Phaedra Nissen: 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.
Phaedra Nissen
Largest movements
- Receivables within one year +€19,657
up €19,657 (+533%), from €3,686 to €23,343
of which Trade receivables: +€18,238
- Cash +€17,908
up €17,908 (+2,471%), from €725 to €18,633
mainly Other debts (+€106,092) and Net result for the year (+€78,422)
- Tangible fixed assets +€15,688
up €15,688 (+14.2%), from €110,789 to €126,478
of which Furniture and vehicles: +€42,915
- Other debts +€106,092
up €106,092 (+216%), from €49,195 to €155,287
- Reserves -€58,058
down €58,058 (-94.4%), from €61,481 to €3,422
- Trade debts +€4,580
new in 2025: €4,580
- Gross operating margin +€34,958
up €34,958 (+32.0%), from €109,347 to €144,305
- Depreciation +€13,858
up €13,858 (+47.9%), from €28,954 to €42,812
- Taxes +€4,285
up €4,285 (+25.8%), from €16,610 to €20,894
- Other operating charges -€1,794
down €1,794 (-79.4%), from €2,260 to €465
- Staff costs +€1,644
new in 2025: €1,644
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 | €115,675 | €168,454 | +€52,779 | +45.6% |
| Fixed assets | 21/28 | €110,789 | €126,478 | +€15,688 | +14.2% |
| Tangible fixed assets | 22/27 | €110,789 | €126,478 | +€15,688 | +14.2% |
| Land and buildings | 22 | €28,390 | €24,219 | -€4,171 | -14.7% |
| Plant, machinery and equipment | 23 | €42,881 | €24,481 | -€18,400 | -42.9% |
| Furniture and vehicles | 24 | €6,269 | €49,184 | +€42,915 | +685% |
| Other tangible fixed assets | 26 | €33,249 | €28,594 | -€4,655 | -14.0% |
| Current assets | 29/58 | €4,886 | €41,976 | +€37,090 | +759% |
| Amounts receivable within one year | 40/41 | €3,686 | €23,343 | +€19,657 | +533% |
| Trade receivables | 40 | - | €18,238 | +€18,238 | |
| Other amounts receivable | 41 | €3,686 | €5,106 | +€1,419 | +38.5% |
| Cash at bank and in hand | 54/58 | €725 | €18,633 | +€17,908 | +2,471% |
| Deferred charges and accrued income | 490/1 | €475 | - | -€475 | |
| Total equity and liabilities | 10/49 | €115,675 | €168,454 | +€52,779 | +45.6% |
| Equity | 10/15 | €66,481 | €8,422 | -€58,058 | -87.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €61,481 | €3,422 | -€58,058 | -94.4% |
| Distributable reserves | 133 | €61,481 | €3,422 | -€58,058 | -94.4% |
| Amounts payable | 17/49 | €49,195 | €160,032 | +€110,837 | +225% |
| Amounts payable within one year | 42/48 | €49,195 | €160,032 | +€110,837 | +225% |
| Trade debts | 44 | - | €4,580 | +€4,580 | |
| Suppliers | 440/4 | - | €4,580 | +€4,580 | |
| Taxes, remuneration and social security | 45 | - | €164 | +€164 | |
| Remuneration and social security | 454/9 | - | €164 | +€164 | |
| Other amounts payable | 47/48 | €49,195 | €155,287 | +€106,092 | +216% |
| Remuneration, social security and pensions | 62 | - | €1,644 | +€1,644 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,954 | €42,812 | +€13,858 | +47.9% |
| Other operating charges | 640/8 | €2,260 | €465 | -€1,794 | -79.4% |
| Gross operating margin | 9900 | €109,347 | €144,305 | +€34,958 | +32.0% |
| Operating profit (loss) | 9901 | €78,134 | €99,384 | +€21,250 | +27.2% |
| Financial charges | 65/66B | €44 | €67 | +€24 | +54.2% |
| Recurring financial charges | 65 | €44 | €67 | +€24 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €78,090 | €99,317 | +€21,226 | +27.2% |
| Income taxes | 67/77 | €16,610 | €20,894 | +€4,285 | +25.8% |
| Profit (loss) for the period | 9904 | €61,481 | €78,422 | +€16,942 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €61,481 | €78,422 | +€16,942 | +27.6% |
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 27 October 2026 via checked.be.