Philco: 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.
What changed
Philco
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€245,329
2024 · €259,778-€14,449
Equity
€1.6m
2024 · €1.4m+€244,496
Cash
€217,252
2024 · €334,857-€117,604
Balance sheet total
€6.7m
2024 · €6.8m-€125,272
Largest movements
Assets
- Cash -€117,604
down €117,604 (-35.1%), from €334,857 to €217,252
mainly Debts after one year (-€274,418) and Other debts (-€132,162)
Equity and liabilities
- Debts after one year -€274,418
down €274,418 (-5.7%), from €4.8m to €4.5m
- Reserves +€244,496
up €244,496 (+18.3%), from €1.3m to €1.6m
of which Distributable reserves: +€202,396
- Other debts -€132,162
down €132,162 (-33.1%), from €399,041 to €266,879
Income statement
- Gross operating margin -€14,363
down €14,363 (-3.1%), from €456,371 to €442,008
- Financial charges +€6,395
up €6,395 (+6.2%), from €102,430 to €108,825
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.
Result 2024
€259,778
Gross operating margin
-€14,363
Depreciation
+€2,284
Other operating charges
+€145
Financial income
+€173
Financial charges
-€6,395
Taxes
+€3,707
Result 2025
€245,329
raises the resultlowers the result
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.
From operations
+€170,702
Investment
-€20,000
Financing
-€268,306
Cash 2024
€334,857
From operations (derived)
+€170,702
Net result for the year
+€245,329
Depreciation
+€4,631
Receivables within one year
+€23,912
Deferred charges and accrued income
-€875
Trade debts
-€5,215
Tax, wage and social debts
-€2,304
Other debts
-€132,162
Accrued charges and deferred income
+€37,387
Investment (derived)
-€20,000
Investment in fixed assets (net)
-€20,000
Financing
-€268,306
Debts after one year
-€274,418
Current portion of long-term debt
+€6,945
Contributions, distributions and other
-€833
Cash 2025
€217,252
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,781,486 | €6,656,214 | -€125,272 | -1.8% |
| Fixed assets | 21/28 | €6,191,387 | €6,206,756 | +€15,369 | +0.2% |
| Tangible fixed assets | 22/27 | €76,849 | €92,218 | +€15,369 | +20.0% |
| Land and buildings | 22 | €61,071 | €60,210 | -€860 | -1.4% |
| Furniture and vehicles | 24 | €4,387 | €1,248 | -€3,138 | -71.5% |
| Other tangible fixed assets | 26 | €11,392 | €30,759 | +€19,368 | +170% |
| Financial fixed assets | 28 | €6,114,538 | €6,114,538 | = | 0.0% |
| Current assets | 29/58 | €590,099 | €449,458 | -€140,641 | -23.8% |
| Amounts receivable within one year | 40/41 | €128,437 | €104,526 | -€23,912 | -18.6% |
| Trade receivables | 40 | €128,437 | €99,022 | -€29,416 | -22.9% |
| Other amounts receivable | 41 | - | €5,504 | +€5,504 | |
| Current investments | 50/53 | €124,339 | €124,339 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €334,857 | €217,252 | -€117,604 | -35.1% |
| Deferred charges and accrued income | 490/1 | €2,466 | €3,340 | +€875 | +35.5% |
| Total equity and liabilities | 10/49 | €6,781,486 | €6,656,214 | -€125,272 | -1.8% |
| Equity | 10/15 | €1,353,884 | €1,598,380 | +€244,496 | +18.1% |
| Contributions | 10/11 | €20,666 | €20,666 | = | 0.0% |
| Reserves | 13 | €1,333,218 | €1,577,714 | +€244,496 | +18.3% |
| Non-distributable reserves | 130/1 | €124,339 | €124,339 | = | 0.0% |
| Own shares acquired | 1312 | €124,339 | €124,339 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,904 | €129,004 | +€42,100 | +48.4% |
| Distributable reserves | 133 | €1,121,975 | €1,324,370 | +€202,396 | +18.0% |
| Amounts payable | 17/49 | €5,427,602 | €5,057,834 | -€369,767 | -6.8% |
| Amounts payable after more than one year | 17 | €4,791,647 | €4,517,229 | -€274,418 | -5.7% |
| Financial debts | 170/4 | €4,791,647 | €4,517,229 | -€274,418 | -5.7% |
| Amounts payable within one year | 42/48 | €631,946 | €499,210 | -€132,736 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €218,927 | €225,871 | +€6,945 | +3.2% |
| Trade debts | 44 | €5,793 | €578 | -€5,215 | -90.0% |
| Suppliers | 440/4 | €5,793 | €578 | -€5,215 | -90.0% |
| Taxes, remuneration and social security | 45 | €8,185 | €5,882 | -€2,304 | -28.1% |
| Taxes | 450/3 | €5,220 | €2,917 | -€2,304 | -44.1% |
| Remuneration and social security | 454/9 | €2,965 | €2,965 | = | 0.0% |
| Other amounts payable | 47/48 | €399,041 | €266,879 | -€132,162 | -33.1% |
| Accrued charges and deferred income | 492/3 | €4,009 | €41,396 | +€37,387 | +933% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,915 | €4,631 | -€2,284 | -33.0% |
| Other operating charges | 640/8 | €1,754 | €1,609 | -€145 | -8.2% |
| Gross operating margin | 9900 | €456,371 | €442,008 | -€14,363 | -3.1% |
| Operating profit (loss) | 9901 | €447,703 | €435,768 | -€11,935 | -2.7% |
| Financial income | 75/76B | €1,184 | €1,357 | +€173 | +14.6% |
| Recurring financial income | 75 | €1,184 | €1,357 | +€173 | +14.6% |
| Financial charges | 65/66B | €102,430 | €108,825 | +€6,395 | +6.2% |
| Recurring financial charges | 65 | €102,430 | €108,825 | +€6,395 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €346,457 | €328,300 | -€18,156 | -5.2% |
| Income taxes | 67/77 | €86,679 | €82,972 | -€3,707 | -4.3% |
| Profit (loss) for the period | 9904 | €259,778 | €245,329 | -€14,449 | -5.6% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,678 | €203,229 | -€14,449 | -6.6% |
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 24 October 2026 via checked.be.