PHILOSOPHIE: what changed
What changed
PHILOSOPHIE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€18,169
2024 · €24,857-€6,688
Equity
€148,165
2024 · €129,996+€18,169
Cash
€1,796
2024 · €13,606-€11,810
Balance sheet total
€214,013
2024 · €220,453-€6,440
Largest movements
Assets
- Cash -€11,810
down €11,810 (-86.8%), from €13,606 to €1,796
mainly Debts after one year (-€26,834) and Investment in fixed assets (net) (-€20,216)
- Financial fixed assets +€10,000
new in 2025: €10,000
- Tangible fixed assets -€8,693
down €8,693 (-4.5%), from €194,181 to €185,489
of which Land and buildings: -€9,979
- Receivables within one year +€4,095
up €4,095 (+36.1%), from €11,344 to €15,439
of which Trade receivables: +€3,149
Equity and liabilities
- Debts after one year -€26,834
no longer reported in 2025 (was €26,834)
- Profit (loss) carried forward +€20,699
up €20,699 (+16.3%), from -€126,928 to -€106,229
- Other debts +€5,806
up €5,806 (+50.0%), from €11,610 to €17,416
- Current portion of long-term debt -€5,134
down €5,134 (-16.1%), from €31,969 to €26,834
- Trade debts +€4,063
up €4,063 (+309%), from €1,314 to €5,377
Income statement
- Gross operating margin -€10,791
down €10,791 (-21.3%), from €50,578 to €39,787
- Depreciation -€4,165
down €4,165 (-18.0%), from €23,073 to €18,908
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€24,857
Gross operating margin
-€10,791
Depreciation
+€4,165
Other operating charges
-€237
Financial income
-€69
Financial charges
+€246
Taxes
-€1
Result 2025
€18,169
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€40,375
Investment
-€20,216
Financing
-€31,969
Cash 2024
€13,606
From operations (derived)
+€40,375
Net result for the year
+€18,169
Depreciation
+€18,908
Receivables within one year
-€4,095
Deferred charges and accrued income
+€32
Provisions
-€1,297
Trade debts
+€4,063
Tax, wage and social debts
-€1,331
Other debts
+€5,806
Accrued charges and deferred income
+€119
Investment (derived)
-€20,216
Investment in fixed assets (net)
-€20,216
Financing
-€31,969
Debts after one year
-€26,834
Current portion of long-term debt
-€5,134
Cash 2025
€1,796
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €220,453 | €214,013 | -€6,440 | -2.9% |
| Fixed assets | 21/28 | €194,181 | €195,489 | +€1,307 | +0.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €194,181 | €185,489 | -€8,693 | -4.5% |
| Land and buildings | 22 | €161,075 | €151,096 | -€9,979 | -6.2% |
| Plant, machinery and equipment | 23 | €26,992 | €27,201 | +€210 | +0.8% |
| Furniture and vehicles | 24 | €6,114 | €7,191 | +€1,077 | +17.6% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €26,271 | €18,524 | -€7,747 | -29.5% |
| Amounts receivable within one year | 40/41 | €11,344 | €15,439 | +€4,095 | +36.1% |
| Trade receivables | 40 | €7,946 | €11,096 | +€3,149 | +39.6% |
| Other amounts receivable | 41 | €3,397 | €4,343 | +€946 | +27.8% |
| Cash at bank and in hand | 54/58 | €13,606 | €1,796 | -€11,810 | -86.8% |
| Deferred charges and accrued income | 490/1 | €1,322 | €1,289 | -€32 | -2.5% |
| Total equity and liabilities | 10/49 | €220,453 | €214,013 | -€6,440 | -2.9% |
| Equity | 10/15 | €129,996 | €148,165 | +€18,169 | +14.0% |
| Contributions | 10/11 | €186,024 | €186,024 | = | 0.0% |
| Reserves | 13 | €70,900 | €68,370 | -€2,530 | -3.6% |
| Tax-exempt reserves | 132 | €37,890 | €35,360 | -€2,530 | -6.7% |
| Distributable reserves | 133 | €33,010 | €33,010 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,928 | -€106,229 | +€20,699 | +16.3% |
| Provisions and deferred taxes | 16 | €17,009 | €15,712 | -€1,297 | -7.6% |
| Deferred taxes | 168 | €17,009 | €15,712 | -€1,297 | -7.6% |
| Amounts payable | 17/49 | €73,447 | €50,136 | -€23,312 | -31.7% |
| Amounts payable after more than one year | 17 | €26,834 | - | -€26,834 | |
| Financial debts | 170/4 | €26,834 | - | -€26,834 | |
| Amounts payable within one year | 42/48 | €46,526 | €49,930 | +€3,404 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €31,969 | €26,834 | -€5,134 | -16.1% |
| Trade debts | 44 | €1,314 | €5,377 | +€4,063 | +309% |
| Suppliers | 440/4 | €1,314 | €5,377 | +€4,063 | +309% |
| Taxes, remuneration and social security | 45 | €1,633 | €302 | -€1,331 | -81.5% |
| Taxes | 450/3 | €1,633 | €302 | -€1,331 | -81.5% |
| Other amounts payable | 47/48 | €11,610 | €17,416 | +€5,806 | +50.0% |
| Accrued charges and deferred income | 492/3 | €87 | €206 | +€119 | +136% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,073 | €18,908 | -€4,165 | -18.0% |
| Other operating charges | 640/8 | €3,181 | €3,418 | +€237 | +7.4% |
| Gross operating margin | 9900 | €50,578 | €39,787 | -€10,791 | -21.3% |
| Operating profit (loss) | 9901 | €24,324 | €17,461 | -€6,863 | -28.2% |
| Financial income | 75/76B | €74 | €5 | -€69 | -93.5% |
| Recurring financial income | 75 | €74 | €5 | -€69 | -93.5% |
| Financial charges | 65/66B | €838 | €592 | -€246 | -29.3% |
| Recurring financial charges | 65 | €838 | €592 | -€246 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €23,560 | €16,873 | -€6,687 | -28.4% |
| Transfer from deferred taxes | 780 | €1,297 | €1,297 | = | 0.0% |
| Income taxes | 67/77 | €0 | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €24,857 | €18,169 | -€6,688 | -26.9% |
| Transfer from tax-exempt reserves | 789 | €2,530 | €2,530 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,387 | €20,699 | -€6,688 | -24.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.