PHIL LAW: 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.
PHIL LAW
Largest movements
- Receivables within one year +€77,716
up €77,716 (+15.8%), from €492,753 to €570,470
of which Other amounts receivable: +€77,863
- Other debts +€195,341
up €195,341 (+364%), from €53,706 to €249,047
- Reserves -€141,520
down €141,520 (-25.9%), from €545,886 to €404,366
- Tax, wage and social debts +€19,708
up €19,708 (+39.2%), from €50,304 to €70,013
- Gross operating margin -€52,138
down €52,138 (-20.1%), from €259,102 to €206,964
- Taxes -€15,524
down €15,524 (-21.8%), from €71,282 to €55,757
- Depreciation +€9,150
up €9,150 (+72.4%), from €12,642 to €21,792
- Other operating charges -€2,630
down €2,630 (-66.6%), from €3,949 to €1,318
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €710,840 | €791,153 | +€80,313 | +11.3% |
| Fixed assets | 21/28 | €188,915 | €188,673 | -€242 | -0.1% |
| Tangible fixed assets | 22/27 | €88,915 | €88,673 | -€242 | -0.3% |
| Furniture and vehicles | 24 | €68,118 | €56,530 | -€11,588 | -17.0% |
| Other tangible fixed assets | 26 | €20,796 | €32,143 | +€11,346 | +54.6% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €521,925 | €602,480 | +€80,555 | +15.4% |
| Amounts receivable within one year | 40/41 | €492,753 | €570,470 | +€77,716 | +15.8% |
| Trade receivables | 40 | €66,250 | €66,103 | -€147 | -0.2% |
| Other amounts receivable | 41 | €426,503 | €504,367 | +€77,863 | +18.3% |
| Cash at bank and in hand | 54/58 | €28,504 | €29,973 | +€1,469 | +5.2% |
| Deferred charges and accrued income | 490/1 | €668 | €2,037 | +€1,369 | +205% |
| Total equity and liabilities | 10/49 | €710,840 | €791,153 | +€80,313 | +11.3% |
| Equity | 10/15 | €564,486 | €422,967 | -€141,520 | -25.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €545,886 | €404,366 | -€141,520 | -25.9% |
| Distributable reserves | 133 | €545,886 | €404,366 | -€141,520 | -25.9% |
| Profit (loss) carried forward | 14 | €0 | €1 | +€0 | +4.2% |
| Amounts payable | 17/49 | €146,354 | €368,187 | +€221,833 | +152% |
| Amounts payable after more than one year | 17 | €32,956 | €36,446 | +€3,490 | +10.6% |
| Financial debts | 170/4 | €32,956 | €36,446 | +€3,490 | +10.6% |
| Amounts payable within one year | 42/48 | €113,398 | €331,741 | +€218,343 | +193% |
| Current portion of amounts payable after more than one year | 42 | €9,135 | €12,557 | +€3,422 | +37.5% |
| Trade debts | 44 | €252 | €124 | -€128 | -50.8% |
| Suppliers | 440/4 | €252 | €124 | -€128 | -50.8% |
| Taxes, remuneration and social security | 45 | €50,304 | €70,013 | +€19,708 | +39.2% |
| Taxes | 450/3 | €50,304 | €70,013 | +€19,708 | +39.2% |
| Other amounts payable | 47/48 | €53,706 | €249,047 | +€195,341 | +364% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,642 | €21,792 | +€9,150 | +72.4% |
| Other operating charges | 640/8 | €3,949 | €1,318 | -€2,630 | -66.6% |
| Gross operating margin | 9900 | €259,102 | €206,964 | -€52,138 | -20.1% |
| Operating profit (loss) | 9901 | €242,511 | €183,854 | -€58,658 | -24.2% |
| Financial income | 75/76B | €32 | €45 | +€13 | +41.0% |
| Recurring financial income | 75 | €32 | €45 | +€13 | +41.0% |
| Financial charges | 65/66B | €2,315 | €3,091 | +€776 | +33.5% |
| Recurring financial charges | 65 | €2,315 | €1,956 | -€360 | -15.5% |
| Non-recurring financial charges | 66B | - | €1,135 | +€1,135 | |
| Profit (loss) for the period before taxes | 9903 | €240,228 | €180,807 | -€59,420 | -24.7% |
| Income taxes | 67/77 | €71,282 | €55,757 | -€15,524 | -21.8% |
| Profit (loss) for the period | 9904 | €168,946 | €125,050 | -€43,896 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €168,946 | €125,050 | -€43,896 | -26.0% |
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 30 October 2026 via checked.be.