PHILEMAR: 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.
PHILEMAR
Largest movements
- Financial fixed assets +€630,282
new in 2025: €630,282
- Cash -€121,182
down €121,182 (-53.4%), from €226,833 to €105,652
mainly Investment in fixed assets (net) (-€637,197) and Debts after one year (-€45,202)
- Tangible fixed assets -€35,953
down €35,953 (-2.7%), from €1.3m to €1.3m
- Short-term financial debts +€460,000
new in 2025: €460,000
- Other debts +€121,755
up €121,755 (+22.9%), from €532,628 to €654,383
- Debts after one year -€45,202
down €45,202 (-16.6%), from €271,484 to €226,282
- Profit (loss) carried forward -€35,780
down €35,780 (-24.0%), from €149,223 to €113,443
- Gross operating margin +€4,887
up €4,887, from -€4,088 to €798
- Other operating charges -€1,171
down €1,171 (-31.4%), from €3,730 to €2,560
- Depreciation +€828
up €828 (+2.0%), from €42,039 to €42,868
- Financial charges +€54
up €54 (+1.4%), from €3,765 to €3,818
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 | €1,553,095 | €2,025,400 | +€472,305 | +30.4% |
| Fixed assets | 21/28 | €1,324,343 | €1,918,672 | +€594,329 | +44.9% |
| Tangible fixed assets | 22/27 | €1,324,343 | €1,288,390 | -€35,953 | -2.7% |
| Land and buildings | 22 | €1,324,343 | €1,288,390 | -€35,953 | -2.7% |
| Financial fixed assets | 28 | - | €630,282 | +€630,282 | |
| Current assets | 29/58 | €228,753 | €106,728 | -€122,024 | -53.3% |
| Amounts receivable within one year | 40/41 | €1,264 | €0 | -€1,264 | -100.0% |
| Trade receivables | 40 | €1,264 | €0 | -€1,264 | -100.0% |
| Cash at bank and in hand | 54/58 | €226,833 | €105,652 | -€121,182 | -53.4% |
| Deferred charges and accrued income | 490/1 | €655 | €1,077 | +€422 | +64.4% |
| Total equity and liabilities | 10/49 | €1,553,095 | €2,025,400 | +€472,305 | +30.4% |
| Equity | 10/15 | €584,781 | €540,466 | -€44,316 | -7.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €235,559 | €227,023 | -€8,536 | -3.6% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €215,559 | €207,023 | -€8,536 | -4.0% |
| Profit (loss) carried forward | 14 | €149,223 | €113,443 | -€35,780 | -24.0% |
| Provisions and deferred taxes | 16 | €101,507 | €97,375 | -€4,132 | -4.1% |
| Deferred taxes | 168 | €101,507 | €97,375 | -€4,132 | -4.1% |
| Amounts payable | 17/49 | €866,807 | €1,387,560 | +€520,752 | +60.1% |
| Amounts payable after more than one year | 17 | €271,484 | €226,282 | -€45,202 | -16.6% |
| Financial debts | 170/4 | €271,484 | €226,282 | -€45,202 | -16.6% |
| Amounts payable within one year | 42/48 | €592,305 | €1,159,585 | +€567,280 | +95.8% |
| Current portion of amounts payable after more than one year | 42 | €44,727 | €45,202 | +€475 | +1.1% |
| Financial debts | 43 | - | €460,000 | +€460,000 | |
| Credit institutions | 430/8 | - | €460,000 | +€460,000 | |
| Trade debts | 44 | €2,345 | €0 | -€2,345 | -100.0% |
| Suppliers | 440/4 | €2,345 | €0 | -€2,345 | -100.0% |
| Taxes, remuneration and social security | 45 | €12,604 | €0 | -€12,604 | -100.0% |
| Taxes | 450/3 | €12,604 | €0 | -€12,604 | -100.0% |
| Other amounts payable | 47/48 | €532,628 | €654,383 | +€121,755 | +22.9% |
| Accrued charges and deferred income | 492/3 | €3,019 | €1,693 | -€1,326 | -43.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,039 | €42,868 | +€828 | +2.0% |
| Other operating charges | 640/8 | €3,730 | €2,560 | -€1,171 | -31.4% |
| Gross operating margin | 9900 | -€4,088 | €798 | +€4,887 | |
| Operating profit (loss) | 9901 | -€49,858 | -€44,629 | +€5,229 | +10.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,765 | €3,818 | +€54 | +1.4% |
| Recurring financial charges | 65 | €3,765 | €3,818 | +€54 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€53,622 | -€48,447 | +€5,175 | +9.7% |
| Transfer from deferred taxes | 780 | €4,132 | €4,132 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€49,491 | -€44,316 | +€5,175 | +10.5% |
| Transfer from tax-exempt reserves | 789 | €8,536 | €8,536 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,955 | -€35,780 | +€5,175 | +12.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.