PHIBEL: 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.
PHIBEL
Largest movements
- Receivables within one year -€62,065
down €62,065 (-99.6%), from €62,287 to €221
of which Trade receivables: -€62,287
- Current investments +€52,800
up €52,800 (+10.5%), from €500,839 to €553,639
- Cash +€31,727
up €31,727 (+28.5%), from €111,429 to €143,156
mainly Receivables within one year (+€62,065) and Net result for the year (+€30,154)
- Reserves +€30,154
up €30,154 (+5.2%), from €575,178 to €605,332
- Tax, wage and social debts -€14,312
down €14,312 (-82.7%), from €17,303 to €2,991
- Other debts +€8,117
up €8,117 (+11.7%), from €69,272 to €77,389
- Gross operating margin -€78,381
down €78,381 (-85.7%), from €91,454 to €13,074
- Financial income +€24,591
up €24,591 (+2797.2%), from €879 to €25,471
- Taxes -€17,736
down €17,736 (-72.8%), from €24,359 to €6,623
- Depreciation -€3,495
down €3,495 (-88.1%), from €3,968 to €472
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €676,561 | €698,623 | +€22,062 | +3.3% |
| Fixed assets | 21/28 | €915 | €442 | -€472 | -51.7% |
| Tangible fixed assets | 22/27 | €915 | €442 | -€472 | -51.7% |
| Plant, machinery and equipment | 23 | €915 | €442 | -€472 | -51.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €675,647 | €698,181 | +€22,534 | +3.3% |
| Amounts receivable within one year | 40/41 | €62,287 | €221 | -€62,065 | -99.6% |
| Trade receivables | 40 | €62,287 | €0 | -€62,287 | -100.0% |
| Other amounts receivable | 41 | €0 | €221 | +€221 | |
| Current investments | 50/53 | €500,839 | €553,639 | +€52,800 | +10.5% |
| Cash at bank and in hand | 54/58 | €111,429 | €143,156 | +€31,727 | +28.5% |
| Deferred charges and accrued income | 490/1 | €1,092 | €1,165 | +€73 | +6.7% |
| Total equity and liabilities | 10/49 | €676,561 | €698,623 | +€22,062 | +3.3% |
| Equity | 10/15 | €587,578 | €617,732 | +€30,154 | +5.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €575,178 | €605,332 | +€30,154 | +5.2% |
| Distributable reserves | 133 | €575,178 | €605,332 | +€30,154 | +5.2% |
| Amounts payable | 17/49 | €88,984 | €80,891 | -€8,093 | -9.1% |
| Amounts payable within one year | 42/48 | €88,984 | €80,891 | -€8,093 | -9.1% |
| Trade debts | 44 | €2,409 | €511 | -€1,898 | -78.8% |
| Suppliers | 440/4 | €2,409 | €511 | -€1,898 | -78.8% |
| Taxes, remuneration and social security | 45 | €17,303 | €2,991 | -€14,312 | -82.7% |
| Taxes | 450/3 | €17,303 | €2,991 | -€14,312 | -82.7% |
| Other amounts payable | 47/48 | €69,272 | €77,389 | +€8,117 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,968 | €472 | -€3,495 | -88.1% |
| Other operating charges | 640/8 | €566 | €584 | +€17 | +3.1% |
| Gross operating margin | 9900 | €91,454 | €13,074 | -€78,381 | -85.7% |
| Operating profit (loss) | 9901 | €86,920 | €12,018 | -€74,903 | -86.2% |
| Financial income | 75/76B | €879 | €25,471 | +€24,591 | +2797.2% |
| Recurring financial income | 75 | €879 | €25,471 | +€24,591 | +2797.2% |
| Financial charges | 65/66B | €456 | €711 | +€255 | +55.8% |
| Recurring financial charges | 65 | €456 | €711 | +€255 | +55.8% |
| Profit (loss) for the period before taxes | 9903 | €87,343 | €36,777 | -€50,566 | -57.9% |
| Income taxes | 67/77 | €24,359 | €6,623 | -€17,736 | -72.8% |
| Profit (loss) for the period | 9904 | €62,984 | €30,154 | -€32,830 | -52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,984 | €30,154 | -€32,830 | -52.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.