PHEMAX: 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.
PHEMAX
Largest movements
- Cash +€16,153
up €16,153 (+27.2%), from €59,473 to €75,626
mainly Net result for the year (+€23,697) and Depreciation (+€1,765)
- Current investments +€10,063
up €10,063 (+167.7%), from €6,000 to €16,063
- Tangible fixed assets -€1,765
down €1,765 (-40.1%), from €4,397 to €2,632
- Reserves +€24,000
up €24,000 (+35.8%), from €67,000 to €91,000
- Other debts +€1,733
up €1,733, from €0 to €1,733
- Tax, wage and social debts -€1,678
down €1,678 (-11.8%), from €14,244 to €12,566
- Gross operating margin -€8,974
down €8,974 (-21.7%), from €41,316 to €32,342
- Taxes -€1,972
down €1,972 (-23.3%), from €8,467 to €6,495
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 | €81,743 | €105,646 | +€23,902 | +29.2% |
| Fixed assets | 21/28 | €4,397 | €2,632 | -€1,765 | -40.1% |
| Tangible fixed assets | 22/27 | €4,397 | €2,632 | -€1,765 | -40.1% |
| Furniture and vehicles | 24 | €4,397 | €2,632 | -€1,765 | -40.1% |
| Current assets | 29/58 | €77,346 | €103,014 | +€25,667 | +33.2% |
| Amounts receivable within one year | 40/41 | €11,873 | €10,835 | -€1,038 | -8.7% |
| Trade receivables | 40 | €11,139 | €10,835 | -€304 | -2.7% |
| Other amounts receivable | 41 | €734 | - | -€734 | |
| Current investments | 50/53 | €6,000 | €16,063 | +€10,063 | +167.7% |
| Cash at bank and in hand | 54/58 | €59,473 | €75,626 | +€16,153 | +27.2% |
| Deferred charges and accrued income | 490/1 | - | €491 | +€491 | |
| Total equity and liabilities | 10/49 | €81,743 | €105,646 | +€23,902 | +29.2% |
| Equity | 10/15 | €67,499 | €91,196 | +€23,697 | +35.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €67,000 | €91,000 | +€24,000 | +35.8% |
| Distributable reserves | 133 | €67,000 | €91,000 | +€24,000 | +35.8% |
| Profit (loss) carried forward | 14 | €399 | €96 | -€303 | -75.9% |
| Amounts payable | 17/49 | €14,244 | €14,449 | +€205 | +1.4% |
| Amounts payable within one year | 42/48 | €14,244 | €14,449 | +€205 | +1.4% |
| Trade debts | 44 | €0 | €150 | +€150 | |
| Suppliers | 440/4 | €0 | €150 | +€150 | |
| Taxes, remuneration and social security | 45 | €14,244 | €12,566 | -€1,678 | -11.8% |
| Taxes | 450/3 | €14,244 | €12,566 | -€1,678 | -11.8% |
| Other amounts payable | 47/48 | €0 | €1,733 | +€1,733 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,765 | €1,765 | = | 0.0% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €41,316 | €32,342 | -€8,974 | -21.7% |
| Operating profit (loss) | 9901 | €39,551 | €30,177 | -€9,374 | -23.7% |
| Financial income | 75/76B | €76 | €90 | +€14 | +18.5% |
| Recurring financial income | 75 | €76 | €90 | +€14 | +18.5% |
| Financial charges | 65/66B | - | €75 | +€75 | |
| Recurring financial charges | 65 | - | €75 | +€75 | |
| Profit (loss) for the period before taxes | 9903 | €39,627 | €30,192 | -€9,435 | -23.8% |
| Income taxes | 67/77 | €8,467 | €6,495 | -€1,972 | -23.3% |
| Profit (loss) for the period | 9904 | €31,160 | €23,697 | -€7,463 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,160 | €23,697 | -€7,463 | -23.9% |
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 5 October 2026 via checked.be.