PHANASEM: 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.
What changed
PHANASEM
NACE 46.216, Wholesale of agricultural produce and animal feed, general range
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€154,674
2024 · €224,848-€70,174
Equity
€461,382
2024 · €310,476+€150,906
Cash
€42,237
2024 · €100,658-€58,421
Balance sheet total
€4.0m
2024 · €3.4m+€624,867
Largest movements
Assets
- Receivables within one year +€437,111
up €437,111 (+32.5%), from €1.3m to €1.8m
of which Trade receivables: +€417,327
- Stocks and contracts +€214,739
up €214,739 (+26.2%), from €818,834 to €1.0m
- Cash -€58,421
down €58,421 (-58.0%), from €100,658 to €42,237
mainly Receivables within one year (-€437,111) and Investment in fixed assets (net) (-€231,146)
Equity and liabilities
- Short-term financial debts +€183,374
up €183,374 (+39.1%), from €468,911 to €652,285
- Profit (loss) carried forward +€154,674
up €154,674 (+52.4%), from -€295,292 to -€140,618
- Trade debts +€151,117
up €151,117 (+6.4%), from €2.4m to €2.5m
- Debts after one year +€110,987
up €110,987 (+470.9%), from €23,568 to €134,555
Income statement
- Gross operating margin -€61,312
down €61,312 (-5.3%), from €1.1m to €1.1m
- Financial charges +€49,841
up €49,841 (+118.2%), from €42,182 to €92,023
of which Non-recurring financial charges: +€37,549
- Other operating charges -€12,429
down €12,429 (-13.1%), from €95,182 to €82,753
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.
Result 2024
€224,848
Gross operating margin
-€61,312
Staff costs
+€2,865
Depreciation
-€4,257
Other operating charges
+€12,429
Other operating items
+€37,876
Financial income
-€8,123
Financial charges
-€49,841
Taxes
+€189
Result 2025
€154,674
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.
From operations
-€143,235
Investment
-€231,146
Financing
+€315,960
Cash 2024
€100,658
From operations (derived)
-€143,235
Net result for the year
+€154,674
Depreciation
+€224,531
Stocks and contracts
-€214,739
Receivables within one year
-€437,111
Deferred charges and accrued income
-€24,823
Trade debts
+€151,117
Tax, wage and social debts
+€7,241
Advances received
+€1,850
Other debts
-€6,000
Accrued charges and deferred income
+€26
Investment (derived)
-€231,146
Investment in fixed assets (net)
-€231,146
Financing
+€315,960
Debts after one year
+€110,987
Current portion of long-term debt
+€25,367
Short-term financial debts
+€183,374
Contributions, distributions and other
-€3,768
Cash 2025
€42,237
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,384,211 | €4,009,078 | +€624,867 | +18.5% |
| Fixed assets | 21/28 | €1,081,936 | €1,088,551 | +€6,614 | +0.6% |
| Intangible fixed assets | 21 | €17,038 | €11,054 | -€5,984 | -35.1% |
| Tangible fixed assets | 22/27 | €1,063,244 | €1,075,842 | +€12,598 | +1.2% |
| Land and buildings | 22 | €865,599 | €792,141 | -€73,458 | -8.5% |
| Plant, machinery and equipment | 23 | €41,410 | €38,388 | -€3,022 | -7.3% |
| Furniture and vehicles | 24 | €137,829 | €71,615 | -€66,214 | -48.0% |
| Leasing and similar rights | 25 | €18,407 | €173,699 | +€155,292 | +843.7% |
| Financial fixed assets | 28 | €1,655 | €1,655 | = | 0.0% |
| Current assets | 29/58 | €2,302,275 | €2,920,528 | +€618,253 | +26.9% |
| Stocks and contracts in progress | 3 | €818,834 | €1,033,573 | +€214,739 | +26.2% |
| Stocks | 30/36 | €818,834 | €1,033,573 | +€214,739 | +26.2% |
| Amounts receivable within one year | 40/41 | €1,346,407 | €1,783,518 | +€437,111 | +32.5% |
| Trade receivables | 40 | €1,308,393 | €1,725,720 | +€417,327 | +31.9% |
| Other amounts receivable | 41 | €38,013 | €57,798 | +€19,785 | +52.0% |
| Cash at bank and in hand | 54/58 | €100,658 | €42,237 | -€58,421 | -58.0% |
| Deferred charges and accrued income | 490/1 | €36,376 | €61,199 | +€24,823 | +68.2% |
| Total equity and liabilities | 10/49 | €3,384,211 | €4,009,078 | +€624,867 | +18.5% |
| Equity | 10/15 | €310,476 | €461,382 | +€150,906 | +48.6% |
| Contributions | 10/11 | €602,000 | €602,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€295,292 | -€140,618 | +€154,674 | +52.4% |
| Investment grants | 15 | €3,768 | €0 | -€3,768 | -100.0% |
| Amounts payable | 17/49 | €3,073,735 | €3,547,696 | +€473,961 | +15.4% |
| Amounts payable after more than one year | 17 | €23,568 | €134,555 | +€110,987 | +470.9% |
| Financial debts | 170/4 | €23,568 | €134,555 | +€110,987 | +470.9% |
| Amounts payable within one year | 42/48 | €3,050,166 | €3,413,116 | +€362,949 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €19,170 | €44,537 | +€25,367 | +132.3% |
| Financial debts | 43 | €468,911 | €652,285 | +€183,374 | +39.1% |
| Credit institutions | 430/8 | €468,911 | €652,285 | +€183,374 | +39.1% |
| Trade debts | 44 | €2,368,713 | €2,519,830 | +€151,117 | +6.4% |
| Suppliers | 440/4 | €2,368,713 | €2,519,830 | +€151,117 | +6.4% |
| Advances received on contracts in progress | 46 | €81,468 | €83,318 | +€1,850 | +2.3% |
| Taxes, remuneration and social security | 45 | €95,889 | €103,129 | +€7,241 | +7.6% |
| Taxes | 450/3 | €13,255 | €18,011 | +€4,756 | +35.9% |
| Remuneration and social security | 454/9 | €82,634 | €85,118 | +€2,484 | +3.0% |
| Other amounts payable | 47/48 | €16,016 | €10,016 | -€6,000 | -37.5% |
| Accrued charges and deferred income | 492/3 | €0 | €26 | +€26 | |
| Remuneration, social security and pensions | 62 | €514,823 | €511,957 | -€2,865 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,274 | €224,531 | +€4,257 | +1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €95,182 | €82,753 | -€12,429 | -13.1% |
| Non-recurring operating charges | 66A | €66,969 | €29,093 | -€37,876 | -56.6% |
| Gross operating margin | 9900 | €1,147,996 | €1,086,683 | -€61,312 | -5.3% |
| Operating profit (loss) | 9901 | €250,747 | €238,348 | -€12,399 | -4.9% |
| Financial income | 75/76B | €17,024 | €8,900 | -€8,123 | -47.7% |
| Recurring financial income | 75 | €17,024 | €8,900 | -€8,123 | -47.7% |
| Financial charges | 65/66B | €42,182 | €92,023 | +€49,841 | +118.2% |
| Recurring financial charges | 65 | €42,182 | €54,474 | +€12,292 | +29.1% |
| Non-recurring financial charges | 66B | - | €37,549 | +€37,549 | |
| Profit (loss) for the period before taxes | 9903 | €225,588 | €155,225 | -€70,363 | -31.2% |
| Income taxes | 67/77 | €740 | €551 | -€189 | -25.5% |
| Profit (loss) for the period | 9904 | €224,848 | €154,674 | -€70,174 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €224,848 | €154,674 | -€70,174 | -31.2% |
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 4 October 2026 via checked.be.