G-PHY: 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.
G-PHY
Largest movements
- Cash -€41,166
down €41,166 (-71.5%), from €57,604 to €16,438
mainly Trade debts (-€70,965) and Accrued charges and deferred income (-€2,405)
- Receivables within one year -€25,096
down €25,096 (-33.6%), from €74,787 to €49,691
of which Trade receivables: -€27,792
- Tangible fixed assets -€3,075
no longer reported in 2025 (was €3,075)
- Trade debts -€70,965
down €70,965 (-97.5%), from €72,777 to €1,812
- Tax, wage and social debts +€3,473
up €3,473 (+117%), from €2,979 to €6,452
of which Taxes: +€4,952
- Accrued charges and deferred income -€2,405
no longer reported in 2025 (was €2,405)
- Gross operating margin -€10,179
down €10,179 (-76.7%), from €13,275 to €3,096
- Depreciation -€6,890
down €6,890 (-83.8%), from €8,221 to €1,331
- Staff costs -€3,176
down €3,176 (-96.8%), from €3,280 to €104
- Financial charges -€276
down €276 (-62.5%), from €441 to €165
- Other operating charges -€235
down €235 (-37.0%), from €635 to €400
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 | €140,708 | €71,429 | -€69,278 | -49.2% |
| Fixed assets | 21/28 | €3,263 | €187 | -€3,075 | -94.3% |
| Tangible fixed assets | 22/27 | €3,075 | - | -€3,075 | |
| Furniture and vehicles | 24 | €3,075 | - | -€3,075 | |
| Financial fixed assets | 28 | €187 | €187 | = | 0.0% |
| Current assets | 29/58 | €137,445 | €71,242 | -€66,203 | -48.2% |
| Stocks and contracts in progress | 3 | €1,592 | €1,866 | +€274 | +17.2% |
| Stocks | 30/36 | €1,592 | €1,866 | +€274 | +17.2% |
| Amounts receivable within one year | 40/41 | €74,787 | €49,691 | -€25,096 | -33.6% |
| Trade receivables | 40 | €71,110 | €43,318 | -€27,792 | -39.1% |
| Other amounts receivable | 41 | €3,677 | €6,373 | +€2,696 | +73.3% |
| Cash at bank and in hand | 54/58 | €57,604 | €16,438 | -€41,166 | -71.5% |
| Deferred charges and accrued income | 490/1 | €3,463 | €3,247 | -€216 | -6.2% |
| Total equity and liabilities | 10/49 | €140,708 | €71,429 | -€69,278 | -49.2% |
| Equity | 10/15 | €43,887 | €44,505 | +€618 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €379 | €379 | = | 0.0% |
| Distributable reserves | 133 | €379 | €379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,907 | €25,526 | +€618 | +2.5% |
| Amounts payable | 17/49 | €96,821 | €26,925 | -€69,897 | -72.2% |
| Amounts payable within one year | 42/48 | €94,416 | €26,925 | -€67,492 | -71.5% |
| Trade debts | 44 | €72,777 | €1,812 | -€70,965 | -97.5% |
| Suppliers | 440/4 | €72,777 | €1,812 | -€70,965 | -97.5% |
| Taxes, remuneration and social security | 45 | €2,979 | €6,452 | +€3,473 | +117% |
| Taxes | 450/3 | - | €4,952 | +€4,952 | |
| Remuneration and social security | 454/9 | €2,979 | €1,500 | -€1,479 | -49.6% |
| Other amounts payable | 47/48 | €18,661 | €18,661 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,405 | - | -€2,405 | |
| Remuneration, social security and pensions | 62 | €3,280 | €104 | -€3,176 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,221 | €1,331 | -€6,890 | -83.8% |
| Other operating charges | 640/8 | €635 | €400 | -€235 | -37.0% |
| Gross operating margin | 9900 | €13,275 | €3,096 | -€10,179 | -76.7% |
| Operating profit (loss) | 9901 | €1,139 | €1,261 | +€121 | +10.7% |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €441 | €165 | -€276 | -62.5% |
| Recurring financial charges | 65 | €441 | €165 | -€276 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | €698 | €1,119 | +€421 | +60.3% |
| Income taxes | 67/77 | €499 | €501 | +€2 | +0.4% |
| Profit (loss) for the period | 9904 | €199 | €618 | +€419 | +210% |
| Profit (loss) for the period to be appropriated | 9905 | €199 | €618 | +€419 | +210% |
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 20 October 2026 via checked.be.