PHICRO: 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.
PHICRO
Largest movements
- Intangible fixed assets -€130,535
down €130,535 (-16.7%), from €783,207 to €652,673
- Receivables within one year -€117,420
down €117,420 (-41.3%), from €284,495 to €167,075
of which Other amounts receivable: -€135,570
- Cash +€85,431
up €85,431 (+78.7%), from €108,569 to €194,000
mainly Net result for the year (+€251,405) and Depreciation (+€166,886)
- Debts after one year -€296,355
down €296,355 (-9.9%), from €3.0m to €2.7m
of which Financial debts: -€296,355
- Reserves +€251,405
up €251,405 (+24.1%), from €1.0m to €1.3m
- Other debts -€131,389
down €131,389 (-40.9%), from €321,150 to €189,761
- Gross operating margin -€79,672
down €79,672 (-10.3%), from €774,438 to €694,766
- Financial charges -€19,120
down €19,120 (-14.4%), from €133,150 to €114,029
- Taxes -€15,417
down €15,417 (-8.8%), from €174,985 to €159,567
- Other operating charges -€8,609
down €8,609 (-55.9%), from €15,412 to €6,803
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.
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 | €4,782,570 | €4,582,664 | -€199,906 | -4.2% |
| Fixed assets | 21/28 | €4,386,756 | €4,219,870 | -€166,886 | -3.8% |
| Intangible fixed assets | 21 | €783,207 | €652,673 | -€130,535 | -16.7% |
| Tangible fixed assets | 22/27 | €474,622 | €438,270 | -€36,351 | -7.7% |
| Land and buildings | 22 | €386,937 | €370,937 | -€16,000 | -4.1% |
| Furniture and vehicles | 24 | €87,685 | €67,333 | -€20,351 | -23.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €3,128,927 | €3,128,927 | = | 0.0% |
| Current assets | 29/58 | €395,814 | €362,794 | -€33,020 | -8.3% |
| Amounts receivable within one year | 40/41 | €284,495 | €167,075 | -€117,420 | -41.3% |
| Trade receivables | 40 | €121,000 | €139,150 | +€18,150 | +15.0% |
| Other amounts receivable | 41 | €163,495 | €27,925 | -€135,570 | -82.9% |
| Cash at bank and in hand | 54/58 | €108,569 | €194,000 | +€85,431 | +78.7% |
| Deferred charges and accrued income | 490/1 | €2,749 | €1,718 | -€1,031 | -37.5% |
| Total equity and liabilities | 10/49 | €4,782,570 | €4,582,664 | -€199,906 | -4.2% |
| Equity | 10/15 | €1,062,657 | €1,314,061 | +€251,405 | +23.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,042,657 | €1,294,061 | +€251,405 | +24.1% |
| Distributable reserves | 133 | €1,042,657 | €1,294,061 | +€251,405 | +24.1% |
| Amounts payable | 17/49 | €3,719,913 | €3,268,603 | -€451,311 | -12.1% |
| Amounts payable after more than one year | 17 | €2,981,368 | €2,685,013 | -€296,355 | -9.9% |
| Financial debts | 170/4 | €2,065,868 | €1,769,513 | -€296,355 | -14.3% |
| Other amounts payable | 178/9 | €915,500 | €915,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €738,545 | €583,590 | -€154,956 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €301,573 | €296,355 | -€5,218 | -1.7% |
| Financial debts | 43 | €56,576 | €40,751 | -€15,825 | -28.0% |
| Credit institutions | 430/8 | €32,875 | €0 | -€32,875 | -100% |
| Other loans | 439 | €23,701 | €40,751 | +€17,050 | +71.9% |
| Trade debts | 44 | €1,358 | €2,663 | +€1,305 | +96.1% |
| Suppliers | 440/4 | €1,358 | €2,663 | +€1,305 | +96.1% |
| Taxes, remuneration and social security | 45 | €57,888 | €54,059 | -€3,828 | -6.6% |
| Taxes | 450/3 | €57,888 | €54,059 | -€3,828 | -6.6% |
| Other amounts payable | 47/48 | €321,150 | €189,761 | -€131,389 | -40.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €120,851 | €19,375 | -€101,476 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,607 | €166,886 | +€6,279 | +3.9% |
| Other operating charges | 640/8 | €15,412 | €6,803 | -€8,609 | -55.9% |
| Gross operating margin | 9900 | €774,438 | €694,766 | -€79,672 | -10.3% |
| Operating profit (loss) | 9901 | €598,420 | €521,077 | -€77,343 | -12.9% |
| Financial income | 75/76B | €2,124 | €3,924 | +€1,800 | +84.8% |
| Recurring financial income | 75 | €2,124 | €3,924 | +€1,800 | +84.8% |
| Financial charges | 65/66B | €133,150 | €114,029 | -€19,120 | -14.4% |
| Recurring financial charges | 65 | €133,150 | €114,029 | -€19,120 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €467,394 | €410,972 | -€56,422 | -12.1% |
| Income taxes | 67/77 | €174,985 | €159,567 | -€15,417 | -8.8% |
| Profit (loss) for the period | 9904 | €292,409 | €251,405 | -€41,005 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €292,409 | €251,405 | -€41,005 | -14.0% |
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 29 October 2026 via checked.be.