PHELCO: 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.
PHELCO
Largest movements
- Cash -€104,299
down €104,299 (-47.7%), from €218,544 to €114,245
mainly Receivables within one year (-€35,000) and Debts after one year (-€33,056)
- Receivables within one year +€35,000
new in 2025: €35,000
- Tangible fixed assets -€21,886
down €21,886 (-8.2%), from €266,353 to €244,467
of which Other tangible fixed assets: -€11,080
- Debts after one year -€33,056
down €33,056 (-100.0%), from €33,056 to €0
- Other debts -€26,639
down €26,639 (-61.9%), from €43,059 to €16,419
- Profit (loss) carried forward -€26,126
down €26,126 (-93.8%), from -€27,844 to -€53,970
- Current portion of long-term debt -€7,306
down €7,306 (-100.0%), from €7,306 to €0
- Gross operating margin -€290,602
down €290,602 (-99.7%), from €291,375 to €773
- Taxes -€57,373
down €57,373 (-100.0%), from €57,373 to €0
- Financial charges -€7,352
down €7,352 (-86.3%), from €8,516 to €1,164
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 | €485,617 | €394,001 | -€91,616 | -18.9% |
| Fixed assets | 21/28 | €267,073 | €244,467 | -€22,606 | -8.5% |
| Tangible fixed assets | 22/27 | €266,353 | €244,467 | -€21,886 | -8.2% |
| Land and buildings | 22 | €187,140 | €177,150 | -€9,990 | -5.3% |
| Plant, machinery and equipment | 23 | €4,700 | €3,884 | -€816 | -17.4% |
| Other tangible fixed assets | 26 | €74,513 | €63,433 | -€11,080 | -14.9% |
| Financial fixed assets | 28 | €720 | €0 | -€720 | -100.0% |
| Current assets | 29/58 | €218,544 | €149,534 | -€69,010 | -31.6% |
| Amounts receivable within one year | 40/41 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 41 | - | €35,000 | +€35,000 | |
| Cash at bank and in hand | 54/58 | €218,544 | €114,245 | -€104,299 | -47.7% |
| Deferred charges and accrued income | 490/1 | - | €289 | +€289 | |
| Total equity and liabilities | 10/49 | €485,617 | €394,001 | -€91,616 | -18.9% |
| Equity | 10/15 | €343,213 | €317,087 | -€26,126 | -7.6% |
| Contributions | 10/11 | €11,205 | €11,205 | = | 0.0% |
| Outside capital | 11 | €11,205 | €11,205 | = | 0.0% |
| Other | 1109/19 | €11,205 | €11,205 | = | 0.0% |
| Reserves | 13 | €359,853 | €359,853 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,231 | €2,231 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,231 | €2,231 | = | 0.0% |
| Tax-exempt reserves | 132 | €218,400 | €218,400 | = | 0.0% |
| Distributable reserves | 133 | €139,222 | €139,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,844 | -€53,970 | -€26,126 | -93.8% |
| Amounts payable | 17/49 | €142,404 | €76,914 | -€65,490 | -46.0% |
| Amounts payable after more than one year | 17 | €33,056 | €0 | -€33,056 | -100.0% |
| Financial debts | 170/4 | €33,056 | €0 | -€33,056 | -100.0% |
| Amounts payable within one year | 42/48 | €109,348 | €76,914 | -€32,434 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €7,306 | €0 | -€7,306 | -100.0% |
| Trade debts | 44 | €1,610 | €3,122 | +€1,511 | +93.8% |
| Suppliers | 440/4 | €1,610 | €3,122 | +€1,511 | +93.8% |
| Taxes, remuneration and social security | 45 | €57,373 | €57,373 | = | 0.0% |
| Taxes | 450/3 | €57,373 | €57,373 | = | 0.0% |
| Other amounts payable | 47/48 | €43,059 | €16,419 | -€26,639 | -61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,886 | €21,886 | = | 0.0% |
| Other operating charges | 640/8 | €2,690 | €3,849 | +€1,158 | +43.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €291,375 | €773 | -€290,602 | -99.7% |
| Operating profit (loss) | 9901 | €266,799 | -€24,962 | -€291,761 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €8,516 | €1,164 | -€7,352 | -86.3% |
| Recurring financial charges | 65 | €8,516 | €1,164 | -€7,352 | -86.3% |
| Profit (loss) for the period before taxes | 9903 | €258,283 | -€26,126 | -€284,409 | |
| Income taxes | 67/77 | €57,373 | €0 | -€57,373 | -100.0% |
| Profit (loss) for the period | 9904 | €200,910 | -€26,126 | -€227,036 | |
| Profit (loss) for the period to be appropriated | 9905 | €200,910 | -€26,126 | -€227,036 |
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 6 October 2026 via checked.be.