PHILIPPE THUNUS: 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 THUNUS
Largest movements
- Tangible fixed assets -€3,051
down €3,051 (-58.6%), from €5,207 to €2,156
of which Furniture and vehicles: -€2,253
- Receivables within one year -€734
down €734 (-100%), from €734 to €0
- Profit (loss) carried forward -€2,139
down €2,139 (-32.2%), from -€6,644 to -€8,783
- Other debts -€2,019
down €2,019 (-8.7%), from €23,289 to €21,270
- Depreciation -€1,832
down €1,832 (-37.5%), from €4,883 to €3,051
- Gross operating margin +€1,303
up €1,303 (+35.0%), from €3,726 to €5,029
- Financial charges +€435
up €435 (+270%), from €161 to €597
of which Non-recurring financial charges: +€261
- Other operating charges +€75
up €75 (+2.1%), from €3,563 to €3,639
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 | €40,125 | €36,134 | -€3,991 | -9.9% |
| Fixed assets | 21/28 | €5,207 | €2,156 | -€3,051 | -58.6% |
| Tangible fixed assets | 22/27 | €5,207 | €2,156 | -€3,051 | -58.6% |
| Plant, machinery and equipment | 23 | €2,642 | €1,844 | -€799 | -30.2% |
| Furniture and vehicles | 24 | €2,565 | €312 | -€2,253 | -87.8% |
| Current assets | 29/58 | €34,919 | €33,979 | -€940 | -2.7% |
| Stocks and contracts in progress | 3 | €1,539 | €1,632 | +€93 | +6.0% |
| Stocks | 30/36 | €1,539 | €1,632 | +€93 | +6.0% |
| Amounts receivable within one year | 40/41 | €734 | €0 | -€734 | -100% |
| Trade receivables | 40 | €734 | €0 | -€734 | -100% |
| Cash at bank and in hand | 54/58 | €30,869 | €30,560 | -€309 | -1.0% |
| Deferred charges and accrued income | 490/1 | €1,776 | €1,786 | +€10 | +0.6% |
| Total equity and liabilities | 10/49 | €40,125 | €36,134 | -€3,991 | -9.9% |
| Equity | 10/15 | €13,807 | €11,668 | -€2,139 | -15.5% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,644 | -€8,783 | -€2,139 | -32.2% |
| Amounts payable | 17/49 | €26,318 | €24,466 | -€1,853 | -7.0% |
| Amounts payable within one year | 42/48 | €26,318 | €24,466 | -€1,853 | -7.0% |
| Trade debts | 44 | €2,023 | €1,954 | -€69 | -3.4% |
| Suppliers | 440/4 | €2,023 | €1,954 | -€69 | -3.4% |
| Taxes, remuneration and social security | 45 | €1,006 | €1,241 | +€235 | +23.3% |
| Taxes | 450/3 | €1,006 | €1,241 | +€235 | +23.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €23,289 | €21,270 | -€2,019 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,883 | €3,051 | -€1,832 | -37.5% |
| Other operating charges | 640/8 | €3,563 | €3,639 | +€75 | +2.1% |
| Gross operating margin | 9900 | €3,726 | €5,029 | +€1,303 | +35.0% |
| Operating profit (loss) | 9901 | -€4,721 | -€1,661 | +€3,060 | +64.8% |
| Financial income | 75/76B | €72 | €97 | +€25 | +35.3% |
| Recurring financial income | 75 | €72 | €97 | +€25 | +35.3% |
| Financial charges | 65/66B | €161 | €597 | +€435 | +270% |
| Recurring financial charges | 65 | €161 | €336 | +€175 | +108% |
| Non-recurring financial charges | 66B | - | €261 | +€261 | |
| Profit (loss) for the period before taxes | 9903 | -€4,810 | -€2,160 | +€2,650 | +55.1% |
| Income taxes | 67/77 | €16 | -€21 | -€38 | |
| Profit (loss) for the period | 9904 | -€4,826 | -€2,139 | +€2,687 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,826 | -€2,139 | +€2,687 | +55.7% |
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 14 October 2026 via checked.be.