PHELECT: 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.
PHELECT
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+211.3%), from €497,279 to €1.5m
- Receivables within one year -€906,933
down €906,933 (-64.5%), from €1.4m to €498,424
- Cash -€334,309
down €334,309 (-47.9%), from €698,489 to €364,181
mainly Other debts (-€1.2m) and Stocks and contracts (-€1.1m)
- Tangible fixed assets +€120,888
up €120,888 (+33.1%), from €365,031 to €485,919
of which Furniture and vehicles: +€103,125
- Other debts -€1.2m
down €1.2m (-96.8%), from €1.3m to €40,000
- Profit (loss) carried forward +€1.2m
up €1.2m (+145.4%), from €813,598 to €2.0m
- Reserves +€168,400
up €168,400 (+53.4%), from €315,645 to €484,045
of which Tax-exempt reserves: +€168,400
- Trade debts -€104,413
down €104,413 (-52.4%), from €199,426 to €95,013
- Tax, wage and social debts -€98,513
down €98,513 (-27.2%), from €362,195 to €263,682
of which Taxes: -€94,021
- Staff costs +€165,696
up €165,696 (+16.0%), from €1.0m to €1.2m
- Gross operating margin -€99,357
down €99,357 (-3.1%), from €3.2m to €3.1m
- Taxes -€69,472
down €69,472 (-13.1%), from €531,233 to €461,761
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 | €2,992,442 | €2,913,927 | -€78,516 | -2.6% |
| Fixed assets | 21/28 | €365,031 | €485,919 | +€120,888 | +33.1% |
| Tangible fixed assets | 22/27 | €365,031 | €485,919 | +€120,888 | +33.1% |
| Land and buildings | 22 | €164,663 | €158,346 | -€6,317 | -3.8% |
| Plant, machinery and equipment | 23 | €315 | €24,395 | +€24,080 | +7642.4% |
| Furniture and vehicles | 24 | €200,053 | €303,178 | +€103,125 | +51.5% |
| Current assets | 29/58 | €2,627,411 | €2,428,008 | -€199,404 | -7.6% |
| Stocks and contracts in progress | 3 | €497,279 | €1,548,020 | +€1.1m | +211.3% |
| Stocks | 30/36 | €497,279 | €1,548,020 | +€1.1m | +211.3% |
| Amounts receivable within one year | 40/41 | €1,405,357 | €498,424 | -€906,933 | -64.5% |
| Trade receivables | 40 | €1,405,357 | €498,424 | -€906,933 | -64.5% |
| Cash at bank and in hand | 54/58 | €698,489 | €364,181 | -€334,309 | -47.9% |
| Deferred charges and accrued income | 490/1 | €26,286 | €17,383 | -€8,903 | -33.9% |
| Total equity and liabilities | 10/49 | €2,992,442 | €2,913,927 | -€78,516 | -2.6% |
| Equity | 10/15 | €1,164,019 | €2,515,112 | +€1.4m | +116.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €315,645 | €484,045 | +€168,400 | +53.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €313,645 | €482,045 | +€168,400 | +53.7% |
| Profit (loss) carried forward | 14 | €813,598 | €1,996,291 | +€1.2m | +145.4% |
| Investment grants | 15 | €14,776 | €14,776 | = | 0.0% |
| Amounts payable | 17/49 | €1,828,424 | €398,814 | -€1.4m | -78.2% |
| Amounts payable within one year | 42/48 | €1,828,256 | €398,695 | -€1.4m | -78.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €199,426 | €95,013 | -€104,413 | -52.4% |
| Suppliers | 440/4 | €199,426 | €95,013 | -€104,413 | -52.4% |
| Taxes, remuneration and social security | 45 | €362,195 | €263,682 | -€98,513 | -27.2% |
| Taxes | 450/3 | €193,132 | €99,111 | -€94,021 | -48.7% |
| Remuneration and social security | 454/9 | €169,063 | €164,571 | -€4,491 | -2.7% |
| Other amounts payable | 47/48 | €1,266,636 | €40,000 | -€1.2m | -96.8% |
| Accrued charges and deferred income | 492/3 | €167 | €119 | -€48 | -28.9% |
| Non-recurring operating income | 76A | €3,000 | €1,339 | -€1,661 | -55.4% |
| Remuneration, social security and pensions | 62 | €1,034,358 | €1,200,054 | +€165,696 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,475 | €83,006 | +€8,531 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€7,105 | -€7,105 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,593 | €2,709 | +€116 | +4.5% |
| Other operating charges | 640/8 | €22,374 | €34,157 | +€11,783 | +52.7% |
| Non-recurring operating charges | 66A | - | €10,285 | +€10,285 | |
| Gross operating margin | 9900 | €3,230,898 | €3,131,541 | -€99,357 | -3.1% |
| Operating profit (loss) | 9901 | €2,097,098 | €1,808,435 | -€288,663 | -13.8% |
| Financial income | 75/76B | €951 | €5,048 | +€4,097 | +430.6% |
| Recurring financial income | 75 | €951 | €5,048 | +€4,097 | +430.6% |
| Financial charges | 65/66B | €555 | €629 | +€73 | +13.2% |
| Recurring financial charges | 65 | €555 | €629 | +€73 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €2,097,494 | €1,812,855 | -€284,640 | -13.6% |
| Income taxes | 67/77 | €531,233 | €461,761 | -€69,472 | -13.1% |
| Profit (loss) for the period | 9904 | €1,566,261 | €1,351,094 | -€215,167 | -13.7% |
| Transfer to tax-exempt reserves | 689 | €168,400 | €168,400 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,397,861 | €1,182,694 | -€215,167 | -15.4% |
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 30 September 2026 via checked.be.