PHINVESTMENT: 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.
PHINVESTMENT
Largest movements
- Receivables within one year +€27,860
up €27,860 (+8.6%), from €323,572 to €351,432
- Cash -€25,986
down €25,986 (-99.6%), from €26,090 to €104
mainly Receivables within one year (-€27,860)
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€4,721
up €4,721 (+2,992%), from €158 to €4,879
- Gross operating margin +€2,682
up €2,682 (+51.4%), from -€5,220 to -€2,538
- Depreciation -€2,303
down €2,303 (-97.3%), from €2,367 to €64
- Other operating charges -€114
down €114 (-13.1%), from €868 to €754
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 | €351,010 | €352,430 | +€1,420 | +0.4% |
| Formation expenses | 20 | €64 | - | -€64 | |
| Current assets | 29/58 | €350,946 | €352,430 | +€1,484 | +0.4% |
| Amounts receivable within one year | 40/41 | €323,572 | €351,432 | +€27,860 | +8.6% |
| Other amounts receivable | 41 | €323,572 | €351,432 | +€27,860 | +8.6% |
| Cash at bank and in hand | 54/58 | €26,090 | €104 | -€25,986 | -99.6% |
| Deferred charges and accrued income | 490/1 | €1,284 | €895 | -€389 | -30.3% |
| Total equity and liabilities | 10/49 | €351,010 | €352,430 | +€1,420 | +0.4% |
| Equity | 10/15 | €349,883 | €351,224 | +€1,341 | +0.4% |
| Contributions | 10/11 | €3,005 | €3,005 | = | 0.0% |
| Reserves | 13 | €360,700 | €360,700 | = | 0.0% |
| Distributable reserves | 133 | €360,700 | €360,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,822 | -€12,481 | +€1,341 | +9.7% |
| Amounts payable | 17/49 | €1,127 | €1,206 | +€79 | +7.0% |
| Amounts payable within one year | 42/48 | €377 | €432 | +€55 | +14.5% |
| Trade debts | 44 | €302 | €283 | -€19 | -6.4% |
| Suppliers | 440/4 | €302 | €283 | -€19 | -6.4% |
| Taxes, remuneration and social security | 45 | €75 | €149 | +€74 | +98.8% |
| Taxes | 450/3 | €75 | €149 | +€74 | +98.8% |
| Accrued charges and deferred income | 492/3 | €750 | €774 | +€24 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,367 | €64 | -€2,303 | -97.3% |
| Other operating charges | 640/8 | €868 | €754 | -€114 | -13.1% |
| Gross operating margin | 9900 | -€5,220 | -€2,538 | +€2,682 | +51.4% |
| Operating profit (loss) | 9901 | -€8,455 | -€3,356 | +€5,099 | +60.3% |
| Financial income | 75/76B | €158 | €4,879 | +€4,721 | +2,992% |
| Recurring financial income | 75 | €158 | €4,879 | +€4,721 | +2,992% |
| Financial charges | 65/66B | €90 | €108 | +€18 | +19.7% |
| Recurring financial charges | 65 | €90 | €108 | +€18 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,387 | €1,415 | +€9,802 | |
| Income taxes | 67/77 | €89 | €74 | -€14 | -16.3% |
| Profit (loss) for the period | 9904 | -€8,476 | €1,341 | +€9,817 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,476 | €1,341 | +€9,817 |
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 22 October 2026 via checked.be.