PHALANX CONSULTING: 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.
PHALANX CONSULTING
Largest movements
- Current investments -€800,000
no longer reported in 2025 (was €800,000)
- Receivables within one year +€359,459
up €359,459 (+56.9%), from €631,969 to €991,429
of which Other amounts receivable: +€367,100
- Cash -€147,703
down €147,703 (-88.9%), from €166,163 to €18,461
mainly Contributions, distributions and other (-€2.1m) and Other debts (-€798,998)
- Receivables after one year -€134,570
down €134,570 (-42.2%), from €318,872 to €184,301
- Tangible fixed assets -€33,650
down €33,650 (-3.6%), from €943,894 to €910,244
of which Land and buildings: -€41,566
- Other debts -€798,998
down €798,998 (-46.5%), from €1.7m to €919,364
- Tax, wage and social debts +€307,350
up €307,350 (+2,029%), from €15,150 to €322,500
- Reserves -€244,024
down €244,024 (-69.0%), from €353,640 to €109,616
of which Tax-exempt reserves: -€273,650
- Debts after one year -€57,058
down €57,058 (-8.1%), from €708,465 to €651,407
- Short-term financial debts +€40,000
new in 2025: €40,000
- Gross operating margin +€956,085
up €956,085 (+373%), from €256,428 to €1.2m
- Other operating charges +€35,874
up €35,874 (+476%), from €7,537 to €43,410
- Taxes +€13,239
up €13,239 (+30.3%), from €43,722 to €56,962
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 | €2,885,554 | €2,132,049 | -€753,505 | -26.1% |
| Fixed assets | 21/28 | €946,444 | €912,344 | -€34,100 | -3.6% |
| Tangible fixed assets | 22/27 | €943,894 | €910,244 | -€33,650 | -3.6% |
| Land and buildings | 22 | €927,578 | €886,012 | -€41,566 | -4.5% |
| Furniture and vehicles | 24 | €16,316 | €24,233 | +€7,917 | +48.5% |
| Financial fixed assets | 28 | €2,550 | €2,100 | -€450 | -17.6% |
| Current assets | 29/58 | €1,939,110 | €1,219,705 | -€719,405 | -37.1% |
| Amounts receivable after more than one year | 29 | €318,872 | €184,301 | -€134,570 | -42.2% |
| Other amounts receivable | 291 | €318,872 | €184,301 | -€134,570 | -42.2% |
| Amounts receivable within one year | 40/41 | €631,969 | €991,429 | +€359,459 | +56.9% |
| Trade receivables | 40 | €45,135 | €37,495 | -€7,640 | -16.9% |
| Other amounts receivable | 41 | €586,834 | €953,934 | +€367,100 | +62.6% |
| Current investments | 50/53 | €800,000 | - | -€800,000 | |
| Cash at bank and in hand | 54/58 | €166,163 | €18,461 | -€147,703 | -88.9% |
| Deferred charges and accrued income | 490/1 | €22,105 | €25,514 | +€3,409 | +15.4% |
| Total equity and liabilities | 10/49 | €2,885,554 | €2,132,049 | -€753,505 | -26.1% |
| Equity | 10/15 | €372,190 | €128,166 | -€244,024 | -65.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €353,640 | €109,616 | -€244,024 | -69.0% |
| Tax-exempt reserves | 132 | €353,640 | €79,990 | -€273,650 | -77.4% |
| Distributable reserves | 133 | - | €29,626 | +€29,626 | |
| Amounts payable | 17/49 | €2,513,364 | €2,003,884 | -€509,480 | -20.3% |
| Amounts payable after more than one year | 17 | €708,465 | €651,407 | -€57,058 | -8.1% |
| Financial debts | 170/4 | €708,465 | €651,407 | -€57,058 | -8.1% |
| Amounts payable within one year | 42/48 | €1,799,882 | €1,347,799 | -€452,084 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €61,812 | €61,812 | = | 0.0% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Credit institutions | 430/8 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €4,558 | €4,123 | -€435 | -9.5% |
| Suppliers | 440/4 | €4,558 | €4,123 | -€435 | -9.5% |
| Taxes, remuneration and social security | 45 | €15,150 | €322,500 | +€307,350 | +2,029% |
| Taxes | 450/3 | €15,150 | €322,500 | +€307,350 | +2,029% |
| Other amounts payable | 47/48 | €1,718,362 | €919,364 | -€798,998 | -46.5% |
| Accrued charges and deferred income | 492/3 | €5,016 | €4,678 | -€339 | -6.8% |
| Non-recurring operating income | 76A | - | €949,550 | +€949,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,114 | €59,891 | +€6,777 | +12.8% |
| Other operating charges | 640/8 | €7,537 | €43,410 | +€35,874 | +476% |
| Non-recurring operating charges | 66A | €8,680 | - | -€8,680 | |
| Gross operating margin | 9900 | €256,428 | €1,212,513 | +€956,085 | +373% |
| Operating profit (loss) | 9901 | €187,097 | €1,109,212 | +€922,115 | +493% |
| Financial income | 75/76B | €794,217 | €786,676 | -€7,541 | -0.9% |
| Recurring financial income | 75 | €794,217 | €786,676 | -€7,541 | -0.9% |
| Financial charges | 65/66B | €27,071 | €32,951 | +€5,879 | +21.7% |
| Recurring financial charges | 65 | €27,071 | €32,951 | +€5,879 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €954,242 | €1,862,937 | +€908,695 | +95.2% |
| Income taxes | 67/77 | €43,722 | €56,962 | +€13,239 | +30.3% |
| Profit (loss) for the period | 9904 | €910,520 | €1,805,976 | +€895,455 | +98.3% |
| Transfer from tax-exempt reserves | 789 | - | €273,650 | +€273,650 | |
| Transfer to tax-exempt reserves | 689 | €79,990 | - | -€79,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €830,530 | €2,079,626 | +€1.2m | +150% |
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 20 October 2026 via checked.be.