PHIALE: 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.
PHIALE
Largest movements
- Cash -€72,160
down €72,160 (-99.5%), from €72,510 to €350
- Reserves -€141,637
down €141,637 (-75.3%), from €188,013 to €46,376
of which Tax-exempt reserves: -€141,637
- Financial income -€154,263
down €154,263 (-98.8%), from €156,133 to €1,870
of which Non-recurring financial income: -€156,133
- Gross operating margin +€2,622
up €2,622 (+9.4%), from -€27,831 to -€25,209
- Other operating charges -€1,699
down €1,699 (-25.8%), from €6,578 to €4,879
- Financial charges -€451
down €451 (-32.1%), from €1,404 to €953
- Depreciation -€380
down €380 (-2.6%), from €14,681 to €14,301
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,404,844 | €3,288,194 | -€116,650 | -3.4% |
| Fixed assets | 21/28 | €2,974,727 | €2,948,375 | -€26,352 | -0.9% |
| Tangible fixed assets | 22/27 | €53,885 | €27,532 | -€26,353 | -48.9% |
| Plant, machinery and equipment | 23 | €30,274 | €14,036 | -€16,238 | -53.6% |
| Furniture and vehicles | 24 | €23,611 | €13,496 | -€10,115 | -42.8% |
| Financial fixed assets | 28 | €2,920,842 | €2,920,843 | +€1 | 0.0% |
| Current assets | 29/58 | €430,117 | €339,819 | -€90,298 | -21.0% |
| Amounts receivable within one year | 40/41 | €346,421 | €328,283 | -€18,138 | -5.2% |
| Trade receivables | 40 | €17,389 | €49,692 | +€32,303 | +185.8% |
| Other amounts receivable | 41 | €329,032 | €278,591 | -€50,441 | -15.3% |
| Current investments | 50/53 | €11,186 | €11,186 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €72,510 | €350 | -€72,160 | -99.5% |
| Total equity and liabilities | 10/49 | €3,404,844 | €3,288,194 | -€116,650 | -3.4% |
| Equity | 10/15 | €1,872,324 | €1,750,005 | -€122,319 | -6.5% |
| Contributions | 10/11 | €2,067,000 | €2,067,000 | = | 0.0% |
| Reserves | 13 | €188,013 | €46,376 | -€141,637 | -75.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €160,387 | €18,750 | -€141,637 | -88.3% |
| Distributable reserves | 133 | €2,626 | €2,626 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€382,689 | -€363,371 | +€19,318 | +5.0% |
| Amounts payable | 17/49 | €1,532,520 | €1,538,189 | +€5,669 | +0.4% |
| Amounts payable after more than one year | 17 | €15,813 | €8,867 | -€6,946 | -43.9% |
| Financial debts | 170/4 | €15,813 | €8,867 | -€6,946 | -43.9% |
| Amounts payable within one year | 42/48 | €1,516,707 | €1,529,322 | +€12,615 | +0.8% |
| Trade debts | 44 | €15,783 | €20,995 | +€5,212 | +33.0% |
| Suppliers | 440/4 | €15,783 | €20,995 | +€5,212 | +33.0% |
| Other amounts payable | 47/48 | €1,500,924 | €1,508,327 | +€7,403 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,681 | €14,301 | -€380 | -2.6% |
| Other operating charges | 640/8 | €6,578 | €4,879 | -€1,699 | -25.8% |
| Gross operating margin | 9900 | -€27,831 | -€25,209 | +€2,622 | +9.4% |
| Operating profit (loss) | 9901 | -€49,090 | -€44,389 | +€4,701 | +9.6% |
| Financial income | 75/76B | €156,133 | €1,870 | -€154,263 | -98.8% |
| Recurring financial income | 75 | €156,133 | €1,870 | -€154,263 | -98.8% |
| Non-recurring financial income | 76B | €156,133 | - | -€156,133 | |
| Financial charges | 65/66B | €1,404 | €953 | -€451 | -32.1% |
| Recurring financial charges | 65 | €1,404 | €953 | -€451 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €105,639 | -€43,472 | -€149,111 | |
| Income taxes | 67/77 | - | -€18 | -€18 | |
| Profit (loss) for the period | 9904 | €105,639 | -€43,454 | -€149,093 | |
| Transfer from tax-exempt reserves | 789 | €5,963 | €135,674 | +€129,711 | +2175.3% |
| Transfer to tax-exempt reserves | 689 | €147,600 | - | -€147,600 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,998 | €92,220 | +€128,218 |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2023 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.