PHILIPPE SQUELART: 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 SQUELART
Largest movements
- Current investments +€121,530
up €121,530 (+16.3%), from €745,258 to €866,788
- Tangible fixed assets -€11,372
down €11,372 (-24.4%), from €46,526 to €35,154
of which Furniture and vehicles: -€11,327
- Reserves +€86,000
up €86,000 (+9.7%), from €882,180 to €968,180
- Tax, wage and social debts +€22,735
up €22,735 (+144.6%), from €15,722 to €38,457
of which Taxes: +€20,035
- Financial income +€67,587
up €67,587 (+1943.3%), from €3,478 to €71,065
- Gross operating margin -€22,108
down €22,108 (-26.0%), from €84,955 to €62,847
- Taxes +€15,971
up €15,971 (+91.4%), from €17,472 to €33,443
- Other operating charges -€4,080
down €4,080 (-68.0%), from €6,004 to €1,924
- Depreciation +€942
up €942 (+9.0%), from €10,430 to €11,372
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 | €918,544 | €1,025,743 | +€107,199 | +11.7% |
| Fixed assets | 21/28 | €46,705 | €35,333 | -€11,372 | -24.3% |
| Tangible fixed assets | 22/27 | €46,526 | €35,154 | -€11,372 | -24.4% |
| Furniture and vehicles | 24 | €46,481 | €35,154 | -€11,327 | -24.4% |
| Other tangible fixed assets | 26 | €45 | - | -€45 | |
| Financial fixed assets | 28 | €179 | €179 | = | 0.0% |
| Current assets | 29/58 | €871,839 | €990,410 | +€118,571 | +13.6% |
| Amounts receivable within one year | 40/41 | €31,680 | €37,577 | +€5,897 | +18.6% |
| Trade receivables | 40 | €31,394 | €37,433 | +€6,039 | +19.2% |
| Other amounts receivable | 41 | €286 | €144 | -€142 | -49.7% |
| Current investments | 50/53 | €745,258 | €866,788 | +€121,530 | +16.3% |
| Cash at bank and in hand | 54/58 | €90,379 | €80,961 | -€9,418 | -10.4% |
| Deferred charges and accrued income | 490/1 | €4,522 | €5,084 | +€562 | +12.4% |
| Total equity and liabilities | 10/49 | €918,544 | €1,025,743 | +€107,199 | +11.7% |
| Equity | 10/15 | €892,906 | €979,140 | +€86,234 | +9.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €882,180 | €968,180 | +€86,000 | +9.7% |
| Distributable reserves | 133 | €882,180 | €968,180 | +€86,000 | +9.7% |
| Profit (loss) carried forward | 14 | €4,526 | €4,760 | +€234 | +5.2% |
| Amounts payable | 17/49 | €25,638 | €46,603 | +€20,965 | +81.8% |
| Amounts payable within one year | 42/48 | €25,638 | €46,603 | +€20,965 | +81.8% |
| Trade debts | 44 | €369 | €277 | -€92 | -24.9% |
| Suppliers | 440/4 | €369 | €277 | -€92 | -24.9% |
| Taxes, remuneration and social security | 45 | €15,722 | €38,457 | +€22,735 | +144.6% |
| Taxes | 450/3 | €13,022 | €33,057 | +€20,035 | +153.9% |
| Remuneration and social security | 454/9 | €2,700 | €5,400 | +€2,700 | +100.0% |
| Other amounts payable | 47/48 | €9,547 | €7,869 | -€1,678 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,430 | €11,372 | +€942 | +9.0% |
| Other operating charges | 640/8 | €6,004 | €1,924 | -€4,080 | -68.0% |
| Gross operating margin | 9900 | €84,955 | €62,847 | -€22,108 | -26.0% |
| Operating profit (loss) | 9901 | €68,521 | €49,551 | -€18,970 | -27.7% |
| Financial income | 75/76B | €3,478 | €71,065 | +€67,587 | +1943.3% |
| Recurring financial income | 75 | €3,478 | €71,065 | +€67,587 | +1943.3% |
| Financial charges | 65/66B | €933 | €939 | +€6 | +0.6% |
| Recurring financial charges | 65 | €933 | €939 | +€6 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €71,066 | €119,677 | +€48,611 | +68.4% |
| Income taxes | 67/77 | €17,472 | €33,443 | +€15,971 | +91.4% |
| Profit (loss) for the period | 9904 | €53,594 | €86,234 | +€32,640 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,594 | €86,234 | +€32,640 | +60.9% |
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 11 October 2026 via checked.be.