Philippe Van Elst: 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 Van Elst
Largest movements
- Cash +€174,004
up €174,004 (+424%), from €41,074 to €215,078
mainly Current investments (+€100,000) and Net result for the year (+€67,971)
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Tangible fixed assets -€4,590
down €4,590 (-24.0%), from €19,115 to €14,525
of which Furniture and vehicles: -€6,457
- Reserves +€67,971
up €67,971 (+49.3%), from €137,855 to €205,826
of which Distributable reserves: +€67,971
- Financial income +€1,281
up €1,281 (+175%), from €732 to €2,013
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 | €181,241 | €250,368 | +€69,127 | +38.1% |
| Fixed assets | 21/28 | €19,115 | €14,525 | -€4,590 | -24.0% |
| Tangible fixed assets | 22/27 | €19,115 | €14,525 | -€4,590 | -24.0% |
| Plant, machinery and equipment | 23 | €1,941 | €4,012 | +€2,071 | +107% |
| Furniture and vehicles | 24 | €14,350 | €7,893 | -€6,457 | -45.0% |
| Other tangible fixed assets | 26 | €2,824 | €2,620 | -€204 | -7.2% |
| Current assets | 29/58 | €162,126 | €235,842 | +€73,716 | +45.5% |
| Amounts receivable within one year | 40/41 | €0 | €1,800 | +€1,800 | |
| Trade receivables | 40 | - | €1,800 | +€1,800 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €41,074 | €215,078 | +€174,004 | +424% |
| Deferred charges and accrued income | 490/1 | €21,052 | €18,965 | -€2,087 | -9.9% |
| Total equity and liabilities | 10/49 | €181,241 | €250,368 | +€69,127 | +38.1% |
| Equity | 10/15 | €156,455 | €224,426 | +€67,971 | +43.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,855 | €205,826 | +€67,971 | +49.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €135,995 | €203,966 | +€67,971 | +50.0% |
| Amounts payable | 17/49 | €24,786 | €25,942 | +€1,155 | +4.7% |
| Amounts payable within one year | 42/48 | €24,786 | €24,442 | -€345 | -1.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,727 | €220 | -€1,507 | -87.2% |
| Suppliers | 440/4 | €1,727 | €220 | -€1,507 | -87.2% |
| Taxes, remuneration and social security | 45 | €9,394 | €8,762 | -€631 | -6.7% |
| Taxes | 450/3 | €7,394 | €6,762 | -€631 | -8.5% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €13,666 | €15,459 | +€1,793 | +13.1% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,092 | €9,583 | +€491 | +5.4% |
| Other operating charges | 640/8 | €578 | €585 | +€8 | +1.3% |
| Gross operating margin | 9900 | €95,684 | €95,504 | -€180 | -0.2% |
| Operating profit (loss) | 9901 | €86,015 | €85,336 | -€679 | -0.8% |
| Financial income | 75/76B | €732 | €2,013 | +€1,281 | +175% |
| Recurring financial income | 75 | €732 | €2,013 | +€1,281 | +175% |
| Financial charges | 65/66B | €603 | €552 | -€52 | -8.6% |
| Recurring financial charges | 65 | €603 | €552 | -€52 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €86,143 | €86,797 | +€654 | +0.8% |
| Income taxes | 67/77 | €18,601 | €18,825 | +€224 | +1.2% |
| Profit (loss) for the period | 9904 | €67,542 | €67,971 | +€430 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,542 | €67,971 | +€430 | +0.6% |
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 22 October 2026 via checked.be.