PHINVEST: what changed
PHINVEST
Largest movements
- Receivables within one year +€8,712
new in 2025: €8,712
- Cash -€3,785
down €3,785 (-63.8%), from €5,936 to €2,151
mainly Net result for the year (-€10,271) and Receivables within one year (-€8,712)
- Deferred charges and accrued income +€561
up €561 (+34.0%), from €1,650 to €2,211
- Tangible fixed assets -€221
down €221 (-12.0%), from €1,844 to €1,622
- Other debts +€13,399
up €13,399 (+22,075%), from €61 to €13,460
- Profit (loss) carried forward -€10,271
down €10,271 (-9.8%), from -€105,165 to -€115,436
- Trade debts +€1,797
up €1,797 (+291%), from €617 to €2,414
- Tax, wage and social debts +€341
new in 2025: €341
- Gross operating margin +€6,454
up €6,454 (+42.0%), from -€15,381 to -€8,927
- Other operating charges -€919
down €919 (-61.0%), from €1,506 to €587
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,429 | €14,696 | +€5,267 | +55.9% |
| Fixed assets | 21/28 | €1,844 | €1,622 | -€221 | -12.0% |
| Tangible fixed assets | 22/27 | €1,844 | €1,622 | -€221 | -12.0% |
| Furniture and vehicles | 24 | €1,844 | €1,622 | -€221 | -12.0% |
| Current assets | 29/58 | €7,586 | €13,074 | +€5,488 | +72.3% |
| Amounts receivable within one year | 40/41 | - | €8,712 | +€8,712 | |
| Trade receivables | 40 | - | €8,712 | +€8,712 | |
| Cash at bank and in hand | 54/58 | €5,936 | €2,151 | -€3,785 | -63.8% |
| Deferred charges and accrued income | 490/1 | €1,650 | €2,211 | +€561 | +34.0% |
| Total equity and liabilities | 10/49 | €9,429 | €14,696 | +€5,267 | +55.9% |
| Equity | 10/15 | €8,751 | -€1,519 | -€10,271 | |
| Contributions | 10/11 | €24,917 | €24,917 | = | 0.0% |
| Reserves | 13 | €89,000 | €89,000 | = | 0.0% |
| Distributable reserves | 133 | €89,000 | €89,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,165 | -€115,436 | -€10,271 | -9.8% |
| Amounts payable | 17/49 | €678 | €16,216 | +€15,537 | +2,291% |
| Amounts payable within one year | 42/48 | €678 | €16,216 | +€15,537 | +2,291% |
| Trade debts | 44 | €617 | €2,414 | +€1,797 | +291% |
| Suppliers | 440/4 | €617 | €2,414 | +€1,797 | +291% |
| Taxes, remuneration and social security | 45 | - | €341 | +€341 | |
| Taxes | 450/3 | - | €341 | +€341 | |
| Other amounts payable | 47/48 | €61 | €13,460 | +€13,399 | +22,075% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221 | €221 | = | 0.0% |
| Other operating charges | 640/8 | €1,506 | €587 | -€919 | -61.0% |
| Gross operating margin | 9900 | -€15,381 | -€8,927 | +€6,454 | +42.0% |
| Operating profit (loss) | 9901 | -€17,108 | -€9,735 | +€7,373 | +43.1% |
| Financial charges | 65/66B | €59 | €55 | -€3 | -5.3% |
| Recurring financial charges | 65 | €59 | €55 | -€3 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,167 | -€9,791 | +€7,376 | +43.0% |
| Income taxes | 67/77 | €376 | €480 | +€104 | +27.5% |
| Profit (loss) for the period | 9904 | -€17,543 | -€10,271 | +€7,273 | +41.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,543 | -€10,271 | +€7,273 | +41.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.