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.
What changed
PHENIX
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€619,876
2024 · -€2.3m+€3.0m
Equity
€15.4m
2024 · €14.8m+€672,876
Cash
€4.3m
2024 · €933,355+€3.4m
Balance sheet total
€124.2m
2024 · €106.1m+€18.1m
Largest movements
Assets
- Tangible fixed assets +€26.3m
up €26.3m (+287.4%), from €9.1m to €35.4m
of which Land and buildings: +€26.3m
- Financial fixed assets -€13.3m
down €13.3m (-14.9%), from €88.8m to €75.6m
- Cash +€3.4m
up €3.4m (+359.8%), from €933,355 to €4.3m
mainly Current portion of long-term debt (+€25.1m) and Provisions (+€2.6m)
- Receivables within one year +€1.5m
up €1.5m (+21.4%), from €7.1m to €8.6m
of which Other amounts receivable: +€1.3m
Equity and liabilities
- Current portion of long-term debt +€25.1m
up €25.1m (+850.2%), from €3.0m to €28.1m
- Debts after one year -€12.1m
down €12.1m (-22.8%), from €52.9m to €40.8m
of which Financial debts: -€12.1m
- Provisions +€2.6m
up €2.6m (+159.3%), from €1.7m to €4.3m
of which Deferred taxes: +€2.6m
- Other debts +€1.6m
up €1.6m (+5.1%), from €32.4m to €34.1m
Income statement
- Gross operating margin +€5.8m
up €5.8m, from -€1.9m to €3.9m
- Financial income -€1.5m
down €1.5m (-36.4%), from €4.0m to €2.5m
of which Financial income: -€1.9m
- Depreciation +€1.4m
up €1.4m (+495.9%), from €282,515 to €1.7m
- Financial charges -€608,433
down €608,433 (-13.5%), from €4.5m to €3.9m
- Staff costs +€197,845
new in 2025: €197,845
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.
Result 2024
-€2.3m
Gross operating margin
+€5.8m
Staff costs
-€197,845
Depreciation
-€1.4m
Provisions
+€10,676
Other operating charges
-€65,403
Financial income
-€1.5m
Financial charges
+€608,433
Taxes
-€121,220
Deferred taxes and other
-€218,125
Result 2025
€619,876
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.
From operations
+€6.4m
Investment
-€14.9m
Financing
+€11.9m
Cash 2024
€933,355
From operations (derived)
+€6.4m
Net result for the year
+€619,876
Depreciation
+€1.7m
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€17,902
Provisions
+€2.6m
Trade debts
+€729,321
Tax, wage and social debts
+€558,672
Other debts
+€1.6m
Accrued charges and deferred income
+€89,370
Investment (derived)
-€14.9m
Investment in fixed assets (net)
-€14.9m
Financing
+€11.9m
Debts after one year
-€12.1m
Current portion of long-term debt
+€25.1m
Short-term financial debts
-€1.2m
Contributions, distributions and other
+€53,000
Cash 2025
€4.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €106,087,233 | €124,220,608 | +€18.1m | +17.1% |
| Fixed assets | 21/28 | €97,973,315 | €111,208,220 | +€13.2m | +13.5% |
| Intangible fixed assets | 21 | - | €229,877 | +€229,877 | |
| Tangible fixed assets | 22/27 | €9,140,245 | €35,408,507 | +€26.3m | +287.4% |
| Land and buildings | 22 | €9,022,573 | €35,311,889 | +€26.3m | +291.4% |
| Plant, machinery and equipment | 23 | €117,671 | €91,414 | -€26,257 | -22.3% |
| Furniture and vehicles | 24 | - | €5,204 | +€5,204 | |
| Financial fixed assets | 28 | €88,833,070 | €75,569,836 | -€13.3m | -14.9% |
| Current assets | 29/58 | €8,113,918 | €13,012,389 | +€4.9m | +60.4% |
| Amounts receivable after more than one year | 29 | €55,350 | €55,350 | = | 0.0% |
| Other amounts receivable | 291 | €55,350 | €55,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,119,717 | €8,641,921 | +€1.5m | +21.4% |
| Trade receivables | 40 | €37,500 | €282,898 | +€245,398 | +654.4% |
| Other amounts receivable | 41 | €7,082,217 | €8,359,023 | +€1.3m | +18.0% |
| Cash at bank and in hand | 54/58 | €933,355 | €4,291,720 | +€3.4m | +359.8% |
| Deferred charges and accrued income | 490/1 | €5,496 | €23,398 | +€17,902 | +325.7% |
| Total equity and liabilities | 10/49 | €106,087,233 | €124,220,608 | +€18.1m | +17.1% |
| Equity | 10/15 | €14,754,291 | €15,427,166 | +€672,876 | +4.6% |
| Contributions | 10/11 | €11,437,648 | €11,490,648 | +€53,000 | +0.5% |
| Capital | 10 | €11,437,648 | €11,490,648 | +€53,000 | +0.5% |
| Issued capital | 100 | €11,437,648 | €11,649,649 | +€212,000 | +1.9% |
| Uncalled capital | 101 | - | €159,000 | +€159,000 | |
| Reserves | 13 | €3,526,072 | €4,089,165 | +€563,094 | +16.0% |
| Non-distributable reserves | 130/1 | €52,000 | €52,000 | = | 0.0% |
| Legal reserve | 130 | €52,000 | €52,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,474,072 | €4,037,165 | +€563,094 | +16.2% |
| Profit (loss) carried forward | 14 | -€209,429 | -€152,647 | +€56,782 | +27.1% |
| Provisions and deferred taxes | 16 | €1,655,576 | €4,292,130 | +€2.6m | +159.3% |
| Provisions for liabilities and charges | 160/5 | €497,552 | €497,552 | = | 0.0% |
| Environmental obligations | 163 | €497,552 | €497,552 | = | 0.0% |
| Deferred taxes | 168 | €1,158,024 | €3,794,578 | +€2.6m | +227.7% |
| Amounts payable | 17/49 | €89,677,366 | €104,501,312 | +€14.8m | +16.5% |
| Amounts payable after more than one year | 17 | €52,883,601 | €40,800,897 | -€12.1m | -22.8% |
| Financial debts | 170/4 | €52,883,601 | €40,798,227 | -€12.1m | -22.9% |
| Other amounts payable | 178/9 | - | €2,669 | +€2,669 | |
| Amounts payable within one year | 42/48 | €36,782,196 | €63,599,477 | +€26.8m | +72.9% |
| Current portion of amounts payable after more than one year | 42 | €2,952,494 | €28,054,387 | +€25.1m | +850.2% |
| Financial debts | 43 | €1,216,695 | €4,640 | -€1.2m | -99.6% |
| Credit institutions | 430/8 | €1,216,695 | €4,640 | -€1.2m | -99.6% |
| Trade debts | 44 | €145,982 | €875,303 | +€729,321 | +499.6% |
| Suppliers | 440/4 | €145,982 | €875,303 | +€729,321 | +499.6% |
| Taxes, remuneration and social security | 45 | €23,858 | €582,530 | +€558,672 | +2341.6% |
| Taxes | 450/3 | €23,858 | €582,071 | +€558,213 | +2339.7% |
| Remuneration and social security | 454/9 | - | €459 | +€459 | |
| Other amounts payable | 47/48 | €32,443,166 | €34,082,617 | +€1.6m | +5.1% |
| Accrued charges and deferred income | 492/3 | €11,569 | €100,939 | +€89,370 | +772.5% |
| Non-recurring operating income | 76A | €0 | €4,642,123 | +€4.6m | |
| Remuneration, social security and pensions | 62 | - | €197,845 | +€197,845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282,515 | €1,683,520 | +€1.4m | +495.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,676 | €0 | -€10,676 | -100.0% |
| Other operating charges | 640/8 | €73,053 | €138,456 | +€65,403 | +89.5% |
| Gross operating margin | 9900 | -€1,852,925 | €3,933,960 | +€5.8m | |
| Operating profit (loss) | 9901 | -€2,219,169 | €1,914,139 | +€4.1m | |
| Financial income | 75/76B | €3,984,772 | €2,534,103 | -€1.5m | -36.4% |
| Recurring financial income | 75 | €2,185,436 | €330,157 | -€1.9m | -84.9% |
| Non-recurring financial income | 76B | €1,799,336 | €2,203,946 | +€404,610 | +22.5% |
| Financial charges | 65/66B | €4,521,357 | €3,912,924 | -€608,433 | -13.5% |
| Recurring financial charges | 65 | €4,521,357 | €3,912,924 | -€608,433 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,755,754 | €535,318 | +€3.3m | |
| Transfer from deferred taxes | 780 | €423,903 | €433,546 | +€9,644 | +2.3% |
| Transfer to deferred taxes | 680 | - | €227,769 | +€227,769 | |
| Income taxes | 67/77 | - | €121,220 | +€121,220 | |
| Profit (loss) for the period | 9904 | -€2,331,851 | €619,876 | +€3.0m | |
| Transfer from tax-exempt reserves | 789 | €1,271,708 | €120,212 | -€1.2m | -90.5% |
| Transfer to tax-exempt reserves | 689 | - | €683,306 | +€683,306 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,060,143 | €56,782 | +€1.1m |
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 9 October 2026 via checked.be.