PHILIBERT: 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.
PHILIBERT
Largest movements
- Cash -€180,740
down €180,740 (-61.1%), from €295,583 to €114,843
mainly Short-term financial debts (-€214,234) and Contributions, distributions and other (-€93,369)
- Receivables within one year -€44,807
down €44,807 (-11.7%), from €381,810 to €337,003
of which Trade receivables: -€46,202
- Current investments +€36,924
up €36,924 (+51.7%), from €71,414 to €108,338
- Tangible fixed assets -€32,272
down €32,272 (-4.3%), from €748,473 to €716,200
of which Land and buildings: -€29,391
- Stocks and contracts +€30,192
up €30,192 (+9.0%), from €334,073 to €364,265
- Short-term financial debts -€214,234
down €214,234 (-83.7%), from €255,870 to €41,637
of which Credit institutions: -€207,101
- Reserves +€161,609
up €161,609 (+15.8%), from €1.0m to €1.2m
of which Distributable reserves: +€161,609
- Other debts -€91,309
down €91,309 (-50.1%), from €182,076 to €90,767
- Debts after one year -€35,283
down €35,283 (-26.0%), from €135,572 to €100,289
- Gross operating margin +€94,834
up €94,834 (+13.7%), from €690,124 to €784,958
- Staff costs +€55,073
up €55,073 (+20.8%), from €265,009 to €320,082
- Financial income -€48,950
down €48,950 (-80.6%), from €60,718 to €11,768
of which Financial income: -€41,033
- Depreciation +€21,172
up €21,172 (+37.4%), from €56,601 to €77,772
- Financial charges -€15,134
down €15,134 (-49.6%), from €30,533 to €15,399
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 | €1,833,210 | €1,642,920 | -€190,290 | -10.4% |
| Fixed assets | 21/28 | €749,373 | €717,100 | -€32,272 | -4.3% |
| Tangible fixed assets | 22/27 | €748,473 | €716,200 | -€32,272 | -4.3% |
| Land and buildings | 22 | €581,090 | €551,699 | -€29,391 | -5.1% |
| Plant, machinery and equipment | 23 | €75,680 | €56,701 | -€18,980 | -25.1% |
| Furniture and vehicles | 24 | €91,702 | €107,800 | +€16,098 | +17.6% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €1,083,837 | €925,819 | -€158,018 | -14.6% |
| Stocks and contracts in progress | 3 | €334,073 | €364,265 | +€30,192 | +9.0% |
| Stocks | 30/36 | €334,073 | €364,265 | +€30,192 | +9.0% |
| Amounts receivable within one year | 40/41 | €381,810 | €337,003 | -€44,807 | -11.7% |
| Trade receivables | 40 | €375,783 | €329,581 | -€46,202 | -12.3% |
| Other amounts receivable | 41 | €6,028 | €7,422 | +€1,394 | +23.1% |
| Current investments | 50/53 | €71,414 | €108,338 | +€36,924 | +51.7% |
| Cash at bank and in hand | 54/58 | €295,583 | €114,843 | -€180,740 | -61.1% |
| Deferred charges and accrued income | 490/1 | €957 | €1,371 | +€414 | +43.3% |
| Total equity and liabilities | 10/49 | €1,833,210 | €1,642,920 | -€190,290 | -10.4% |
| Equity | 10/15 | €1,106,645 | €1,268,254 | +€161,609 | +14.6% |
| Contributions | 10/11 | €87,000 | €87,000 | = | 0.0% |
| Reserves | 13 | €1,019,645 | €1,181,254 | +€161,609 | +15.8% |
| Tax-exempt reserves | 132 | €19,069 | €19,069 | = | 0.0% |
| Distributable reserves | 133 | €1,000,576 | €1,162,185 | +€161,609 | +16.2% |
| Amounts payable | 17/49 | €726,565 | €374,666 | -€351,899 | -48.4% |
| Amounts payable after more than one year | 17 | €135,572 | €100,289 | -€35,283 | -26.0% |
| Financial debts | 170/4 | €135,572 | €100,289 | -€35,283 | -26.0% |
| Amounts payable within one year | 42/48 | €580,852 | €274,377 | -€306,475 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €63,346 | €71,052 | +€7,706 | +12.2% |
| Financial debts | 43 | €255,870 | €41,637 | -€214,234 | -83.7% |
| Credit institutions | 430/8 | €248,738 | €41,637 | -€207,101 | -83.3% |
| Other loans | 439 | €7,133 | - | -€7,133 | |
| Trade debts | 44 | €30,234 | €14,092 | -€16,142 | -53.4% |
| Suppliers | 440/4 | €30,234 | €14,092 | -€16,142 | -53.4% |
| Taxes, remuneration and social security | 45 | €49,325 | €56,829 | +€7,504 | +15.2% |
| Taxes | 450/3 | €31,277 | €34,737 | +€3,460 | +11.1% |
| Remuneration and social security | 454/9 | €18,048 | €22,091 | +€4,043 | +22.4% |
| Other amounts payable | 47/48 | €182,076 | €90,767 | -€91,309 | -50.1% |
| Accrued charges and deferred income | 492/3 | €10,140 | - | -€10,140 | |
| Non-recurring operating income | 76A | €20,188 | - | -€20,188 | |
| Remuneration, social security and pensions | 62 | €265,009 | €320,082 | +€55,073 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,601 | €77,772 | +€21,172 | +37.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,874 | €574 | -€5,301 | -90.2% |
| Other operating charges | 640/8 | €8,822 | €10,716 | +€1,895 | +21.5% |
| Non-recurring operating charges | 66A | €15,011 | - | -€15,011 | |
| Gross operating margin | 9900 | €690,124 | €784,958 | +€94,834 | +13.7% |
| Operating profit (loss) | 9901 | €338,807 | €375,814 | +€37,007 | +10.9% |
| Financial income | 75/76B | €60,718 | €11,768 | -€48,950 | -80.6% |
| Recurring financial income | 75 | €52,801 | €11,768 | -€41,033 | -77.7% |
| Non-recurring financial income | 76B | €7,917 | - | -€7,917 | |
| Financial charges | 65/66B | €30,533 | €15,399 | -€15,134 | -49.6% |
| Recurring financial charges | 65 | €30,533 | €15,399 | -€15,134 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €368,992 | €372,183 | +€3,191 | +0.9% |
| Income taxes | 67/77 | €111,557 | €117,205 | +€5,648 | +5.1% |
| Profit (loss) for the period | 9904 | €257,435 | €254,978 | -€2,457 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €257,435 | €254,978 | -€2,457 | -1.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.