PhiMae: 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.
PhiMae
Largest movements
- Current investments -€236,825
down €236,825 (-22.6%), from €1.0m to €810,357
- Financial fixed assets +€66,245
up €66,245 (+31.2%), from €212,176 to €278,421
- Cash +€37,418
up €37,418 (+39.8%), from €94,105 to €131,523
mainly Current investments (+€236,825) and Other debts (+€193,188)
- Tangible fixed assets -€37,402
down €37,402 (-4.2%), from €898,654 to €861,252
of which Land and buildings: -€36,160
- Reserves -€304,885
down €304,885 (-29.8%), from €1.0m to €718,688
of which Distributable reserves: -€304,885
- Other debts +€193,188
up €193,188 (+41.7%), from €463,364 to €656,552
- Current portion of long-term debt -€26,874
down €26,874 (-50.7%), from €53,037 to €26,163
- Debts after one year -€26,163
down €26,163 (-29.1%), from €89,900 to €63,737
- Turnover +€24,906
new in 2025: €24,906
- Purchases and services +€23,024
new in 2025: €23,024
- Financial charges +€14,257
up €14,257 (+368.2%), from €3,872 to €18,129
of which Financial charges: +€14,257
- Financial income +€8,370
up €8,370 (+9.2%), from €90,845 to €99,215
of which Financial income: +€8,370
- Gross operating margin +€8,020
up €8,020 (+14.3%), from €56,204 to €64,224
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,256,332 | €2,090,832 | -€165,500 | -7.3% |
| Fixed assets | 21/28 | €1,110,830 | €1,139,673 | +€28,843 | +2.6% |
| Tangible fixed assets | 22/27 | €898,654 | €861,252 | -€37,402 | -4.2% |
| Land and buildings | 22 | €895,862 | €859,702 | -€36,160 | -4.0% |
| Plant, machinery and equipment | 23 | €2,320 | €1,399 | -€921 | -39.7% |
| Furniture and vehicles | 24 | €472 | €151 | -€321 | -68.0% |
| Financial fixed assets | 28 | €212,176 | €278,421 | +€66,245 | +31.2% |
| Current assets | 29/58 | €1,145,502 | €951,159 | -€194,343 | -17.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,269 | €8,651 | +€5,382 | +164.6% |
| Trade receivables | 40 | €344 | €8,651 | +€8,307 | +2413.5% |
| Other amounts receivable | 41 | €2,925 | - | -€2,925 | |
| Current investments | 50/53 | €1,047,182 | €810,357 | -€236,825 | -22.6% |
| Cash at bank and in hand | 54/58 | €94,105 | €131,523 | +€37,418 | +39.8% |
| Deferred charges and accrued income | 490/1 | €946 | €628 | -€318 | -33.6% |
| Total equity and liabilities | 10/49 | €2,256,332 | €2,090,832 | -€165,500 | -7.3% |
| Equity | 10/15 | €1,634,681 | €1,329,796 | -€304,885 | -18.7% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Reserves | 13 | €1,023,573 | €718,688 | -€304,885 | -29.8% |
| Non-distributable reserves | 130/1 | €21,060 | €21,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,060 | €21,060 | = | 0.0% |
| Distributable reserves | 133 | €1,002,513 | €697,628 | -€304,885 | -30.4% |
| Profit (loss) carried forward | 14 | €381,108 | €381,108 | +€0 | 0.0% |
| Amounts payable | 17/49 | €621,651 | €761,036 | +€139,385 | +22.4% |
| Amounts payable after more than one year | 17 | €89,900 | €63,737 | -€26,163 | -29.1% |
| Financial debts | 170/4 | €89,900 | €63,737 | -€26,163 | -29.1% |
| Amounts payable within one year | 42/48 | €531,739 | €697,299 | +€165,561 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €53,037 | €26,163 | -€26,874 | -50.7% |
| Trade debts | 44 | €894 | €1,113 | +€219 | +24.5% |
| Suppliers | 440/4 | €894 | €1,113 | +€219 | +24.5% |
| Taxes, remuneration and social security | 45 | €14,443 | €13,471 | -€972 | -6.7% |
| Taxes | 450/3 | €14,443 | €13,471 | -€972 | -6.7% |
| Other amounts payable | 47/48 | €463,364 | €656,552 | +€193,188 | +41.7% |
| Accrued charges and deferred income | 492/3 | €13 | - | -€13 | |
| Turnover | 70 | - | €24,906 | +€24,906 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €23,024 | +€23,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,402 | €37,402 | -€0 | 0.0% |
| Other operating charges | 640/8 | €11,803 | €13,476 | +€1,673 | +14.2% |
| Gross operating margin | 9900 | €56,204 | €64,224 | +€8,020 | +14.3% |
| Operating profit (loss) | 9901 | €7,000 | €13,346 | +€6,346 | +90.7% |
| Financial income | 75/76B | €90,845 | €99,215 | +€8,370 | +9.2% |
| Recurring financial income | 75 | €90,845 | €99,215 | +€8,370 | +9.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €3,872 | €18,129 | +€14,257 | +368.2% |
| Recurring financial charges | 65 | €3,872 | €18,129 | +€14,257 | +368.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €93,973 | €94,432 | +€459 | +0.5% |
| Income taxes | 67/77 | €31,631 | €33,094 | +€1,463 | +4.6% |
| Profit (loss) for the period | 9904 | €62,342 | €61,338 | -€1,004 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,342 | €61,338 | -€1,004 | -1.6% |
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 11 October 2026 via checked.be.