PHAIES: 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.
PHAIES
Largest movements
- Receivables within one year +€17,983
up €17,983 (+23.2%), from €77,590 to €95,573
of which Trade receivables: +€11,053
- Tangible fixed assets -€17,241
down €17,241 (-6.9%), from €251,360 to €234,119
of which Land and buildings: -€17,834
- Short-term financial debts -€200,000
no longer reported in 2025 (was €200,000)
- Debts after one year +€152,588
new in 2025: €152,588
- Reserves +€57,500
up €57,500 (+85.8%), from €67,000 to €124,500
- Profit (loss) carried forward -€18,538
down €18,538 (-77.2%), from €24,025 to €5,487
- Trade debts +€16,194
up €16,194 (+15.9%), from €102,075 to €118,268
- Gross operating margin -€31,061
down €31,061 (-12.4%), from €250,865 to €219,804
- Staff costs -€14,645
down €14,645 (-12.3%), from €119,512 to €104,867
- Financial charges -€3,577
down €3,577 (-27.2%), from €13,132 to €9,555
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 | €510,896 | €516,859 | +€5,963 | +1.2% |
| Fixed assets | 21/28 | €251,634 | €234,393 | -€17,241 | -6.9% |
| Tangible fixed assets | 22/27 | €251,360 | €234,119 | -€17,241 | -6.9% |
| Land and buildings | 22 | €245,746 | €227,912 | -€17,834 | -7.3% |
| Plant, machinery and equipment | 23 | €1,277 | €568 | -€709 | -55.5% |
| Furniture and vehicles | 24 | €4,337 | €5,639 | +€1,302 | +30.0% |
| Financial fixed assets | 28 | €274 | €274 | = | 0.0% |
| Current assets | 29/58 | €259,262 | €282,466 | +€23,204 | +9.0% |
| Stocks and contracts in progress | 3 | €135,827 | €140,858 | +€5,031 | +3.7% |
| Stocks | 30/36 | €135,827 | €140,858 | +€5,031 | +3.7% |
| Amounts receivable within one year | 40/41 | €77,590 | €95,573 | +€17,983 | +23.2% |
| Trade receivables | 40 | €64,026 | €75,080 | +€11,053 | +17.3% |
| Other amounts receivable | 41 | €13,563 | €20,493 | +€6,929 | +51.1% |
| Cash at bank and in hand | 54/58 | €40,190 | €39,469 | -€721 | -1.8% |
| Deferred charges and accrued income | 490/1 | €5,655 | €6,566 | +€911 | +16.1% |
| Total equity and liabilities | 10/49 | €510,896 | €516,859 | +€5,963 | +1.2% |
| Equity | 10/15 | €121,025 | €159,987 | +€38,962 | +32.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €67,000 | €124,500 | +€57,500 | +85.8% |
| Distributable reserves | 133 | €67,000 | €124,500 | +€57,500 | +85.8% |
| Profit (loss) carried forward | 14 | €24,025 | €5,487 | -€18,538 | -77.2% |
| Amounts payable | 17/49 | €389,871 | €356,872 | -€32,999 | -8.5% |
| Amounts payable after more than one year | 17 | - | €152,588 | +€152,588 | |
| Financial debts | 170/4 | - | €152,588 | +€152,588 | |
| Amounts payable within one year | 42/48 | €389,871 | €204,284 | -€185,587 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €44,375 | €47,412 | +€3,038 | +6.8% |
| Financial debts | 43 | €200,000 | - | -€200,000 | |
| Credit institutions | 430/8 | €200,000 | - | -€200,000 | |
| Trade debts | 44 | €102,075 | €118,268 | +€16,194 | +15.9% |
| Suppliers | 440/4 | €102,075 | €118,268 | +€16,194 | +15.9% |
| Taxes, remuneration and social security | 45 | €20,922 | €16,103 | -€4,818 | -23.0% |
| Taxes | 450/3 | €6,563 | €13,633 | +€7,070 | +107.7% |
| Remuneration and social security | 454/9 | €14,358 | €2,471 | -€11,888 | -82.8% |
| Other amounts payable | 47/48 | €22,500 | €22,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €119,512 | €104,867 | -€14,645 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,037 | €20,224 | -€812 | -3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €919 | +€919 | |
| Other operating charges | 640/8 | €298 | €10 | -€288 | -96.7% |
| Gross operating margin | 9900 | €250,865 | €219,804 | -€31,061 | -12.4% |
| Operating profit (loss) | 9901 | €110,019 | €93,785 | -€16,234 | -14.8% |
| Financial income | 75/76B | €274 | €1,544 | +€1,269 | +462.7% |
| Recurring financial income | 75 | €274 | €1,544 | +€1,269 | +462.7% |
| Financial charges | 65/66B | €13,132 | €9,555 | -€3,577 | -27.2% |
| Recurring financial charges | 65 | €13,132 | €9,555 | -€3,577 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €97,161 | €85,774 | -€11,388 | -11.7% |
| Income taxes | 67/77 | €25,400 | €24,311 | -€1,089 | -4.3% |
| Profit (loss) for the period | 9904 | €71,761 | €61,462 | -€10,299 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,761 | €61,462 | -€10,299 | -14.4% |
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 1 October 2026 via checked.be.