IMMO PHICO: 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.
IMMO PHICO
Largest movements
- Tangible fixed assets -€340,552
down €340,552 (-22.5%), from €1.5m to €1.2m
of which Land and buildings: -€338,391
- Cash +€45,104
up €45,104 (+193.5%), from €23,310 to €68,414
mainly Investment in fixed assets (net) (+€285,936) and Depreciation (+€73,584)
- Intangible fixed assets -€18,969
down €18,969 (-30.7%), from €61,687 to €42,719
- Deferred charges and accrued income +€17,976
up €17,976 (+73.6%), from €24,412 to €42,388
- Other debts -€175,371
down €175,371 (-22.0%), from €796,989 to €621,618
- Debts after one year -€59,297
down €59,297 (-21.1%), from €280,798 to €221,501
of which Financial debts: -€59,297
- Tax, wage and social debts -€48,018
down €48,018 (-65.1%), from €73,769 to €25,752
of which Taxes: -€51,018
- Depreciation -€41,259
down €41,259 (-35.9%), from €114,843 to €73,584
- Financial charges +€36,522
up €36,522 (+177.5%), from €20,571 to €57,093
- Gross operating margin +€16,447
up €16,447 (+12.6%), from €130,790 to €147,236
- Taxes +€6,509
up €6,509 (+339.5%), from €1,917 to €8,427
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 | €1,626,402 | €1,335,376 | -€291,026 | -17.9% |
| Fixed assets | 21/28 | €1,578,090 | €1,218,569 | -€359,521 | -22.8% |
| Intangible fixed assets | 21 | €61,687 | €42,719 | -€18,969 | -30.7% |
| Tangible fixed assets | 22/27 | €1,512,303 | €1,171,751 | -€340,552 | -22.5% |
| Land and buildings | 22 | €1,509,634 | €1,171,243 | -€338,391 | -22.4% |
| Furniture and vehicles | 24 | €2,668 | €507 | -€2,161 | -81.0% |
| Financial fixed assets | 28 | €4,100 | €4,100 | = | 0.0% |
| Current assets | 29/58 | €48,312 | €116,807 | +€68,494 | +141.8% |
| Amounts receivable within one year | 40/41 | €589 | €6,004 | +€5,415 | +918.6% |
| Trade receivables | 40 | €589 | €5,339 | +€4,750 | +805.8% |
| Other amounts receivable | 41 | €0 | €665 | +€665 | |
| Cash at bank and in hand | 54/58 | €23,310 | €68,414 | +€45,104 | +193.5% |
| Deferred charges and accrued income | 490/1 | €24,412 | €42,388 | +€17,976 | +73.6% |
| Total equity and liabilities | 10/49 | €1,626,402 | €1,335,376 | -€291,026 | -17.9% |
| Equity | 10/15 | €355,703 | €351,433 | -€4,270 | -1.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €308,956 | €304,352 | -€4,605 | -1.5% |
| Non-distributable reserves | 130/1 | €6,786 | €6,786 | = | 0.0% |
| Legal reserve | 130 | €6,786 | €6,786 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,171 | €19,566 | -€4,605 | -19.0% |
| Distributable reserves | 133 | €278,000 | €278,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,253 | -€14,919 | +€334 | +2.2% |
| Provisions and deferred taxes | 16 | €12,446 | €10,075 | -€2,371 | -19.0% |
| Deferred taxes | 168 | €12,446 | €10,075 | -€2,371 | -19.0% |
| Amounts payable | 17/49 | €1,258,253 | €973,868 | -€284,385 | -22.6% |
| Amounts payable after more than one year | 17 | €280,798 | €221,501 | -€59,297 | -21.1% |
| Financial debts | 170/4 | €278,598 | €219,301 | -€59,297 | -21.3% |
| Other amounts payable | 178/9 | €2,200 | €2,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €972,431 | €752,367 | -€220,064 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €61,651 | €59,111 | -€2,540 | -4.1% |
| Trade debts | 44 | €40,022 | €45,886 | +€5,865 | +14.7% |
| Suppliers | 440/4 | €40,022 | €45,886 | +€5,865 | +14.7% |
| Taxes, remuneration and social security | 45 | €73,769 | €25,752 | -€48,018 | -65.1% |
| Taxes | 450/3 | €73,769 | €22,752 | -€51,018 | -69.2% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €796,989 | €621,618 | -€175,371 | -22.0% |
| Accrued charges and deferred income | 492/3 | €5,024 | €0 | -€5,024 | -100.0% |
| Non-recurring operating income | 76A | €89,489 | €131,571 | +€42,082 | +47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,843 | €73,584 | -€41,259 | -35.9% |
| Other operating charges | 640/8 | €15,520 | €14,774 | -€746 | -4.8% |
| Non-recurring operating charges | 66A | €422 | €0 | -€422 | -100.0% |
| Gross operating margin | 9900 | €130,790 | €147,236 | +€16,447 | +12.6% |
| Operating profit (loss) | 9901 | €5 | €58,878 | +€58,874 | +1288264.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €20,571 | €57,093 | +€36,522 | +177.5% |
| Recurring financial charges | 65 | €20,571 | €57,093 | +€36,522 | +177.5% |
| Profit (loss) for the period before taxes | 9903 | -€20,566 | €1,786 | +€22,352 | |
| Transfer from deferred taxes | 780 | €2,371 | €2,371 | = | 0.0% |
| Income taxes | 67/77 | €1,917 | €8,427 | +€6,509 | +339.5% |
| Profit (loss) for the period | 9904 | -€20,112 | -€4,270 | +€15,842 | +78.8% |
| Transfer from tax-exempt reserves | 789 | €4,605 | €4,605 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,508 | €334 | +€15,842 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.