PHILIPPO ROZEN: 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.
PHILIPPO ROZEN
Largest movements
- Tangible fixed assets +€48,781
up €48,781 (+52.6%), from €92,821 to €141,601
of which Leasing and similar rights: +€51,910
- Receivables within one year -€36,360
down €36,360 (-14.7%), from €248,046 to €211,686
of which Trade receivables: -€30,740
- Cash -€11,629
down €11,629 (-17.3%), from €67,194 to €55,565
mainly Investment in fixed assets (net) (-€78,230) and Other debts (-€47,945)
- Tax, wage and social debts +€50,629
up €50,629 (+23.3%), from €217,027 to €267,656
of which Remuneration and social security: +€60,556
- Other debts -€47,945
down €47,945 (-79.9%), from €60,033 to €12,088
- Trade debts -€19,661
down €19,661 (-11.2%), from €175,123 to €155,461
- Debts after one year +€12,576
up €12,576 (+3.0%), from €420,157 to €432,732
of which Financial debts: +€32,576
- Current portion of long-term debt +€9,908
up €9,908 (+98.9%), from €10,017 to €19,924
- Staff costs +€103,183
up €103,183 (+10.8%), from €952,364 to €1.1m
- Gross operating margin +€94,312
up €94,312 (+9.1%), from €1.0m to €1.1m
- Financial income -€28,826
down €28,826 (-95.4%), from €30,202 to €1,376
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 | €872,991 | €876,765 | +€3,773 | +0.4% |
| Fixed assets | 21/28 | €97,090 | €145,871 | +€48,781 | +50.2% |
| Tangible fixed assets | 22/27 | €92,821 | €141,601 | +€48,781 | +52.6% |
| Plant, machinery and equipment | 23 | €10,136 | €9,723 | -€413 | -4.1% |
| Furniture and vehicles | 24 | €9,904 | €10,889 | +€985 | +10.0% |
| Leasing and similar rights | 25 | - | €51,910 | +€51,910 | |
| Other tangible fixed assets | 26 | €72,781 | €61,579 | -€11,202 | -15.4% |
| Assets under construction and advance payments | 27 | - | €7,500 | +€7,500 | |
| Financial fixed assets | 28 | €4,270 | €4,270 | = | 0.0% |
| Current assets | 29/58 | €775,901 | €730,894 | -€45,008 | -5.8% |
| Stocks and contracts in progress | 3 | €458,911 | €463,642 | +€4,731 | +1.0% |
| Stocks | 30/36 | €458,911 | €463,642 | +€4,731 | +1.0% |
| Amounts receivable within one year | 40/41 | €248,046 | €211,686 | -€36,360 | -14.7% |
| Trade receivables | 40 | €115,256 | €84,516 | -€30,740 | -26.7% |
| Other amounts receivable | 41 | €132,790 | €127,170 | -€5,620 | -4.2% |
| Cash at bank and in hand | 54/58 | €67,194 | €55,565 | -€11,629 | -17.3% |
| Deferred charges and accrued income | 490/1 | €1,750 | - | -€1,750 | |
| Total equity and liabilities | 10/49 | €872,991 | €876,765 | +€3,773 | +0.4% |
| Equity | 10/15 | -€9,365 | -€11,098 | -€1,733 | -18.5% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €6,537 | €6,537 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,537 | €6,537 | = | 0.0% |
| Legal reserve | 130 | €6,537 | €6,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,271 | -€92,003 | -€1,733 | -1.9% |
| Amounts payable | 17/49 | €882,356 | €887,862 | +€5,506 | +0.6% |
| Amounts payable after more than one year | 17 | €420,157 | €432,732 | +€12,576 | +3.0% |
| Financial debts | 170/4 | €20,157 | €52,732 | +€32,576 | +161.6% |
| Other amounts payable | 178/9 | €400,000 | €380,000 | -€20,000 | -5.0% |
| Amounts payable within one year | 42/48 | €462,200 | €455,130 | -€7,070 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €10,017 | €19,924 | +€9,908 | +98.9% |
| Trade debts | 44 | €175,123 | €155,461 | -€19,661 | -11.2% |
| Suppliers | 440/4 | €175,123 | €155,461 | -€19,661 | -11.2% |
| Taxes, remuneration and social security | 45 | €217,027 | €267,656 | +€50,629 | +23.3% |
| Taxes | 450/3 | €94,619 | €84,693 | -€9,926 | -10.5% |
| Remuneration and social security | 454/9 | €122,408 | €182,963 | +€60,556 | +49.5% |
| Other amounts payable | 47/48 | €60,033 | €12,088 | -€47,945 | -79.9% |
| Non-recurring operating income | 76A | €8,319 | - | -€8,319 | |
| Remuneration, social security and pensions | 62 | €952,364 | €1,055,547 | +€103,183 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,557 | €29,449 | +€6,893 | +30.6% |
| Other operating charges | 640/8 | €9,697 | €12,288 | +€2,591 | +26.7% |
| Non-recurring operating charges | 66A | €218 | - | -€218 | |
| Gross operating margin | 9900 | €1,032,473 | €1,126,785 | +€94,312 | +9.1% |
| Operating profit (loss) | 9901 | €47,639 | €29,501 | -€18,138 | -38.1% |
| Financial income | 75/76B | €30,202 | €1,376 | -€28,826 | -95.4% |
| Recurring financial income | 75 | €30,202 | €1,376 | -€28,826 | -95.4% |
| Financial charges | 65/66B | €23,230 | €31,817 | +€8,587 | +37.0% |
| Recurring financial charges | 65 | €23,230 | €31,817 | +€8,587 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €54,611 | -€940 | -€55,551 | |
| Income taxes | 67/77 | €959 | €792 | -€166 | -17.4% |
| Profit (loss) for the period | 9904 | €53,652 | -€1,733 | -€55,385 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,652 | -€1,733 | -€55,385 |
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 12 October 2026 via checked.be.