PHILISPAN: 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.
What changed
PHILISPAN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€24,650
2024 · €20,997+€3,654
Equity
€125,322
2024 · €102,183+€23,139
Cash
€3,514
2024 · €2,892+€622
Balance sheet total
€1.1m
2024 · €1.1m-€56,171
Largest movements
Assets
- Tangible fixed assets -€54,498
down €54,498 (-4.9%), from €1.1m to €1.0m
of which Leasing and similar rights: -€51,055
Equity and liabilities
- Debts after one year -€82,290
down €82,290 (-9.0%), from €917,783 to €835,493
of which Financial debts: -€82,290
- Profit (loss) carried forward +€24,650
up €24,650 (+43.2%), from -€57,004 to -€32,354
Income statement
- Gross operating margin +€2,394
up €2,394 (+2.2%), from €107,453 to €109,847
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
€20,997
Gross operating margin
+€2,394
Depreciation
+€790
Other operating charges
-€286
Financial income
+€104
Financial charges
+€653
Taxes
-€1
Result 2025
€24,650
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.
From operations
+€94,128
Investment
-€3,479
Financing
-€90,027
Cash 2024
€2,892
From operations (derived)
+€94,128
Net result for the year
+€24,650
Depreciation
+€57,977
Receivables within one year
+€2,298
Smaller working-capital items
-€89
Trade debts
+€8,583
Tax, wage and social debts
+€709
Investment (derived)
-€3,479
Investment in fixed assets (net)
-€3,479
Financing
-€90,027
Debts after one year
-€82,290
Current portion of long-term debt
+€1,701
Short-term financial debts
-€7,927
Contributions, distributions and other
-€1,511
Cash 2025
€3,514
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,114,066 | €1,057,895 | -€56,171 | -5.0% |
| Fixed assets | 21/28 | €1,103,121 | €1,048,622 | -€54,498 | -4.9% |
| Tangible fixed assets | 22/27 | €1,103,121 | €1,048,622 | -€54,498 | -4.9% |
| Plant, machinery and equipment | 23 | €14,935 | €11,492 | -€3,443 | -23.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €1,088,186 | €1,037,131 | -€51,055 | -4.7% |
| Current assets | 29/58 | €10,945 | €9,273 | -€1,672 | -15.3% |
| Amounts receivable within one year | 40/41 | €7,424 | €5,126 | -€2,298 | -31.0% |
| Trade receivables | 40 | €7,391 | €0 | -€7,391 | -100.0% |
| Other amounts receivable | 41 | €32 | €5,126 | +€5,093 | +15691.0% |
| Cash at bank and in hand | 54/58 | €2,892 | €3,514 | +€622 | +21.5% |
| Deferred charges and accrued income | 490/1 | €630 | €633 | +€3 | +0.5% |
| Total equity and liabilities | 10/49 | €1,114,066 | €1,057,895 | -€56,171 | -5.0% |
| Equity | 10/15 | €102,183 | €125,322 | +€23,139 | +22.6% |
| Contributions | 10/11 | €142,200 | €142,200 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Tax-exempt reserves | 132 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,004 | -€32,354 | +€24,650 | +43.2% |
| Investment grants | 15 | €16,487 | €14,976 | -€1,511 | -9.2% |
| Amounts payable | 17/49 | €1,011,883 | €932,573 | -€79,310 | -7.8% |
| Amounts payable after more than one year | 17 | €917,783 | €835,493 | -€82,290 | -9.0% |
| Financial debts | 170/4 | €853,016 | €770,726 | -€82,290 | -9.6% |
| Other amounts payable | 178/9 | €64,767 | €64,767 | = | 0.0% |
| Amounts payable within one year | 42/48 | €93,745 | €96,810 | +€3,065 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €80,589 | €82,290 | +€1,701 | +2.1% |
| Financial debts | 43 | €7,927 | €0 | -€7,927 | -100.0% |
| Credit institutions | 430/8 | €7,927 | €0 | -€7,927 | -100.0% |
| Trade debts | 44 | €4,257 | €12,840 | +€8,583 | +201.6% |
| Suppliers | 440/4 | €4,257 | €12,840 | +€8,583 | +201.6% |
| Taxes, remuneration and social security | 45 | €971 | €1,680 | +€709 | +73.1% |
| Taxes | 450/3 | €271 | €280 | +€9 | +3.5% |
| Remuneration and social security | 454/9 | €700 | €1,400 | +€700 | +100.0% |
| Accrued charges and deferred income | 492/3 | €355 | €269 | -€86 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,767 | €57,977 | -€790 | -1.3% |
| Other operating charges | 640/8 | €1,388 | €1,674 | +€286 | +20.6% |
| Gross operating margin | 9900 | €107,453 | €109,847 | +€2,394 | +2.2% |
| Operating profit (loss) | 9901 | €47,298 | €50,196 | +€2,898 | +6.1% |
| Financial income | 75/76B | €1,511 | €1,615 | +€104 | +6.9% |
| Recurring financial income | 75 | €1,511 | €1,615 | +€104 | +6.9% |
| Financial charges | 65/66B | €27,673 | €27,020 | -€653 | -2.4% |
| Recurring financial charges | 65 | €27,673 | €27,020 | -€653 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €21,136 | €24,791 | +€3,655 | +17.3% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €20,997 | €24,650 | +€3,654 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,997 | €24,650 | +€3,654 | +17.4% |
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 8 October 2026 via checked.be.