PHALCO: 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.
PHALCO
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€131,365
up €131,365 (+237%), from €55,529 to €186,894
mainly Current investments (+€150,000) and Net result for the year (+€4,331)
- Trade debts -€26,539
down €26,539 (-86.7%), from €30,608 to €4,069
- Financial charges -€167,912
down €167,912 (-99.9%), from €168,058 to €146
of which Non-recurring financial charges: -€168,000
- Gross operating margin +€6,474
up €6,474, from -€977 to €5,497
- Financial income -€2,113
down €2,113 (-53.6%), from €3,945 to €1,832
- Taxes +€1,700
up €1,700 (+1,744%), from €97 to €1,798
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 | €2,539,828 | €2,519,062 | -€20,766 | -0.8% |
| Fixed assets | 21/28 | €2,331,000 | €2,331,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,331,000 | €2,331,000 | = | 0.0% |
| Current assets | 29/58 | €208,828 | €188,062 | -€20,766 | -9.9% |
| Amounts receivable within one year | 40/41 | €2,371 | €1,168 | -€1,203 | -50.8% |
| Trade receivables | 40 | €985 | - | -€985 | |
| Other amounts receivable | 41 | €1,386 | €1,168 | -€218 | -15.7% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €55,529 | €186,894 | +€131,365 | +237% |
| Deferred charges and accrued income | 490/1 | €928 | - | -€928 | |
| Total equity and liabilities | 10/49 | €2,539,828 | €2,519,062 | -€20,766 | -0.8% |
| Equity | 10/15 | €2,508,302 | €2,512,633 | +€4,331 | +0.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,208,302 | €2,212,633 | +€4,331 | +0.2% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €2,178,302 | €2,182,633 | +€4,331 | +0.2% |
| Amounts payable | 17/49 | €31,526 | €6,429 | -€25,097 | -79.6% |
| Amounts payable within one year | 42/48 | €31,526 | €6,429 | -€25,097 | -79.6% |
| Trade debts | 44 | €30,608 | €4,069 | -€26,539 | -86.7% |
| Suppliers | 440/4 | €30,608 | €4,069 | -€26,539 | -86.7% |
| Taxes, remuneration and social security | 45 | €918 | €2,360 | +€1,442 | +157% |
| Taxes | 450/3 | €918 | €2,360 | +€1,442 | +157% |
| Remuneration, social security and pensions | 62 | €56 | €56 | = | 0.0% |
| Other operating charges | 640/8 | €1,007 | €998 | -€9 | -0.9% |
| Gross operating margin | 9900 | -€977 | €5,497 | +€6,474 | |
| Operating profit (loss) | 9901 | -€2,040 | €4,443 | +€6,483 | |
| Financial income | 75/76B | €3,945 | €1,832 | -€2,113 | -53.6% |
| Recurring financial income | 75 | €3,945 | €1,832 | -€2,113 | -53.6% |
| Financial charges | 65/66B | €168,058 | €146 | -€167,912 | -99.9% |
| Recurring financial charges | 65 | €58 | €146 | +€88 | +152% |
| Non-recurring financial charges | 66B | €168,000 | - | -€168,000 | |
| Profit (loss) for the period before taxes | 9903 | -€166,152 | €6,129 | +€172,281 | |
| Income taxes | 67/77 | €97 | €1,798 | +€1,700 | +1,744% |
| Profit (loss) for the period | 9904 | -€166,250 | €4,331 | +€170,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€166,250 | €4,331 | +€170,581 |
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 18 October 2026 via checked.be.