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
- Receivables within one year -€48,275
down €48,275 (-71.9%), from €67,159 to €18,884
of which Trade receivables: -€46,865
- Tangible fixed assets -€23,078
down €23,078 (-3.8%), from €607,505 to €584,427
of which Land and buildings: -€17,959
- Cash -€8,744
down €8,744 (-51.8%), from €16,872 to €8,129
mainly Net result for the year (-€59,346) and Advances received (-€47,190)
- Profit (loss) carried forward -€59,346
down €59,346 (-76.2%), from €77,837 to €18,490
- Advances received -€47,190
no longer reported in 2025 (was €47,190)
- Other debts +€36,599
up €36,599 (+14.4%), from €253,301 to €289,900
- Gross operating margin -€202,463
down €202,463, from €181,180 to -€21,283
- Taxes -€29,329
no longer reported in 2025 (was €29,329)
- Financial income +€26,847
new in 2025: €26,847
of which Non-recurring financial income: +€26,847
- Financial charges -€12,278
down €12,278 (-91.6%), from €13,400 to €1,122
of which Non-recurring financial charges: -€12,857
- Depreciation +€4,566
up €4,566 (+15.9%), from €28,649 to €33,215
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 | €691,536 | €611,439 | -€80,097 | -11.6% |
| Fixed assets | 21/28 | €607,505 | €584,427 | -€23,078 | -3.8% |
| Tangible fixed assets | 22/27 | €607,505 | €584,427 | -€23,078 | -3.8% |
| Land and buildings | 22 | €545,875 | €527,916 | -€17,959 | -3.3% |
| Plant, machinery and equipment | 23 | €343 | €158 | -€185 | -54.0% |
| Furniture and vehicles | 24 | €41,508 | €41,740 | +€232 | +0.6% |
| Other tangible fixed assets | 26 | €19,779 | €14,612 | -€5,167 | -26.1% |
| Current assets | 29/58 | €84,031 | €27,012 | -€57,019 | -67.9% |
| Amounts receivable within one year | 40/41 | €67,159 | €18,884 | -€48,275 | -71.9% |
| Trade receivables | 40 | €64,304 | €17,439 | -€46,865 | -72.9% |
| Other amounts receivable | 41 | €2,854 | €1,444 | -€1,410 | -49.4% |
| Cash at bank and in hand | 54/58 | €16,872 | €8,129 | -€8,744 | -51.8% |
| Total equity and liabilities | 10/49 | €691,536 | €611,439 | -€80,097 | -11.6% |
| Equity | 10/15 | €356,936 | €297,589 | -€59,346 | -16.6% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €4,099 | €4,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,099 | €4,099 | = | 0.0% |
| Legal reserve | 130 | €4,099 | €4,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,837 | €18,490 | -€59,346 | -76.2% |
| Amounts payable | 17/49 | €334,601 | €313,850 | -€20,751 | -6.2% |
| Amounts payable within one year | 42/48 | €334,601 | €313,850 | -€20,751 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €6,338 | - | -€6,338 | |
| Trade debts | 44 | €12,532 | €13,211 | +€679 | +5.4% |
| Suppliers | 440/4 | €12,532 | €13,211 | +€679 | +5.4% |
| Advances received on contracts in progress | 46 | €47,190 | - | -€47,190 | |
| Taxes, remuneration and social security | 45 | €15,240 | €10,739 | -€4,501 | -29.5% |
| Taxes | 450/3 | €5,678 | €5,458 | -€220 | -3.9% |
| Remuneration and social security | 454/9 | €9,562 | €5,281 | -€4,281 | -44.8% |
| Other amounts payable | 47/48 | €253,301 | €289,900 | +€36,599 | +14.4% |
| Remuneration, social security and pensions | 62 | €24,568 | €25,682 | +€1,114 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,649 | €33,215 | +€4,566 | +15.9% |
| Other operating charges | 640/8 | €3,278 | €4,892 | +€1,613 | +49.2% |
| Gross operating margin | 9900 | €181,180 | -€21,283 | -€202,463 | |
| Operating profit (loss) | 9901 | €124,685 | -€85,072 | -€209,756 | |
| Financial income | 75/76B | - | €26,847 | +€26,847 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €26,847 | +€26,847 | |
| Financial charges | 65/66B | €13,400 | €1,122 | -€12,278 | -91.6% |
| Recurring financial charges | 65 | €543 | €1,122 | +€579 | +106.5% |
| Non-recurring financial charges | 66B | €12,857 | - | -€12,857 | |
| Profit (loss) for the period before taxes | 9903 | €111,285 | -€59,346 | -€170,631 | |
| Income taxes | 67/77 | €29,329 | - | -€29,329 | |
| Profit (loss) for the period | 9904 | €81,956 | -€59,346 | -€141,302 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,956 | -€59,346 | -€141,302 |
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 11 October 2026 via checked.be.