PHISA: what changed
Two fiscal 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.
PHISA
Largest movements
- Receivables within one year +€80,959
up €80,959 (+13.3%), from €607,695 to €688,654
of which Trade receivables: +€51,044
- Tangible fixed assets -€63,500
down €63,500 (-18.5%), from €343,197 to €279,697
of which Plant, machinery and equipment: -€44,566
- Cash -€23,539
down €23,539 (-10.0%), from €234,270 to €210,730
mainly Net result for the year (-€112,803) and Debts after one year (-€102,314)
- Trade debts +€207,434
up €207,434 (+117.5%), from €176,533 to €383,967
- Profit (loss) carried forward -€112,803
down €112,803 (-109.3%), from -€103,181 to -€215,984
- Debts after one year -€102,314
down €102,314 (-74.2%), from €137,960 to €35,646
- Other debts +€30,300
up €30,300 (+9.5%), from €317,342 to €347,642
- Short-term financial debts -€24,470
down €24,470 (-6.0%), from €404,521 to €380,051
- Gross operating margin -€194,931
down €194,931 (-15.2%), from €1.3m to €1.1m
- Staff costs -€46,081
down €46,081 (-4.0%), from €1.1m to €1.1m
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 | €1,294,874 | €1,288,086 | -€6,788 | -0.5% |
| Fixed assets | 21/28 | €350,327 | €285,399 | -€64,928 | -18.5% |
| Intangible fixed assets | 21 | €7,130 | €5,702 | -€1,428 | -20.0% |
| Tangible fixed assets | 22/27 | €343,197 | €279,697 | -€63,500 | -18.5% |
| Plant, machinery and equipment | 23 | €251,892 | €207,326 | -€44,566 | -17.7% |
| Furniture and vehicles | 24 | €6,958 | €1,538 | -€5,419 | -77.9% |
| Other tangible fixed assets | 26 | €84,347 | €70,832 | -€13,515 | -16.0% |
| Current assets | 29/58 | €944,547 | €1,002,687 | +€58,140 | +6.2% |
| Stocks and contracts in progress | 3 | €83,661 | €85,547 | +€1,887 | +2.3% |
| Stocks | 30/36 | €83,661 | €85,547 | +€1,887 | +2.3% |
| Amounts receivable within one year | 40/41 | €607,695 | €688,654 | +€80,959 | +13.3% |
| Trade receivables | 40 | €25,745 | €76,789 | +€51,044 | +198.3% |
| Other amounts receivable | 41 | €581,951 | €611,865 | +€29,914 | +5.1% |
| Cash at bank and in hand | 54/58 | €234,270 | €210,730 | -€23,539 | -10.0% |
| Deferred charges and accrued income | 490/1 | €18,922 | €17,756 | -€1,166 | -6.2% |
| Total equity and liabilities | 10/49 | €1,294,874 | €1,288,086 | -€6,788 | -0.5% |
| Equity | 10/15 | €133,863 | €21,060 | -€112,803 | -84.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €187,044 | €187,044 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | - | -€5,000 | |
| Reserves not available under the articles | 1311 | €5,000 | - | -€5,000 | |
| Distributable reserves | 133 | €182,044 | €187,044 | +€5,000 | +2.7% |
| Profit (loss) carried forward | 14 | -€103,181 | -€215,984 | -€112,803 | -109.3% |
| Amounts payable | 17/49 | €1,161,010 | €1,267,026 | +€106,016 | +9.1% |
| Amounts payable after more than one year | 17 | €137,960 | €35,646 | -€102,314 | -74.2% |
| Financial debts | 170/4 | €137,960 | €35,646 | -€102,314 | -74.2% |
| Amounts payable within one year | 42/48 | €1,023,051 | €1,231,007 | +€207,956 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €33,255 | €27,314 | -€5,941 | -17.9% |
| Financial debts | 43 | €404,521 | €380,051 | -€24,470 | -6.0% |
| Credit institutions | 430/8 | €404,521 | €380,051 | -€24,470 | -6.0% |
| Trade debts | 44 | €176,533 | €383,967 | +€207,434 | +117.5% |
| Suppliers | 440/4 | €176,533 | €383,967 | +€207,434 | +117.5% |
| Taxes, remuneration and social security | 45 | €91,399 | €92,032 | +€633 | +0.7% |
| Taxes | 450/3 | €24,662 | €8,051 | -€16,612 | -67.4% |
| Remuneration and social security | 454/9 | €66,737 | €83,982 | +€17,245 | +25.8% |
| Other amounts payable | 47/48 | €317,342 | €347,642 | +€30,300 | +9.5% |
| Accrued charges and deferred income | 492/3 | - | €373 | +€373 | |
| Remuneration, social security and pensions | 62 | €1,143,252 | €1,097,171 | -€46,081 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,803 | €66,623 | -€3,180 | -4.6% |
| Other operating charges | 640/8 | €5,851 | €5,505 | -€346 | -5.9% |
| Non-recurring operating charges | 66A | €53 | - | -€53 | |
| Gross operating margin | 9900 | €1,281,962 | €1,087,032 | -€194,931 | -15.2% |
| Operating profit (loss) | 9901 | €63,003 | -€82,267 | -€145,270 | |
| Financial income | 75/76B | €5 | €7 | +€2 | +46.5% |
| Recurring financial income | 75 | €5 | €7 | +€2 | +46.5% |
| Financial charges | 65/66B | €24,676 | €29,803 | +€5,127 | +20.8% |
| Recurring financial charges | 65 | €24,676 | €29,803 | +€5,127 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €38,332 | -€112,063 | -€150,395 | |
| Income taxes | 67/77 | €200 | €740 | +€540 | +270.1% |
| Profit (loss) for the period | 9904 | €38,132 | -€112,803 | -€150,935 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,132 | -€112,803 | -€150,935 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.