PEPHIL: 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.
PEPHIL
Largest movements
- Tangible fixed assets +€767,217
up €767,217 (+72.9%), from €1.1m to €1.8m
of which Land and buildings: +€837,552
- Cash -€229,942
down €229,942 (-65.5%), from €350,896 to €120,954
mainly Investment in fixed assets (net) (-€943,410) and Receivables within one year (-€48,320)
- Receivables within one year +€48,320
up €48,320 (+94.4%), from €51,189 to €99,509
of which Other amounts receivable: +€37,874
- Reserves +€369,610
up €369,610 (+52.0%), from €710,835 to €1.1m
of which Distributable reserves: +€347,188
- Other debts +€180,377
up €180,377 (+741.2%), from €24,334 to €204,711
- Depreciation +€102,878
up €102,878 (+140.3%), from €73,315 to €176,193
- Gross operating margin +€99,067
up €99,067 (+90.3%), from €109,737 to €208,804
- Financial charges +€11,750
up €11,750 (+5455.6%), from €215 to €11,966
- Other operating charges +€5,541
up €5,541 (+124.5%), from €4,452 to €9,993
- Taxes -€5,031
down €5,031 (-54.4%), from €9,241 to €4,210
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 | €1,696,606 | €2,278,721 | +€582,115 | +34.3% |
| Fixed assets | 21/28 | €1,280,907 | €2,048,123 | +€767,217 | +59.9% |
| Tangible fixed assets | 22/27 | €1,051,907 | €1,819,123 | +€767,217 | +72.9% |
| Land and buildings | 22 | €781,393 | €1,618,944 | +€837,552 | +107.2% |
| Furniture and vehicles | 24 | €270,514 | €200,179 | -€70,335 | -26.0% |
| Financial fixed assets | 28 | €229,000 | €229,000 | = | 0.0% |
| Current assets | 29/58 | €415,699 | €230,597 | -€185,102 | -44.5% |
| Amounts receivable within one year | 40/41 | €51,189 | €99,509 | +€48,320 | +94.4% |
| Trade receivables | 40 | €21,498 | €31,944 | +€10,446 | +48.6% |
| Other amounts receivable | 41 | €29,691 | €67,565 | +€37,874 | +127.6% |
| Cash at bank and in hand | 54/58 | €350,896 | €120,954 | -€229,942 | -65.5% |
| Deferred charges and accrued income | 490/1 | €13,615 | €10,134 | -€3,481 | -25.6% |
| Total equity and liabilities | 10/49 | €1,696,606 | €2,278,721 | +€582,115 | +34.3% |
| Equity | 10/15 | €1,652,949 | €2,040,634 | +€387,685 | +23.5% |
| Contributions | 10/11 | €900,000 | €911,958 | +€11,958 | +1.3% |
| Capital | 10 | €900,000 | €911,958 | +€11,958 | +1.3% |
| Issued capital | 100 | €900,000 | €911,958 | +€11,958 | +1.3% |
| Reserves | 13 | €710,835 | €1,080,445 | +€369,610 | +52.0% |
| Non-distributable reserves | 130/1 | €38,744 | €40,265 | +€1,521 | +3.9% |
| Legal reserve | 130 | €38,744 | €39,069 | +€325 | +0.8% |
| Reserves not available under the articles | 1311 | - | €1,196 | +€1,196 | |
| Tax-exempt reserves | 132 | - | €20,901 | +€20,901 | |
| Distributable reserves | 133 | €672,091 | €1,019,279 | +€347,188 | +51.7% |
| Profit (loss) carried forward | 14 | €42,114 | €48,231 | +€6,118 | +14.5% |
| Amounts payable | 17/49 | €43,657 | €238,086 | +€194,429 | +445.4% |
| Amounts payable within one year | 42/48 | €43,267 | €226,140 | +€182,873 | +422.7% |
| Trade debts | 44 | €7,312 | €6,701 | -€612 | -8.4% |
| Suppliers | 440/4 | €7,312 | €6,701 | -€612 | -8.4% |
| Taxes, remuneration and social security | 45 | €11,621 | €14,729 | +€3,108 | +26.7% |
| Taxes | 450/3 | €11,621 | €14,729 | +€3,108 | +26.7% |
| Other amounts payable | 47/48 | €24,334 | €204,711 | +€180,377 | +741.2% |
| Accrued charges and deferred income | 492/3 | €390 | €11,946 | +€11,556 | +2963.1% |
| Non-recurring operating income | 76A | - | €56,835 | +€56,835 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,315 | €176,193 | +€102,878 | +140.3% |
| Other operating charges | 640/8 | €4,452 | €9,993 | +€5,541 | +124.5% |
| Gross operating margin | 9900 | €109,737 | €208,804 | +€99,067 | +90.3% |
| Operating profit (loss) | 9901 | €31,971 | €22,619 | -€9,352 | -29.3% |
| Financial income | 75/76B | €769 | - | -€769 | |
| Recurring financial income | 75 | €769 | - | -€769 | |
| Financial charges | 65/66B | €215 | €11,966 | +€11,750 | +5455.6% |
| Recurring financial charges | 65 | €215 | €11,966 | +€11,750 | +5455.6% |
| Profit (loss) for the period before taxes | 9903 | €32,525 | €10,653 | -€21,872 | -67.2% |
| Income taxes | 67/77 | €9,241 | €4,210 | -€5,031 | -54.4% |
| Profit (loss) for the period | 9904 | €23,284 | €6,443 | -€16,841 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,284 | €6,443 | -€16,841 | -72.3% |
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 3 October 2026 via checked.be.