PHILPA: 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.
PHILPA
Largest movements
- Current investments -€60,000
down €60,000 (-21.3%), from €281,415 to €221,415
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€117,067
down €117,067 (-98.0%), from €119,456 to €2,388
- Taxes -€29,889
down €29,889 (-100%), from €29,889 to €0
- Gross operating margin +€8,180
up €8,180 (+68.4%), from -€11,956 to -€3,776
- Financial charges -€1,663
down €1,663 (-69.4%), from €2,394 to €731
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 | €2,362,376 | €2,322,258 | -€40,118 | -1.7% |
| Fixed assets | 21/28 | €43,594 | €43,019 | -€575 | -1.3% |
| Tangible fixed assets | 22/27 | €1,135 | €560 | -€575 | -50.6% |
| Furniture and vehicles | 24 | €1,135 | €560 | -€575 | -50.6% |
| Financial fixed assets | 28 | €42,458 | €42,458 | = | 0.0% |
| Current assets | 29/58 | €2,318,782 | €2,279,239 | -€39,543 | -1.7% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,505,047 | €1,525,763 | +€20,717 | +1.4% |
| Other amounts receivable | 41 | €1,505,047 | €1,525,763 | +€20,717 | +1.4% |
| Current investments | 50/53 | €281,415 | €221,415 | -€60,000 | -21.3% |
| Cash at bank and in hand | 54/58 | €182,291 | €182,061 | -€230 | -0.1% |
| Deferred charges and accrued income | 490/1 | €100,030 | €100,000 | -€30 | 0.0% |
| Total equity and liabilities | 10/49 | €2,362,376 | €2,322,258 | -€40,118 | -1.7% |
| Equity | 10/15 | €2,317,294 | €2,313,457 | -€3,837 | -0.2% |
| Contributions | 10/11 | €1,903,000 | €1,903,000 | = | 0.0% |
| Reserves | 13 | €207,358 | €207,358 | = | 0.0% |
| Distributable reserves | 133 | €207,358 | €207,358 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,935 | €203,099 | -€3,837 | -1.9% |
| Amounts payable | 17/49 | €45,082 | €8,801 | -€36,282 | -80.5% |
| Amounts payable within one year | 42/48 | €42,882 | €5,957 | -€36,925 | -86.1% |
| Trade debts | 44 | €30 | €0 | -€30 | -100% |
| Suppliers | 440/4 | €30 | €0 | -€30 | -100% |
| Taxes, remuneration and social security | 45 | €26,421 | €4,731 | -€21,690 | -82.1% |
| Taxes | 450/3 | €26,421 | €4,731 | -€21,690 | -82.1% |
| Other amounts payable | 47/48 | €16,431 | €1,226 | -€15,206 | -92.5% |
| Accrued charges and deferred income | 492/3 | €2,200 | €2,844 | +€644 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €575 | +€117 | +25.4% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | -€11,956 | -€3,776 | +€8,180 | +68.4% |
| Operating profit (loss) | 9901 | -€13,523 | -€5,494 | +€8,029 | +59.4% |
| Financial income | 75/76B | €119,456 | €2,388 | -€117,067 | -98.0% |
| Recurring financial income | 75 | €119,456 | €2,388 | -€117,067 | -98.0% |
| Financial charges | 65/66B | €2,394 | €731 | -€1,663 | -69.4% |
| Recurring financial charges | 65 | €2,394 | €731 | -€1,663 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €103,539 | -€3,837 | -€107,376 | |
| Income taxes | 67/77 | €29,889 | €0 | -€29,889 | -100% |
| Profit (loss) for the period | 9904 | €73,650 | -€3,837 | -€77,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,650 | -€3,837 | -€77,486 |
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 18 October 2026 via checked.be.