Phaeco: 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.
Phaeco
Largest movements
- Stocks and contracts -€547,546
down €547,546 (-54.0%), from €1.0m to €466,945
- Tangible fixed assets +€223,147
up €223,147 (+116,861%), from €191 to €223,338
of which Land and buildings: +€223,338
- Cash +€25,895
up €25,895 (+542%), from €4,774 to €30,669
mainly Stocks and contracts (+€547,546) and Other debts (+€108,569)
- Short-term financial debts -€323,882
down €323,882 (-64.8%), from €500,000 to €176,118
- Other debts +€108,569
up €108,569 (+33.5%), from €324,117 to €432,686
- Profit (loss) carried forward -€86,298
down €86,298 (-24.9%), from -€346,047 to -€432,345
- Gross operating margin -€32,500
down €32,500 (-121%), from -€26,755 to -€59,255
- Financial charges -€8,643
down €8,643 (-27.8%), from €31,105 to €22,463
- Write-downs -€7,314
new in 2025: -€7,314
- Other operating charges +€5,541
up €5,541 (+321%), from €1,724 to €7,265
- Depreciation +€4,283
up €4,283 (+2,255%), from €190 to €4,473
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 | €1,020,493 | €722,913 | -€297,580 | -29.2% |
| Fixed assets | 21/28 | €648 | €223,995 | +€223,347 | +34,452% |
| Tangible fixed assets | 22/27 | €191 | €223,338 | +€223,147 | +116,861% |
| Land and buildings | 22 | - | €223,338 | +€223,338 | |
| Plant, machinery and equipment | 23 | €191 | - | -€191 | |
| Financial fixed assets | 28 | €457 | €657 | +€200 | +43.7% |
| Current assets | 29/58 | €1,019,845 | €498,918 | -€520,927 | -51.1% |
| Stocks and contracts in progress | 3 | €1,014,491 | €466,945 | -€547,546 | -54.0% |
| Stocks | 30/36 | €1,014,491 | €466,945 | -€547,546 | -54.0% |
| Amounts receivable within one year | 40/41 | €579 | €1,304 | +€725 | +125% |
| Trade receivables | 40 | - | €1,050 | +€1,050 | |
| Other amounts receivable | 41 | €579 | €254 | -€325 | -56.2% |
| Cash at bank and in hand | 54/58 | €4,774 | €30,669 | +€25,895 | +542% |
| Total equity and liabilities | 10/49 | €1,020,493 | €722,913 | -€297,580 | -29.2% |
| Equity | 10/15 | €174,505 | €88,207 | -€86,298 | -49.5% |
| Contributions | 10/11 | €418,600 | €418,600 | = | 0.0% |
| Revaluation surpluses | 12 | €21,731 | €21,731 | = | 0.0% |
| Reserves | 13 | €80,221 | €80,221 | = | 0.0% |
| Distributable reserves | 133 | €80,221 | €80,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€346,047 | -€432,345 | -€86,298 | -24.9% |
| Amounts payable | 17/49 | €845,988 | €634,706 | -€211,282 | -25.0% |
| Amounts payable within one year | 42/48 | €845,988 | €634,706 | -€211,282 | -25.0% |
| Financial debts | 43 | €500,000 | €176,118 | -€323,882 | -64.8% |
| Credit institutions | 430/8 | €500,000 | €176,118 | -€323,882 | -64.8% |
| Trade debts | 44 | €21,716 | €25,744 | +€4,028 | +18.5% |
| Suppliers | 440/4 | €21,716 | €25,744 | +€4,028 | +18.5% |
| Taxes, remuneration and social security | 45 | €155 | €158 | +€3 | +1.8% |
| Taxes | 450/3 | €155 | €158 | +€3 | +1.8% |
| Other amounts payable | 47/48 | €324,117 | €432,686 | +€108,569 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190 | €4,473 | +€4,283 | +2,255% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,314 | -€7,314 | |
| Other operating charges | 640/8 | €1,724 | €7,265 | +€5,541 | +321% |
| Gross operating margin | 9900 | -€26,755 | -€59,255 | -€32,500 | -121% |
| Operating profit (loss) | 9901 | -€28,669 | -€63,678 | -€35,009 | -122% |
| Financial income | 75/76B | €347 | - | -€347 | |
| Recurring financial income | 75 | €347 | - | -€347 | |
| Financial charges | 65/66B | €31,105 | €22,463 | -€8,643 | -27.8% |
| Recurring financial charges | 65 | €31,105 | €22,463 | -€8,643 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | -€59,427 | -€86,140 | -€26,713 | -45.0% |
| Income taxes | 67/77 | €147 | €158 | +€11 | +7.3% |
| Profit (loss) for the period | 9904 | -€59,574 | -€86,298 | -€26,724 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,574 | -€86,298 | -€26,724 | -44.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.