PHILEFCO: 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.
PHILEFCO
Largest movements
- Stocks and contracts -€208,594
down €208,594 (-96.0%), from €217,203 to €8,609
- Tangible fixed assets +€132,955
up €132,955 (+57.7%), from €230,581 to €363,536
of which Land and buildings: +€221,365
- Cash -€22,764
down €22,764 (-25.0%), from €91,177 to €68,413
mainly Trade debts (-€255,113) and Investment in fixed assets (net) (-€164,309)
- Receivables within one year +€5,538
up €5,538 (+39.9%), from €13,884 to €19,422
of which Other amounts receivable: +€19,135
- Profit (loss) carried forward +€295,544
up €295,544, from -€289,445 to €6,099
- Trade debts -€255,113
down €255,113 (-99.5%), from €256,275 to €1,162
- Debts after one year -€83,759
no longer reported in 2025 (was €83,759)
- Tax, wage and social debts -€36,093
no longer reported in 2025 (was €36,093)
of which Remuneration and social security: -€26,927
- Current portion of long-term debt -€22,756
no longer reported in 2025 (was €22,756)
- Staff costs -€174,868
down €174,868 (-61.1%), from €286,195 to €111,327
- Gross operating margin +€123,457
up €123,457 (+35.6%), from €346,838 to €470,295
- Depreciation -€19,618
down €19,618 (-38.5%), from €50,971 to €31,354
- Other operating charges -€6,688
down €6,688 (-62.7%), from €10,670 to €3,983
- Taxes +€6,363
up €6,363 (+1482.3%), from €429 to €6,792
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 | €553,014 | €460,155 | -€92,859 | -16.8% |
| Fixed assets | 21/28 | €230,705 | €363,660 | +€132,955 | +57.6% |
| Tangible fixed assets | 22/27 | €230,581 | €363,536 | +€132,955 | +57.7% |
| Land and buildings | 22 | - | €221,365 | +€221,365 | |
| Plant, machinery and equipment | 23 | €137,975 | €94,881 | -€43,094 | -31.2% |
| Furniture and vehicles | 24 | €92,606 | €47,290 | -€45,315 | -48.9% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €322,309 | €96,494 | -€225,815 | -70.1% |
| Stocks and contracts in progress | 3 | €217,203 | €8,609 | -€208,594 | -96.0% |
| Stocks | 30/36 | €217,203 | €8,609 | -€208,594 | -96.0% |
| Amounts receivable within one year | 40/41 | €13,884 | €19,422 | +€5,538 | +39.9% |
| Trade receivables | 40 | €13,597 | - | -€13,597 | |
| Other amounts receivable | 41 | €287 | €19,422 | +€19,135 | +6662.6% |
| Cash at bank and in hand | 54/58 | €91,177 | €68,413 | -€22,764 | -25.0% |
| Deferred charges and accrued income | 490/1 | €45 | €50 | +€5 | +11.3% |
| Total equity and liabilities | 10/49 | €553,014 | €460,155 | -€92,859 | -16.8% |
| Equity | 10/15 | €23,596 | €319,139 | +€295,544 | +1252.5% |
| Contributions | 10/11 | €178,125 | €178,125 | = | 0.0% |
| Reserves | 13 | €134,915 | €134,915 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €78,665 | €78,665 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€289,445 | €6,099 | +€295,544 | |
| Amounts payable | 17/49 | €529,418 | €141,015 | -€388,403 | -73.4% |
| Amounts payable after more than one year | 17 | €83,759 | - | -€83,759 | |
| Financial debts | 170/4 | €83,759 | - | -€83,759 | |
| Amounts payable within one year | 42/48 | €445,659 | €141,015 | -€304,644 | -68.4% |
| Current portion of amounts payable after more than one year | 42 | €22,756 | - | -€22,756 | |
| Trade debts | 44 | €256,275 | €1,162 | -€255,113 | -99.5% |
| Suppliers | 440/4 | €256,275 | €1,162 | -€255,113 | -99.5% |
| Taxes, remuneration and social security | 45 | €36,093 | - | -€36,093 | |
| Taxes | 450/3 | €9,166 | - | -€9,166 | |
| Remuneration and social security | 454/9 | €26,927 | - | -€26,927 | |
| Other amounts payable | 47/48 | €130,536 | €139,853 | +€9,318 | +7.1% |
| Non-recurring operating income | 76A | €15,310 | €435,262 | +€419,952 | +2743.0% |
| Remuneration, social security and pensions | 62 | €286,195 | €111,327 | -€174,868 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,971 | €31,354 | -€19,618 | -38.5% |
| Other operating charges | 640/8 | €10,670 | €3,983 | -€6,688 | -62.7% |
| Non-recurring operating charges | 66A | - | €17,301 | +€17,301 | |
| Gross operating margin | 9900 | €346,838 | €470,295 | +€123,457 | +35.6% |
| Operating profit (loss) | 9901 | -€999 | €306,331 | +€307,330 | |
| Financial income | 75/76B | €156 | €195 | +€39 | +24.9% |
| Recurring financial income | 75 | €156 | €195 | +€39 | +24.9% |
| Financial charges | 65/66B | €7,600 | €4,191 | -€3,409 | -44.9% |
| Recurring financial charges | 65 | €7,600 | €4,191 | -€3,409 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,442 | €302,336 | +€310,778 | |
| Income taxes | 67/77 | €429 | €6,792 | +€6,363 | +1482.3% |
| Profit (loss) for the period | 9904 | -€8,871 | €295,544 | +€304,415 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,871 | €295,544 | +€304,415 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.