PHILIPPUS IMMO PROJECTS: 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
PHILIPPUS IMMO PROJECTS
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€90,886
2024 · -€45,933-€44,953
Equity
-€5,043
2024 · €85,843-€90,886
Cash
€8,093
2024 · €1,786+€6,307
Balance sheet total
€2.2m
2024 · €2.2m+€22,570
Largest movements
Assets
- Stocks and contracts +€164,464
up €164,464 (+15.3%), from €1.1m to €1.2m
- Receivables within one year -€148,159
down €148,159 (-21.5%), from €690,094 to €541,935
of which Trade receivables: -€122,442
Equity and liabilities
- Other debts +€101,065
up €101,065 (+162%), from €62,277 to €163,342
- Profit (loss) carried forward -€90,886
down €90,886, from €43,093 to -€47,793
- Short-term financial debts +€87,754
up €87,754 (+7.8%), from €1.1m to €1.2m
- Trade debts -€43,404
down €43,404 (-57.1%), from €76,071 to €32,667
Income statement
- Gross operating margin -€56,664
down €56,664, from €21,089 to -€35,575
- Write-downs -€5,783
down €5,783 (-100%), from €5,783 to €0
- Financial charges -€3,750
down €3,750 (-7.0%), from €53,886 to €50,136
- Depreciation -€3,523
down €3,523 (-18.6%), from €18,893 to €15,370
- Other operating charges +€2,004
up €2,004 (+52.0%), from €3,851 to €5,855
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
-€45,933
Gross operating margin
-€56,664
Depreciation
+€3,523
Write-downs
+€5,783
Other operating charges
-€2,004
Financial income
+€519
Financial charges
+€3,750
Taxes
+€140
Result 2025
-€90,886
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
-€61,017
Investment
€0
Financing
+€67,324
Cash 2024
€1,786
From operations (derived)
-€61,017
Net result for the year
-€90,886
Depreciation
+€15,370
Stocks and contracts
-€164,464
Receivables within one year
+€148,159
Deferred charges and accrued income
-€15,329
Trade debts
-€43,404
Tax, wage and social debts
-€9,594
Other debts
+€101,065
Accrued charges and deferred income
-€1,936
Financing
+€67,324
Debts after one year
-€17,872
Current portion of long-term debt
-€2,558
Short-term financial debts
+€87,754
Cash 2025
€8,093
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,177,838 | €2,200,408 | +€22,570 | +1.0% |
| Fixed assets | 21/28 | €359,825 | €344,455 | -€15,370 | -4.3% |
| Tangible fixed assets | 22/27 | €359,825 | €344,455 | -€15,370 | -4.3% |
| Land and buildings | 22 | €352,362 | €340,128 | -€12,234 | -3.5% |
| Plant, machinery and equipment | 23 | €2,994 | €2,207 | -€787 | -26.3% |
| Furniture and vehicles | 24 | €4,468 | €2,119 | -€2,349 | -52.6% |
| Current assets | 29/58 | €1,818,013 | €1,855,953 | +€37,939 | +2.1% |
| Stocks and contracts in progress | 3 | €1,077,281 | €1,241,745 | +€164,464 | +15.3% |
| Stocks | 30/36 | €1,077,281 | €1,241,745 | +€164,464 | +15.3% |
| Amounts receivable within one year | 40/41 | €690,094 | €541,935 | -€148,159 | -21.5% |
| Trade receivables | 40 | €148,812 | €26,370 | -€122,442 | -82.3% |
| Other amounts receivable | 41 | €541,282 | €515,565 | -€25,717 | -4.8% |
| Cash at bank and in hand | 54/58 | €1,786 | €8,093 | +€6,307 | +353% |
| Deferred charges and accrued income | 490/1 | €48,852 | €64,181 | +€15,329 | +31.4% |
| Total equity and liabilities | 10/49 | €2,177,838 | €2,200,408 | +€22,570 | +1.0% |
| Equity | 10/15 | €85,843 | -€5,043 | -€90,886 | |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €2,750 | €2,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,750 | €2,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,093 | -€47,793 | -€90,886 | |
| Amounts payable | 17/49 | €2,091,995 | €2,205,451 | +€113,456 | +5.4% |
| Amounts payable after more than one year | 17 | €794,430 | €776,558 | -€17,872 | -2.2% |
| Financial debts | 170/4 | €794,430 | €776,558 | -€17,872 | -2.2% |
| Amounts payable within one year | 42/48 | €1,288,371 | €1,421,635 | +€133,263 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €20,430 | €17,872 | -€2,558 | -12.5% |
| Financial debts | 43 | €1,120,000 | €1,207,754 | +€87,754 | +7.8% |
| Credit institutions | 430/8 | €1,120,000 | €1,207,754 | +€87,754 | +7.8% |
| Trade debts | 44 | €76,071 | €32,667 | -€43,404 | -57.1% |
| Suppliers | 440/4 | €76,071 | €32,667 | -€43,404 | -57.1% |
| Taxes, remuneration and social security | 45 | €9,594 | €0 | -€9,594 | -100% |
| Taxes | 450/3 | €9,594 | €0 | -€9,594 | -100% |
| Other amounts payable | 47/48 | €62,277 | €163,342 | +€101,065 | +162% |
| Accrued charges and deferred income | 492/3 | €9,194 | €7,258 | -€1,936 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,893 | €15,370 | -€3,523 | -18.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,783 | €0 | -€5,783 | -100% |
| Other operating charges | 640/8 | €3,851 | €5,855 | +€2,004 | +52.0% |
| Gross operating margin | 9900 | €21,089 | -€35,575 | -€56,664 | |
| Operating profit (loss) | 9901 | -€7,438 | -€56,800 | -€49,362 | -664% |
| Financial income | 75/76B | €15,531 | €16,050 | +€519 | +3.3% |
| Recurring financial income | 75 | €15,531 | €16,050 | +€519 | +3.3% |
| Financial charges | 65/66B | €53,886 | €50,136 | -€3,750 | -7.0% |
| Recurring financial charges | 65 | €53,886 | €50,136 | -€3,750 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€45,793 | -€90,886 | -€45,093 | -98.5% |
| Income taxes | 67/77 | €140 | €0 | -€140 | -100% |
| Profit (loss) for the period | 9904 | -€45,933 | -€90,886 | -€44,953 | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,933 | -€90,886 | -€44,953 | -97.9% |
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 23 October 2026 via checked.be.