PHILSTONE: 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.
What changed
PHILSTONE
NACE 68.310, Real estate agency activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€234,186
2024 · -€1.1m+€1.4m
Equity
€3.1m
2024 · €2.9m+€234,186
Cash
€30,697
2024 · €20,485+€10,212
Balance sheet total
€12.9m
2024 · €12.6m+€394,606
Largest movements
Assets
- Receivables within one year +€838,037
up €838,037 (+66.9%), from €1.3m to €2.1m
of which Other amounts receivable: +€861,637
- Tangible fixed assets -€416,934
down €416,934 (-6.3%), from €6.6m to €6.2m
of which Land and buildings: -€424,115
Equity and liabilities
- Short-term financial debts -€1.9m
down €1.9m (-24.3%), from €7.8m to €5.9m
- Debts after one year +€1.1m
up €1.1m (+193.1%), from €571,159 to €1.7m
- Other debts +€618,027
up €618,027 (+148.0%), from €417,445 to €1.0m
- Trade debts +€277,963
up €277,963 (+6005.3%), from €4,629 to €282,592
- Reserves +€234,186
up €234,186 (+9.4%), from €2.5m to €2.7m
of which Distributable reserves: +€537,525
Income statement
- Gross operating margin +€1.1m
up €1.1m, from -€437,171 to €709,894
- Financial charges -€144,279
down €144,279 (-32.1%), from €449,821 to €305,542
- Depreciation -€26,748
down €26,748 (-11.3%), from €235,924 to €209,177
- Financial income -€9,894
down €9,894 (-44.2%), from €22,409 to €12,514
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.
Result 2024
-€1.1m
Gross operating margin
+€1.1m
Staff costs
-€2,592
Depreciation
+€26,748
Other operating charges
+€2,494
Financial income
-€9,894
Financial charges
+€144,279
Taxes
+€22
Deferred taxes and other
+€75,945
Result 2025
€234,186
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.
From operations
+€569,161
Investment
+€207,757
Financing
-€766,706
Cash 2024
€20,485
From operations (derived)
+€569,161
Net result for the year
+€234,186
Depreciation
+€209,177
Stocks and contracts
+€41,770
Receivables within one year
-€838,037
Deferred charges and accrued income
-€5,060
Provisions
-€101,113
Trade debts
+€277,963
Tax, wage and social debts
-€6,113
Other debts
+€618,027
Accrued charges and deferred income
+€138,362
Investment (derived)
+€207,757
Investment in fixed assets (net)
+€207,757
Financing
-€766,706
Debts after one year
+€1.1m
Current portion of long-term debt
+€31,341
Short-term financial debts
-€1.9m
Cash 2025
€30,697
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,551,108 | €12,945,714 | +€394,606 | +3.1% |
| Fixed assets | 21/28 | €6,589,077 | €6,172,143 | -€416,934 | -6.3% |
| Tangible fixed assets | 22/27 | €6,570,408 | €6,153,474 | -€416,934 | -6.3% |
| Land and buildings | 22 | €6,533,093 | €6,108,978 | -€424,115 | -6.5% |
| Plant, machinery and equipment | 23 | €1,913 | €1,263 | -€649 | -34.0% |
| Furniture and vehicles | 24 | €0 | €19,697 | +€19,697 | |
| Leasing and similar rights | 25 | €35,403 | €23,537 | -€11,866 | -33.5% |
| Financial fixed assets | 28 | €18,669 | €18,669 | = | 0.0% |
| Current assets | 29/58 | €5,962,032 | €6,773,571 | +€811,539 | +13.6% |
| Stocks and contracts in progress | 3 | €4,676,005 | €4,634,235 | -€41,770 | -0.9% |
| Stocks | 30/36 | €4,676,005 | €4,634,235 | -€41,770 | -0.9% |
| Amounts receivable within one year | 40/41 | €1,252,330 | €2,090,367 | +€838,037 | +66.9% |
| Trade receivables | 40 | €23,600 | - | -€23,600 | |
| Other amounts receivable | 41 | €1,228,730 | €2,090,367 | +€861,637 | +70.1% |
| Cash at bank and in hand | 54/58 | €20,485 | €30,697 | +€10,212 | +49.9% |
| Deferred charges and accrued income | 490/1 | €13,212 | €18,272 | +€5,060 | +38.3% |
| Total equity and liabilities | 10/49 | €12,551,108 | €12,945,714 | +€394,606 | +3.1% |
| Equity | 10/15 | €2,869,314 | €3,103,500 | +€234,186 | +8.2% |
| Contributions | 10/11 | €370,000 | €370,000 | = | 0.0% |
| Capital | 10 | €370,000 | €370,000 | = | 0.0% |
| Issued capital | 100 | €370,000 | €370,000 | = | 0.0% |
| Reserves | 13 | €2,499,314 | €2,733,500 | +€234,186 | +9.4% |
| Non-distributable reserves | 130/1 | €37,967 | €37,967 | = | 0.0% |
| Legal reserve | 130 | €37,967 | €37,967 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,212,774 | €1,909,435 | -€303,339 | -13.7% |
| Distributable reserves | 133 | €248,573 | €786,098 | +€537,525 | +216.2% |
| Provisions and deferred taxes | 16 | €737,591 | €636,478 | -€101,113 | -13.7% |
| Deferred taxes | 168 | €737,591 | €636,478 | -€101,113 | -13.7% |
| Amounts payable | 17/49 | €8,944,203 | €9,205,736 | +€261,533 | +2.9% |
| Amounts payable after more than one year | 17 | €571,159 | €1,673,913 | +€1.1m | +193.1% |
| Financial debts | 170/4 | €571,159 | €1,673,913 | +€1.1m | +193.1% |
| Amounts payable within one year | 42/48 | €8,354,035 | €7,374,452 | -€979,583 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €98,361 | €129,702 | +€31,341 | +31.9% |
| Financial debts | 43 | €7,820,701 | €5,919,900 | -€1.9m | -24.3% |
| Credit institutions | 430/8 | €7,820,701 | €5,919,900 | -€1.9m | -24.3% |
| Trade debts | 44 | €4,629 | €282,592 | +€277,963 | +6005.3% |
| Suppliers | 440/4 | €4,629 | €282,592 | +€277,963 | +6005.3% |
| Taxes, remuneration and social security | 45 | €12,899 | €6,785 | -€6,113 | -47.4% |
| Taxes | 450/3 | €8,266 | €556 | -€7,710 | -93.3% |
| Remuneration and social security | 454/9 | €4,633 | €6,229 | +€1,596 | +34.5% |
| Other amounts payable | 47/48 | €417,445 | €1,035,472 | +€618,027 | +148.0% |
| Accrued charges and deferred income | 492/3 | €19,009 | €157,371 | +€138,362 | +727.9% |
| Remuneration, social security and pensions | 62 | €33,546 | €36,138 | +€2,592 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,924 | €209,177 | -€26,748 | -11.3% |
| Other operating charges | 640/8 | €40,731 | €38,237 | -€2,494 | -6.1% |
| Gross operating margin | 9900 | -€437,171 | €709,894 | +€1.1m | |
| Operating profit (loss) | 9901 | -€747,372 | €426,342 | +€1.2m | |
| Financial income | 75/76B | €22,409 | €12,514 | -€9,894 | -44.2% |
| Recurring financial income | 75 | €22,409 | €12,514 | -€9,894 | -44.2% |
| Financial charges | 65/66B | €449,821 | €305,542 | -€144,279 | -32.1% |
| Recurring financial charges | 65 | €449,821 | €305,542 | -€144,279 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,174,784 | €133,314 | +€1.3m | |
| Transfer from deferred taxes | 780 | €25,168 | €101,113 | +€75,945 | +301.8% |
| Income taxes | 67/77 | €263 | €241 | -€22 | -8.5% |
| Profit (loss) for the period | 9904 | -€1,149,879 | €234,186 | +€1.4m | |
| Transfer from tax-exempt reserves | 789 | €75,503 | €303,339 | +€227,836 | +301.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,074,376 | €537,525 | +€1.6m |
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 11 October 2026 via checked.be.