PHENIX: 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.
PHENIX
Largest movements
- Stocks and contracts -€129,908
no longer reported in 2025 (was €129,908)
- Receivables within one year -€32,821
no longer reported in 2025 (was €32,821)
of which Trade receivables: -€20,075
- Cash -€22,812
down €22,812 (-37.4%), from €60,932 to €38,120
mainly Net result for the year (-€138,891) and Debts after one year (-€35,200)
- Financial fixed assets +€11,553
up €11,553 (+137%), from €8,447 to €20,000
- Profit (loss) carried forward -€138,891
down €138,891, from €13,865 to -€125,026
- Debts after one year -€35,200
down €35,200 (-91.4%), from €38,513 to €3,313
- Revaluation surpluses +€14,435
new in 2025: €14,435
- Tax, wage and social debts -€11,824
down €11,824 (-32.5%), from €36,431 to €24,607
of which Taxes: -€11,615
- Gross operating margin -€185,429
down €185,429, from €99,437 to -€85,992
- Taxes -€24,688
down €24,688 (-95.4%), from €25,875 to €1,187
- Staff costs -€4,757
down €4,757 (-70.9%), from €6,707 to €1,949
- Financial charges -€1,635
down €1,635 (-35.9%), from €4,555 to €2,919
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 | €232,107 | €58,329 | -€173,778 | -74.9% |
| Fixed assets | 21/28 | €8,447 | €20,000 | +€11,553 | +137% |
| Financial fixed assets | 28 | €8,447 | €20,000 | +€11,553 | +137% |
| Current assets | 29/58 | €223,660 | €38,329 | -€185,331 | -82.9% |
| Amounts receivable after more than one year | 29 | - | €210 | +€210 | |
| Trade receivables | 290 | - | €210 | +€210 | |
| Stocks and contracts in progress | 3 | €129,908 | - | -€129,908 | |
| Stocks | 30/36 | €129,908 | - | -€129,908 | |
| Amounts receivable within one year | 40/41 | €32,821 | - | -€32,821 | |
| Trade receivables | 40 | €20,075 | - | -€20,075 | |
| Other amounts receivable | 41 | €12,745 | - | -€12,745 | |
| Cash at bank and in hand | 54/58 | €60,932 | €38,120 | -€22,812 | -37.4% |
| Total equity and liabilities | 10/49 | €232,107 | €58,329 | -€173,778 | -74.9% |
| Equity | 10/15 | €154,284 | €29,828 | -€124,456 | -80.7% |
| Contributions | 10/11 | €62,311 | €62,311 | = | 0.0% |
| Capital | 10 | €62,311 | €62,311 | = | 0.0% |
| Issued capital | 100 | €62,311 | €62,311 | = | 0.0% |
| Revaluation surpluses | 12 | - | €14,435 | +€14,435 | |
| Reserves | 13 | €78,108 | €78,108 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,231 | €2,231 | = | 0.0% |
| Legal reserve | 130 | €2,231 | €2,231 | = | 0.0% |
| Distributable reserves | 133 | €75,877 | €75,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,865 | -€125,026 | -€138,891 | |
| Amounts payable | 17/49 | €77,823 | €28,501 | -€49,322 | -63.4% |
| Amounts payable after more than one year | 17 | €38,513 | €3,313 | -€35,200 | -91.4% |
| Financial debts | 170/4 | €38,513 | €3,313 | -€35,200 | -91.4% |
| Amounts payable within one year | 42/48 | €39,311 | €25,189 | -€14,122 | -35.9% |
| Financial debts | 43 | €500 | - | -€500 | |
| Credit institutions | 430/8 | €500 | - | -€500 | |
| Trade debts | 44 | €2,380 | €582 | -€1,798 | -75.5% |
| Suppliers | 440/4 | €2,380 | €582 | -€1,798 | -75.5% |
| Taxes, remuneration and social security | 45 | €36,431 | €24,607 | -€11,824 | -32.5% |
| Taxes | 450/3 | €36,221 | €24,607 | -€11,615 | -32.1% |
| Remuneration and social security | 454/9 | €209 | - | -€209 | |
| Remuneration, social security and pensions | 62 | €6,707 | €1,949 | -€4,757 | -70.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343 | - | -€343 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,119 | €375 | -€745 | -66.5% |
| Other operating charges | 640/8 | €5,598 | €5,911 | +€313 | +5.6% |
| Non-recurring operating charges | 66A | - | €40,610 | +€40,610 | |
| Gross operating margin | 9900 | €99,437 | -€85,992 | -€185,429 | |
| Operating profit (loss) | 9901 | €85,670 | -€134,837 | -€220,507 | |
| Financial income | 75/76B | €286 | €52 | -€234 | -81.9% |
| Recurring financial income | 75 | €286 | €52 | -€234 | -81.9% |
| Non-recurring financial income | 76B | €286 | - | -€286 | |
| Financial charges | 65/66B | €4,555 | €2,919 | -€1,635 | -35.9% |
| Recurring financial charges | 65 | €4,555 | €2,919 | -€1,635 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €81,402 | -€137,704 | -€219,106 | |
| Income taxes | 67/77 | €25,875 | €1,187 | -€24,688 | -95.4% |
| Profit (loss) for the period | 9904 | €55,527 | -€138,891 | -€194,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,527 | -€138,891 | -€194,418 |
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 14 October 2026 via checked.be.