PHIMARG: 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.
PHIMARG
Largest movements
- Receivables within one year +€108,569
up €108,569 (+102.0%), from €106,403 to €214,972
- Tangible fixed assets -€54,852
down €54,852 (-3.5%), from €1.6m to €1.5m
of which Land and buildings: -€86,412
- Other debts +€105,100
up €105,100 (+22.6%), from €464,508 to €569,608
- Debts after one year -€75,140
down €75,140 (-7.5%), from €1.0m to €932,244
of which Financial debts: -€75,140
- Trade debts +€69,716
up €69,716 (+35.0%), from €199,451 to €269,167
- Profit (loss) carried forward -€67,407
down €67,407 (-20.0%), from -€336,746 to -€404,153
- Turnover -€210,854
no longer reported in 2025 (was €210,854)
- Purchases and services -€87,645
no longer reported in 2025 (was €87,645)
- Depreciation +€21,844
up €21,844 (+19.5%), from €112,136 to €133,980
- Financial charges -€17,090
down €17,090 (-48.9%), from €34,932 to €17,842
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 | €1,713,282 | €1,751,309 | +€38,027 | +2.2% |
| Fixed assets | 21/28 | €1,585,005 | €1,530,153 | -€54,852 | -3.5% |
| Tangible fixed assets | 22/27 | €1,585,005 | €1,530,153 | -€54,852 | -3.5% |
| Land and buildings | 22 | €1,237,685 | €1,151,273 | -€86,412 | -7.0% |
| Plant, machinery and equipment | 23 | €347,054 | €378,724 | +€31,670 | +9.1% |
| Furniture and vehicles | 24 | €266 | €155 | -€110 | -41.5% |
| Current assets | 29/58 | €128,277 | €221,156 | +€92,879 | +72.4% |
| Amounts receivable within one year | 40/41 | €106,403 | €214,972 | +€108,569 | +102.0% |
| Trade receivables | 40 | €106,403 | €214,972 | +€108,569 | +102.0% |
| Cash at bank and in hand | 54/58 | €15,572 | €6,184 | -€9,388 | -60.3% |
| Deferred charges and accrued income | 490/1 | €6,302 | - | -€6,302 | |
| Total equity and liabilities | 10/49 | €1,713,282 | €1,751,309 | +€38,027 | +2.2% |
| Equity | 10/15 | -€36,746 | -€104,153 | -€67,407 | -183.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€336,746 | -€404,153 | -€67,407 | -20.0% |
| Amounts payable | 17/49 | €1,750,027 | €1,855,462 | +€105,434 | +6.0% |
| Amounts payable after more than one year | 17 | €1,007,383 | €932,244 | -€75,140 | -7.5% |
| Financial debts | 170/4 | €979,183 | €904,044 | -€75,140 | -7.7% |
| Other amounts payable | 178/9 | €28,200 | €28,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €742,644 | €923,218 | +€180,574 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €73,819 | €80,802 | +€6,984 | +9.5% |
| Trade debts | 44 | €199,451 | €269,167 | +€69,716 | +35.0% |
| Suppliers | 440/4 | €199,451 | €269,167 | +€69,716 | +35.0% |
| Taxes, remuneration and social security | 45 | €4,866 | €3,640 | -€1,225 | -25.2% |
| Taxes | 450/3 | €4,866 | €3,640 | -€1,225 | -25.2% |
| Other amounts payable | 47/48 | €464,508 | €569,608 | +€105,100 | +22.6% |
| Turnover | 70 | €210,854 | - | -€210,854 | |
| Goods, raw materials, services and sundry goods | 60/61 | €87,645 | - | -€87,645 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,136 | €133,980 | +€21,844 | +19.5% |
| Other operating charges | 640/8 | €39,402 | €40,512 | +€1,110 | +2.8% |
| Gross operating margin | 9900 | €123,209 | €124,775 | +€1,566 | +1.3% |
| Operating profit (loss) | 9901 | -€28,329 | -€49,717 | -€21,387 | -75.5% |
| Financial income | 75/76B | - | €152 | +€152 | |
| Recurring financial income | 75 | - | €152 | +€152 | |
| Financial charges | 65/66B | €34,932 | €17,842 | -€17,090 | -48.9% |
| Recurring financial charges | 65 | €34,932 | €17,842 | -€17,090 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | -€63,261 | -€67,407 | -€4,146 | -6.6% |
| Profit (loss) for the period | 9904 | -€63,261 | -€67,407 | -€4,146 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,261 | -€67,407 | -€4,146 | -6.6% |
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 10 October 2026 via checked.be.