945 | +221.4% |
| Trade debts | 44 | €15,347 | €18,706 | +€3,359 | +21.9% |
| Suppliers | 440/4 | €15,347 | €18,706 | +€3,359 | +21.9% |
| Taxes, remuneration and social security | 45 | €60,968 | €226,508 | +€165,541 | +271.5% |
| Taxes | 450/3 | €60,968 | €226,508 | +€165,541 | +271.5% |
| Other amounts payable | 47/48 | - | €45 | +€45 | |
| Non-recurring operating income | 76A | - | €108,895 | +€108,895 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,403 | €19,573 | -€31,830 | -61.9% |
| Other operating charges | 640/8 | €8,688 | €8,756 | +€68 | +0.8% |
| Gross operating margin | 9900 | €1,463,119 | €1,765,667 | +€302,548 | +20.7% |
| Operating profit (loss) | 9901 | €1,403,029 | €1,737,338 | +€334,310 | +23.8% |
| Financial income | 75/76B | €58,635 | €86,258 | +€27,623 | +47.1% |
| Recurring financial income | 75 | €58,635 | €86,258 | +€27,623 | +47.1% |
| Financial charges | 65/66B | €442 | €455 | +€13 | +2.9% |
| Recurring financial charges | 65 | €442 | €455 | +€13 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €1,461,221 | €1,823,141 | +€361,920 | +24.8% |
| Income taxes | 67/77 | €460,776 | €572,319 | +€111,543 | +24.2% |
| Profit (loss) for the period | 9904 | €1,000,445 | €1,250,822 | +€250,377 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,000,445 | €1,250,822 | +€250,377 | +25.0% |
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 30 September 2026 via checked.be.