PHILVA: 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.
PHILVA
Largest movements
- Receivables within one year -€185,600
down €185,600 (-41.5%), from €447,482 to €261,883
of which Trade receivables: -€185,088
- Cash +€163,414
up €163,414 (+57.4%), from €284,453 to €447,866
mainly Receivables within one year (+€185,600) and Net result for the year (+€96,899)
- Receivables after one year -€87,300
down €87,300 (-100.0%), from €87,300 to €0
- Tangible fixed assets -€17,447
down €17,447 (-7.8%), from €224,022 to €206,575
of which Furniture and vehicles: -€17,041
- Tax, wage and social debts +€91,083
up €91,083 (+83.4%), from €109,203 to €200,286
of which Taxes: +€85,850
- Trade debts -€81,339
down €81,339 (-31.0%), from €262,608 to €181,269
- Reserves -€71,315
down €71,315 (-8.2%), from €872,998 to €801,684
of which Distributable reserves: -€71,315
- Debts after one year -€28,636
down €28,636 (-29.4%), from €97,479 to €68,843
- Gross operating margin +€127,156
up €127,156 (+11.8%), from €1.1m to €1.2m
- Staff costs +€116,528
up €116,528 (+13.5%), from €863,634 to €980,162
- Taxes +€12,249
up €12,249 (+35.3%), from €34,657 to €46,906
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 | €1,657,322 | €1,546,112 | -€111,210 | -6.7% |
| Fixed assets | 21/28 | €737,157 | €719,710 | -€17,447 | -2.4% |
| Tangible fixed assets | 22/27 | €224,022 | €206,575 | -€17,447 | -7.8% |
| Land and buildings | 22 | €17,931 | €15,260 | -€2,671 | -14.9% |
| Plant, machinery and equipment | 23 | €153,255 | €155,520 | +€2,265 | +1.5% |
| Furniture and vehicles | 24 | €52,836 | €35,795 | -€17,041 | -32.3% |
| Financial fixed assets | 28 | €513,135 | €513,135 | = | 0.0% |
| Current assets | 29/58 | €920,165 | €826,402 | -€93,763 | -10.2% |
| Amounts receivable after more than one year | 29 | €87,300 | €0 | -€87,300 | -100.0% |
| Other amounts receivable | 291 | €87,300 | €0 | -€87,300 | -100.0% |
| Stocks and contracts in progress | 3 | €76,713 | €90,580 | +€13,867 | +18.1% |
| Stocks | 30/36 | €76,713 | €90,580 | +€13,867 | +18.1% |
| Amounts receivable within one year | 40/41 | €447,482 | €261,883 | -€185,600 | -41.5% |
| Trade receivables | 40 | €446,697 | €261,609 | -€185,088 | -41.4% |
| Other amounts receivable | 41 | €785 | €274 | -€512 | -65.1% |
| Cash at bank and in hand | 54/58 | €284,453 | €447,866 | +€163,414 | +57.4% |
| Deferred charges and accrued income | 490/1 | €24,217 | €26,073 | +€1,856 | +7.7% |
| Total equity and liabilities | 10/49 | €1,657,322 | €1,546,112 | -€111,210 | -6.7% |
| Equity | 10/15 | €972,998 | €901,684 | -€71,315 | -7.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €872,998 | €801,684 | -€71,315 | -8.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €872,998 | €801,684 | -€71,315 | -8.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €684,324 | €644,429 | -€39,895 | -5.8% |
| Amounts payable after more than one year | 17 | €97,479 | €68,843 | -€28,636 | -29.4% |
| Financial debts | 170/4 | €97,479 | €68,843 | -€28,636 | -29.4% |
| Amounts payable within one year | 42/48 | €586,845 | €574,424 | -€12,421 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €41,626 | €28,636 | -€12,990 | -31.2% |
| Financial debts | 43 | - | €19 | +€19 | |
| Credit institutions | 430/8 | - | €19 | +€19 | |
| Trade debts | 44 | €262,608 | €181,269 | -€81,339 | -31.0% |
| Suppliers | 440/4 | €262,608 | €181,269 | -€81,339 | -31.0% |
| Taxes, remuneration and social security | 45 | €109,203 | €200,286 | +€91,083 | +83.4% |
| Taxes | 450/3 | €46,037 | €131,887 | +€85,850 | +186.5% |
| Remuneration and social security | 454/9 | €63,166 | €68,399 | +€5,232 | +8.3% |
| Other amounts payable | 47/48 | €173,408 | €164,215 | -€9,193 | -5.3% |
| Accrued charges and deferred income | 492/3 | €0 | €1,162 | +€1,162 | |
| Non-recurring operating income | 76A | €2,430 | €22,350 | +€19,920 | +819.7% |
| Remuneration, social security and pensions | 62 | €863,634 | €980,162 | +€116,528 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,096 | €72,974 | -€2,122 | -2.8% |
| Other operating charges | 640/8 | €2,947 | €2,956 | +€8 | +0.3% |
| Non-recurring operating charges | 66A | €5,010 | €961 | -€4,049 | -80.8% |
| Gross operating margin | 9900 | €1,081,218 | €1,208,374 | +€127,156 | +11.8% |
| Operating profit (loss) | 9901 | €134,530 | €151,321 | +€16,791 | +12.5% |
| Financial income | 75/76B | €11 | €0 | -€11 | -99.8% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -99.8% |
| Financial charges | 65/66B | €7,330 | €7,516 | +€186 | +2.5% |
| Recurring financial charges | 65 | €7,330 | €7,516 | +€186 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €127,211 | €143,805 | +€16,594 | +13.0% |
| Income taxes | 67/77 | €34,657 | €46,906 | +€12,249 | +35.3% |
| Profit (loss) for the period | 9904 | €92,554 | €96,899 | +€4,345 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €92,554 | €96,899 | +€4,345 | +4.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.