PHILSA: 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.
PHILSA
Largest movements
- Tangible fixed assets +€197,096
new in 2025: €197,096
of which Land and buildings: +€189,005
- Cash -€25,683
down €25,683 (-51.9%), from €49,486 to €23,802
mainly Investment in fixed assets (net) (-€199,597) and Receivables within one year (-€15,549)
- Receivables within one year +€15,549
up €15,549 (+55.5%), from €28,013 to €43,562
- Deferred charges and accrued income +€5,972
new in 2025: €5,972
- Debts after one year +€151,946
new in 2025: €151,946
- Reserves +€27,290
up €27,290 (+161.2%), from €16,927 to €44,217
- Current portion of long-term debt +€14,508
new in 2025: €14,508
- Trade debts -€12,004
down €12,004 (-47.0%), from €25,552 to €13,548
- Tax, wage and social debts +€5,150
up €5,150 (+28.9%), from €17,798 to €22,947
of which Taxes: +€3,070
- Gross operating margin +€19,623
up €19,623 (+80.2%), from €24,477 to €44,100
- Taxes +€4,272
up €4,272 (+66.4%), from €6,436 to €10,708
- Depreciation +€2,501
new in 2025: €2,501
- Financial charges +€2,370
up €2,370 (+927.6%), from €255 to €2,625
- Other operating charges -€661
down €661 (-77.0%), from €858 to €197
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 | €77,499 | €270,432 | +€192,934 | +249.0% |
| Fixed assets | 21/28 | - | €197,096 | +€197,096 | |
| Tangible fixed assets | 22/27 | - | €197,096 | +€197,096 | |
| Land and buildings | 22 | - | €189,005 | +€189,005 | |
| Furniture and vehicles | 24 | - | €8,091 | +€8,091 | |
| Current assets | 29/58 | €77,499 | €73,337 | -€4,162 | -5.4% |
| Amounts receivable within one year | 40/41 | €28,013 | €43,562 | +€15,549 | +55.5% |
| Trade receivables | 40 | €28,013 | €43,562 | +€15,549 | +55.5% |
| Cash at bank and in hand | 54/58 | €49,486 | €23,802 | -€25,683 | -51.9% |
| Deferred charges and accrued income | 490/1 | - | €5,972 | +€5,972 | |
| Total equity and liabilities | 10/49 | €77,499 | €270,432 | +€192,934 | +249.0% |
| Equity | 10/15 | €34,149 | €62,217 | +€28,068 | +82.2% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €16,927 | €44,217 | +€27,290 | +161.2% |
| Distributable reserves | 133 | €16,927 | €44,217 | +€27,290 | +161.2% |
| Profit (loss) carried forward | 14 | -€778 | €0 | +€778 | |
| Amounts payable | 17/49 | €43,350 | €208,215 | +€164,866 | +380.3% |
| Amounts payable after more than one year | 17 | - | €151,946 | +€151,946 | |
| Financial debts | 170/4 | - | €151,946 | +€151,946 | |
| Amounts payable within one year | 42/48 | €43,350 | €54,709 | +€11,360 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | - | €14,508 | +€14,508 | |
| Trade debts | 44 | €25,552 | €13,548 | -€12,004 | -47.0% |
| Suppliers | 440/4 | €25,552 | €13,548 | -€12,004 | -47.0% |
| Taxes, remuneration and social security | 45 | €17,798 | €22,947 | +€5,150 | +28.9% |
| Taxes | 450/3 | €17,798 | €20,868 | +€3,070 | +17.3% |
| Remuneration and social security | 454/9 | - | €2,079 | +€2,079 | |
| Other amounts payable | 47/48 | - | €3,706 | +€3,706 | |
| Accrued charges and deferred income | 492/3 | - | €1,560 | +€1,560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,501 | +€2,501 | |
| Other operating charges | 640/8 | €858 | €197 | -€661 | -77.0% |
| Gross operating margin | 9900 | €24,477 | €44,100 | +€19,623 | +80.2% |
| Operating profit (loss) | 9901 | €23,619 | €41,401 | +€17,783 | +75.3% |
| Financial charges | 65/66B | €255 | €2,625 | +€2,370 | +927.6% |
| Recurring financial charges | 65 | €255 | €2,625 | +€2,370 | +927.6% |
| Profit (loss) for the period before taxes | 9903 | €23,363 | €38,776 | +€15,413 | +66.0% |
| Income taxes | 67/77 | €6,436 | €10,708 | +€4,272 | +66.4% |
| Profit (loss) for the period | 9904 | €16,927 | €28,068 | +€11,141 | +65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,927 | €28,068 | +€11,141 | +65.8% |
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 10 October 2026 via checked.be.