Phicap Group: 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.
Phicap Group
Largest movements
- Financial fixed assets +€788,562
up €788,562 (+80.8%), from €975,628 to €1.8m
- Receivables within one year +€218,278
up €218,278 (+44.6%), from €489,858 to €708,135
of which Other amounts receivable: +€145,174
- Receivables after one year +€186,974
up €186,974 (+320%), from €58,365 to €245,339
- Deferred charges and accrued income +€54,933
up €54,933 (+69.2%), from €79,366 to €134,299
- Tangible fixed assets +€39,156
up €39,156 (+16.9%), from €231,592 to €270,749
of which Other tangible fixed assets: +€43,427
- Other debts +€607,077
up €607,077 (+336%), from €180,439 to €787,516
- Debts after one year +€414,049
up €414,049 (+58.1%), from €713,220 to €1.1m
- Trade debts +€257,010
up €257,010 (+172%), from €149,719 to €406,729
- Current portion of long-term debt +€77,026
up €77,026 (+50.5%), from €152,654 to €229,679
- Accrued charges and deferred income -€45,545
down €45,545 (-71.6%), from €63,586 to €18,041
- Gross operating margin +€41,645
up €41,645 (+13.2%), from €314,955 to €356,601
- Financial charges +€20,213
up €20,213 (+49.4%), from €40,881 to €61,094
- Financial income +€9,547
up €9,547 (+3.7%), from €257,947 to €267,494
- Staff costs +€8,835
up €8,835 (+4.1%), from €216,077 to €224,912
- Taxes +€8,610
up €8,610 (+61.2%), from €14,065 to €22,675
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.
Derived cash bridge
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 | €1,963,082 | €3,241,425 | +€1.3m | +65.1% |
| Formation expenses | 20 | €20,343 | €14,142 | -€6,201 | -30.5% |
| Fixed assets | 21/28 | €1,215,309 | €2,058,238 | +€842,930 | +69.4% |
| Intangible fixed assets | 21 | €8,088 | €23,300 | +€15,211 | +188% |
| Tangible fixed assets | 22/27 | €231,592 | €270,749 | +€39,156 | +16.9% |
| Furniture and vehicles | 24 | €88,643 | €84,372 | -€4,271 | -4.8% |
| Other tangible fixed assets | 26 | €142,950 | €186,377 | +€43,427 | +30.4% |
| Financial fixed assets | 28 | €975,628 | €1,764,190 | +€788,562 | +80.8% |
| Current assets | 29/58 | €727,430 | €1,169,045 | +€441,614 | +60.7% |
| Amounts receivable after more than one year | 29 | €58,365 | €245,339 | +€186,974 | +320% |
| Other amounts receivable | 291 | €58,365 | €245,339 | +€186,974 | +320% |
| Stocks and contracts in progress | 3 | €19,697 | €19,857 | +€160 | +0.8% |
| Stocks | 30/36 | €19,697 | €19,857 | +€160 | +0.8% |
| Amounts receivable within one year | 40/41 | €489,858 | €708,135 | +€218,278 | +44.6% |
| Trade receivables | 40 | €89,685 | €162,788 | +€73,103 | +81.5% |
| Other amounts receivable | 41 | €400,173 | €545,347 | +€145,174 | +36.3% |
| Cash at bank and in hand | 54/58 | €80,145 | €61,414 | -€18,731 | -23.4% |
| Deferred charges and accrued income | 490/1 | €79,366 | €134,299 | +€54,933 | +69.2% |
| Total equity and liabilities | 10/49 | €1,963,082 | €3,241,425 | +€1.3m | +65.1% |
| Equity | 10/15 | €628,341 | €608,134 | -€20,207 | -3.2% |
| Contributions | 10/11 | €152,087 | €152,087 | = | 0.0% |
| Reserves | 13 | €191,049 | €171,049 | -€20,000 | -10.5% |
| Non-distributable reserves | 130/1 | €1,168 | €1,168 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,168 | €1,168 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,689 | €28,689 | = | 0.0% |
| Distributable reserves | 133 | €161,192 | €141,192 | -€20,000 | -12.4% |
| Profit (loss) carried forward | 14 | €275,720 | €277,327 | +€1,608 | +0.6% |
| Investment grants | 15 | €9,485 | €7,671 | -€1,814 | -19.1% |
| Provisions and deferred taxes | 16 | €3,162 | €2,557 | -€605 | -19.1% |
| Deferred taxes | 168 | €3,162 | €2,557 | -€605 | -19.1% |
| Amounts payable | 17/49 | €1,331,580 | €2,630,735 | +€1.3m | +97.6% |
| Amounts payable after more than one year | 17 | €713,220 | €1,127,269 | +€414,049 | +58.1% |
| Financial debts | 170/4 | €713,220 | €1,127,269 | +€414,049 | +58.1% |
| Amounts payable within one year | 42/48 | €554,774 | €1,485,425 | +€930,651 | +168% |
| Current portion of amounts payable after more than one year | 42 | €152,654 | €229,679 | +€77,026 | +50.5% |
| Trade debts | 44 | €149,719 | €406,729 | +€257,010 | +172% |
| Suppliers | 440/4 | €149,719 | €406,729 | +€257,010 | +172% |
| Taxes, remuneration and social security | 45 | €71,961 | €61,500 | -€10,462 | -14.5% |
| Taxes | 450/3 | €46,811 | €40,870 | -€5,941 | -12.7% |
| Remuneration and social security | 454/9 | €25,151 | €20,630 | -€4,521 | -18.0% |
| Other amounts payable | 47/48 | €180,439 | €787,516 | +€607,077 | +336% |
| Accrued charges and deferred income | 492/3 | €63,586 | €18,041 | -€45,545 | -71.6% |
| Remuneration, social security and pensions | 62 | €216,077 | €224,912 | +€8,835 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,570 | €57,234 | +€2,664 | +4.9% |
| Other operating charges | 640/8 | €741 | €1,364 | +€623 | +84.1% |
| Non-recurring operating charges | 66A | €2,189 | €5,814 | +€3,625 | +166% |
| Gross operating margin | 9900 | €314,955 | €356,601 | +€41,645 | +13.2% |
| Operating profit (loss) | 9901 | €41,379 | €67,277 | +€25,898 | +62.6% |
| Financial income | 75/76B | €257,947 | €267,494 | +€9,547 | +3.7% |
| Recurring financial income | 75 | €257,947 | €267,494 | +€9,547 | +3.7% |
| Financial charges | 65/66B | €40,881 | €61,094 | +€20,213 | +49.4% |
| Recurring financial charges | 65 | €40,881 | €61,094 | +€20,213 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €258,446 | €273,678 | +€15,232 | +5.9% |
| Transfer from deferred taxes | 780 | €1,210 | €605 | -€605 | -50.0% |
| Income taxes | 67/77 | €14,065 | €22,675 | +€8,610 | +61.2% |
| Profit (loss) for the period | 9904 | €245,590 | €251,608 | +€6,017 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €245,590 | €251,608 | +€6,017 | +2.5% |
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 25 October 2026 via checked.be.