PHABELLA: 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.
PHABELLA
Largest movements
- Stocks and contracts +€2.7m
up €2.7m (+459.9%), from €583,583 to €3.3m
- Tangible fixed assets +€759,967
up €759,967 (+47.4%), from €1.6m to €2.4m
of which Land and buildings: +€696,063
- Receivables within one year -€532,099
down €532,099 (-90.1%), from €590,834 to €58,735
of which Other amounts receivable: -€568,517
- Cash +€417,500
up €417,500 (+845.2%), from €49,396 to €466,895
mainly Debts after one year (+€2.9m) and Receivables within one year (+€532,099)
- Current investments -€107,497
down €107,497 (-100.0%), from €107,497 to €0
- Debts after one year +€2.9m
up €2.9m (+101.3%), from €2.9m to €5.7m
of which Financial debts: +€2.6m
- Trade debts +€221,586
up €221,586 (+10449.3%), from €2,121 to €223,707
- Depreciation +€54,170
up €54,170 (+79.0%), from €68,589 to €122,759
- Gross operating margin +€18,393
up €18,393 (+8.1%), from €227,942 to €246,335
- Financial charges +€8,248
up €8,248 (+10.1%), from €81,444 to €89,692
- Financial income +€5,482
up €5,482 (+55.7%), from €9,851 to €15,333
- Taxes +€4,417
up €4,417 (+95.2%), from €4,641 to €9,058
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 | €2,935,077 | €6,164,420 | +€3.2m | +110.0% |
| Fixed assets | 21/28 | €1,603,768 | €2,371,420 | +€767,652 | +47.9% |
| Intangible fixed assets | 21 | - | €7,685 | +€7,685 | |
| Tangible fixed assets | 22/27 | €1,603,768 | €2,363,735 | +€759,967 | +47.4% |
| Land and buildings | 22 | €1,603,768 | €2,299,830 | +€696,063 | +43.4% |
| Furniture and vehicles | 24 | - | €63,905 | +€63,905 | |
| Current assets | 29/58 | €1,331,310 | €3,793,000 | +€2.5m | +184.9% |
| Stocks and contracts in progress | 3 | €583,583 | €3,267,370 | +€2.7m | +459.9% |
| Stocks | 30/36 | €583,583 | €3,267,370 | +€2.7m | +459.9% |
| Amounts receivable within one year | 40/41 | €590,834 | €58,735 | -€532,099 | -90.1% |
| Trade receivables | 40 | €18,456 | €54,875 | +€36,419 | +197.3% |
| Other amounts receivable | 41 | €572,377 | €3,860 | -€568,517 | -99.3% |
| Current investments | 50/53 | €107,497 | €0 | -€107,497 | -100.0% |
| Cash at bank and in hand | 54/58 | €49,396 | €466,895 | +€417,500 | +845.2% |
| Total equity and liabilities | 10/49 | €2,935,077 | €6,164,420 | +€3.2m | +110.0% |
| Equity | 10/15 | €30,287 | €66,549 | +€36,262 | +119.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €20,287 | €56,549 | +€36,262 | +178.7% |
| Distributable reserves | 133 | €20,287 | €56,549 | +€36,262 | +178.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,904,790 | €6,097,871 | +€3.2m | +109.9% |
| Amounts payable after more than one year | 17 | €2,854,515 | €5,746,252 | +€2.9m | +101.3% |
| Financial debts | 170/4 | €2,092,525 | €4,646,486 | +€2.6m | +122.1% |
| Other amounts payable | 178/9 | €761,990 | €1,099,766 | +€337,776 | +44.3% |
| Amounts payable within one year | 42/48 | €50,275 | €351,619 | +€301,343 | +599.4% |
| Current portion of amounts payable after more than one year | 42 | €38,032 | €92,568 | +€54,536 | +143.4% |
| Trade debts | 44 | €2,121 | €223,707 | +€221,586 | +10449.3% |
| Suppliers | 440/4 | €2,121 | €223,707 | +€221,586 | +10449.3% |
| Advances received on contracts in progress | 46 | €3,306 | €0 | -€3,306 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,288 | €18,456 | +€17,168 | +1333.0% |
| Taxes | 450/3 | €1,288 | €18,456 | +€17,168 | +1333.0% |
| Other amounts payable | 47/48 | €5,529 | €16,888 | +€11,359 | +205.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,589 | €122,759 | +€54,170 | +79.0% |
| Other operating charges | 640/8 | €7,825 | €3,898 | -€3,927 | -50.2% |
| Gross operating margin | 9900 | €227,942 | €246,335 | +€18,393 | +8.1% |
| Operating profit (loss) | 9901 | €151,528 | €119,678 | -€31,850 | -21.0% |
| Financial income | 75/76B | €9,851 | €15,333 | +€5,482 | +55.7% |
| Recurring financial income | 75 | €9,851 | €15,333 | +€5,482 | +55.7% |
| Financial charges | 65/66B | €81,444 | €89,692 | +€8,248 | +10.1% |
| Recurring financial charges | 65 | €81,444 | €89,692 | +€8,248 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €79,935 | €45,319 | -€34,615 | -43.3% |
| Income taxes | 67/77 | €4,641 | €9,058 | +€4,417 | +95.2% |
| Profit (loss) for the period | 9904 | €75,294 | €36,262 | -€39,032 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,294 | €36,262 | -€39,032 | -51.8% |
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 8 October 2026 via checked.be.