PHIRO: 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.
PHIRO
Largest movements
- Tangible fixed assets +€380,343
up €380,343 (+357.1%), from €106,496 to €486,839
of which Land and buildings: +€407,601
- Cash -€25,596
down €25,596 (-99.7%), from €25,685 to €89
mainly Investment in fixed assets (net) (-€441,483) and Receivables after one year (-€24,940)
- Receivables after one year +€24,940
up €24,940 (+10.1%), from €246,700 to €271,640
- Current investments -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Deferred charges and accrued income +€9,824
up €9,824 (+29.4%), from €33,418 to €43,242
- Debts after one year +€318,526
up €318,526 (+565.9%), from €56,291 to €374,816
- Reserves +€57,279
up €57,279 (+24.3%), from €235,825 to €293,104
- Advances received -€24,703
down €24,703 (-100.0%), from €24,703 to €0
- Short-term financial debts +€12,961
up €12,961 (+546.6%), from €2,371 to €15,332
- Depreciation +€25,465
up €25,465 (+70.4%), from €36,175 to €61,640
- Taxes -€11,941
down €11,941 (-25.8%), from €46,341 to €34,400
- Financial charges +€11,591
up €11,591 (+200.1%), from €5,792 to €17,382
- Gross operating margin +€3,915
up €3,915 (+2.2%), from €179,376 to €183,291
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 | €456,974 | €827,351 | +€370,377 | +81.0% |
| Fixed assets | 21/28 | €107,123 | €486,966 | +€379,843 | +354.6% |
| Intangible fixed assets | 21 | €555 | €55 | -€500 | -90.1% |
| Tangible fixed assets | 22/27 | €106,496 | €486,839 | +€380,343 | +357.1% |
| Land and buildings | 22 | €1,740 | €409,342 | +€407,601 | +23419.6% |
| Plant, machinery and equipment | 23 | €4,668 | €3,568 | -€1,100 | -23.6% |
| Furniture and vehicles | 24 | €97,698 | €71,945 | -€25,753 | -26.4% |
| Other tangible fixed assets | 26 | €2,389 | €1,984 | -€406 | -17.0% |
| Financial fixed assets | 28 | €72 | €72 | = | 0.0% |
| Current assets | 29/58 | €349,852 | €340,385 | -€9,466 | -2.7% |
| Amounts receivable after more than one year | 29 | €246,700 | €271,640 | +€24,940 | +10.1% |
| Trade receivables | 290 | €246,700 | €271,640 | +€24,940 | +10.1% |
| Amounts receivable within one year | 40/41 | €24,049 | €25,414 | +€1,365 | +5.7% |
| Trade receivables | 40 | €21,390 | €25,414 | +€4,024 | +18.8% |
| Other amounts receivable | 41 | €2,659 | €0 | -€2,659 | -100.0% |
| Current investments | 50/53 | €20,000 | €0 | -€20,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €25,685 | €89 | -€25,596 | -99.7% |
| Deferred charges and accrued income | 490/1 | €33,418 | €43,242 | +€9,824 | +29.4% |
| Total equity and liabilities | 10/49 | €456,974 | €827,351 | +€370,377 | +81.0% |
| Equity | 10/15 | €254,417 | €311,696 | +€57,279 | +22.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €235,825 | €293,104 | +€57,279 | +24.3% |
| Distributable reserves | 133 | €235,825 | €293,104 | +€57,279 | +24.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €202,558 | €515,655 | +€313,097 | +154.6% |
| Amounts payable after more than one year | 17 | €56,291 | €374,816 | +€318,526 | +565.9% |
| Financial debts | 170/4 | €56,291 | €374,816 | +€318,526 | +565.9% |
| Amounts payable within one year | 42/48 | €146,056 | €139,655 | -€6,401 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €64,375 | €62,158 | -€2,217 | -3.4% |
| Financial debts | 43 | €2,371 | €15,332 | +€12,961 | +546.6% |
| Credit institutions | 430/8 | €2,371 | €15,332 | +€12,961 | +546.6% |
| Trade debts | 44 | €7,297 | €15,297 | +€7,999 | +109.6% |
| Suppliers | 440/4 | €7,297 | €15,297 | +€7,999 | +109.6% |
| Advances received on contracts in progress | 46 | €24,703 | €0 | -€24,703 | -100.0% |
| Taxes, remuneration and social security | 45 | €27,478 | €28,414 | +€936 | +3.4% |
| Taxes | 450/3 | €27,478 | €28,414 | +€936 | +3.4% |
| Other amounts payable | 47/48 | €19,832 | €18,454 | -€1,377 | -6.9% |
| Accrued charges and deferred income | 492/3 | €211 | €1,184 | +€973 | +461.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,175 | €61,640 | +€25,465 | +70.4% |
| Other operating charges | 640/8 | €4,892 | €5,285 | +€393 | +8.0% |
| Gross operating margin | 9900 | €179,376 | €183,291 | +€3,915 | +2.2% |
| Operating profit (loss) | 9901 | €138,309 | €116,366 | -€21,943 | -15.9% |
| Financial income | 75/76B | €8,635 | €9,540 | +€905 | +10.5% |
| Recurring financial income | 75 | €8,635 | €9,540 | +€905 | +10.5% |
| Financial charges | 65/66B | €5,792 | €17,382 | +€11,591 | +200.1% |
| Recurring financial charges | 65 | €5,792 | €17,382 | +€11,591 | +200.1% |
| Profit (loss) for the period before taxes | 9903 | €141,152 | €108,523 | -€32,629 | -23.1% |
| Income taxes | 67/77 | €46,341 | €34,400 | -€11,941 | -25.8% |
| Profit (loss) for the period | 9904 | €94,811 | €74,123 | -€20,688 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,811 | €74,123 | -€20,688 | -21.8% |
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 10 October 2026 via checked.be.