WALTER PHILIPPO: 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.
WALTER PHILIPPO
Largest movements
- Receivables within one year +€11,913
up €11,913 (+69.4%), from €17,168 to €29,080
of which Trade receivables: +€7,687
- Deferred charges and accrued income -€7,685
down €7,685 (-100%), from €7,685 to €0
- Cash -€3,065
down €3,065 (-100%), from €3,065 to €0
mainly Investment in fixed assets (net) (-€19,057) and Receivables within one year (-€11,913)
- Tangible fixed assets +€2,487
up €2,487 (+6.0%), from €41,479 to €43,966
of which Furniture and vehicles: +€2,698
- Reserves -€8,298
down €8,298 (-27.0%), from €30,762 to €22,464
of which Tax-exempt reserves: -€17,267
- Trade debts +€7,221
up €7,221 (+705%), from €1,024 to €8,245
- Short-term financial debts +€5,404
new in 2025: €5,404
- Tax, wage and social debts -€4,333
down €4,333 (-78.5%), from €5,519 to €1,185
- Provisions -€4,008
down €4,008 (-100%), from €4,008 to €0
- Depreciation +€1,609
up €1,609 (+10.8%), from €14,961 to €16,570
- Gross operating margin -€1,395
down €1,395 (-15.4%), from €9,031 to €7,636
- Other operating charges +€1,255
up €1,255 (+233%), from €538 to €1,793
- Financial charges +€1,090
up €1,090 (+83.4%), from €1,308 to €2,398
- Financial income +€818
up €818 (+2,728,300%), from €0 to €819
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 | €72,601 | €76,355 | +€3,754 | +5.2% |
| Fixed assets | 21/28 | €41,479 | €43,966 | +€2,487 | +6.0% |
| Tangible fixed assets | 22/27 | €41,479 | €43,966 | +€2,487 | +6.0% |
| Plant, machinery and equipment | 23 | €478 | €267 | -€211 | -44.1% |
| Furniture and vehicles | 24 | €41,001 | €43,699 | +€2,698 | +6.6% |
| Current assets | 29/58 | €31,123 | €32,390 | +€1,267 | +4.1% |
| Stocks and contracts in progress | 3 | €3,205 | €3,309 | +€104 | +3.2% |
| Stocks | 30/36 | €3,205 | €3,309 | +€104 | +3.2% |
| Amounts receivable within one year | 40/41 | €17,168 | €29,080 | +€11,913 | +69.4% |
| Trade receivables | 40 | €8 | €7,695 | +€7,687 | +97,063% |
| Other amounts receivable | 41 | €17,160 | €21,385 | +€4,226 | +24.6% |
| Cash at bank and in hand | 54/58 | €3,065 | €0 | -€3,065 | -100% |
| Deferred charges and accrued income | 490/1 | €7,685 | €0 | -€7,685 | -100% |
| Total equity and liabilities | 10/49 | €72,601 | €76,355 | +€3,754 | +5.2% |
| Equity | 10/15 | €49,362 | €41,064 | -€8,298 | -16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,762 | €22,464 | -€8,298 | -27.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,267 | €0 | -€17,267 | -100% |
| Distributable reserves | 133 | €11,635 | €20,604 | +€8,969 | +77.1% |
| Provisions and deferred taxes | 16 | €4,008 | €0 | -€4,008 | -100% |
| Deferred taxes | 168 | €4,008 | €0 | -€4,008 | -100% |
| Amounts payable | 17/49 | €19,231 | €35,292 | +€16,060 | +83.5% |
| Amounts payable after more than one year | 17 | €8,702 | €12,555 | +€3,853 | +44.3% |
| Financial debts | 170/4 | €8,702 | €12,555 | +€3,853 | +44.3% |
| Amounts payable within one year | 42/48 | €10,529 | €22,737 | +€12,208 | +116% |
| Current portion of amounts payable after more than one year | 42 | €3,987 | €7,903 | +€3,917 | +98.2% |
| Financial debts | 43 | - | €5,404 | +€5,404 | |
| Credit institutions | 430/8 | - | €5,404 | +€5,404 | |
| Trade debts | 44 | €1,024 | €8,245 | +€7,221 | +705% |
| Suppliers | 440/4 | €1,024 | €8,245 | +€7,221 | +705% |
| Taxes, remuneration and social security | 45 | €5,519 | €1,185 | -€4,333 | -78.5% |
| Taxes | 450/3 | €5,519 | €1,185 | -€4,333 | -78.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,961 | €16,570 | +€1,609 | +10.8% |
| Other operating charges | 640/8 | €538 | €1,793 | +€1,255 | +233% |
| Gross operating margin | 9900 | €9,031 | €7,636 | -€1,395 | -15.4% |
| Operating profit (loss) | 9901 | -€6,468 | -€10,726 | -€4,258 | -65.8% |
| Financial income | 75/76B | €0 | €819 | +€818 | +2,728,300% |
| Recurring financial income | 75 | €0 | €819 | +€818 | +2,728,300% |
| Financial charges | 65/66B | €1,308 | €2,398 | +€1,090 | +83.4% |
| Recurring financial charges | 65 | €1,308 | €2,398 | +€1,090 | +83.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,776 | -€12,306 | -€4,530 | -58.3% |
| Transfer from deferred taxes | 780 | €1,628 | €4,008 | +€2,380 | +146% |
| Profit (loss) for the period | 9904 | -€6,148 | -€8,298 | -€2,150 | -35.0% |
| Transfer from tax-exempt reserves | 789 | €5,920 | €17,267 | +€11,347 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | -€228 | €8,969 | +€9,197 |
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 24 October 2026 via checked.be.