STEPHANE PHILIPPE: what changed
Two fiscal 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.
STEPHANE PHILIPPE
Largest movements
- Receivables within one year +€3,666
up €3,666 (+295.3%), from €1,242 to €4,908
- Cash -€1,543
down €1,543 (-32.3%), from €4,784 to €3,241
mainly Receivables within one year (-€3,666) and Other debts (-€2,551)
- Trade debts +€2,980
up €2,980 (+37.0%), from €8,059 to €11,040
- Other debts -€2,551
down €2,551 (-2.6%), from €97,133 to €94,581
- Tax, wage and social debts +€977
up €977 (+178.6%), from €547 to €1,524
- Profit (loss) carried forward +€645
up €645 (+0.5%), from -€134,411 to -€133,767
- Gross operating margin +€4,334
up €4,334, from -€3,427 to €907
- Depreciation -€381
down €381 (-84.0%), from €454 to €73
- Financial income +€41
up €41 (+203.1%), from €20 to €61
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 | €6,215 | €8,266 | +€2,051 | +33.0% |
| Fixed assets | 21/28 | €190 | €117 | -€73 | -38.2% |
| Tangible fixed assets | 22/27 | €73 | - | -€73 | |
| Furniture and vehicles | 24 | €73 | - | -€73 | |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €6,026 | €8,149 | +€2,123 | +35.2% |
| Amounts receivable within one year | 40/41 | €1,242 | €4,908 | +€3,666 | +295.3% |
| Trade receivables | 40 | €1,242 | €4,908 | +€3,666 | +295.3% |
| Cash at bank and in hand | 54/58 | €4,784 | €3,241 | -€1,543 | -32.3% |
| Total equity and liabilities | 10/49 | €6,215 | €8,266 | +€2,051 | +33.0% |
| Equity | 10/15 | -€99,524 | -€98,879 | +€645 | +0.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €16,296 | €16,296 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €14,436 | €14,436 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€134,411 | -€133,767 | +€645 | +0.5% |
| Amounts payable | 17/49 | €105,739 | €107,145 | +€1,406 | +1.3% |
| Amounts payable within one year | 42/48 | €105,739 | €107,145 | +€1,406 | +1.3% |
| Trade debts | 44 | €8,059 | €11,040 | +€2,980 | +37.0% |
| Suppliers | 440/4 | €8,059 | €11,040 | +€2,980 | +37.0% |
| Taxes, remuneration and social security | 45 | €547 | €1,524 | +€977 | +178.6% |
| Taxes | 450/3 | €547 | €1,524 | +€977 | +178.6% |
| Other amounts payable | 47/48 | €97,133 | €94,581 | -€2,551 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454 | €73 | -€381 | -84.0% |
| Gross operating margin | 9900 | -€3,427 | €907 | +€4,334 | |
| Operating profit (loss) | 9901 | -€3,881 | €834 | +€4,715 | |
| Financial income | 75/76B | €20 | €61 | +€41 | +203.1% |
| Recurring financial income | 75 | €20 | €61 | +€41 | +203.1% |
| Financial charges | 65/66B | €266 | €251 | -€15 | -5.6% |
| Recurring financial charges | 65 | €266 | €251 | -€15 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,127 | €645 | +€4,771 | |
| Profit (loss) for the period | 9904 | -€4,127 | €645 | +€4,771 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,127 | €645 | +€4,771 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.