PHILENOR: 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.
PHILENOR
Largest movements
- Cash +€431,492
up €431,492 (+281.0%), from €153,572 to €585,065
mainly Receivables within one year (+€330,595) and Other debts (+€230,507)
- Receivables within one year -€330,595
down €330,595 (-95.9%), from €344,880 to €14,285
of which Other amounts receivable: -€255,816
- Other debts +€230,507
up €230,507 (+1505595.7%), from €15 to €230,522
- Profit (loss) carried forward -€149,161
no longer reported in 2025 (was €149,161)
- Reserves +€48,305
up €48,305 (+32.0%), from €151,069 to €199,374
of which Distributable reserves: +€48,305
- Trade debts -€43,673
no longer reported in 2025 (was €43,673)
- Tax, wage and social debts +€14,520
new in 2025: €14,520
- Write-downs -€341,477
down €341,477, from €338,184 to -€3,293
- Gross operating margin -€37,685
down €37,685 (-20.7%), from €181,920 to €144,236
- Financial charges -€15,454
down €15,454 (-85.8%), from €18,018 to €2,564
- Taxes +€14,434
new in 2025: €14,434
- Staff costs -€5,383
no longer reported in 2025 (was €5,383)
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 | €499,790 | €599,350 | +€99,560 | +19.9% |
| Fixed assets | 21/28 | €1,338 | - | -€1,338 | |
| Tangible fixed assets | 22/27 | €1,338 | - | -€1,338 | |
| Furniture and vehicles | 24 | €1,338 | - | -€1,338 | |
| Current assets | 29/58 | €498,452 | €599,350 | +€100,897 | +20.2% |
| Amounts receivable within one year | 40/41 | €344,880 | €14,285 | -€330,595 | -95.9% |
| Trade receivables | 40 | €88,916 | €14,137 | -€74,779 | -84.1% |
| Other amounts receivable | 41 | €255,964 | €148 | -€255,816 | -99.9% |
| Cash at bank and in hand | 54/58 | €153,572 | €585,065 | +€431,492 | +281.0% |
| Total equity and liabilities | 10/49 | €499,790 | €599,350 | +€99,560 | +19.9% |
| Equity | 10/15 | €455,164 | €354,308 | -€100,856 | -22.2% |
| Contributions | 10/11 | €154,933 | €154,933 | = | 0.0% |
| Capital | 10 | €154,933 | €154,933 | = | 0.0% |
| Issued capital | 100 | €154,933 | €154,933 | = | 0.0% |
| Reserves | 13 | €151,069 | €199,374 | +€48,305 | +32.0% |
| Non-distributable reserves | 130/1 | €15,493 | €15,493 | = | 0.0% |
| Legal reserve | 130 | €15,493 | €15,493 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €79,326 | €127,631 | +€48,305 | +60.9% |
| Profit (loss) carried forward | 14 | €149,161 | - | -€149,161 | |
| Amounts payable | 17/49 | €44,626 | €245,042 | +€200,416 | +449.1% |
| Amounts payable within one year | 42/48 | €43,688 | €245,042 | +€201,354 | +460.9% |
| Trade debts | 44 | €43,673 | - | -€43,673 | |
| Suppliers | 440/4 | €43,673 | - | -€43,673 | |
| Taxes, remuneration and social security | 45 | - | €14,520 | +€14,520 | |
| Taxes | 450/3 | - | €14,520 | +€14,520 | |
| Other amounts payable | 47/48 | €15 | €230,522 | +€230,507 | +1505595.7% |
| Accrued charges and deferred income | 492/3 | €938 | - | -€938 | |
| Non-recurring operating income | 76A | €17,532 | €19,043 | +€1,511 | +8.6% |
| Remuneration, social security and pensions | 62 | €5,383 | - | -€5,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €815 | - | -€815 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €338,184 | -€3,293 | -€341,477 | |
| Other operating charges | 640/8 | €2,522 | €758 | -€1,764 | -69.9% |
| Non-recurring operating charges | 66A | €170,559 | €8,763 | -€161,797 | -94.9% |
| Gross operating margin | 9900 | €181,920 | €144,236 | -€37,685 | -20.7% |
| Operating profit (loss) | 9901 | -€335,544 | €138,008 | +€473,551 | |
| Financial income | 75/76B | €10,387 | €6,621 | -€3,766 | -36.3% |
| Recurring financial income | 75 | €10,387 | €6,621 | -€3,766 | -36.3% |
| Financial charges | 65/66B | €18,018 | €2,564 | -€15,454 | -85.8% |
| Recurring financial charges | 65 | €18,018 | €2,564 | -€15,454 | -85.8% |
| Profit (loss) for the period before taxes | 9903 | -€343,174 | €142,065 | +€485,239 | |
| Income taxes | 67/77 | - | €14,434 | +€14,434 | |
| Profit (loss) for the period | 9904 | -€343,174 | €127,631 | +€470,805 | |
| Profit (loss) for the period to be appropriated | 9905 | -€343,174 | €127,631 | +€470,805 |
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 12 October 2026 via checked.be.