PHIBACO: 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.
PHIBACO
Largest movements
- Cash +€54,537
up €54,537 (+2295.5%), from €2,376 to €56,913
mainly Debts after one year (+€57,168) and Receivables within one year (+€50,796)
- Receivables within one year -€50,796
down €50,796 (-48.7%), from €104,398 to €53,602
of which Other amounts receivable: -€73,314
- Debts after one year +€57,168
up €57,168 (+19.8%), from €289,221 to €346,389
- Other debts -€46,623
down €46,623 (-17.2%), from €271,432 to €224,809
- Short-term financial debts -€37,154
no longer reported in 2025 (was €37,154)
- Reserves +€23,962
new in 2025: €23,962
- Tax, wage and social debts +€12,771
up €12,771 (+34066.1%), from €37 to €12,809
of which Remuneration and social security: +€12,809
- Gross operating margin +€52,767
up €52,767 (+132.6%), from €39,787 to €92,554
- Depreciation +€20,263
up €20,263 (+71.6%), from €28,282 to €48,544
- Financial charges +€12,003
up €12,003 (+254.4%), from €4,719 to €16,722
- Taxes +€2,396
new in 2025: €2,396
- Other operating charges -€1,486
down €1,486 (-42.4%), from €3,508 to €2,022
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 | €639,922 | €654,374 | +€14,452 | +2.3% |
| Fixed assets | 21/28 | €515,252 | €521,525 | +€6,273 | +1.2% |
| Tangible fixed assets | 22/27 | €515,252 | €521,525 | +€6,273 | +1.2% |
| Land and buildings | 22 | €398,464 | €412,300 | +€13,835 | +3.5% |
| Plant, machinery and equipment | 23 | €90,018 | €93,357 | +€3,338 | +3.7% |
| Furniture and vehicles | 24 | €26,769 | €15,869 | -€10,900 | -40.7% |
| Current assets | 29/58 | €124,670 | €132,849 | +€8,179 | +6.6% |
| Stocks and contracts in progress | 3 | €17,737 | €22,163 | +€4,426 | +25.0% |
| Stocks | 30/36 | €17,737 | €22,163 | +€4,426 | +25.0% |
| Amounts receivable within one year | 40/41 | €104,398 | €53,602 | -€50,796 | -48.7% |
| Trade receivables | 40 | €31,084 | €53,602 | +€22,518 | +72.4% |
| Other amounts receivable | 41 | €73,314 | - | -€73,314 | |
| Cash at bank and in hand | 54/58 | €2,376 | €56,913 | +€54,537 | +2295.5% |
| Deferred charges and accrued income | 490/1 | €160 | €170 | +€11 | +6.7% |
| Total equity and liabilities | 10/49 | €639,922 | €654,374 | +€14,452 | +2.3% |
| Equity | 10/15 | €13,104 | €37,066 | +€23,962 | +182.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €23,962 | +€23,962 | |
| Distributable reserves | 133 | - | €23,962 | +€23,962 | |
| Profit (loss) carried forward | 14 | €6,904 | €6,904 | = | 0.0% |
| Amounts payable | 17/49 | €626,818 | €617,308 | -€9,510 | -1.5% |
| Amounts payable after more than one year | 17 | €289,221 | €346,389 | +€57,168 | +19.8% |
| Financial debts | 170/4 | €289,221 | €346,389 | +€57,168 | +19.8% |
| Amounts payable within one year | 42/48 | €335,544 | €268,824 | -€66,720 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €15,634 | €20,129 | +€4,495 | +28.7% |
| Financial debts | 43 | €37,154 | - | -€37,154 | |
| Credit institutions | 430/8 | €37,154 | - | -€37,154 | |
| Trade debts | 44 | €11,287 | €11,077 | -€210 | -1.9% |
| Suppliers | 440/4 | €11,287 | €11,077 | -€210 | -1.9% |
| Taxes, remuneration and social security | 45 | €37 | €12,809 | +€12,771 | +34066.1% |
| Taxes | 450/3 | €37 | - | -€37 | |
| Remuneration and social security | 454/9 | - | €12,809 | +€12,809 | |
| Other amounts payable | 47/48 | €271,432 | €224,809 | -€46,623 | -17.2% |
| Accrued charges and deferred income | 492/3 | €2,053 | €2,095 | +€42 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,282 | €48,544 | +€20,263 | +71.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,212 | €142 | -€1,070 | -88.3% |
| Other operating charges | 640/8 | €3,508 | €2,022 | -€1,486 | -42.4% |
| Gross operating margin | 9900 | €39,787 | €92,554 | +€52,767 | +132.6% |
| Operating profit (loss) | 9901 | €6,785 | €41,845 | +€35,060 | +516.7% |
| Financial income | 75/76B | €304 | €1,236 | +€932 | +306.8% |
| Recurring financial income | 75 | €304 | €1,236 | +€932 | +306.8% |
| Financial charges | 65/66B | €4,719 | €16,722 | +€12,003 | +254.4% |
| Recurring financial charges | 65 | €4,719 | €16,722 | +€12,003 | +254.4% |
| Profit (loss) for the period before taxes | 9903 | €2,369 | €26,358 | +€23,989 | +1012.4% |
| Income taxes | 67/77 | - | €2,396 | +€2,396 | |
| Profit (loss) for the period | 9904 | €2,369 | €23,962 | +€21,593 | +911.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,369 | €23,962 | +€21,593 | +911.3% |
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.