PHI ESTATES: 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.
PHI ESTATES
Largest movements
- Deferred charges and accrued income -€1.0m
down €1.0m (-99.0%), from €1.1m to €11,000
- Stocks and contracts +€149,212
up €149,212 (+10.8%), from €1.4m to €1.5m
- Cash +€33,980
up €33,980 (+792.4%), from €4,288 to €38,268
mainly Deferred charges and accrued income (+€1.0m) and Net result for the year (+€36,227)
- Short-term financial debts -€405,000
down €405,000 (-29.9%), from €1.4m to €950,333
- Other debts -€231,310
down €231,310 (-78.9%), from €293,327 to €62,018
- Accrued charges and deferred income -€131,456
down €131,456 (-81.0%), from €162,275 to €30,819
- Debts after one year -€100,409
down €100,409 (-23.7%), from €423,208 to €322,800
- Reserves +€36,227
up €36,227 (+22.6%), from €160,136 to €196,363
of which Distributable reserves: +€19,387
- Gross operating margin -€130,439
down €130,439 (-40.1%), from €324,973 to €194,533
- Financial charges -€96,047
down €96,047 (-41.3%), from €232,814 to €136,767
- Taxes +€6,825
up €6,825 (+137.2%), from €4,975 to €11,800
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 | €2,449,717 | €1,598,570 | -€851,148 | -34.7% |
| Fixed assets | 21/28 | €14,708 | €7,168 | -€7,540 | -51.3% |
| Tangible fixed assets | 22/27 | €14,708 | €7,168 | -€7,540 | -51.3% |
| Furniture and vehicles | 24 | €14,708 | €7,168 | -€7,540 | -51.3% |
| Current assets | 29/58 | €2,435,009 | €1,591,402 | -€843,608 | -34.6% |
| Stocks and contracts in progress | 3 | €1,380,721 | €1,529,933 | +€149,212 | +10.8% |
| Stocks | 30/36 | €1,380,721 | €1,529,933 | +€149,212 | +10.8% |
| Amounts receivable within one year | 40/41 | - | €12,200 | +€12,200 | |
| Other amounts receivable | 41 | - | €12,200 | +€12,200 | |
| Cash at bank and in hand | 54/58 | €4,288 | €38,268 | +€33,980 | +792.4% |
| Deferred charges and accrued income | 490/1 | €1,050,000 | €11,000 | -€1.0m | -99.0% |
| Total equity and liabilities | 10/49 | €2,449,717 | €1,598,570 | -€851,148 | -34.7% |
| Equity | 10/15 | €185,136 | €221,363 | +€36,227 | +19.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €160,136 | €196,363 | +€36,227 | +22.6% |
| Tax-exempt reserves | 132 | - | €16,840 | +€16,840 | |
| Distributable reserves | 133 | €160,136 | €179,523 | +€19,387 | +12.1% |
| Amounts payable | 17/49 | €2,264,581 | €1,377,206 | -€887,375 | -39.2% |
| Amounts payable after more than one year | 17 | €423,208 | €322,800 | -€100,409 | -23.7% |
| Financial debts | 170/4 | €423,208 | €322,800 | -€100,409 | -23.7% |
| Amounts payable within one year | 42/48 | €1,679,098 | €1,023,588 | -€655,510 | -39.0% |
| Financial debts | 43 | €1,355,333 | €950,333 | -€405,000 | -29.9% |
| Credit institutions | 430/8 | €1,355,333 | €950,333 | -€405,000 | -29.9% |
| Trade debts | 44 | €25,463 | €6,262 | -€19,200 | -75.4% |
| Suppliers | 440/4 | €25,463 | €6,262 | -€19,200 | -75.4% |
| Taxes, remuneration and social security | 45 | €4,975 | €4,975 | = | 0.0% |
| Taxes | 450/3 | €4,975 | €4,975 | = | 0.0% |
| Other amounts payable | 47/48 | €293,327 | €62,018 | -€231,310 | -78.9% |
| Accrued charges and deferred income | 492/3 | €162,275 | €30,819 | -€131,456 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,540 | €7,540 | = | 0.0% |
| Other operating charges | 640/8 | €1,527 | €2,242 | +€715 | +46.8% |
| Gross operating margin | 9900 | €324,973 | €194,533 | -€130,439 | -40.1% |
| Operating profit (loss) | 9901 | €315,905 | €184,751 | -€131,154 | -41.5% |
| Financial income | 75/76B | €1,702 | €42 | -€1,660 | -97.5% |
| Recurring financial income | 75 | €1,702 | €42 | -€1,660 | -97.5% |
| Financial charges | 65/66B | €232,814 | €136,767 | -€96,047 | -41.3% |
| Recurring financial charges | 65 | €232,814 | €136,767 | -€96,047 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €84,793 | €48,027 | -€36,766 | -43.4% |
| Income taxes | 67/77 | €4,975 | €11,800 | +€6,825 | +137.2% |
| Profit (loss) for the period | 9904 | €79,819 | €36,227 | -€43,591 | -54.6% |
| Transfer to tax-exempt reserves | 689 | - | €16,840 | +€16,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,819 | €19,387 | -€60,431 | -75.7% |
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 28 September 2026 via checked.be.