PHOTO-CINQUANTENAIRE: what changed
PHOTO-CINQUANTENAIRE
Largest movements
- Cash +€89,352
up €89,352 (+156%), from €57,314 to €146,666
- Receivables within one year -€35,060
down €35,060 (-75.2%), from €46,628 to €11,568
of which Other amounts receivable: -€20,160
- Stocks and contracts +€34,391
up €34,391 (+25.1%), from €136,938 to €171,330
- Tangible fixed assets -€16,134
down €16,134 (-24.9%), from €64,795 to €48,661
of which Plant, machinery and equipment: -€22,818
- Reserves +€95,000
up €95,000 (+167%), from €56,860 to €151,860
of which Distributable reserves: +€95,000
- Trade debts -€80,234
down €80,234 (-66.3%), from €121,024 to €40,789
- Tax, wage and social debts +€52,100
up €52,100 (+198%), from €26,277 to €78,377
of which Taxes: +€38,681
- Profit (loss) carried forward +€7,227
up €7,227 (+18.3%), from €39,422 to €46,649
- Gross operating margin +€87,159
up €87,159 (+60.8%), from €143,375 to €230,535
- Staff costs +€38,396
up €38,396 (+42.5%), from €90,369 to €128,765
- Taxes +€11,374
up €11,374 (+94.3%), from €12,061 to €23,435
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €311,696 | €383,790 | +€72,093 | +23.1% |
| Fixed assets | 21/28 | €69,469 | €53,335 | -€16,134 | -23.2% |
| Tangible fixed assets | 22/27 | €64,795 | €48,661 | -€16,134 | -24.9% |
| Plant, machinery and equipment | 23 | €55,346 | €32,527 | -€22,818 | -41.2% |
| Furniture and vehicles | 24 | €9,449 | €16,134 | +€6,685 | +70.7% |
| Financial fixed assets | 28 | €4,674 | €4,674 | = | 0.0% |
| Current assets | 29/58 | €242,227 | €330,454 | +€88,227 | +36.4% |
| Stocks and contracts in progress | 3 | €136,938 | €171,330 | +€34,391 | +25.1% |
| Stocks | 30/36 | €136,938 | €171,330 | +€34,391 | +25.1% |
| Amounts receivable within one year | 40/41 | €46,628 | €11,568 | -€35,060 | -75.2% |
| Trade receivables | 40 | €14,900 | - | -€14,900 | |
| Other amounts receivable | 41 | €31,728 | €11,568 | -€20,160 | -63.5% |
| Cash at bank and in hand | 54/58 | €57,314 | €146,666 | +€89,352 | +156% |
| Deferred charges and accrued income | 490/1 | €1,348 | €892 | -€456 | -33.8% |
| Total equity and liabilities | 10/49 | €311,696 | €383,790 | +€72,093 | +23.1% |
| Equity | 10/15 | €114,882 | €217,109 | +€102,227 | +89.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €56,860 | €151,860 | +€95,000 | +167% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €55,000 | €150,000 | +€95,000 | +173% |
| Profit (loss) carried forward | 14 | €39,422 | €46,649 | +€7,227 | +18.3% |
| Amounts payable | 17/49 | €196,814 | €166,681 | -€30,133 | -15.3% |
| Amounts payable within one year | 42/48 | €196,814 | €166,681 | -€30,133 | -15.3% |
| Trade debts | 44 | €121,024 | €40,789 | -€80,234 | -66.3% |
| Suppliers | 440/4 | €121,024 | €40,789 | -€80,234 | -66.3% |
| Taxes, remuneration and social security | 45 | €26,277 | €78,377 | +€52,100 | +198% |
| Taxes | 450/3 | €13,587 | €52,268 | +€38,681 | +285% |
| Remuneration and social security | 454/9 | €12,690 | €26,109 | +€13,419 | +106% |
| Other amounts payable | 47/48 | €49,513 | €47,514 | -€1,999 | -4.0% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €90,369 | €128,765 | +€38,396 | +42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,765 | €19,951 | +€2,186 | +12.3% |
| Other operating charges | 640/8 | €4,072 | €5,593 | +€1,521 | +37.3% |
| Gross operating margin | 9900 | €143,375 | €230,535 | +€87,159 | +60.8% |
| Operating profit (loss) | 9901 | €31,169 | €76,226 | +€45,057 | +145% |
| Financial income | 75/76B | €1,780 | €3,447 | +€1,667 | +93.7% |
| Recurring financial income | 75 | €1,780 | €3,447 | +€1,667 | +93.7% |
| Financial charges | 65/66B | €2,628 | €1,567 | -€1,062 | -40.4% |
| Recurring financial charges | 65 | €2,628 | €1,567 | -€1,062 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €30,320 | €78,106 | +€47,786 | +158% |
| Income taxes | 67/77 | €12,061 | €23,435 | +€11,374 | +94.3% |
| Profit (loss) for the period | 9904 | €18,259 | €54,671 | +€36,412 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €18,259 | €54,671 | +€36,412 | +199% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.