P-Hoenix: 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.
P-Hoenix
Largest movements
- Current investments -€720,592
down €720,592 (-75.4%), from €956,275 to €235,683
- Cash +€589,940
up €589,940 (+993.8%), from €59,363 to €649,304
mainly Current investments (+€720,592) and Receivables after one year (+€200,000)
- Receivables after one year -€200,000
down €200,000 (-66.7%), from €300,000 to €100,000
- Tangible fixed assets +€96,352
up €96,352 (+1446.9%), from €6,659 to €103,011
- Receivables within one year +€74,806
up €74,806 (+1173.1%), from €6,377 to €81,183
of which Other amounts receivable: +€75,732
- Other debts -€159,702
down €159,702 (-51.6%), from €309,702 to €150,000
- Financial income -€189,507
down €189,507 (-41.9%), from €452,809 to €263,302
of which Non-recurring financial income: -€252,999
- Gross operating margin -€78,275
down €78,275, from €19,488 to -€58,787
- Taxes -€28,545
down €28,545 (-62.6%), from €45,580 to €17,034
- Financial charges -€6,658
down €6,658 (-58.9%), from €11,313 to €4,655
- Depreciation +€5,104
up €5,104 (+144.7%), from €3,527 to €8,631
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 | €3,211,109 | €3,039,978 | -€171,132 | -5.3% |
| Fixed assets | 21/28 | €1,868,055 | €1,964,407 | +€96,352 | +5.2% |
| Tangible fixed assets | 22/27 | €6,659 | €103,011 | +€96,352 | +1446.9% |
| Furniture and vehicles | 24 | €6,659 | €103,011 | +€96,352 | +1446.9% |
| Financial fixed assets | 28 | €1,861,396 | €1,861,396 | = | 0.0% |
| Current assets | 29/58 | €1,343,055 | €1,075,571 | -€267,484 | -19.9% |
| Amounts receivable after more than one year | 29 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Other amounts receivable | 291 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Amounts receivable within one year | 40/41 | €6,377 | €81,183 | +€74,806 | +1173.1% |
| Trade receivables | 40 | €5,129 | €4,202 | -€926 | -18.1% |
| Other amounts receivable | 41 | €1,248 | €76,980 | +€75,732 | +6068.3% |
| Current investments | 50/53 | €956,275 | €235,683 | -€720,592 | -75.4% |
| Cash at bank and in hand | 54/58 | €59,363 | €649,304 | +€589,940 | +993.8% |
| Deferred charges and accrued income | 490/1 | €21,039 | €9,401 | -€11,638 | -55.3% |
| Total equity and liabilities | 10/49 | €3,211,109 | €3,039,978 | -€171,132 | -5.3% |
| Equity | 10/15 | €2,843,517 | €2,865,844 | +€22,327 | +0.8% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €2,719,517 | €2,741,844 | +€22,327 | +0.8% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €2,707,117 | €2,729,444 | +€22,327 | +0.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €367,593 | €174,134 | -€193,459 | -52.6% |
| Amounts payable within one year | 42/48 | €357,110 | €170,666 | -€186,444 | -52.2% |
| Trade debts | 44 | €35,236 | €20,628 | -€14,609 | -41.5% |
| Suppliers | 440/4 | €35,236 | €20,628 | -€14,609 | -41.5% |
| Taxes, remuneration and social security | 45 | €12,171 | €38 | -€12,133 | -99.7% |
| Taxes | 450/3 | €12,171 | €38 | -€12,133 | -99.7% |
| Other amounts payable | 47/48 | €309,702 | €150,000 | -€159,702 | -51.6% |
| Accrued charges and deferred income | 492/3 | €10,483 | €3,468 | -€7,015 | -66.9% |
| Non-recurring operating income | 76A | - | €5,785 | +€5,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,527 | €8,631 | +€5,104 | +144.7% |
| Other operating charges | 640/8 | €2,164 | €1,867 | -€297 | -13.7% |
| Gross operating margin | 9900 | €19,488 | -€58,787 | -€78,275 | |
| Operating profit (loss) | 9901 | €13,797 | -€69,285 | -€83,082 | |
| Financial income | 75/76B | €452,809 | €263,302 | -€189,507 | -41.9% |
| Recurring financial income | 75 | €13,479 | €76,972 | +€63,492 | +471.0% |
| Non-recurring financial income | 76B | €439,330 | €186,330 | -€252,999 | -57.6% |
| Financial charges | 65/66B | €11,313 | €4,655 | -€6,658 | -58.9% |
| Recurring financial charges | 65 | €11,313 | €4,655 | -€6,658 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €455,293 | €189,361 | -€265,931 | -58.4% |
| Income taxes | 67/77 | €45,580 | €17,034 | -€28,545 | -62.6% |
| Profit (loss) for the period | 9904 | €409,713 | €172,327 | -€237,386 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €409,713 | €172,327 | -€237,386 | -57.9% |
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 6 October 2026 via checked.be.