PHICOMA: 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.
PHICOMA
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+272.9%), from €584,736 to €2.2m
of which Other amounts receivable: +€1.7m
- Stocks and contracts -€886,156
no longer reported in 2025 (was €886,156)
- Cash -€228,783
down €228,783 (-72.2%), from €317,003 to €88,220
mainly Receivables within one year (-€1.6m) and Debts after one year (-€86,764)
- Tangible fixed assets -€29,472
down €29,472 (-4.8%), from €615,435 to €585,964
- Profit (loss) carried forward +€302,327
up €302,327 (+39.4%), from €767,342 to €1.1m
- Reserves +€200,000
up €200,000 (+64.8%), from €308,832 to €508,832
of which Distributable reserves: +€200,000
- Debts after one year -€86,764
down €86,764 (-22.5%), from €386,068 to €299,304
- Tax, wage and social debts +€63,637
up €63,637 (+29.0%), from €219,091 to €282,728
of which Taxes: +€126,225
- Trade debts -€44,041
down €44,041 (-68.4%), from €64,343 to €20,302
- Staff costs -€470,472
down €470,472 (-88.6%), from €531,168 to €60,697
- Gross operating margin -€194,391
down €194,391 (-17.3%), from €1.1m to €928,216
- Taxes +€70,258
up €70,258 (+48.4%), from €145,232 to €215,491
- Other operating charges -€43,658
down €43,658 (-71.8%), from €60,766 to €17,108
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 | €2,417,774 | €2,876,114 | +€458,341 | +19.0% |
| Fixed assets | 21/28 | €615,712 | €585,964 | -€29,748 | -4.8% |
| Tangible fixed assets | 22/27 | €615,435 | €585,964 | -€29,472 | -4.8% |
| Land and buildings | 22 | €457,886 | €443,279 | -€14,608 | -3.2% |
| Plant, machinery and equipment | 23 | €12,976 | €847 | -€12,129 | -93.5% |
| Furniture and vehicles | 24 | €92,538 | €103,116 | +€10,579 | +11.4% |
| Leasing and similar rights | 25 | €11,243 | €6,358 | -€4,885 | -43.5% |
| Other tangible fixed assets | 26 | €40,792 | €32,363 | -€8,429 | -20.7% |
| Financial fixed assets | 28 | €276 | - | -€276 | |
| Current assets | 29/58 | €1,802,062 | €2,290,151 | +€488,089 | +27.1% |
| Stocks and contracts in progress | 3 | €886,156 | - | -€886,156 | |
| Stocks | 30/36 | €886,156 | - | -€886,156 | |
| Amounts receivable within one year | 40/41 | €584,736 | €2,180,575 | +€1.6m | +272.9% |
| Trade receivables | 40 | €180,804 | €90,789 | -€90,014 | -49.8% |
| Other amounts receivable | 41 | €403,933 | €2,089,786 | +€1.7m | +417.4% |
| Cash at bank and in hand | 54/58 | €317,003 | €88,220 | -€228,783 | -72.2% |
| Deferred charges and accrued income | 490/1 | €14,167 | €21,356 | +€7,189 | +50.7% |
| Total equity and liabilities | 10/49 | €2,417,774 | €2,876,114 | +€458,341 | +19.0% |
| Equity | 10/15 | €1,125,753 | €1,628,080 | +€502,327 | +44.6% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €308,832 | €508,832 | +€200,000 | +64.8% |
| Tax-exempt reserves | 132 | €9,001 | €9,001 | = | 0.0% |
| Distributable reserves | 133 | €299,831 | €499,831 | +€200,000 | +66.7% |
| Profit (loss) carried forward | 14 | €767,342 | €1,069,669 | +€302,327 | +39.4% |
| Provisions and deferred taxes | 16 | €1,550 | €1,550 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,550 | €1,550 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,550 | €1,550 | = | 0.0% |
| Amounts payable | 17/49 | €1,290,471 | €1,246,484 | -€43,987 | -3.4% |
| Amounts payable after more than one year | 17 | €386,068 | €299,304 | -€86,764 | -22.5% |
| Financial debts | 170/4 | €386,068 | €299,304 | -€86,764 | -22.5% |
| Amounts payable within one year | 42/48 | €904,402 | €947,180 | +€42,777 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €150,968 | €119,078 | -€31,890 | -21.1% |
| Financial debts | 43 | €470,000 | €496,500 | +€26,500 | +5.6% |
| Credit institutions | 430/8 | €470,000 | €496,500 | +€26,500 | +5.6% |
| Trade debts | 44 | €64,343 | €20,302 | -€44,041 | -68.4% |
| Suppliers | 440/4 | €64,343 | €20,302 | -€44,041 | -68.4% |
| Taxes, remuneration and social security | 45 | €219,091 | €282,728 | +€63,637 | +29.0% |
| Taxes | 450/3 | €156,503 | €282,728 | +€126,225 | +80.7% |
| Remuneration and social security | 454/9 | €62,588 | - | -€62,588 | |
| Other amounts payable | 47/48 | - | €28,571 | +€28,571 | |
| Non-recurring operating income | 76A | - | €818,547 | +€818,547 | |
| Remuneration, social security and pensions | 62 | €531,168 | €60,697 | -€470,472 | -88.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,210 | €79,578 | -€5,632 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,388 | - | +€1,388 | |
| Other operating charges | 640/8 | €60,766 | €17,108 | -€43,658 | -71.8% |
| Gross operating margin | 9900 | €1,122,608 | €928,216 | -€194,391 | -17.3% |
| Operating profit (loss) | 9901 | €446,852 | €770,834 | +€323,982 | +72.5% |
| Financial income | 75/76B | €31,933 | €22,545 | -€9,388 | -29.4% |
| Recurring financial income | 75 | €31,933 | €22,545 | -€9,388 | -29.4% |
| Financial charges | 65/66B | €50,232 | €46,990 | -€3,242 | -6.5% |
| Recurring financial charges | 65 | €50,232 | €46,990 | -€3,242 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €428,553 | €746,389 | +€317,836 | +74.2% |
| Income taxes | 67/77 | €145,232 | €215,491 | +€70,258 | +48.4% |
| Profit (loss) for the period | 9904 | €283,321 | €530,899 | +€247,578 | +87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €283,321 | €530,899 | +€247,578 | +87.4% |
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.