PHEDONAS: 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.
PHEDONAS
Largest movements
- Intangible fixed assets +€31,500
new in 2025: €31,500
- Tangible fixed assets -€6,514
down €6,514 (-30.7%), from €21,252 to €14,738
- Cash +€5,644
up €5,644 (+590%), from €956 to €6,601
mainly Other debts (+€61,785) and Depreciation (+€10,014)
- Receivables within one year +€5,086
up €5,086 (+311%), from €1,635 to €6,720
of which Trade receivables: +€4,338
- Other debts +€61,785
up €61,785 (+374%), from €16,505 to €78,290
- Trade debts -€27,209
down €27,209 (-98.0%), from €27,768 to €559
- Tax, wage and social debts +€1,072
up €1,072 (+168%), from €640 to €1,712
of which Remuneration and social security: +€1,320
- Gross operating margin +€7,449
up €7,449 (+103%), from €7,265 to €14,714
- Staff costs +€4,406
new in 2025: €4,406
- Depreciation +€3,291
up €3,291 (+48.9%), from €6,723 to €10,014
- Other operating charges -€205
down €205 (-55.2%), from €371 to €166
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 | €24,230 | €59,946 | +€35,716 | +147% |
| Fixed assets | 21/28 | €21,502 | €46,488 | +€24,986 | +116% |
| Intangible fixed assets | 21 | - | €31,500 | +€31,500 | |
| Tangible fixed assets | 22/27 | €21,252 | €14,738 | -€6,514 | -30.7% |
| Furniture and vehicles | 24 | €21,252 | €14,738 | -€6,514 | -30.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €2,728 | €13,458 | +€10,730 | +393% |
| Amounts receivable within one year | 40/41 | €1,635 | €6,720 | +€5,086 | +311% |
| Trade receivables | 40 | €1,443 | €5,781 | +€4,338 | +301% |
| Other amounts receivable | 41 | €192 | €939 | +€747 | +389% |
| Cash at bank and in hand | 54/58 | €956 | €6,601 | +€5,644 | +590% |
| Deferred charges and accrued income | 490/1 | €137 | €137 | = | 0.0% |
| Total equity and liabilities | 10/49 | €24,230 | €59,946 | +€35,716 | +147% |
| Equity | 10/15 | -€20,683 | -€20,616 | +€67 | +0.3% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,542 | -€22,475 | +€67 | +0.3% |
| Amounts payable | 17/49 | €44,913 | €80,562 | +€35,649 | +79.4% |
| Amounts payable within one year | 42/48 | €44,913 | €80,562 | +€35,649 | +79.4% |
| Trade debts | 44 | €27,768 | €559 | -€27,209 | -98.0% |
| Suppliers | 440/4 | €27,768 | €559 | -€27,209 | -98.0% |
| Taxes, remuneration and social security | 45 | €640 | €1,712 | +€1,072 | +168% |
| Taxes | 450/3 | €640 | €392 | -€248 | -38.7% |
| Remuneration and social security | 454/9 | - | €1,320 | +€1,320 | |
| Other amounts payable | 47/48 | €16,505 | €78,290 | +€61,785 | +374% |
| Remuneration, social security and pensions | 62 | - | €4,406 | +€4,406 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,723 | €10,014 | +€3,291 | +48.9% |
| Other operating charges | 640/8 | €371 | €166 | -€205 | -55.2% |
| Gross operating margin | 9900 | €7,265 | €14,714 | +€7,449 | +103% |
| Operating profit (loss) | 9901 | €171 | €128 | -€43 | -25.1% |
| Financial charges | 65/66B | €69 | €61 | -€7 | -10.6% |
| Recurring financial charges | 65 | €69 | €61 | -€7 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €103 | €67 | -€36 | -34.7% |
| Profit (loss) for the period | 9904 | €103 | €67 | -€36 | -34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €103 | €67 | -€36 | -34.7% |
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 17 October 2026 via checked.be.