Phinaïs: 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.
Phinaïs
Largest movements
- Cash +€3.5m
up €3.5m (+11,391%), from €30,846 to €3.5m
mainly Net result for the year (+€5.4m) and Receivables after one year (+€148,324)
- Reserves +€5.4m
up €5.4m (+42.0%), from €12.7m to €18.1m
- Other debts -€1.6m
down €1.6m (-97.9%), from €1.7m to €35,882
- Financial income +€3.3m
up €3.3m (+80.1%), from €4.2m to €7.5m
of which Non-recurring financial income: +€6.5m
- Financial charges +€1.3m
up €1.3m (+490%), from €273,570 to €1.6m
of which Non-recurring financial charges: +€1.4m
- Gross operating margin -€346,200
down €346,200 (-417%), from -€82,980 to -€429,180
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 | €66,148,301 | €69,965,942 | +€3.8m | +5.8% |
| Fixed assets | 21/28 | €57,119,949 | €57,335,510 | +€215,561 | +0.4% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €57,119,949 | €57,335,510 | +€215,561 | +0.4% |
| Current assets | 29/58 | €9,028,352 | €12,630,431 | +€3.6m | +39.9% |
| Amounts receivable after more than one year | 29 | €8,213,127 | €8,064,802 | -€148,324 | -1.8% |
| Other amounts receivable | 291 | €8,213,127 | €8,064,802 | -€148,324 | -1.8% |
| Amounts receivable within one year | 40/41 | €784,326 | €670,558 | -€113,768 | -14.5% |
| Trade receivables | 40 | €26,187 | €9,116 | -€17,071 | -65.2% |
| Other amounts receivable | 41 | €758,139 | €661,442 | -€96,697 | -12.8% |
| Current investments | 50/53 | - | €349,990 | +€349,990 | |
| Cash at bank and in hand | 54/58 | €30,846 | €3,544,396 | +€3.5m | +11,391% |
| Deferred charges and accrued income | 490/1 | €54 | €685 | +€632 | +1,176% |
| Total equity and liabilities | 10/49 | €66,148,301 | €69,965,942 | +€3.8m | +5.8% |
| Equity | 10/15 | €26,429,758 | €31,782,440 | +€5.4m | +20.3% |
| Contributions | 10/11 | €13,686,051 | €13,686,051 | = | 0.0% |
| Reserves | 13 | €12,743,707 | €18,096,389 | +€5.4m | +42.0% |
| Distributable reserves | 133 | €12,743,707 | €18,096,389 | +€5.4m | +42.0% |
| Amounts payable | 17/49 | €39,718,543 | €38,183,502 | -€1.5m | -3.9% |
| Amounts payable after more than one year | 17 | €38,000,000 | €38,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €38,000,000 | €38,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,710,474 | €182,911 | -€1.5m | -89.3% |
| Trade debts | 44 | €16,281 | €104,173 | +€87,892 | +540% |
| Suppliers | 440/4 | €16,281 | €104,173 | +€87,892 | +540% |
| Taxes, remuneration and social security | 45 | €20,488 | €42,856 | +€22,368 | +109% |
| Taxes | 450/3 | €7,467 | €29,723 | +€22,256 | +298% |
| Remuneration and social security | 454/9 | €13,022 | €13,133 | +€111 | +0.9% |
| Other amounts payable | 47/48 | €1,673,705 | €35,882 | -€1.6m | -97.9% |
| Accrued charges and deferred income | 492/3 | €8,069 | €591 | -€7,478 | -92.7% |
| Remuneration, social security and pensions | 62 | €78,924 | €80,856 | +€1,932 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €334 | €0 | -€334 | -100% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€82,980 | -€429,180 | -€346,200 | -417% |
| Operating profit (loss) | 9901 | -€163,206 | -€511,035 | -€347,829 | -213% |
| Financial income | 75/76B | €4,152,245 | €7,477,629 | +€3.3m | +80.1% |
| Recurring financial income | 75 | €3,458,621 | €313,269 | -€3.1m | -90.9% |
| Non-recurring financial income | 76B | €693,624 | €7,164,360 | +€6.5m | +933% |
| Financial charges | 65/66B | €273,570 | €1,613,912 | +€1.3m | +490% |
| Recurring financial charges | 65 | €128,085 | €20,484 | -€107,601 | -84.0% |
| Non-recurring financial charges | 66B | €145,485 | €1,593,428 | +€1.4m | +995% |
| Profit (loss) for the period before taxes | 9903 | €3,715,469 | €5,352,682 | +€1.6m | +44.1% |
| Profit (loss) for the period | 9904 | €3,715,469 | €5,352,682 | +€1.6m | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,715,469 | €5,352,682 | +€1.6m | +44.1% |
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 18 October 2026 via checked.be.