PHENA: 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.
PHENA
Largest movements
- Stocks and contracts +€96,129
up €96,129 (+21.0%), from €457,085 to €553,214
- Receivables within one year -€47,946
down €47,946 (-39.7%), from €120,763 to €72,817
of which Trade receivables: -€47,474
- Intangible fixed assets +€47,432
up €47,432 (+71.1%), from €66,713 to €114,145
- Tangible fixed assets +€33,486
up €33,486 (+24.6%), from €136,358 to €169,844
of which Plant, machinery and equipment: +€30,976
- Trade debts -€95,570
down €95,570 (-45.8%), from €208,682 to €113,112
- Reserves +€88,798
up €88,798 (+318.2%), from €27,907 to €116,704
- Short-term financial debts +€71,188
up €71,188 (+156.3%), from €45,547 to €116,735
- Debts after one year +€50,833
up €50,833 (+22.0%), from €231,186 to €282,019
- Current portion of long-term debt +€19,853
up €19,853 (+67.7%), from €29,314 to €49,167
- Gross operating margin +€144,429
up €144,429 (+161.1%), from €89,676 to €234,105
- Taxes +€21,791
up €21,791 (+822.6%), from €2,649 to €24,440
- Depreciation +€18,308
up €18,308 (+59.6%), from €30,723 to €49,030
- Staff costs +€16,868
up €16,868 (+56.2%), from €30,011 to €46,879
- Financial charges +€10,910
up €10,910 (+122.4%), from €8,910 to €19,820
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 | €785,329 | €930,157 | +€144,828 | +18.4% |
| Fixed assets | 21/28 | €206,321 | €287,239 | +€80,918 | +39.2% |
| Intangible fixed assets | 21 | €66,713 | €114,145 | +€47,432 | +71.1% |
| Tangible fixed assets | 22/27 | €136,358 | €169,844 | +€33,486 | +24.6% |
| Plant, machinery and equipment | 23 | €35,965 | €66,941 | +€30,976 | +86.1% |
| Furniture and vehicles | 24 | €54,274 | €41,274 | -€13,000 | -24.0% |
| Other tangible fixed assets | 26 | €46,120 | €61,630 | +€15,510 | +33.6% |
| Financial fixed assets | 28 | €3,250 | €3,250 | = | 0.0% |
| Current assets | 29/58 | €579,007 | €642,917 | +€63,910 | +11.0% |
| Stocks and contracts in progress | 3 | €457,085 | €553,214 | +€96,129 | +21.0% |
| Stocks | 30/36 | €457,085 | €553,214 | +€96,129 | +21.0% |
| Amounts receivable within one year | 40/41 | €120,763 | €72,817 | -€47,946 | -39.7% |
| Trade receivables | 40 | €120,201 | €72,727 | -€47,474 | -39.5% |
| Other amounts receivable | 41 | €561 | €90 | -€471 | -84.0% |
| Cash at bank and in hand | 54/58 | €929 | €10,207 | +€9,278 | +998.7% |
| Deferred charges and accrued income | 490/1 | €231 | €6,679 | +€6,449 | +2796.6% |
| Total equity and liabilities | 10/49 | €785,329 | €930,157 | +€144,828 | +18.4% |
| Equity | 10/15 | €77,907 | €166,704 | +€88,798 | +114.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €27,907 | €116,704 | +€88,798 | +318.2% |
| Distributable reserves | 133 | €27,907 | €116,704 | +€88,798 | +318.2% |
| Amounts payable | 17/49 | €707,422 | €763,452 | +€56,030 | +7.9% |
| Amounts payable after more than one year | 17 | €231,186 | €282,019 | +€50,833 | +22.0% |
| Financial debts | 170/4 | €231,186 | €282,019 | +€50,833 | +22.0% |
| Amounts payable within one year | 42/48 | €467,903 | €472,600 | +€4,697 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €29,314 | €49,167 | +€19,853 | +67.7% |
| Financial debts | 43 | €45,547 | €116,735 | +€71,188 | +156.3% |
| Credit institutions | 430/8 | €45,547 | €116,735 | +€71,188 | +156.3% |
| Trade debts | 44 | €208,682 | €113,112 | -€95,570 | -45.8% |
| Suppliers | 440/4 | €208,682 | €113,112 | -€95,570 | -45.8% |
| Taxes, remuneration and social security | 45 | €9,905 | €28,762 | +€18,857 | +190.4% |
| Taxes | 450/3 | €5,494 | €24,709 | +€19,216 | +349.8% |
| Remuneration and social security | 454/9 | €4,411 | €4,053 | -€359 | -8.1% |
| Other amounts payable | 47/48 | €174,455 | €164,825 | -€9,630 | -5.5% |
| Accrued charges and deferred income | 492/3 | €8,334 | €8,833 | +€500 | +6.0% |
| Non-recurring operating income | 76A | €20,000 | €0 | -€20,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €30,011 | €46,879 | +€16,868 | +56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,723 | €49,030 | +€18,308 | +59.6% |
| Other operating charges | 640/8 | €4,141 | €2,527 | -€1,614 | -39.0% |
| Non-recurring operating charges | 66A | €53 | €2,966 | +€2,913 | +5497.0% |
| Gross operating margin | 9900 | €89,676 | €234,105 | +€144,429 | +161.1% |
| Operating profit (loss) | 9901 | €24,749 | €132,703 | +€107,954 | +436.2% |
| Financial income | 75/76B | €468 | €356 | -€112 | -24.0% |
| Recurring financial income | 75 | €468 | €356 | -€112 | -24.0% |
| Financial charges | 65/66B | €8,910 | €19,820 | +€10,910 | +122.4% |
| Recurring financial charges | 65 | €8,910 | €19,820 | +€10,910 | +122.4% |
| Profit (loss) for the period before taxes | 9903 | €16,306 | €113,238 | +€96,932 | +594.4% |
| Income taxes | 67/77 | €2,649 | €24,440 | +€21,791 | +822.6% |
| Profit (loss) for the period | 9904 | €13,657 | €88,798 | +€75,141 | +550.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,657 | €88,798 | +€75,141 | +550.2% |
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 29 September 2026 via checked.be.