PHICOU: 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.
PHICOU
Largest movements
- Tangible fixed assets -€68,681
down €68,681 (-13.0%), from €529,587 to €460,907
of which Other tangible fixed assets: -€44,182
- Formation expenses -€8,267
down €8,267 (-51.8%), from €15,959 to €7,692
- Current portion of long-term debt -€87,740
down €87,740 (-51.2%), from €171,389 to €83,649
- Other debts -€39,368
down €39,368 (-16.2%), from €242,458 to €203,091
- Profit (loss) carried forward +€34,981
up €34,981 (+40.4%), from -€86,509 to -€51,527
- Trade debts -€13,556
down €13,556 (-18.1%), from €74,922 to €61,366
- Tax, wage and social debts +€9,278
up €9,278 (+27.7%), from €33,477 to €42,754
of which Remuneration and social security: +€4,852
- Gross operating margin +€47,149
up €47,149 (+11.9%), from €394,747 to €441,896
- Taxes +€10,242
up €10,242 (+92.7%), from -€11,046 to -€803
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 | €641,771 | €556,160 | -€85,611 | -13.3% |
| Formation expenses | 20 | €15,959 | €7,692 | -€8,267 | -51.8% |
| Fixed assets | 21/28 | €529,587 | €460,907 | -€68,681 | -13.0% |
| Tangible fixed assets | 22/27 | €529,587 | €460,907 | -€68,681 | -13.0% |
| Plant, machinery and equipment | 23 | €74,473 | €55,242 | -€19,231 | -25.8% |
| Furniture and vehicles | 24 | €20,614 | €15,347 | -€5,267 | -25.6% |
| Other tangible fixed assets | 26 | €434,500 | €390,317 | -€44,182 | -10.2% |
| Current assets | 29/58 | €96,225 | €87,561 | -€8,663 | -9.0% |
| Stocks and contracts in progress | 3 | €10,781 | €12,699 | +€1,918 | +17.8% |
| Stocks | 30/36 | €10,781 | €12,699 | +€1,918 | +17.8% |
| Amounts receivable within one year | 40/41 | €51,299 | €46,115 | -€5,184 | -10.1% |
| Trade receivables | 40 | €34,269 | €34,755 | +€486 | +1.4% |
| Other amounts receivable | 41 | €17,030 | €11,360 | -€5,670 | -33.3% |
| Cash at bank and in hand | 54/58 | €28,917 | €24,236 | -€4,680 | -16.2% |
| Deferred charges and accrued income | 490/1 | €5,228 | €4,511 | -€717 | -13.7% |
| Total equity and liabilities | 10/49 | €641,771 | €556,160 | -€85,611 | -13.3% |
| Equity | 10/15 | -€24,495 | €16,123 | +€40,617 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €514 | €6,150 | +€5,636 | +1096.5% |
| Non-distributable reserves | 130/1 | €514 | €6,150 | +€5,636 | +1096.5% |
| Legal reserve | 130 | €514 | €6,150 | +€5,636 | +1096.5% |
| Profit (loss) carried forward | 14 | -€86,509 | -€51,527 | +€34,981 | +40.4% |
| Amounts payable | 17/49 | €666,266 | €540,037 | -€126,229 | -18.9% |
| Amounts payable after more than one year | 17 | €143,212 | €147,945 | +€4,733 | +3.3% |
| Financial debts | 170/4 | €143,212 | €147,945 | +€4,733 | +3.3% |
| Amounts payable within one year | 42/48 | €522,245 | €390,860 | -€131,386 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €171,389 | €83,649 | -€87,740 | -51.2% |
| Trade debts | 44 | €74,922 | €61,366 | -€13,556 | -18.1% |
| Suppliers | 440/4 | €74,922 | €61,366 | -€13,556 | -18.1% |
| Taxes, remuneration and social security | 45 | €33,477 | €42,754 | +€9,278 | +27.7% |
| Taxes | 450/3 | - | €4,425 | +€4,425 | |
| Remuneration and social security | 454/9 | €33,477 | €38,329 | +€4,852 | +14.5% |
| Other amounts payable | 47/48 | €242,458 | €203,091 | -€39,368 | -16.2% |
| Accrued charges and deferred income | 492/3 | €808 | €1,232 | +€424 | +52.5% |
| Non-recurring operating income | 76A | €4,484 | €5,675 | +€1,192 | +26.6% |
| Remuneration, social security and pensions | 62 | €315,780 | €312,595 | -€3,184 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,095 | €75,804 | -€291 | -0.4% |
| Other operating charges | 640/8 | €1,170 | €4,009 | +€2,839 | +242.6% |
| Non-recurring operating charges | 66A | €7,940 | €1,365 | -€6,575 | -82.8% |
| Gross operating margin | 9900 | €394,747 | €441,896 | +€47,149 | +11.9% |
| Operating profit (loss) | 9901 | -€6,238 | €48,122 | +€54,360 | |
| Financial charges | 65/66B | €6,629 | €8,307 | +€1,679 | +25.3% |
| Recurring financial charges | 65 | €6,629 | €8,307 | +€1,679 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,867 | €39,814 | +€52,681 | |
| Income taxes | 67/77 | -€11,046 | -€803 | +€10,242 | +92.7% |
| Profit (loss) for the period | 9904 | -€1,821 | €40,617 | +€42,438 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,821 | €40,617 | +€42,438 |
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.