PHISALOHA: 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.
PHISALOHA
Largest movements
- Receivables within one year +€178,153
up €178,153 (+258%), from €68,929 to €247,082
of which Other amounts receivable: +€180,363
- Cash -€26,230
down €26,230 (-55.6%), from €47,153 to €20,923
mainly Receivables within one year (-€178,153) and Debts after one year (-€31,909)
- Reserves +€127,685
new in 2025: €127,685
- Tax, wage and social debts +€52,919
up €52,919 (+560%), from €9,445 to €62,363
- Debts after one year -€31,909
down €31,909 (-47.8%), from €66,811 to €34,902
- Taxes +€50,266
new in 2025: €50,266
- Gross operating margin -€22,748
down €22,748 (-11.5%), from €198,573 to €175,825
- Financial income +€5,982
new in 2025: €5,982
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 | €119,561 | €268,004 | +€148,444 | +124% |
| Fixed assets | 21/28 | €2,043 | - | -€2,043 | |
| Tangible fixed assets | 22/27 | €2,043 | - | -€2,043 | |
| Other tangible fixed assets | 26 | €2,043 | - | -€2,043 | |
| Current assets | 29/58 | €117,518 | €268,004 | +€150,487 | +128% |
| Amounts receivable within one year | 40/41 | €68,929 | €247,082 | +€178,153 | +258% |
| Trade receivables | 40 | €2,210 | - | -€2,210 | |
| Other amounts receivable | 41 | €66,719 | €247,082 | +€180,363 | +270% |
| Cash at bank and in hand | 54/58 | €47,153 | €20,923 | -€26,230 | -55.6% |
| Deferred charges and accrued income | 490/1 | €1,436 | - | -€1,436 | |
| Total equity and liabilities | 10/49 | €119,561 | €268,004 | +€148,444 | +124% |
| Equity | 10/15 | €10,793 | €138,477 | +€127,685 | +1,183% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €127,685 | +€127,685 | |
| Distributable reserves | 133 | - | €127,685 | +€127,685 | |
| Profit (loss) carried forward | 14 | €793 | €793 | = | 0.0% |
| Amounts payable | 17/49 | €108,768 | €129,527 | +€20,759 | +19.1% |
| Amounts payable after more than one year | 17 | €66,811 | €34,902 | -€31,909 | -47.8% |
| Financial debts | 170/4 | €66,811 | €34,902 | -€31,909 | -47.8% |
| Amounts payable within one year | 42/48 | €41,957 | €94,626 | +€52,668 | +126% |
| Current portion of amounts payable after more than one year | 42 | €31,617 | €31,909 | +€292 | +0.9% |
| Trade debts | 44 | €896 | €353 | -€543 | -60.6% |
| Suppliers | 440/4 | €896 | €353 | -€543 | -60.6% |
| Taxes, remuneration and social security | 45 | €9,445 | €62,363 | +€52,919 | +560% |
| Taxes | 450/3 | €9,445 | €62,363 | +€52,919 | +560% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353 | - | -€353 | |
| Other operating charges | 640/8 | €1,622 | €610 | -€1,012 | -62.4% |
| Non-recurring operating charges | 66A | €52,098 | €2,043 | -€50,055 | -96.1% |
| Gross operating margin | 9900 | €198,573 | €175,825 | -€22,748 | -11.5% |
| Operating profit (loss) | 9901 | €144,500 | €173,172 | +€28,673 | +19.8% |
| Financial income | 75/76B | - | €5,982 | +€5,982 | |
| Recurring financial income | 75 | - | €5,982 | +€5,982 | |
| Financial charges | 65/66B | €1,460 | €1,203 | -€257 | -17.6% |
| Recurring financial charges | 65 | €1,460 | €1,203 | -€257 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €143,039 | €177,951 | +€34,912 | +24.4% |
| Income taxes | 67/77 | - | €50,266 | +€50,266 | |
| Profit (loss) for the period | 9904 | €143,039 | €127,685 | -€15,354 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €143,039 | €127,685 | -€15,354 | -10.7% |
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 25 October 2026 via checked.be.