PHIL PROTECTION: 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 PROTECTION
Largest movements
- Receivables within one year +€28,547
up €28,547 (+29.6%), from €96,431 to €124,978
of which Trade receivables: +€18,376
- Cash +€2,083
up €2,083 (+2,370%), from €88 to €2,171
mainly Tax, wage and social debts (+€15,232) and Net result for the year (+€12,369)
- Tax, wage and social debts +€15,232
up €15,232 (+42.2%), from €36,130 to €51,362
- Reserves +€12,369
up €12,369 (+15.5%), from €79,637 to €92,006
of which Distributable reserves: +€12,369
- Accrued charges and deferred income +€4,017
new in 2025: €4,017
- Debts after one year -€2,005
down €2,005 (-30.4%), from €6,589 to €4,585
- Gross operating margin -€8,749
down €8,749 (-28.7%), from €30,438 to €21,690
- Financial charges +€4,783
up €4,783 (+276%), from €1,734 to €6,517
- Taxes -€3,810
down €3,810 (-39.0%), from €9,776 to €5,966
- Other operating charges -€2,253
down €2,253 (-89.3%), from €2,524 to €271
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.
Derived cash bridge
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 | €167,894 | €197,926 | +€30,032 | +17.9% |
| Fixed assets | 21/28 | €779 | €0 | -€779 | -100% |
| Tangible fixed assets | 22/27 | €779 | €0 | -€779 | -100% |
| Furniture and vehicles | 24 | €779 | €0 | -€779 | -100% |
| Current assets | 29/58 | €167,115 | €197,926 | +€30,811 | +18.4% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €96,431 | €124,978 | +€28,547 | +29.6% |
| Trade receivables | 40 | €25,069 | €43,445 | +€18,376 | +73.3% |
| Other amounts receivable | 41 | €71,363 | €81,533 | +€10,171 | +14.3% |
| Cash at bank and in hand | 54/58 | €88 | €2,171 | +€2,083 | +2,370% |
| Deferred charges and accrued income | 490/1 | €596 | €777 | +€182 | +30.5% |
| Total equity and liabilities | 10/49 | €167,894 | €197,926 | +€30,032 | +17.9% |
| Equity | 10/15 | €85,837 | €98,206 | +€12,369 | +14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €79,637 | €92,006 | +€12,369 | +15.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €77,777 | €90,146 | +€12,369 | +15.9% |
| Amounts payable | 17/49 | €82,057 | €99,720 | +€17,663 | +21.5% |
| Amounts payable after more than one year | 17 | €6,589 | €4,585 | -€2,005 | -30.4% |
| Financial debts | 170/4 | €6,589 | €4,585 | -€2,005 | -30.4% |
| Amounts payable within one year | 42/48 | €75,468 | €91,119 | +€15,651 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €3,460 | €2,349 | -€1,112 | -32.1% |
| Financial debts | 43 | €2,629 | €4,424 | +€1,795 | +68.3% |
| Credit institutions | 430/8 | €2,629 | €4,424 | +€1,795 | +68.3% |
| Trade debts | 44 | €33,249 | €32,984 | -€265 | -0.8% |
| Suppliers | 440/4 | €33,249 | €32,984 | -€265 | -0.8% |
| Taxes, remuneration and social security | 45 | €36,130 | €51,362 | +€15,232 | +42.2% |
| Taxes | 450/3 | €36,130 | €51,362 | +€15,232 | +42.2% |
| Accrued charges and deferred income | 492/3 | - | €4,017 | +€4,017 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €942 | €779 | -€162 | -17.2% |
| Other operating charges | 640/8 | €2,524 | €271 | -€2,253 | -89.3% |
| Gross operating margin | 9900 | €30,438 | €21,690 | -€8,749 | -28.7% |
| Operating profit (loss) | 9901 | €26,973 | €20,639 | -€6,334 | -23.5% |
| Financial income | 75/76B | €3,912 | €4,212 | +€300 | +7.7% |
| Recurring financial income | 75 | €3,912 | €4,212 | +€300 | +7.7% |
| Financial charges | 65/66B | €1,734 | €6,517 | +€4,783 | +276% |
| Recurring financial charges | 65 | €1,734 | €6,517 | +€4,783 | +276% |
| Profit (loss) for the period before taxes | 9903 | €29,150 | €18,334 | -€10,816 | -37.1% |
| Income taxes | 67/77 | €9,776 | €5,966 | -€3,810 | -39.0% |
| Profit (loss) for the period | 9904 | €19,375 | €12,369 | -€7,006 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,375 | €12,369 | -€7,006 | -36.2% |
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 26 October 2026 via checked.be.