PHANTOMCASE: 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.
PHANTOMCASE
Largest movements
- Tangible fixed assets +€455,887
up €455,887 (+41.9%), from €1.1m to €1.5m
of which Land and buildings: +€469,889
- Cash -€129,261
down €129,261 (-32.1%), from €402,173 to €272,913
mainly Investment in fixed assets (net) (-€630,439) and Current portion of long-term debt (-€66,414)
- Receivables within one year +€52,082
up €52,082 (+53.4%), from €97,607 to €149,689
of which Trade receivables: +€56,527
- Stocks and contracts +€40,344
up €40,344 (+31.0%), from €130,337 to €170,681
- Debts after one year +€291,933
up €291,933 (+41.2%), from €707,879 to €999,813
- Reserves +€103,959
up €103,959 (+13.0%), from €800,124 to €904,084
of which Distributable reserves: +€55,299
- Trade debts +€72,368
up €72,368 (+108.1%), from €66,929 to €139,298
- Current portion of long-term debt -€66,414
down €66,414 (-68.6%), from €96,773 to €30,359
- Tax, wage and social debts +€23,714
up €23,714 (+141.8%), from €16,729 to €40,443
of which Taxes: +€16,045
- Gross operating margin -€120,038
down €120,038 (-16.7%), from €719,871 to €599,832
- Taxes -€50,529
down €50,529 (-53.6%), from €94,331 to €43,802
- Depreciation +€46,000
up €46,000 (+35.8%), from €128,553 to €174,552
- Staff costs -€13,658
down €13,658 (-6.3%), from €215,791 to €202,133
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 | €1,738,951 | €2,155,320 | +€416,369 | +23.9% |
| Fixed assets | 21/28 | €1,090,695 | €1,546,582 | +€455,887 | +41.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,088,415 | €1,544,302 | +€455,887 | +41.9% |
| Land and buildings | 22 | €821,827 | €1,291,716 | +€469,889 | +57.2% |
| Plant, machinery and equipment | 23 | €245,278 | €236,459 | -€8,819 | -3.6% |
| Furniture and vehicles | 24 | €21,310 | €16,127 | -€5,183 | -24.3% |
| Financial fixed assets | 28 | €2,280 | €2,280 | = | 0.0% |
| Current assets | 29/58 | €648,256 | €608,737 | -€39,519 | -6.1% |
| Stocks and contracts in progress | 3 | €130,337 | €170,681 | +€40,344 | +31.0% |
| Stocks | 30/36 | €130,337 | €170,681 | +€40,344 | +31.0% |
| Amounts receivable within one year | 40/41 | €97,607 | €149,689 | +€52,082 | +53.4% |
| Trade receivables | 40 | €93,161 | €149,689 | +€56,527 | +60.7% |
| Other amounts receivable | 41 | €4,446 | - | -€4,446 | |
| Cash at bank and in hand | 54/58 | €402,173 | €272,913 | -€129,261 | -32.1% |
| Deferred charges and accrued income | 490/1 | €18,139 | €15,455 | -€2,684 | -14.8% |
| Total equity and liabilities | 10/49 | €1,738,951 | €2,155,320 | +€416,369 | +23.9% |
| Equity | 10/15 | €818,724 | €922,684 | +€103,959 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €800,124 | €904,084 | +€103,959 | +13.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €121,803 | €172,323 | +€50,520 | +41.5% |
| Distributable reserves | 133 | €676,462 | €731,761 | +€55,299 | +8.2% |
| Amounts payable | 17/49 | €920,227 | €1,232,636 | +€312,409 | +33.9% |
| Amounts payable after more than one year | 17 | €707,879 | €999,813 | +€291,933 | +41.2% |
| Financial debts | 170/4 | €707,879 | €999,813 | +€291,933 | +41.2% |
| Amounts payable within one year | 42/48 | €200,431 | €225,276 | +€24,845 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €96,773 | €30,359 | -€66,414 | -68.6% |
| Trade debts | 44 | €66,929 | €139,298 | +€72,368 | +108.1% |
| Suppliers | 440/4 | €66,929 | €139,298 | +€72,368 | +108.1% |
| Taxes, remuneration and social security | 45 | €16,729 | €40,443 | +€23,714 | +141.8% |
| Taxes | 450/3 | €4,542 | €20,587 | +€16,045 | +353.2% |
| Remuneration and social security | 454/9 | €12,186 | €19,855 | +€7,669 | +62.9% |
| Other amounts payable | 47/48 | €20,000 | €15,176 | -€4,824 | -24.1% |
| Accrued charges and deferred income | 492/3 | €11,917 | €7,548 | -€4,369 | -36.7% |
| Remuneration, social security and pensions | 62 | €215,791 | €202,133 | -€13,658 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,553 | €174,552 | +€46,000 | +35.8% |
| Other operating charges | 640/8 | €8,768 | €11,048 | +€2,279 | +26.0% |
| Gross operating margin | 9900 | €719,871 | €599,832 | -€120,038 | -16.7% |
| Operating profit (loss) | 9901 | €366,758 | €212,099 | -€154,659 | -42.2% |
| Financial income | 75/76B | - | €460 | +€460 | |
| Recurring financial income | 75 | - | €460 | +€460 | |
| Financial charges | 65/66B | €36,916 | €36,476 | -€440 | -1.2% |
| Recurring financial charges | 65 | €36,366 | €36,147 | -€219 | -0.6% |
| Non-recurring financial charges | 66B | €550 | €329 | -€221 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €329,842 | €176,083 | -€153,759 | -46.6% |
| Income taxes | 67/77 | €94,331 | €43,802 | -€50,529 | -53.6% |
| Profit (loss) for the period | 9904 | €235,511 | €132,281 | -€103,230 | -43.8% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €50,520 | -€33,680 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €151,311 | €81,761 | -€69,550 | -46.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.