PHIL: 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.
PHIL
Largest movements
- Current investments +€437,000
new in 2025: €437,000
- Receivables within one year +€272,151
up €272,151 (+15.8%), from €1.7m to €2.0m
of which Trade receivables: +€228,962
- Cash -€262,746
down €262,746 (-19.9%), from €1.3m to €1.1m
mainly Current investments (-€437,000) and Investment in fixed assets (net) (-€381,650)
- Tangible fixed assets +€105,161
up €105,161 (+10.3%), from €1.0m to €1.1m
of which Other tangible fixed assets: +€130,324
- Trade debts +€265,106
up €265,106 (+14.2%), from €1.9m to €2.1m
- Debts after one year -€171,832
down €171,832 (-36.5%), from €470,773 to €298,941
of which Financial debts: -€171,832
- Profit (loss) carried forward +€143,565
up €143,565 (+46.6%), from €307,759 to €451,324
- Tax, wage and social debts +€136,417
up €136,417 (+66.8%), from €204,342 to €340,760
of which Taxes: +€98,468
- Accrued charges and deferred income +€117,854
up €117,854 (+385.7%), from €30,553 to €148,408
- Gross operating margin +€412,987
up €412,987 (+21.3%), from €1.9m to €2.4m
- Staff costs +€374,208
up €374,208 (+28.0%), from €1.3m to €1.7m
- Depreciation -€61,070
down €61,070 (-18.1%), from €337,560 to €276,489
- Taxes +€24,890
up €24,890 (+40.3%), from €61,692 to €86,582
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 | €4,192,799 | €4,696,559 | +€503,759 | +12.0% |
| Fixed assets | 21/28 | €1,021,078 | €1,126,239 | +€105,161 | +10.3% |
| Tangible fixed assets | 22/27 | €1,021,078 | €1,126,239 | +€105,161 | +10.3% |
| Land and buildings | 22 | €389,319 | €345,068 | -€44,251 | -11.4% |
| Plant, machinery and equipment | 23 | €193,033 | €205,071 | +€12,037 | +6.2% |
| Furniture and vehicles | 24 | €317,890 | €293,717 | -€24,172 | -7.6% |
| Leasing and similar rights | 25 | €25,115 | €56,338 | +€31,223 | +124.3% |
| Other tangible fixed assets | 26 | €95,720 | €226,044 | +€130,324 | +136.2% |
| Current assets | 29/58 | €3,171,722 | €3,570,320 | +€398,598 | +12.6% |
| Stocks and contracts in progress | 3 | €118,626 | €75,883 | -€42,743 | -36.0% |
| Stocks | 30/36 | €118,626 | €75,883 | -€42,743 | -36.0% |
| Amounts receivable within one year | 40/41 | €1,724,525 | €1,996,676 | +€272,151 | +15.8% |
| Trade receivables | 40 | €1,130,062 | €1,359,025 | +€228,962 | +20.3% |
| Other amounts receivable | 41 | €594,463 | €637,652 | +€43,189 | +7.3% |
| Current investments | 50/53 | - | €437,000 | +€437,000 | |
| Cash at bank and in hand | 54/58 | €1,323,507 | €1,060,761 | -€262,746 | -19.9% |
| Deferred charges and accrued income | 490/1 | €5,063 | - | -€5,063 | |
| Total equity and liabilities | 10/49 | €4,192,799 | €4,696,559 | +€503,759 | +12.0% |
| Equity | 10/15 | €701,758 | €838,090 | +€136,332 | +19.4% |
| Contributions | 10/11 | €324,940 | €324,940 | = | 0.0% |
| Capital | 10 | €324,940 | €324,940 | = | 0.0% |
| Issued capital | 100 | €324,940 | €324,940 | = | 0.0% |
| Reserves | 13 | €37,808 | €37,808 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,494 | €32,494 | = | 0.0% |
| Legal reserve | 130 | €32,494 | €32,494 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,314 | €5,314 | = | 0.0% |
| Profit (loss) carried forward | 14 | €307,759 | €451,324 | +€143,565 | +46.6% |
| Investment grants | 15 | €31,251 | €24,019 | -€7,233 | -23.1% |
| Provisions and deferred taxes | 16 | €10,430 | €8,622 | -€1,808 | -17.3% |
| Deferred taxes | 168 | €10,430 | €8,622 | -€1,808 | -17.3% |
| Amounts payable | 17/49 | €3,480,611 | €3,849,847 | +€369,235 | +10.6% |
| Amounts payable after more than one year | 17 | €470,773 | €298,941 | -€171,832 | -36.5% |
| Financial debts | 170/4 | €461,773 | €289,941 | -€171,832 | -37.2% |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,979,285 | €3,402,498 | +€423,212 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €226,332 | €182,015 | -€44,318 | -19.6% |
| Financial debts | 43 | €345,000 | €345,000 | = | 0.0% |
| Credit institutions | 430/8 | €345,000 | €345,000 | = | 0.0% |
| Trade debts | 44 | €1,873,217 | €2,138,323 | +€265,106 | +14.2% |
| Suppliers | 440/4 | €1,873,217 | €2,138,323 | +€265,106 | +14.2% |
| Taxes, remuneration and social security | 45 | €204,342 | €340,760 | +€136,417 | +66.8% |
| Taxes | 450/3 | €156,352 | €254,821 | +€98,468 | +63.0% |
| Remuneration and social security | 454/9 | €47,990 | €85,939 | +€37,949 | +79.1% |
| Other amounts payable | 47/48 | €330,393 | €396,400 | +€66,007 | +20.0% |
| Accrued charges and deferred income | 492/3 | €30,553 | €148,408 | +€117,854 | +385.7% |
| Remuneration, social security and pensions | 62 | €1,334,182 | €1,708,389 | +€374,208 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,560 | €276,489 | -€61,070 | -18.1% |
| Other operating charges | 640/8 | €93,094 | €108,965 | +€15,871 | +17.0% |
| Gross operating margin | 9900 | €1,941,475 | €2,354,461 | +€412,987 | +21.3% |
| Operating profit (loss) | 9901 | €176,639 | €260,617 | +€83,978 | +47.5% |
| Financial income | 75/76B | €26,468 | €12,451 | -€14,017 | -53.0% |
| Recurring financial income | 75 | €26,468 | €12,451 | -€14,017 | -53.0% |
| Financial charges | 65/66B | €49,247 | €44,730 | -€4,516 | -9.2% |
| Recurring financial charges | 65 | €49,247 | €44,730 | -€4,516 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €153,860 | €228,338 | +€74,478 | +48.4% |
| Transfer from deferred taxes | 780 | €6,361 | €1,808 | -€4,553 | -71.6% |
| Income taxes | 67/77 | €61,692 | €86,582 | +€24,890 | +40.3% |
| Profit (loss) for the period | 9904 | €98,529 | €143,565 | +€45,035 | +45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,529 | €143,565 | +€45,035 | +45.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.