BLACK PHI MANAGEMENT: 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.
BLACK PHI MANAGEMENT
Largest movements
- Current investments +€30,914
new in 2025: €30,914
- Receivables within one year +€6,889
up €6,889 (+94.2%), from €7,310 to €14,199
of which Trade receivables: +€13,976
- Cash -€6,369
down €6,369 (-54.5%), from €11,696 to €5,327
mainly Contributions, distributions and other (-€35,194) and Current investments (-€30,914)
- Other debts +€25,194
up €25,194 (+252%), from €10,000 to €35,194
- Tax, wage and social debts +€8,465
up €8,465 (+183%), from €4,628 to €13,093
- Profit (loss) carried forward -€2,425
no longer reported in 2025 (was €2,425)
- Gross operating margin +€36,126
up €36,126 (+479%), from €7,545 to €43,671
- Taxes +€7,679
up €7,679 (+546%), from €1,406 to €9,085
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.
Derived cash bridge
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 | €19,984 | €51,164 | +€31,180 | +156% |
| Fixed assets | 21/28 | €486 | €232 | -€254 | -52.2% |
| Tangible fixed assets | 22/27 | €486 | €232 | -€254 | -52.2% |
| Furniture and vehicles | 24 | €486 | €232 | -€254 | -52.2% |
| Current assets | 29/58 | €19,498 | €50,932 | +€31,434 | +161% |
| Amounts receivable within one year | 40/41 | €7,310 | €14,199 | +€6,889 | +94.2% |
| Trade receivables | 40 | - | €13,976 | +€13,976 | |
| Other amounts receivable | 41 | €7,310 | €223 | -€7,087 | -96.9% |
| Current investments | 50/53 | - | €30,914 | +€30,914 | |
| Cash at bank and in hand | 54/58 | €11,696 | €5,327 | -€6,369 | -54.5% |
| Deferred charges and accrued income | 490/1 | €492 | €492 | = | 0.0% |
| Total equity and liabilities | 10/49 | €19,984 | €51,164 | +€31,180 | +156% |
| Equity | 10/15 | €4,425 | €2,000 | -€2,425 | -54.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,425 | - | -€2,425 | |
| Amounts payable | 17/49 | €15,559 | €49,164 | +€33,605 | +216% |
| Amounts payable within one year | 42/48 | €15,559 | €49,164 | +€33,605 | +216% |
| Trade debts | 44 | €932 | €878 | -€54 | -5.8% |
| Suppliers | 440/4 | €932 | €878 | -€54 | -5.8% |
| Taxes, remuneration and social security | 45 | €4,628 | €13,093 | +€8,465 | +183% |
| Taxes | 450/3 | €4,628 | €13,093 | +€8,465 | +183% |
| Other amounts payable | 47/48 | €10,000 | €35,194 | +€25,194 | +252% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254 | €254 | = | 0.0% |
| Gross operating margin | 9900 | €7,545 | €43,671 | +€36,126 | +479% |
| Operating profit (loss) | 9901 | €7,292 | €43,418 | +€36,126 | +495% |
| Financial income | 75/76B | - | €60 | +€60 | |
| Recurring financial income | 75 | - | €60 | +€60 | |
| Financial charges | 65/66B | €1,602 | €1,624 | +€22 | +1.3% |
| Recurring financial charges | 65 | €1,602 | €1,624 | +€22 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €5,689 | €41,854 | +€36,165 | +636% |
| Income taxes | 67/77 | €1,406 | €9,085 | +€7,679 | +546% |
| Profit (loss) for the period | 9904 | €4,283 | €32,769 | +€28,486 | +665% |
| Profit (loss) for the period to be appropriated | 9905 | €4,283 | €32,769 | +€28,486 | +665% |
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 16 October 2026 via checked.be.