PHILVERT: 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.
PHILVERT
Largest movements
- Receivables within one year +€19,486
up €19,486 (+19.3%), from €101,121 to €120,608
of which Trade receivables: +€38,984
- Tangible fixed assets -€10,162
down €10,162 (-34.9%), from €29,116 to €18,954
of which Furniture and vehicles: -€9,885
- Stocks and contracts +€4,833
up €4,833 (+31.7%), from €15,231 to €20,065
- Cash +€3,723
up €3,723 (+3.7%), from €100,369 to €104,093
mainly Net result for the year (+€33,042) and Depreciation (+€10,162)
- Reserves +€33,000
up €33,000 (+31.9%), from €103,337 to €136,337
- Profit (loss) carried forward -€21,135
down €21,135 (-33.9%), from €62,268 to €41,133
- Debts after one year -€8,463
no longer reported in 2025 (was €8,463)
- Other debts +€7,966
up €7,966 (+79.2%), from €10,052 to €18,018
- Trade debts +€6,946
up €6,946 (+84.7%), from €8,201 to €15,146
- Gross operating margin -€38,017
down €38,017 (-37.5%), from €101,490 to €63,473
- Taxes -€2,836
down €2,836 (-13.0%), from €21,848 to €19,012
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 | €245,838 | €264,122 | +€18,284 | +7.4% |
| Fixed assets | 21/28 | €29,116 | €18,954 | -€10,162 | -34.9% |
| Tangible fixed assets | 22/27 | €29,116 | €18,954 | -€10,162 | -34.9% |
| Plant, machinery and equipment | 23 | €2,052 | €1,775 | -€277 | -13.5% |
| Furniture and vehicles | 24 | €27,064 | €17,179 | -€9,885 | -36.5% |
| Current assets | 29/58 | €216,722 | €245,168 | +€28,446 | +13.1% |
| Stocks and contracts in progress | 3 | €15,231 | €20,065 | +€4,833 | +31.7% |
| Stocks | 30/36 | €15,231 | €20,065 | +€4,833 | +31.7% |
| Amounts receivable within one year | 40/41 | €101,121 | €120,608 | +€19,486 | +19.3% |
| Trade receivables | 40 | €80,093 | €119,077 | +€38,984 | +48.7% |
| Other amounts receivable | 41 | €21,029 | €1,531 | -€19,498 | -92.7% |
| Cash at bank and in hand | 54/58 | €100,369 | €104,093 | +€3,723 | +3.7% |
| Deferred charges and accrued income | 490/1 | - | €403 | +€403 | |
| Total equity and liabilities | 10/49 | €245,838 | €264,122 | +€18,284 | +7.4% |
| Equity | 10/15 | €185,605 | €197,470 | +€11,865 | +6.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €103,337 | €136,337 | +€33,000 | +31.9% |
| Distributable reserves | 133 | €103,337 | €136,337 | +€33,000 | +31.9% |
| Profit (loss) carried forward | 14 | €62,268 | €41,133 | -€21,135 | -33.9% |
| Amounts payable | 17/49 | €60,234 | €66,652 | +€6,419 | +10.7% |
| Amounts payable after more than one year | 17 | €8,463 | - | -€8,463 | |
| Financial debts | 170/4 | €8,463 | - | -€8,463 | |
| Amounts payable within one year | 42/48 | €51,771 | €66,652 | +€14,882 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €9,905 | €8,463 | -€1,442 | -14.6% |
| Trade debts | 44 | €8,201 | €15,146 | +€6,946 | +84.7% |
| Suppliers | 440/4 | €8,201 | €15,146 | +€6,946 | +84.7% |
| Taxes, remuneration and social security | 45 | €23,613 | €25,025 | +€1,412 | +6.0% |
| Taxes | 450/3 | €23,613 | €25,025 | +€1,412 | +6.0% |
| Other amounts payable | 47/48 | €10,052 | €18,018 | +€7,966 | +79.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,581 | €10,162 | -€419 | -4.0% |
| Other operating charges | 640/8 | €910 | €800 | -€111 | -12.1% |
| Gross operating margin | 9900 | €101,490 | €63,473 | -€38,017 | -37.5% |
| Operating profit (loss) | 9901 | €89,998 | €52,511 | -€37,487 | -41.7% |
| Financial income | 75/76B | €563 | €0 | -€562 | -99.9% |
| Recurring financial income | 75 | €563 | €0 | -€562 | -99.9% |
| Financial charges | 65/66B | €1,112 | €458 | -€654 | -58.8% |
| Recurring financial charges | 65 | €1,112 | €458 | -€654 | -58.8% |
| Profit (loss) for the period before taxes | 9903 | €89,450 | €52,054 | -€37,396 | -41.8% |
| Income taxes | 67/77 | €21,848 | €19,012 | -€2,836 | -13.0% |
| Profit (loss) for the period | 9904 | €67,601 | €33,042 | -€34,560 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,601 | €33,042 | -€34,560 | -51.1% |
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 3 October 2026 via checked.be.