PHIN-MEAT: 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.
PHIN-MEAT
Largest movements
- Receivables within one year +€18,507
up €18,507 (+7.7%), from €239,812 to €258,320
of which Other amounts receivable: +€11,630
- Tangible fixed assets -€6,773
down €6,773 (-68.0%), from €9,967 to €3,193
of which Plant, machinery and equipment: -€5,866
- Cash -€3,744
down €3,744 (-78.0%), from €4,799 to €1,054
mainly Contributions, distributions and other (-€175,000) and Receivables within one year (-€18,507)
- Reserves -€179,722
down €179,722 (-98.3%), from €182,857 to €3,135
- Other debts +€175,000
up €175,000 (+2940.1%), from €5,952 to €180,952
- Current portion of long-term debt +€11,344
up €11,344 (+335.6%), from €3,381 to €14,725
- Tax, wage and social debts +€4,083
up €4,083 (+45.8%), from €8,916 to €12,999
of which Remuneration and social security: +€4,117
- Gross operating margin +€27,179
up €27,179 (+37.2%), from €73,028 to €100,207
- Staff costs +€21,731
up €21,731 (+26.7%), from €81,294 to €103,025
- Taxes -€2,727
no longer reported in 2025 (was €2,727)
- Financial income +€1,281
up €1,281 (+24.6%), from €5,210 to €6,491
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 | €267,024 | €275,517 | +€8,493 | +3.2% |
| Fixed assets | 21/28 | €9,967 | €3,193 | -€6,773 | -68.0% |
| Tangible fixed assets | 22/27 | €9,967 | €3,193 | -€6,773 | -68.0% |
| Plant, machinery and equipment | 23 | €8,629 | €2,763 | -€5,866 | -68.0% |
| Furniture and vehicles | 24 | €1,338 | €430 | -€908 | -67.9% |
| Current assets | 29/58 | €257,058 | €272,324 | +€15,266 | +5.9% |
| Stocks and contracts in progress | 3 | €11,794 | €12,808 | +€1,014 | +8.6% |
| Stocks | 30/36 | €11,794 | €12,808 | +€1,014 | +8.6% |
| Amounts receivable within one year | 40/41 | €239,812 | €258,320 | +€18,507 | +7.7% |
| Trade receivables | 40 | - | €6,877 | +€6,877 | |
| Other amounts receivable | 41 | €239,812 | €251,443 | +€11,630 | +4.8% |
| Cash at bank and in hand | 54/58 | €4,799 | €1,054 | -€3,744 | -78.0% |
| Deferred charges and accrued income | 490/1 | €653 | €142 | -€511 | -78.3% |
| Total equity and liabilities | 10/49 | €267,024 | €275,517 | +€8,493 | +3.2% |
| Equity | 10/15 | €207,857 | €28,135 | -€179,722 | -86.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €182,857 | €3,135 | -€179,722 | -98.3% |
| Distributable reserves | 133 | €182,857 | €3,135 | -€179,722 | -98.3% |
| Amounts payable | 17/49 | €59,168 | €247,383 | +€188,215 | +318.1% |
| Amounts payable within one year | 42/48 | €59,168 | €247,383 | +€188,215 | +318.1% |
| Current portion of amounts payable after more than one year | 42 | €3,381 | €14,725 | +€11,344 | +335.6% |
| Trade debts | 44 | €40,918 | €38,706 | -€2,213 | -5.4% |
| Suppliers | 440/4 | €40,918 | €38,706 | -€2,213 | -5.4% |
| Taxes, remuneration and social security | 45 | €8,916 | €12,999 | +€4,083 | +45.8% |
| Taxes | 450/3 | €34 | - | -€34 | |
| Remuneration and social security | 454/9 | €8,882 | €12,999 | +€4,117 | +46.4% |
| Other amounts payable | 47/48 | €5,952 | €180,952 | +€175,000 | +2940.1% |
| Remuneration, social security and pensions | 62 | €81,294 | €103,025 | +€21,731 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,882 | €6,773 | -€109 | -1.6% |
| Other operating charges | 640/8 | €625 | €1,267 | +€642 | +102.8% |
| Gross operating margin | 9900 | €73,028 | €100,207 | +€27,179 | +37.2% |
| Operating profit (loss) | 9901 | -€15,773 | -€10,859 | +€4,914 | +31.2% |
| Financial income | 75/76B | €5,210 | €6,491 | +€1,281 | +24.6% |
| Recurring financial income | 75 | €5,210 | €6,491 | +€1,281 | +24.6% |
| Financial charges | 65/66B | €745 | €355 | -€390 | -52.4% |
| Recurring financial charges | 65 | €745 | €355 | -€390 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,307 | -€4,722 | +€6,585 | +58.2% |
| Income taxes | 67/77 | €2,727 | - | -€2,727 | |
| Profit (loss) for the period | 9904 | -€14,035 | -€4,722 | +€9,313 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,035 | -€4,722 | +€9,313 | +66.4% |
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 11 October 2026 via checked.be.