PHISAN: 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.
What changed
PHISAN
NACE 01.461, Pig breeding farms
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€131,807
2024 · €162,148-€30,341
Equity
€706,837
2024 · €575,030+€131,807
Cash
€66,022
2024 · €50,263+€15,759
Balance sheet total
€2.1m
2024 · €1.6m+€435,432
Largest movements
Assets
- Financial fixed assets +€244,190
new in 2025: €244,190
- Tangible fixed assets +€133,759
up €133,759 (+11.9%), from €1.1m to €1.3m
of which Land and buildings: +€163,661
- Stocks and contracts +€50,277
up €50,277 (+14.9%), from €337,477 to €387,754
Equity and liabilities
- Debts after one year +€211,215
up €211,215 (+42.4%), from €498,191 to €709,406
- Profit (loss) carried forward +€131,807
up €131,807 (+79.6%), from -€165,577 to -€33,770
- Short-term financial debts +€75,641
up €75,641 (+1735.4%), from €4,359 to €80,000
- Other debts -€64,330
down €64,330 (-44.3%), from €145,102 to €80,773
- Trade debts +€62,884
up €62,884 (+28.9%), from €217,595 to €280,479
Income statement
- Staff costs +€109,878
up €109,878 (+45.5%), from €241,629 to €351,508
- Gross operating margin +€96,202
up €96,202 (+15.5%), from €621,848 to €718,051
- Depreciation +€15,664
up €15,664 (+10.6%), from €147,974 to €163,638
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
€162,148
Gross operating margin
+€96,202
Staff costs
-€109,878
Depreciation
-€15,664
Other operating charges
-€3,287
Other operating items
-€307
Financial income
+€1,397
Financial charges
-€3,121
Taxes
+€4,318
Result 2025
€131,807
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.
From operations
+€263,939
Investment
-€540,162
Financing
+€291,982
Cash 2024
€50,263
From operations (derived)
+€263,939
Net result for the year
+€131,807
Depreciation
+€163,638
Stocks and contracts
-€50,277
Receivables within one year
+€3,547
Deferred charges and accrued income
+€3,579
Trade debts
+€62,884
Tax, wage and social debts
+€13,263
Other debts
-€64,330
Accrued charges and deferred income
-€174
Investment (derived)
-€540,162
Investment in fixed assets (net)
-€540,162
Financing
+€291,982
Debts after one year
+€211,215
Current portion of long-term debt
+€5,125
Short-term financial debts
+€75,641
Cash 2025
€66,022
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,619,204 | €2,054,637 | +€435,432 | +26.9% |
| Fixed assets | 21/28 | €1,126,576 | €1,503,100 | +€376,524 | +33.4% |
| Intangible fixed assets | 21 | €4,564 | €3,139 | -€1,425 | -31.2% |
| Tangible fixed assets | 22/27 | €1,122,012 | €1,255,771 | +€133,759 | +11.9% |
| Land and buildings | 22 | €642,874 | €806,535 | +€163,661 | +25.5% |
| Plant, machinery and equipment | 23 | €216,071 | €240,955 | +€24,885 | +11.5% |
| Furniture and vehicles | 24 | €263,068 | €208,281 | -€54,787 | -20.8% |
| Financial fixed assets | 28 | - | €244,190 | +€244,190 | |
| Current assets | 29/58 | €492,628 | €551,536 | +€58,909 | +12.0% |
| Stocks and contracts in progress | 3 | €337,477 | €387,754 | +€50,277 | +14.9% |
| Stocks | 30/36 | €337,477 | €387,754 | +€50,277 | +14.9% |
| Amounts receivable within one year | 40/41 | €100,896 | €97,349 | -€3,547 | -3.5% |
| Trade receivables | 40 | €56,850 | €28,636 | -€28,215 | -49.6% |
| Other amounts receivable | 41 | €44,046 | €68,713 | +€24,667 | +56.0% |
| Current investments | 50/53 | €412 | €412 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €50,263 | €66,022 | +€15,759 | +31.4% |
| Deferred charges and accrued income | 490/1 | €3,579 | €0 | -€3,579 | -100.0% |
| Total equity and liabilities | 10/49 | €1,619,204 | €2,054,637 | +€435,432 | +26.9% |
| Equity | 10/15 | €575,030 | €706,837 | +€131,807 | +22.9% |
| Contributions | 10/11 | €397,384 | €397,384 | = | 0.0% |
| Reserves | 13 | €343,223 | €343,223 | = | 0.0% |
| Distributable reserves | 133 | €343,223 | €343,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,577 | -€33,770 | +€131,807 | +79.6% |
| Amounts payable | 17/49 | €1,044,174 | €1,347,800 | +€303,625 | +29.1% |
| Amounts payable after more than one year | 17 | €498,191 | €709,406 | +€211,215 | +42.4% |
| Financial debts | 170/4 | €498,191 | €709,406 | +€211,215 | +42.4% |
| Amounts payable within one year | 42/48 | €545,488 | €638,072 | +€92,584 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €162,118 | €167,243 | +€5,125 | +3.2% |
| Financial debts | 43 | €4,359 | €80,000 | +€75,641 | +1735.4% |
| Credit institutions | 430/8 | €4,359 | €80,000 | +€75,641 | +1735.4% |
| Trade debts | 44 | €217,595 | €280,479 | +€62,884 | +28.9% |
| Suppliers | 440/4 | €217,595 | €280,479 | +€62,884 | +28.9% |
| Taxes, remuneration and social security | 45 | €16,315 | €29,577 | +€13,263 | +81.3% |
| Taxes | 450/3 | €5,725 | €9,245 | +€3,520 | +61.5% |
| Remuneration and social security | 454/9 | €10,590 | €20,332 | +€9,742 | +92.0% |
| Other amounts payable | 47/48 | €145,102 | €80,773 | -€64,330 | -44.3% |
| Accrued charges and deferred income | 492/3 | €496 | €322 | -€174 | -35.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €241,629 | €351,508 | +€109,878 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,974 | €163,638 | +€15,664 | +10.6% |
| Other operating charges | 640/8 | €3,736 | €7,023 | +€3,287 | +88.0% |
| Non-recurring operating charges | 66A | - | €307 | +€307 | |
| Gross operating margin | 9900 | €621,848 | €718,051 | +€96,202 | +15.5% |
| Operating profit (loss) | 9901 | €228,509 | €195,575 | -€32,934 | -14.4% |
| Financial income | 75/76B | €2,535 | €3,932 | +€1,397 | +55.1% |
| Recurring financial income | 75 | €2,535 | €3,932 | +€1,397 | +55.1% |
| Financial charges | 65/66B | €34,148 | €37,269 | +€3,121 | +9.1% |
| Recurring financial charges | 65 | €34,148 | €37,269 | +€3,121 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €196,896 | €162,237 | -€34,659 | -17.6% |
| Income taxes | 67/77 | €34,748 | €30,430 | -€4,318 | -12.4% |
| Profit (loss) for the period | 9904 | €162,148 | €131,807 | -€30,341 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €162,148 | €131,807 | -€30,341 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.