PHICODEX: 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.
PHICODEX
Largest movements
- Cash +€16,958
up €16,958 (+32.5%), from €52,124 to €69,082
mainly Depreciation (+€26,058) and Net result for the year (+€14,068)
- Tangible fixed assets -€15,679
down €15,679 (-8.3%), from €188,349 to €172,670
of which Furniture and vehicles: -€12,080
- Receivables within one year -€13,295
down €13,295 (-30.8%), from €43,120 to €29,825
of which Trade receivables: -€11,219
- Debts after one year -€14,833
down €14,833 (-13.7%), from €108,582 to €93,749
- Reserves +€13,221
up €13,221 (+15.4%), from €86,063 to €99,283
- Accrued charges and deferred income -€10,427
down €10,427 (-90.7%), from €11,497 to €1,070
- Tax, wage and social debts -€5,803
down €5,803 (-56.0%), from €10,366 to €4,564
of which Taxes: -€3,029
- Other debts +€5,273
up €5,273 (+275.5%), from €1,914 to €7,186
- Other operating charges -€3,878
down €3,878 (-40.6%), from €9,551 to €5,673
- Depreciation +€1,150
up €1,150 (+4.6%), from €24,908 to €26,058
- Taxes +€703
up €703 (+13.8%), from €5,096 to €5,799
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 | €286,386 | €274,101 | -€12,285 | -4.3% |
| Fixed assets | 21/28 | €189,376 | €173,073 | -€16,303 | -8.6% |
| Intangible fixed assets | 21 | €1,026 | €403 | -€623 | -60.7% |
| Tangible fixed assets | 22/27 | €188,349 | €172,670 | -€15,679 | -8.3% |
| Land and buildings | 22 | €152,048 | €147,946 | -€4,101 | -2.7% |
| Plant, machinery and equipment | 23 | €5,487 | €5,990 | +€502 | +9.2% |
| Furniture and vehicles | 24 | €30,814 | €18,734 | -€12,080 | -39.2% |
| Current assets | 29/58 | €97,011 | €101,028 | +€4,018 | +4.1% |
| Amounts receivable within one year | 40/41 | €43,120 | €29,825 | -€13,295 | -30.8% |
| Trade receivables | 40 | €36,916 | €25,697 | -€11,219 | -30.4% |
| Other amounts receivable | 41 | €6,204 | €4,128 | -€2,076 | -33.5% |
| Cash at bank and in hand | 54/58 | €52,124 | €69,082 | +€16,958 | +32.5% |
| Deferred charges and accrued income | 490/1 | €1,767 | €2,121 | +€354 | +20.1% |
| Total equity and liabilities | 10/49 | €286,386 | €274,101 | -€12,285 | -4.3% |
| Equity | 10/15 | €136,359 | €149,580 | +€13,221 | +9.7% |
| Contributions | 10/11 | €50,296 | €50,296 | = | 0.0% |
| Reserves | 13 | €86,063 | €99,283 | +€13,221 | +15.4% |
| Distributable reserves | 133 | €86,063 | €99,283 | +€13,221 | +15.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €150,027 | €124,522 | -€25,506 | -17.0% |
| Amounts payable after more than one year | 17 | €108,582 | €93,749 | -€14,833 | -13.7% |
| Financial debts | 170/4 | €108,582 | €93,749 | -€14,833 | -13.7% |
| Amounts payable within one year | 42/48 | €29,948 | €29,703 | -€245 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €14,604 | €14,833 | +€230 | +1.6% |
| Financial debts | 43 | €54 | €102 | +€48 | +88.8% |
| Other loans | 439 | €54 | €102 | +€48 | +88.8% |
| Trade debts | 44 | €3,011 | €3,018 | +€7 | +0.2% |
| Suppliers | 440/4 | €3,011 | €3,018 | +€7 | +0.2% |
| Taxes, remuneration and social security | 45 | €10,366 | €4,564 | -€5,803 | -56.0% |
| Taxes | 450/3 | €7,593 | €4,564 | -€3,029 | -39.9% |
| Remuneration and social security | 454/9 | €2,774 | €0 | -€2,774 | -100.0% |
| Other amounts payable | 47/48 | €1,914 | €7,186 | +€5,273 | +275.5% |
| Accrued charges and deferred income | 492/3 | €11,497 | €1,070 | -€10,427 | -90.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,908 | €26,058 | +€1,150 | +4.6% |
| Other operating charges | 640/8 | €9,551 | €5,673 | -€3,878 | -40.6% |
| Gross operating margin | 9900 | €53,848 | €53,854 | +€6 | 0.0% |
| Operating profit (loss) | 9901 | €19,389 | €22,123 | +€2,734 | +14.1% |
| Financial income | 75/76B | €88 | €391 | +€303 | +343.4% |
| Recurring financial income | 75 | €88 | €391 | +€303 | +343.4% |
| Financial charges | 65/66B | €2,879 | €2,647 | -€231 | -8.0% |
| Recurring financial charges | 65 | €2,879 | €2,647 | -€231 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €16,599 | €19,867 | +€3,268 | +19.7% |
| Income taxes | 67/77 | €5,096 | €5,799 | +€703 | +13.8% |
| Profit (loss) for the period | 9904 | €11,503 | €14,068 | +€2,565 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,503 | €14,068 | +€2,565 | +22.3% |
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 3 October 2026 via checked.be.