PHIMANCO: 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.
PHIMANCO
Largest movements
- Cash -€155,869
down €155,869 (-60.7%), from €256,677 to €100,808
mainly Contributions, distributions and other (-€115,285) and Trade debts (-€75,042)
- Receivables within one year +€71,181
up €71,181 (+93.6%), from €76,034 to €147,215
of which Other amounts receivable: +€71,601
- Tangible fixed assets -€25,805
down €25,805 (-18.4%), from €140,321 to €114,516
of which Other tangible fixed assets: -€14,802
- Intangible fixed assets -€13,070
down €13,070 (-46.4%), from €28,155 to €15,085
- Deferred charges and accrued income -€9,574
down €9,574 (-90.4%), from €10,596 to €1,022
- Reserves -€115,285
down €115,285 (-61.6%), from €187,013 to €71,728
of which Distributable reserves: -€115,285
- Other debts +€113,747
up €113,747 (+7,396%), from €1,538 to €115,285
- Trade debts -€75,042
down €75,042 (-30.7%), from €244,062 to €169,020
- Debts after one year -€37,889
down €37,889 (-61.9%), from €61,194 to €23,305
- Tax, wage and social debts -€9,587
down €9,587 (-21.1%), from €45,534 to €35,947
of which Remuneration and social security: -€11,292
- Staff costs -€47,524
down €47,524 (-11.9%), from €399,609 to €352,085
- Gross operating margin -€9,442
down €9,442 (-2.3%), from €416,160 to €406,718
- Depreciation -€4,738
down €4,738 (-9.7%), from €49,094 to €44,356
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 | €605,889 | €473,227 | -€132,662 | -21.9% |
| Fixed assets | 21/28 | €170,626 | €129,735 | -€40,891 | -24.0% |
| Intangible fixed assets | 21 | €28,155 | €15,085 | -€13,070 | -46.4% |
| Tangible fixed assets | 22/27 | €140,321 | €114,516 | -€25,805 | -18.4% |
| Plant, machinery and equipment | 23 | €10,653 | €7,982 | -€2,671 | -25.1% |
| Furniture and vehicles | 24 | €15,211 | €6,879 | -€8,332 | -54.8% |
| Other tangible fixed assets | 26 | €114,457 | €99,655 | -€14,802 | -12.9% |
| Financial fixed assets | 28 | €2,150 | €134 | -€2,016 | -93.8% |
| Current assets | 29/58 | €435,263 | €343,492 | -€91,771 | -21.1% |
| Amounts receivable after more than one year | 29 | €28,905 | €28,905 | = | 0.0% |
| Other amounts receivable | 291 | €28,905 | €28,905 | = | 0.0% |
| Stocks and contracts in progress | 3 | €63,051 | €65,542 | +€2,491 | +4.0% |
| Stocks | 30/36 | €63,051 | €65,542 | +€2,491 | +4.0% |
| Amounts receivable within one year | 40/41 | €76,034 | €147,215 | +€71,181 | +93.6% |
| Trade receivables | 40 | €1,028 | €608 | -€420 | -40.9% |
| Other amounts receivable | 41 | €75,006 | €146,607 | +€71,601 | +95.5% |
| Cash at bank and in hand | 54/58 | €256,677 | €100,808 | -€155,869 | -60.7% |
| Deferred charges and accrued income | 490/1 | €10,596 | €1,022 | -€9,574 | -90.4% |
| Total equity and liabilities | 10/49 | €605,889 | €473,227 | -€132,662 | -21.9% |
| Equity | 10/15 | €193,213 | €76,781 | -€116,432 | -60.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €187,013 | €71,728 | -€115,285 | -61.6% |
| Non-distributable reserves | 130/1 | €7,860 | €7,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,860 | €7,860 | = | 0.0% |
| Distributable reserves | 133 | €179,153 | €63,868 | -€115,285 | -64.4% |
| Profit (loss) carried forward | 14 | - | -€1,147 | -€1,147 | |
| Amounts payable | 17/49 | €412,676 | €396,446 | -€16,230 | -3.9% |
| Amounts payable after more than one year | 17 | €61,194 | €23,305 | -€37,889 | -61.9% |
| Financial debts | 170/4 | €61,194 | €23,305 | -€37,889 | -61.9% |
| Amounts payable within one year | 42/48 | €351,482 | €373,141 | +€21,659 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €60,348 | €52,889 | -€7,459 | -12.4% |
| Trade debts | 44 | €244,062 | €169,020 | -€75,042 | -30.7% |
| Suppliers | 440/4 | €244,062 | €169,020 | -€75,042 | -30.7% |
| Taxes, remuneration and social security | 45 | €45,534 | €35,947 | -€9,587 | -21.1% |
| Taxes | 450/3 | €2,241 | €3,946 | +€1,705 | +76.1% |
| Remuneration and social security | 454/9 | €43,293 | €32,001 | -€11,292 | -26.1% |
| Other amounts payable | 47/48 | €1,538 | €115,285 | +€113,747 | +7,396% |
| Non-recurring operating income | 76A | - | €623 | +€623 | |
| Remuneration, social security and pensions | 62 | €399,609 | €352,085 | -€47,524 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,094 | €44,356 | -€4,738 | -9.7% |
| Other operating charges | 640/8 | €2,981 | €2,589 | -€392 | -13.1% |
| Non-recurring operating charges | 66A | €959 | €400 | -€559 | -58.3% |
| Gross operating margin | 9900 | €416,160 | €406,718 | -€9,442 | -2.3% |
| Operating profit (loss) | 9901 | -€36,483 | €7,288 | +€43,771 | |
| Financial income | 75/76B | €4,056 | €1,882 | -€2,174 | -53.6% |
| Recurring financial income | 75 | €4,056 | €1,882 | -€2,174 | -53.6% |
| Financial charges | 65/66B | €10,594 | €10,317 | -€277 | -2.6% |
| Recurring financial charges | 65 | €10,594 | €10,317 | -€277 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€43,021 | -€1,147 | +€41,874 | +97.3% |
| Income taxes | 67/77 | €380 | - | -€380 | |
| Profit (loss) for the period | 9904 | -€43,401 | -€1,147 | +€42,254 | +97.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,401 | -€1,147 | +€42,254 | +97.4% |
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 15 October 2026 via checked.be.