Philray: 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.
Philray
Largest movements
- Cash +€236,466
up €236,466 (+104.9%), from €225,504 to €461,970
mainly Net result for the year (+€189,593) and Depreciation (+€112,715)
- Tangible fixed assets -€79,516
down €79,516 (-16.1%), from €495,304 to €415,787
of which Plant, machinery and equipment: -€80,204
- Reserves +€187,900
up €187,900 (+68.3%), from €274,910 to €462,810
of which Distributable reserves: +€187,900
- Trade debts -€38,890
down €38,890 (-40.6%), from €95,728 to €56,838
- Debts after one year -€33,020
down €33,020 (-29.4%), from €112,477 to €79,457
- Accrued charges and deferred income +€24,451
up €24,451 (+898.9%), from €2,720 to €27,171
- Tax, wage and social debts +€14,750
up €14,750 (+26.4%), from €55,800 to €70,550
of which Taxes: +€14,977
- Gross operating margin +€189,630
up €189,630 (+75.2%), from €252,215 to €441,845
- Taxes +€53,170
up €53,170 (+138.5%), from €38,398 to €91,568
- Depreciation +€37,711
up €37,711 (+50.3%), from €75,005 to €112,715
- Financial charges +€6,714
up €6,714 (+66.6%), from €10,076 to €16,790
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €759,963 | €916,868 | +€156,905 | +20.6% |
| Fixed assets | 21/28 | €502,845 | €423,328 | -€79,516 | -15.8% |
| Tangible fixed assets | 22/27 | €495,304 | €415,787 | -€79,516 | -16.1% |
| Plant, machinery and equipment | 23 | €344,707 | €264,502 | -€80,204 | -23.3% |
| Furniture and vehicles | 24 | €143,597 | €144,285 | +€688 | +0.5% |
| Other tangible fixed assets | 26 | €7,000 | €7,000 | = | 0.0% |
| Financial fixed assets | 28 | €7,541 | €7,541 | = | 0.0% |
| Current assets | 29/58 | €257,118 | €493,539 | +€236,421 | +92.0% |
| Amounts receivable within one year | 40/41 | €11,624 | €11,624 | = | 0.0% |
| Other amounts receivable | 41 | €11,624 | €11,624 | = | 0.0% |
| Current investments | 50/53 | €12,395 | €12,395 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €225,504 | €461,970 | +€236,466 | +104.9% |
| Deferred charges and accrued income | 490/1 | €7,596 | €7,551 | -€45 | -0.6% |
| Total equity and liabilities | 10/49 | €759,963 | €916,868 | +€156,905 | +20.6% |
| Equity | 10/15 | €293,508 | €481,435 | +€187,927 | +64.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €274,910 | €462,810 | +€187,900 | +68.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €273,051 | €460,951 | +€187,900 | +68.8% |
| Profit (loss) carried forward | 14 | €6 | €33 | +€27 | +422.8% |
| Amounts payable | 17/49 | €466,455 | €435,433 | -€31,022 | -6.7% |
| Amounts payable after more than one year | 17 | €112,477 | €79,457 | -€33,020 | -29.4% |
| Financial debts | 170/4 | €112,477 | €79,457 | -€33,020 | -29.4% |
| Amounts payable within one year | 42/48 | €351,258 | €328,805 | -€22,453 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €35,840 | €33,020 | -€2,820 | -7.9% |
| Trade debts | 44 | €95,728 | €56,838 | -€38,890 | -40.6% |
| Suppliers | 440/4 | €95,728 | €56,838 | -€38,890 | -40.6% |
| Taxes, remuneration and social security | 45 | €55,800 | €70,550 | +€14,750 | +26.4% |
| Taxes | 450/3 | €40,453 | €55,429 | +€14,977 | +37.0% |
| Remuneration and social security | 454/9 | €15,347 | €15,120 | -€227 | -1.5% |
| Other amounts payable | 47/48 | €163,891 | €168,397 | +€4,507 | +2.7% |
| Accrued charges and deferred income | 492/3 | €2,720 | €27,171 | +€24,451 | +898.9% |
| Non-recurring operating income | 76A | - | €7,600 | +€7,600 | |
| Remuneration, social security and pensions | 62 | €33,860 | €32,111 | -€1,749 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,005 | €112,715 | +€37,711 | +50.3% |
| Other operating charges | 640/8 | €355 | €296 | -€58 | -16.5% |
| Gross operating margin | 9900 | €252,215 | €441,845 | +€189,630 | +75.2% |
| Operating profit (loss) | 9901 | €142,997 | €296,723 | +€153,727 | +107.5% |
| Financial income | 75/76B | €596 | €1,228 | +€632 | +106.0% |
| Recurring financial income | 75 | €596 | €1,228 | +€632 | +106.0% |
| Financial charges | 65/66B | €10,076 | €16,790 | +€6,714 | +66.6% |
| Recurring financial charges | 65 | €10,076 | €16,790 | +€6,714 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €133,516 | €281,161 | +€147,644 | +110.6% |
| Income taxes | 67/77 | €38,398 | €91,568 | +€53,170 | +138.5% |
| Profit (loss) for the period | 9904 | €95,118 | €189,593 | +€94,475 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €95,118 | €189,593 | +€94,475 | +99.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.