PHICAT HOLDING: 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.
PHICAT HOLDING
Largest movements
- Current investments -€9.4m
no longer reported in 2025 (was €9.4m)
- Cash +€7.9m
up €7.9m (+4,200%), from €188,561 to €8.1m
mainly Current investments (+€9.4m) and Investment in fixed assets (net) (+€2.4m)
- Financial fixed assets -€2.4m
down €2.4m (-51.6%), from €4.6m to €2.2m
- Deferred charges and accrued income -€931,001
down €931,001 (-99.2%), from €938,534 to €7,533
- Profit (loss) carried forward -€4.3m
down €4.3m (-55.9%), from €7.7m to €3.4m
- Financial charges +€2.7m
up €2.7m (+17,808%), from €15,284 to €2.7m
- Financial income -€130,398
down €130,398 (-11.1%), from €1.2m to €1.0m
- Gross operating margin +€85,469
up €85,469 (+63.6%), from €134,389 to €219,859
- Taxes +€15,411
up €15,411 (+59.3%), from €25,982 to €41,393
- Other operating charges -€14,047
down €14,047 (-9.7%), from €144,622 to €130,575
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 | €45,540,011 | €41,203,628 | -€4.3m | -9.5% |
| Fixed assets | 21/28 | €10,252,535 | €7,541,540 | -€2.7m | -26.4% |
| Tangible fixed assets | 22/27 | €5,651,700 | €5,314,106 | -€337,594 | -6.0% |
| Land and buildings | 22 | €5,651,700 | €5,314,106 | -€337,594 | -6.0% |
| Financial fixed assets | 28 | €4,600,835 | €2,227,434 | -€2.4m | -51.6% |
| Current assets | 29/58 | €35,287,475 | €33,662,087 | -€1.6m | -4.6% |
| Amounts receivable after more than one year | 29 | €17,484,691 | €17,840,588 | +€355,897 | +2.0% |
| Other amounts receivable | 291 | €17,484,691 | €17,840,588 | +€355,897 | +2.0% |
| Amounts receivable within one year | 40/41 | €7,310,352 | €7,706,384 | +€396,032 | +5.4% |
| Other amounts receivable | 41 | €7,310,352 | €7,706,384 | +€396,032 | +5.4% |
| Current investments | 50/53 | €9,365,337 | - | -€9.4m | |
| Cash at bank and in hand | 54/58 | €188,561 | €8,107,583 | +€7.9m | +4,200% |
| Deferred charges and accrued income | 490/1 | €938,534 | €7,533 | -€931,001 | -99.2% |
| Total equity and liabilities | 10/49 | €45,540,011 | €41,203,628 | -€4.3m | -9.5% |
| Equity | 10/15 | €42,922,871 | €38,627,505 | -€4.3m | -10.0% |
| Contributions | 10/11 | €35,234,509 | €35,234,509 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,688,362 | €3,392,996 | -€4.3m | -55.9% |
| Amounts payable | 17/49 | €2,617,139 | €2,576,123 | -€41,017 | -1.6% |
| Amounts payable within one year | 42/48 | €2,589,727 | €2,568,833 | -€20,894 | -0.8% |
| Trade debts | 44 | €8,946 | €5,101 | -€3,844 | -43.0% |
| Suppliers | 440/4 | €8,946 | €5,101 | -€3,844 | -43.0% |
| Taxes, remuneration and social security | 45 | €22,000 | - | -€22,000 | |
| Taxes | 450/3 | €22,000 | - | -€22,000 | |
| Other amounts payable | 47/48 | €2,558,781 | €2,563,731 | +€4,950 | +0.2% |
| Accrued charges and deferred income | 492/3 | €27,412 | €7,290 | -€20,122 | -73.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €352,851 | €356,548 | +€3,696 | +1.0% |
| Other operating charges | 640/8 | €144,622 | €130,575 | -€14,047 | -9.7% |
| Non-recurring operating charges | 66A | €37,935 | €2,289,385 | +€2.3m | +5,935% |
| Gross operating margin | 9900 | €134,389 | €219,859 | +€85,469 | +63.6% |
| Operating profit (loss) | 9901 | -€401,018 | -€2,556,648 | -€2.2m | -538% |
| Financial income | 75/76B | €1,170,091 | €1,039,693 | -€130,398 | -11.1% |
| Recurring financial income | 75 | €1,170,091 | €1,039,693 | -€130,398 | -11.1% |
| Financial charges | 65/66B | €15,284 | €2,737,019 | +€2.7m | +17,808% |
| Recurring financial charges | 65 | €15,284 | €2,737,019 | +€2.7m | +17,808% |
| Profit (loss) for the period before taxes | 9903 | €753,789 | -€4,253,974 | -€5.0m | |
| Income taxes | 67/77 | €25,982 | €41,393 | +€15,411 | +59.3% |
| Profit (loss) for the period | 9904 | €727,807 | -€4,295,366 | -€5.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €727,807 | -€4,295,366 | -€5.0m |
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 18 October 2026 via checked.be.