Ed. Proj. Phi: 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.
Ed. Proj. Phi
Largest movements
- Tangible fixed assets -€565,878
down €565,878 (-16.8%), from €3.4m to €2.8m
of which Land and buildings: -€350,738
- Cash -€151,088
down €151,088 (-21.0%), from €718,671 to €567,583
mainly Short-term financial debts (-€626,200) and Debts after one year (-€288,315)
- Short-term financial debts -€626,200
down €626,200 (-27.5%), from €2.3m to €1.7m
- Debts after one year -€288,315
down €288,315 (-46.8%), from €616,007 to €327,692
- Other debts +€250,000
new in 2025: €250,000
- Trade debts -€56,431
down €56,431 (-19.0%), from €296,761 to €240,330
- Tax, wage and social debts -€46,729
down €46,729 (-67.6%), from €69,100 to €22,371
- Gross operating margin +€291,270
up €291,270 (+32.4%), from €897,792 to €1.2m
- Turnover +€253,421
up €253,421 (+18.9%), from €1.3m to €1.6m
- Taxes +€63,040
up €63,040 (+199.2%), from €31,652 to €94,692
- Financial charges -€60,550
down €60,550 (-36.8%), from €164,395 to €103,846
- Depreciation +€39,596
up €39,596 (+5.8%), from €684,662 to €724,258
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 | €4,664,897 | €3,950,028 | -€714,869 | -15.3% |
| Fixed assets | 21/28 | €3,383,480 | €2,817,603 | -€565,877 | -16.7% |
| Tangible fixed assets | 22/27 | €3,373,746 | €2,807,868 | -€565,878 | -16.8% |
| Land and buildings | 22 | €2,345,766 | €1,995,028 | -€350,738 | -15.0% |
| Plant, machinery and equipment | 23 | €2,000 | €986 | -€1,014 | -50.7% |
| Leasing and similar rights | 25 | €1,025,980 | €811,854 | -€214,126 | -20.9% |
| Financial fixed assets | 28 | €9,734 | €9,734 | +€0 | 0.0% |
| Current assets | 29/58 | €1,281,417 | €1,132,425 | -€148,992 | -11.6% |
| Amounts receivable within one year | 40/41 | €540,126 | €524,825 | -€15,301 | -2.8% |
| Trade receivables | 40 | €200,348 | €132,995 | -€67,353 | -33.6% |
| Other amounts receivable | 41 | €339,778 | €391,830 | +€52,052 | +15.3% |
| Cash at bank and in hand | 54/58 | €718,671 | €567,583 | -€151,088 | -21.0% |
| Deferred charges and accrued income | 490/1 | €22,620 | €40,017 | +€17,397 | +76.9% |
| Total equity and liabilities | 10/49 | €4,664,897 | €3,950,028 | -€714,869 | -15.3% |
| Equity | 10/15 | €1,072,029 | €1,108,835 | +€36,806 | +3.4% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Revaluation surpluses | 12 | €100,900 | €84,083 | -€16,817 | -16.7% |
| Reserves | 13 | €152,716 | €169,533 | +€16,817 | +11.0% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €117,716 | €134,533 | +€16,817 | +14.3% |
| Profit (loss) carried forward | 14 | €468,413 | €505,219 | +€36,806 | +7.9% |
| Provisions and deferred taxes | 16 | €61,195 | €61,195 | +€0 | 0.0% |
| Provisions for liabilities and charges | 160/5 | €61,195 | €61,195 | +€0 | 0.0% |
| Major repairs and maintenance | 162 | €61,195 | €61,195 | +€0 | 0.0% |
| Amounts payable | 17/49 | €3,531,673 | €2,779,997 | -€751,676 | -21.3% |
| Amounts payable after more than one year | 17 | €616,007 | €327,692 | -€288,315 | -46.8% |
| Financial debts | 170/4 | €616,007 | €327,692 | -€288,315 | -46.8% |
| Amounts payable within one year | 42/48 | €2,915,666 | €2,452,305 | -€463,361 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €272,315 | €288,314 | +€15,999 | +5.9% |
| Financial debts | 43 | €2,277,490 | €1,651,290 | -€626,200 | -27.5% |
| Credit institutions | 430/8 | €2,277,490 | €1,651,290 | -€626,200 | -27.5% |
| Trade debts | 44 | €296,761 | €240,330 | -€56,431 | -19.0% |
| Suppliers | 440/4 | €296,761 | €240,330 | -€56,431 | -19.0% |
| Taxes, remuneration and social security | 45 | €69,100 | €22,371 | -€46,729 | -67.6% |
| Taxes | 450/3 | €69,100 | €22,371 | -€46,729 | -67.6% |
| Other amounts payable | 47/48 | - | €250,000 | +€250,000 | |
| Turnover | 70 | €1,340,819 | €1,594,240 | +€253,421 | +18.9% |
| Non-recurring operating income | 76A | - | €162 | +€162 | |
| Goods, raw materials, services and sundry goods | 60/61 | €443,027 | €405,340 | -€37,687 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €684,662 | €724,258 | +€39,596 | +5.8% |
| Other operating charges | 640/8 | €4,468 | €1,060 | -€3,408 | -76.3% |
| Gross operating margin | 9900 | €897,792 | €1,189,062 | +€291,270 | +32.4% |
| Operating profit (loss) | 9901 | €208,662 | €463,743 | +€255,081 | +122.2% |
| Financial income | 75/76B | €38,768 | €21,600 | -€17,168 | -44.3% |
| Recurring financial income | 75 | €38,768 | €21,600 | -€17,168 | -44.3% |
| Financial charges | 65/66B | €164,395 | €103,846 | -€60,550 | -36.8% |
| Recurring financial charges | 65 | €164,395 | €103,846 | -€60,550 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €83,035 | €381,498 | +€298,463 | +359.4% |
| Income taxes | 67/77 | €31,652 | €94,692 | +€63,040 | +199.2% |
| Profit (loss) for the period | 9904 | €51,383 | €286,806 | +€235,423 | +458.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,383 | €286,806 | +€235,423 | +458.2% |
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.