PHALY: 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.
PHALY
Largest movements
- Receivables within one year -€19,161
down €19,161 (-13.9%), from €137,509 to €118,348
of which Trade receivables: -€16,254
- Other debts -€33,454
down €33,454 (-46.3%), from €72,324 to €38,871
- Reserves +€8,566
up €8,566 (+15.5%), from €55,155 to €63,721
- Tax, wage and social debts +€3,324
up €3,324 (+32.7%), from €10,162 to €13,486
- Gross operating margin -€49,122
down €49,122 (-69.3%), from €70,917 to €21,795
- Financial charges -€8,668
down €8,668 (-66.2%), from €13,085 to €4,417
- Taxes -€3,949
down €3,949 (-38.8%), from €10,190 to €6,241
- Other operating charges -€2,165
down €2,165 (-68.5%), from €3,161 to €996
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 | €153,920 | €133,848 | -€20,072 | -13.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,658 | €1,431 | -€1,228 | -46.2% |
| Tangible fixed assets | 22/27 | €1,658 | €431 | -€1,228 | -74.0% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,658 | €431 | -€1,228 | -74.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €151,261 | €132,417 | -€18,844 | -12.5% |
| Amounts receivable within one year | 40/41 | €137,509 | €118,348 | -€19,161 | -13.9% |
| Trade receivables | 40 | €25,534 | €9,280 | -€16,254 | -63.7% |
| Other amounts receivable | 41 | €111,974 | €109,068 | -€2,906 | -2.6% |
| Cash at bank and in hand | 54/58 | €13,587 | €14,051 | +€464 | +3.4% |
| Deferred charges and accrued income | 490/1 | €166 | €18 | -€147 | -89.0% |
| Total equity and liabilities | 10/49 | €153,920 | €133,848 | -€20,072 | -13.0% |
| Equity | 10/15 | €69,555 | €78,121 | +€8,566 | +12.3% |
| Contributions | 10/11 | €14,400 | €14,400 | = | 0.0% |
| Reserves | 13 | €55,155 | €63,721 | +€8,566 | +15.5% |
| Distributable reserves | 133 | €55,155 | €63,721 | +€8,566 | +15.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €84,365 | €55,727 | -€28,638 | -33.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €84,365 | €55,727 | -€28,638 | -33.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,879 | €3,370 | +€1,491 | +79.4% |
| Suppliers | 440/4 | €1,879 | €3,370 | +€1,491 | +79.4% |
| Taxes, remuneration and social security | 45 | €10,162 | €13,486 | +€3,324 | +32.7% |
| Taxes | 450/3 | €10,162 | €13,486 | +€3,324 | +32.7% |
| Other amounts payable | 47/48 | €72,324 | €38,871 | -€33,454 | -46.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,369 | €1,228 | -€141 | -10.3% |
| Other operating charges | 640/8 | €3,161 | €996 | -€2,165 | -68.5% |
| Non-recurring operating charges | 66A | €183 | €373 | +€190 | +103.9% |
| Gross operating margin | 9900 | €70,917 | €21,795 | -€49,122 | -69.3% |
| Operating profit (loss) | 9901 | €66,203 | €19,198 | -€47,005 | -71.0% |
| Financial income | 75/76B | €240 | €26 | -€213 | -89.0% |
| Recurring financial income | 75 | €240 | €26 | -€213 | -89.0% |
| Financial charges | 65/66B | €13,085 | €4,417 | -€8,668 | -66.2% |
| Recurring financial charges | 65 | €13,085 | €4,417 | -€8,668 | -66.2% |
| Profit (loss) for the period before taxes | 9903 | €53,359 | €14,807 | -€38,551 | -72.2% |
| Income taxes | 67/77 | €10,190 | €6,241 | -€3,949 | -38.8% |
| Profit (loss) for the period | 9904 | €43,169 | €8,566 | -€34,603 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,169 | €8,566 | -€34,603 | -80.2% |
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 5 October 2026 via checked.be.