Sarah Philips: 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.
Sarah Philips
Largest movements
- Cash +€98,711
up €98,711 (+58.3%), from €169,188 to €267,899
mainly Other debts (+€447,068) and Net result for the year (+€196,427)
- Current investments -€71,033
down €71,033 (-31.5%), from €225,703 to €154,670
- Receivables within one year -€37,041
down €37,041 (-96.5%), from €38,383 to €1,342
of which Trade receivables: -€21,011
- Receivables after one year +€34,000
up €34,000 (+9.1%), from €374,000 to €408,000
- Other debts +€447,068
up €447,068 (+121%), from €369,416 to €816,484
- Reserves -€399,009
no longer reported in 2026 (was €399,009)
- Trade debts -€24,508
down €24,508 (-89.2%), from €27,485 to €2,977
- Gross operating margin +€38,591
up €38,591 (+17.3%), from €223,201 to €261,792
- Taxes +€13,586
up €13,586 (+26.9%), from €50,462 to €64,048
- Financial income +€7,494
up €7,494 (+48.0%), from €15,619 to €23,113
- Financial charges +€5,374
up €5,374 (+30.8%), from €17,438 to €22,812
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €821,937 | €844,824 | +€22,887 | +2.8% |
| Fixed assets | 21/28 | €4,637 | €3,419 | -€1,218 | -26.3% |
| Tangible fixed assets | 22/27 | €4,637 | €3,419 | -€1,218 | -26.3% |
| Furniture and vehicles | 24 | €1,492 | €625 | -€867 | -58.1% |
| Other tangible fixed assets | 26 | €3,145 | €2,794 | -€351 | -11.2% |
| Current assets | 29/58 | €817,300 | €841,405 | +€24,105 | +2.9% |
| Amounts receivable after more than one year | 29 | €374,000 | €408,000 | +€34,000 | +9.1% |
| Trade receivables | 290 | €374,000 | €408,000 | +€34,000 | +9.1% |
| Amounts receivable within one year | 40/41 | €38,383 | €1,342 | -€37,041 | -96.5% |
| Trade receivables | 40 | €21,011 | - | -€21,011 | |
| Other amounts receivable | 41 | €17,372 | €1,342 | -€16,030 | -92.3% |
| Current investments | 50/53 | €225,703 | €154,670 | -€71,033 | -31.5% |
| Cash at bank and in hand | 54/58 | €169,188 | €267,899 | +€98,711 | +58.3% |
| Deferred charges and accrued income | 490/1 | €10,026 | €9,494 | -€532 | -5.3% |
| Total equity and liabilities | 10/49 | €821,937 | €844,824 | +€22,887 | +2.8% |
| Equity | 10/15 | €414,009 | €15,000 | -€399,009 | -96.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €399,009 | - | -€399,009 | |
| Distributable reserves | 133 | €399,009 | - | -€399,009 | |
| Amounts payable | 17/49 | €407,928 | €829,824 | +€421,896 | +103% |
| Amounts payable within one year | 42/48 | €396,902 | €819,461 | +€422,560 | +106% |
| Trade debts | 44 | €27,485 | €2,977 | -€24,508 | -89.2% |
| Suppliers | 440/4 | €27,485 | €2,977 | -€24,508 | -89.2% |
| Other amounts payable | 47/48 | €369,416 | €816,484 | +€447,068 | +121% |
| Accrued charges and deferred income | 492/3 | €11,026 | €10,363 | -€663 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,670 | €1,218 | -€453 | -27.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €196 | - | -€196 | |
| Gross operating margin | 9900 | €223,201 | €261,792 | +€38,591 | +17.3% |
| Operating profit (loss) | 9901 | €220,948 | €260,174 | +€39,226 | +17.8% |
| Financial income | 75/76B | €15,619 | €23,113 | +€7,494 | +48.0% |
| Recurring financial income | 75 | €15,619 | €23,113 | +€7,494 | +48.0% |
| Financial charges | 65/66B | €17,438 | €22,812 | +€5,374 | +30.8% |
| Recurring financial charges | 65 | €17,438 | €22,812 | +€5,374 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €219,129 | €260,476 | +€41,347 | +18.9% |
| Income taxes | 67/77 | €50,462 | €64,048 | +€13,586 | +26.9% |
| Profit (loss) for the period | 9904 | €168,666 | €196,427 | +€27,761 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €168,666 | €196,427 | +€27,761 | +16.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.