PHILOBEL: 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.
PHILOBEL
Largest movements
- Tangible fixed assets -€420,368
down €420,368 (-11.3%), from €3.7m to €3.3m
- Cash +€332,652
up €332,652 (+1,617%), from €20,575 to €353,228
mainly Investment in fixed assets (net) (+€212,633) and Depreciation (+€208,207)
- Receivables within one year +€283,068
up €283,068 (+486%), from €58,247 to €341,314
of which Trade receivables: +€220,486
- Current portion of long-term debt +€198,849
new in 2025: €198,849
- Other debts -€52,551
down €52,551 (-86.2%), from €60,951 to €8,400
- Gross operating margin +€310,950
up €310,950 (+629%), from €49,404 to €360,354
- Financial charges +€35,981
up €35,981 (+37.4%), from €96,119 to €132,100
- Depreciation +€32,258
up €32,258 (+18.3%), from €175,950 to €208,207
- Other operating charges +€8,889
up €8,889 (+309%), from €2,873 to €11,763
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,828,646 | €4,000,719 | +€172,073 | +4.5% |
| Formation expenses | 20 | €1,644 | €1,172 | -€472 | -28.7% |
| Fixed assets | 21/28 | €3,719,430 | €3,299,062 | -€420,368 | -11.3% |
| Tangible fixed assets | 22/27 | €3,719,430 | €3,299,062 | -€420,368 | -11.3% |
| Land and buildings | 22 | €3,719,430 | €3,299,062 | -€420,368 | -11.3% |
| Current assets | 29/58 | €107,572 | €700,485 | +€592,913 | +551% |
| Amounts receivable within one year | 40/41 | €58,247 | €341,314 | +€283,068 | +486% |
| Trade receivables | 40 | - | €220,486 | +€220,486 | |
| Other amounts receivable | 41 | €58,247 | €120,829 | +€62,582 | +107% |
| Cash at bank and in hand | 54/58 | €20,575 | €353,228 | +€332,652 | +1,617% |
| Deferred charges and accrued income | 490/1 | €28,750 | €5,943 | -€22,807 | -79.3% |
| Total equity and liabilities | 10/49 | €3,828,646 | €4,000,719 | +€172,073 | +4.5% |
| Equity | 10/15 | €249,461 | €257,745 | +€8,283 | +3.3% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Capital | 10 | €475,000 | €475,000 | = | 0.0% |
| Issued capital | 100 | €475,000 | €475,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€225,539 | -€217,255 | +€8,283 | +3.7% |
| Amounts payable | 17/49 | €3,579,185 | €3,742,974 | +€163,789 | +4.6% |
| Amounts payable after more than one year | 17 | €3,248,363 | €3,259,884 | +€11,521 | +0.4% |
| Financial debts | 170/4 | €3,248,363 | €3,259,884 | +€11,521 | +0.4% |
| Amounts payable within one year | 42/48 | €330,822 | €483,090 | +€152,269 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | - | €198,849 | +€198,849 | |
| Trade debts | 44 | €269,870 | €270,298 | +€427 | +0.2% |
| Suppliers | 440/4 | €269,870 | €270,298 | +€427 | +0.2% |
| Taxes, remuneration and social security | 45 | - | €5,544 | +€5,544 | |
| Taxes | 450/3 | - | €5,544 | +€5,544 | |
| Other amounts payable | 47/48 | €60,951 | €8,400 | -€52,551 | -86.2% |
| Non-recurring operating income | 76A | - | €7,853 | +€7,853 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,950 | €208,207 | +€32,258 | +18.3% |
| Other operating charges | 640/8 | €2,873 | €11,763 | +€8,889 | +309% |
| Gross operating margin | 9900 | €49,404 | €360,354 | +€310,950 | +629% |
| Operating profit (loss) | 9901 | -€129,419 | €140,384 | +€269,803 | |
| Financial charges | 65/66B | €96,119 | €132,100 | +€35,981 | +37.4% |
| Recurring financial charges | 65 | €96,119 | €132,100 | +€35,981 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | -€225,539 | €8,283 | +€233,822 | |
| Profit (loss) for the period | 9904 | -€225,539 | €8,283 | +€233,822 | |
| Profit (loss) for the period to be appropriated | 9905 | -€225,539 | €8,283 | +€233,822 |
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 16 October 2026 via checked.be.