PHISA MANAGEMENT: 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.
What changed
PHISA MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €113,517+€2.1m
Equity
€16.3m
2024 · €14.2m+€2.1m
Cash
€1.1m
2024 · €153,871+€916,655
Balance sheet total
€18.1m
2024 · €15.7m+€2.4m
Largest movements
Assets
- Current investments +€1.1m
up €1.1m (+89.2%), from €1.3m to €2.4m
- Cash +€916,655
up €916,655 (+596%), from €153,871 to €1.1m
mainly Net result for the year (+€2.2m) and Tax, wage and social debts (+€174,964)
- Receivables after one year +€416,170
new in 2025: €416,170
Equity and liabilities
- Reserves +€1.9m
up €1.9m (+234%), from €821,509 to €2.7m
of which Distributable reserves: +€1.9m
Income statement
- Financial income +€2.4m
up €2.4m (+10,424%), from €22,694 to €2.4m
- Gross operating margin -€219,766
down €219,766 (-69.4%), from €316,851 to €97,085
- Taxes +€148,479
up €148,479 (+220%), from €67,631 to €216,109
- Other operating charges -€31,231
down €31,231 (-76.9%), from €40,631 to €9,400
- Depreciation -€29,493
down €29,493 (-33.2%), from €88,806 to €59,313
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.
Result 2024
€113,517
Gross operating margin
-€219,766
Depreciation
+€29,493
Other operating charges
+€31,231
Financial income
+€2.4m
Financial charges
-€370
Taxes
-€148,479
Result 2025
€2.2m
raises the resultlowers the result
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.
From operations
+€2.1m
Investment
-€1.1m
Financing
-€24,915
Cash 2024
€153,871
From operations (derived)
+€2.1m
Net result for the year
+€2.2m
Depreciation
+€59,313
Receivables after one year
-€416,170
Receivables within one year
+€40,238
Deferred charges and accrued income
+€155
Trade debts
-€18,083
Tax, wage and social debts
+€174,964
Other debts
+€71,250
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€3,144
Current investments
-€1.1m
Financing
-€24,915
Debts after one year
+€52,477
Current portion of long-term debt
-€1,558
Contributions, distributions and other
-€75,833
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,744,398 | €18,118,880 | +€2.4m | +15.1% |
| Fixed assets | 21/28 | €14,271,499 | €14,215,329 | -€56,170 | -0.4% |
| Tangible fixed assets | 22/27 | €1,876,138 | €1,819,969 | -€56,170 | -3.0% |
| Land and buildings | 22 | €1,835,880 | €1,782,433 | -€53,447 | -2.9% |
| Plant, machinery and equipment | 23 | €27,418 | €22,085 | -€5,333 | -19.4% |
| Furniture and vehicles | 24 | - | €2,610 | +€2,610 | |
| Other tangible fixed assets | 26 | €12,841 | €12,841 | = | 0.0% |
| Financial fixed assets | 28 | €12,395,360 | €12,395,360 | = | 0.0% |
| Current assets | 29/58 | €1,472,899 | €3,903,551 | +€2.4m | +165% |
| Amounts receivable after more than one year | 29 | - | €416,170 | +€416,170 | |
| Other amounts receivable | 291 | - | €416,170 | +€416,170 | |
| Amounts receivable within one year | 40/41 | €42,245 | €2,007 | -€40,238 | -95.3% |
| Trade receivables | 40 | €42,245 | €2,007 | -€40,238 | -95.3% |
| Current investments | 50/53 | €1,276,004 | €2,414,224 | +€1.1m | +89.2% |
| Cash at bank and in hand | 54/58 | €153,871 | €1,070,525 | +€916,655 | +596% |
| Deferred charges and accrued income | 490/1 | €780 | €625 | -€155 | -19.9% |
| Total equity and liabilities | 10/49 | €15,744,398 | €18,118,880 | +€2.4m | +15.1% |
| Equity | 10/15 | €14,179,300 | €16,274,733 | +€2.1m | +14.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €11,418,927 | €11,418,927 | = | 0.0% |
| Reserves | 13 | €821,509 | €2,746,509 | +€1.9m | +234% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €74,649 | €74,649 | = | 0.0% |
| Distributable reserves | 133 | €745,000 | €2,670,000 | +€1.9m | +258% |
| Profit (loss) carried forward | 14 | €1,932,664 | €2,103,097 | +€170,433 | +8.8% |
| Amounts payable | 17/49 | €1,565,098 | €1,844,147 | +€279,049 | +17.8% |
| Amounts payable after more than one year | 17 | €1,321,338 | €1,373,814 | +€52,477 | +4.0% |
| Financial debts | 170/4 | €1,061,953 | €954,481 | -€107,472 | -10.1% |
| Other amounts payable | 178/9 | €259,385 | €419,334 | +€159,949 | +61.7% |
| Amounts payable within one year | 42/48 | €243,760 | €470,333 | +€226,573 | +92.9% |
| Current portion of amounts payable after more than one year | 42 | €108,287 | €106,728 | -€1,558 | -1.4% |
| Trade debts | 44 | €18,083 | - | -€18,083 | |
| Suppliers | 440/4 | €18,083 | - | -€18,083 | |
| Taxes, remuneration and social security | 45 | €116,807 | €291,772 | +€174,964 | +150% |
| Taxes | 450/3 | €114,357 | €289,277 | +€174,919 | +153% |
| Remuneration and social security | 454/9 | €2,450 | €2,495 | +€45 | +1.8% |
| Other amounts payable | 47/48 | €583 | €71,833 | +€71,250 | +12,219% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,806 | €59,313 | -€29,493 | -33.2% |
| Other operating charges | 640/8 | €40,631 | €9,400 | -€31,231 | -76.9% |
| Gross operating margin | 9900 | €316,851 | €97,085 | -€219,766 | -69.4% |
| Operating profit (loss) | 9901 | €187,414 | €28,372 | -€159,042 | -84.9% |
| Financial income | 75/76B | €22,694 | €2,388,334 | +€2.4m | +10,424% |
| Recurring financial income | 75 | €22,694 | €2,388,334 | +€2.4m | +10,424% |
| Financial charges | 65/66B | €28,960 | €29,330 | +€370 | +1.3% |
| Recurring financial charges | 65 | €28,960 | €29,330 | +€370 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €181,148 | €2,387,375 | +€2.2m | +1,218% |
| Income taxes | 67/77 | €67,631 | €216,109 | +€148,479 | +220% |
| Profit (loss) for the period | 9904 | €113,517 | €2,171,266 | +€2.1m | +1,813% |
| Profit (loss) for the period to be appropriated | 9905 | €113,517 | €2,171,266 | +€2.1m | +1,813% |
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.