PHICON: 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.
PHICON
Largest movements
- Current investments +€1.5m
up €1.5m (+59.8%), from €2.5m to €4.0m
- Receivables after one year -€990,000
down €990,000 (-100%), from €990,000 to €0
- Financial fixed assets -€495,000
down €495,000 (-100%), from €495,000 to €0
- Trade debts -€98,714
down €98,714 (-90.9%), from €108,580 to €9,866
- Reserves +€65,869
up €65,869 (+1.7%), from €3.8m to €3.9m
- Financial income +€116,012
up €116,012 (+176%), from €65,749 to €181,761
of which Financial income: +€116,012
- Financial charges +€86,531
up €86,531 (+16,810%), from €515 to €87,046
of which Non-recurring financial charges: +€86,625
- Taxes +€31,810
up €31,810 (+100.0%), from €31,825 to €63,635
- Depreciation -€9,917
down €9,917 (-100%), from €9,917 to €0
- Gross operating margin -€8,079
down €8,079 (-18.2%), from €44,458 to €36,379
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,071,889 | €4,073,522 | +€1,633 | 0.0% |
| Fixed assets | 21/28 | €497,257 | €0 | -€497,257 | -100% |
| Tangible fixed assets | 22/27 | €2,257 | €0 | -€2,257 | -100% |
| Furniture and vehicles | 24 | €2,257 | €0 | -€2,257 | -100% |
| Financial fixed assets | 28 | €495,000 | €0 | -€495,000 | -100% |
| Current assets | 29/58 | €3,574,632 | €4,073,522 | +€498,891 | +14.0% |
| Amounts receivable after more than one year | 29 | €990,000 | €0 | -€990,000 | -100% |
| Other amounts receivable | 291 | €990,000 | €0 | -€990,000 | -100% |
| Amounts receivable within one year | 40/41 | €6,818 | €572 | -€6,246 | -91.6% |
| Trade receivables | 40 | €6,818 | €0 | -€6,818 | -100% |
| Other amounts receivable | 41 | €0 | €572 | +€572 | |
| Current investments | 50/53 | €2,520,623 | €4,027,062 | +€1.5m | +59.8% |
| Cash at bank and in hand | 54/58 | €56,252 | €45,888 | -€10,364 | -18.4% |
| Deferred charges and accrued income | 490/1 | €938 | €0 | -€938 | -100% |
| Total equity and liabilities | 10/49 | €4,071,889 | €4,073,522 | +€1,633 | 0.0% |
| Equity | 10/15 | €3,824,348 | €3,890,217 | +€65,869 | +1.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €3,822,348 | €3,888,217 | +€65,869 | +1.7% |
| Distributable reserves | 133 | €3,822,348 | €3,888,217 | +€65,869 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €247,541 | €183,305 | -€64,236 | -25.9% |
| Amounts payable within one year | 42/48 | €247,541 | €183,305 | -€64,236 | -25.9% |
| Trade debts | 44 | €108,580 | €9,866 | -€98,714 | -90.9% |
| Suppliers | 440/4 | €108,580 | €9,866 | -€98,714 | -90.9% |
| Taxes, remuneration and social security | 45 | €14,347 | €49,218 | +€34,871 | +243% |
| Taxes | 450/3 | €14,347 | €49,218 | +€34,871 | +243% |
| Other amounts payable | 47/48 | €124,614 | €124,221 | -€393 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,917 | €0 | -€9,917 | -100% |
| Other operating charges | 640/8 | €1,924 | €1,590 | -€334 | -17.4% |
| Gross operating margin | 9900 | €44,458 | €36,379 | -€8,079 | -18.2% |
| Operating profit (loss) | 9901 | €32,617 | €34,790 | +€2,172 | +6.7% |
| Financial income | 75/76B | €65,749 | €181,761 | +€116,012 | +176% |
| Recurring financial income | 75 | €65,749 | €181,761 | +€116,012 | +176% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €515 | €87,046 | +€86,531 | +16,810% |
| Recurring financial charges | 65 | €515 | €421 | -€94 | -18.2% |
| Non-recurring financial charges | 66B | - | €86,625 | +€86,625 | |
| Profit (loss) for the period before taxes | 9903 | €97,851 | €129,505 | +€31,653 | +32.3% |
| Income taxes | 67/77 | €31,825 | €63,635 | +€31,810 | +100.0% |
| Profit (loss) for the period | 9904 | €66,026 | €65,869 | -€156 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,026 | €65,869 | -€156 | -0.2% |
Source: filed annual accounts (NBB), financial years ended 31 July 2025 and 31 July 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.