PHILIPPE STEVENS: 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 STEVENS
Largest movements
- Tangible fixed assets +€75,841
up €75,841 (+298%), from €25,443 to €101,284
of which Furniture and vehicles: +€76,727
- Receivables within one year +€12,131
up €12,131 (+13.3%), from €90,965 to €103,096
of which Trade receivables: +€17,489
- Stocks and contracts +€6,347
up €6,347 (+1.9%), from €339,027 to €345,374
- Trade debts +€76,131
up €76,131 (+156%), from €48,918 to €125,049
- Debts after one year +€40,740
up €40,740 (+537%), from €7,587 to €48,327
- Tax, wage and social debts -€31,534
down €31,534 (-57.7%), from €54,650 to €23,116
of which Remuneration and social security: -€22,977
- Current portion of long-term debt +€16,826
up €16,826 (+193%), from €8,727 to €25,553
- Short-term financial debts -€9,000
down €9,000 (-19.1%), from €47,000 to €38,000
- Write-downs +€30,631
up €30,631, from -€29,264 to €1,367
- Staff costs -€13,151
down €13,151 (-13.7%), from €95,854 to €82,703
- Depreciation +€8,191
up €8,191 (+118%), from €6,928 to €15,118
- Gross operating margin +€7,030
up €7,030 (+7.3%), from €96,181 to €103,211
- Taxes -€4,283
down €4,283 (-89.6%), from €4,781 to €497
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 | €484,778 | €580,238 | +€95,460 | +19.7% |
| Fixed assets | 21/28 | €25,443 | €101,284 | +€75,841 | +298% |
| Tangible fixed assets | 22/27 | €25,443 | €101,284 | +€75,841 | +298% |
| Land and buildings | 22 | €2,808 | €1,923 | -€885 | -31.5% |
| Furniture and vehicles | 24 | €22,635 | €99,361 | +€76,727 | +339% |
| Current assets | 29/58 | €459,335 | €478,953 | +€19,618 | +4.3% |
| Stocks and contracts in progress | 3 | €339,027 | €345,374 | +€6,347 | +1.9% |
| Stocks | 30/36 | €339,027 | €345,374 | +€6,347 | +1.9% |
| Amounts receivable within one year | 40/41 | €90,965 | €103,096 | +€12,131 | +13.3% |
| Trade receivables | 40 | €82,107 | €99,596 | +€17,489 | +21.3% |
| Other amounts receivable | 41 | €8,858 | €3,500 | -€5,358 | -60.5% |
| Cash at bank and in hand | 54/58 | €22,441 | €22,217 | -€223 | -1.0% |
| Deferred charges and accrued income | 490/1 | €6,903 | €8,266 | +€1,363 | +19.8% |
| Total equity and liabilities | 10/49 | €484,778 | €580,238 | +€95,460 | +19.7% |
| Equity | 10/15 | €317,896 | €315,229 | -€2,667 | -0.8% |
| Contributions | 10/11 | €18,682 | €18,682 | = | 0.0% |
| Reserves | 13 | €299,214 | €299,214 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,805 | €13,805 | = | 0.0% |
| Distributable reserves | 133 | €283,549 | €283,549 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,667 | -€2,667 | |
| Amounts payable | 17/49 | €166,882 | €265,008 | +€98,126 | +58.8% |
| Amounts payable after more than one year | 17 | €7,587 | €48,327 | +€40,740 | +537% |
| Financial debts | 170/4 | €7,587 | €48,327 | +€40,740 | +537% |
| Amounts payable within one year | 42/48 | €159,295 | €216,682 | +€57,387 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €8,727 | €25,553 | +€16,826 | +193% |
| Financial debts | 43 | €47,000 | €38,000 | -€9,000 | -19.1% |
| Credit institutions | 430/8 | €47,000 | €38,000 | -€9,000 | -19.1% |
| Trade debts | 44 | €48,918 | €125,049 | +€76,131 | +156% |
| Suppliers | 440/4 | €48,918 | €125,049 | +€76,131 | +156% |
| Taxes, remuneration and social security | 45 | €54,650 | €23,116 | -€31,534 | -57.7% |
| Taxes | 450/3 | €20,310 | €11,752 | -€8,557 | -42.1% |
| Remuneration and social security | 454/9 | €34,341 | €11,364 | -€22,977 | -66.9% |
| Other amounts payable | 47/48 | - | €4,964 | +€4,964 | |
| Remuneration, social security and pensions | 62 | €95,854 | €82,703 | -€13,151 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,928 | €15,118 | +€8,191 | +118% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,264 | €1,367 | +€30,631 | |
| Other operating charges | 640/8 | €2,079 | - | -€2,079 | |
| Gross operating margin | 9900 | €96,181 | €103,211 | +€7,030 | +7.3% |
| Operating profit (loss) | 9901 | €20,584 | €4,022 | -€16,562 | -80.5% |
| Financial income | 75/76B | €7,968 | €7,273 | -€695 | -8.7% |
| Recurring financial income | 75 | €7,968 | €7,273 | -€695 | -8.7% |
| Financial charges | 65/66B | €12,012 | €13,464 | +€1,452 | +12.1% |
| Recurring financial charges | 65 | €12,012 | €13,464 | +€1,452 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €16,539 | -€2,169 | -€18,709 | |
| Transfer from deferred taxes | 780 | €15 | - | -€15 | |
| Income taxes | 67/77 | €4,781 | €497 | -€4,283 | -89.6% |
| Profit (loss) for the period | 9904 | €11,774 | -€2,667 | -€14,440 | |
| Transfer from tax-exempt reserves | 789 | €29 | - | -€29 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,802 | -€2,667 | -€14,469 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.