PHAZZ4: 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.
PHAZZ4
Largest movements
- Receivables within one year +€54,900
up €54,900 (+169%), from €32,457 to €87,357
of which Trade receivables: +€49,243
- Tangible fixed assets -€27,510
down €27,510 (-67.7%), from €40,663 to €13,153
of which Furniture and vehicles: -€23,891
- Formation expenses -€19,264
down €19,264 (-10.8%), from €177,964 to €158,701
- Cash -€15,548
down €15,548 (-36.6%), from €42,432 to €26,884
mainly Debts after one year (-€205,949) and Receivables within one year (-€54,900)
- Intangible fixed assets -€8,888
down €8,888 (-57.0%), from €15,605 to €6,717
- Debts after one year -€205,949
down €205,949 (-85.5%), from €240,949 to €35,000
of which Other amounts payable: -€196,475
- Profit (loss) carried forward +€143,546
up €143,546 (+83.0%), from -€172,858 to -€29,313
- Short-term financial debts +€56,676
new in 2025: €56,676
- Contributions +€33,000
up €33,000 (+27.5%), from €120,000 to €153,000
- Tax, wage and social debts -€26,099
down €26,099 (-28.5%), from €91,665 to €65,567
of which Taxes: -€21,140
- Gross operating margin -€236,131
down €236,131 (-50.0%), from €471,896 to €235,765
- Staff costs -€102,370
down €102,370 (-28.9%), from €354,369 to €251,999
- Financial income +€53,804
up €53,804 (+1,484%), from €3,624 to €57,429
- Depreciation -€28,856
down €28,856 (-44.2%), from €65,255 to €36,398
- Other operating charges -€8,193
down €8,193 (-58.6%), from €13,976 to €5,783
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 | €416,795 | €397,864 | -€18,931 | -4.5% |
| Formation expenses | 20 | €177,964 | €158,701 | -€19,264 | -10.8% |
| Fixed assets | 21/28 | €72,353 | €32,121 | -€40,232 | -55.6% |
| Intangible fixed assets | 21 | €15,605 | €6,717 | -€8,888 | -57.0% |
| Tangible fixed assets | 22/27 | €40,663 | €13,153 | -€27,510 | -67.7% |
| Furniture and vehicles | 24 | €35,319 | €11,429 | -€23,891 | -67.6% |
| Other tangible fixed assets | 26 | €5,344 | €1,724 | -€3,620 | -67.7% |
| Financial fixed assets | 28 | €16,086 | €12,252 | -€3,834 | -23.8% |
| Current assets | 29/58 | €166,478 | €207,042 | +€40,564 | +24.4% |
| Stocks and contracts in progress | 3 | €83,124 | €83,124 | = | 0.0% |
| Stocks | 30/36 | €83,124 | €83,124 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,457 | €87,357 | +€54,900 | +169% |
| Trade receivables | 40 | €25,626 | €74,869 | +€49,243 | +192% |
| Other amounts receivable | 41 | €6,831 | €12,488 | +€5,657 | +82.8% |
| Cash at bank and in hand | 54/58 | €42,432 | €26,884 | -€15,548 | -36.6% |
| Deferred charges and accrued income | 490/1 | €8,464 | €9,678 | +€1,213 | +14.3% |
| Total equity and liabilities | 10/49 | €416,795 | €397,864 | -€18,931 | -4.5% |
| Equity | 10/15 | -€47,234 | €123,687 | +€170,921 | |
| Contributions | 10/11 | €120,000 | €153,000 | +€33,000 | +27.5% |
| Reserves | 13 | €5,625 | - | -€5,625 | |
| Non-distributable reserves | 130/1 | €5,625 | - | -€5,625 | |
| Reserves not available under the articles | 1311 | €5,625 | - | -€5,625 | |
| Profit (loss) carried forward | 14 | -€172,858 | -€29,313 | +€143,546 | +83.0% |
| Amounts payable | 17/49 | €464,029 | €274,177 | -€189,852 | -40.9% |
| Amounts payable after more than one year | 17 | €240,949 | €35,000 | -€205,949 | -85.5% |
| Financial debts | 170/4 | €9,474 | - | -€9,474 | |
| Other amounts payable | 178/9 | €231,475 | €35,000 | -€196,475 | -84.9% |
| Amounts payable within one year | 42/48 | €223,080 | €239,177 | +€16,097 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €18,261 | €9,474 | -€8,787 | -48.1% |
| Financial debts | 43 | - | €56,676 | +€56,676 | |
| Credit institutions | 430/8 | - | €56,676 | +€56,676 | |
| Trade debts | 44 | €112,004 | €107,060 | -€4,944 | -4.4% |
| Suppliers | 440/4 | €112,004 | €107,060 | -€4,944 | -4.4% |
| Taxes, remuneration and social security | 45 | €91,665 | €65,567 | -€26,099 | -28.5% |
| Taxes | 450/3 | €28,795 | €7,655 | -€21,140 | -73.4% |
| Remuneration and social security | 454/9 | €62,870 | €57,911 | -€4,959 | -7.9% |
| Other amounts payable | 47/48 | €1,150 | €400 | -€750 | -65.2% |
| Non-recurring operating income | 76A | €13,688 | - | -€13,688 | |
| Remuneration, social security and pensions | 62 | €354,369 | €251,999 | -€102,370 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,255 | €36,398 | -€28,856 | -44.2% |
| Other operating charges | 640/8 | €13,976 | €5,783 | -€8,193 | -58.6% |
| Gross operating margin | 9900 | €471,896 | €235,765 | -€236,131 | -50.0% |
| Operating profit (loss) | 9901 | €38,296 | -€58,415 | -€96,711 | |
| Financial income | 75/76B | €3,624 | €57,429 | +€53,804 | +1,484% |
| Recurring financial income | 75 | €3,624 | €57,429 | +€53,804 | +1,484% |
| Financial charges | 65/66B | €32,278 | €25,128 | -€7,150 | -22.2% |
| Recurring financial charges | 65 | €32,278 | €25,128 | -€7,150 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €9,643 | -€26,114 | -€35,757 | |
| Income taxes | 67/77 | €1,835 | €3,198 | +€1,363 | +74.3% |
| Profit (loss) for the period | 9904 | €7,808 | -€29,313 | -€37,121 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,808 | -€29,313 | -€37,121 |
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 13 October 2026 via checked.be.