PHINOTES: 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.
PHINOTES
Largest movements
- Cash +€146,110
up €146,110 (+73.7%), from €198,305 to €344,415
mainly Net result for the year (+€109,436) and Tax, wage and social debts (+€21,882)
- Receivables within one year -€16,139
down €16,139 (-73.1%), from €22,065 to €5,926
of which Trade receivables: -€11,339
- Profit (loss) carried forward +€109,436
new in 2025: €109,436
- Tax, wage and social debts +€21,882
up €21,882 (+40.5%), from €54,074 to €75,955
- Gross operating margin -€5,131
down €5,131 (-3.4%), from €153,086 to €147,955
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 | €221,231 | €350,944 | +€129,713 | +58.6% |
| Fixed assets | 21/28 | €645 | €388 | -€257 | -39.9% |
| Tangible fixed assets | 22/27 | €645 | €388 | -€257 | -39.9% |
| Plant, machinery and equipment | 23 | €645 | €388 | -€257 | -39.9% |
| Current assets | 29/58 | €220,586 | €350,557 | +€129,970 | +58.9% |
| Amounts receivable within one year | 40/41 | €22,065 | €5,926 | -€16,139 | -73.1% |
| Trade receivables | 40 | €12,100 | €761 | -€11,339 | -93.7% |
| Other amounts receivable | 41 | €9,965 | €5,165 | -€4,800 | -48.2% |
| Cash at bank and in hand | 54/58 | €198,305 | €344,415 | +€146,110 | +73.7% |
| Deferred charges and accrued income | 490/1 | €216 | €216 | = | 0.0% |
| Total equity and liabilities | 10/49 | €221,231 | €350,944 | +€129,713 | +58.6% |
| Equity | 10/15 | €161,079 | €270,515 | +€109,436 | +67.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €158,079 | €158,079 | = | 0.0% |
| Distributable reserves | 133 | €158,079 | €158,079 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €109,436 | +€109,436 | |
| Amounts payable | 17/49 | €60,152 | €80,430 | +€20,278 | +33.7% |
| Amounts payable within one year | 42/48 | €60,152 | €80,430 | +€20,278 | +33.7% |
| Trade debts | 44 | €2,241 | €1,757 | -€484 | -21.6% |
| Suppliers | 440/4 | €2,241 | €1,757 | -€484 | -21.6% |
| Taxes, remuneration and social security | 45 | €54,074 | €75,955 | +€21,882 | +40.5% |
| Taxes | 450/3 | €54,074 | €75,955 | +€21,882 | +40.5% |
| Other amounts payable | 47/48 | €3,837 | €2,717 | -€1,120 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126 | €257 | +€131 | +103% |
| Other operating charges | 640/8 | €728 | €644 | -€84 | -11.5% |
| Gross operating margin | 9900 | €153,086 | €147,955 | -€5,131 | -3.4% |
| Operating profit (loss) | 9901 | €152,231 | €147,054 | -€5,177 | -3.4% |
| Financial income | 75/76B | €1 | €1 | +€0 | +23.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +23.0% |
| Financial charges | 65/66B | €144 | €171 | +€27 | +18.5% |
| Recurring financial charges | 65 | €144 | €171 | +€27 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €152,088 | €146,885 | -€5,204 | -3.4% |
| Income taxes | 67/77 | €38,506 | €37,449 | -€1,057 | -2.7% |
| Profit (loss) for the period | 9904 | €113,582 | €109,436 | -€4,146 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,582 | €109,436 | -€4,146 | -3.7% |
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 20 October 2026 via checked.be.