PHISARA: 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.
PHISARA
Largest movements
- Current investments -€100,000
down €100,000 (-13.4%), from €748,828 to €648,828
- Cash +€22,847
up €22,847 (+53.3%), from €42,900 to €65,747
mainly Net result for the year (+€129,303) and Current investments (+€100,000)
- Reserves -€85,800
down €85,800 (-10.8%), from €793,910 to €708,110
of which Distributable reserves: -€85,800
- Gross operating margin +€12,200
up €12,200 (+7.5%), from €162,212 to €174,412
- Taxes +€4,151
up €4,151 (+8.2%), from €50,783 to €54,934
- Financial income +€1,936
up €1,936 (+12.1%), from €16,008 to €17,944
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 | €817,109 | €739,395 | -€77,714 | -9.5% |
| Fixed assets | 21/28 | €19,395 | €20,461 | +€1,066 | +5.5% |
| Tangible fixed assets | 22/27 | €19,395 | €20,461 | +€1,066 | +5.5% |
| Land and buildings | 22 | - | €6,958 | +€6,958 | |
| Plant, machinery and equipment | 23 | €385 | - | -€385 | |
| Furniture and vehicles | 24 | €19,010 | €13,503 | -€5,507 | -29.0% |
| Current assets | 29/58 | €797,714 | €718,933 | -€78,781 | -9.9% |
| Amounts receivable within one year | 40/41 | €996 | €1 | -€994 | -99.9% |
| Trade receivables | 40 | - | €1 | +€1 | |
| Other amounts receivable | 41 | €996 | - | -€996 | |
| Current investments | 50/53 | €748,828 | €648,828 | -€100,000 | -13.4% |
| Cash at bank and in hand | 54/58 | €42,900 | €65,747 | +€22,847 | +53.3% |
| Deferred charges and accrued income | 490/1 | €4,990 | €4,357 | -€634 | -12.7% |
| Total equity and liabilities | 10/49 | €817,109 | €739,395 | -€77,714 | -9.5% |
| Equity | 10/15 | €811,481 | €725,784 | -€85,697 | -10.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €793,910 | €708,110 | -€85,800 | -10.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €792,050 | €706,250 | -€85,800 | -10.8% |
| Profit (loss) carried forward | 14 | €5,171 | €5,274 | +€103 | +2.0% |
| Amounts payable | 17/49 | €5,628 | €13,611 | +€7,983 | +141.8% |
| Amounts payable within one year | 42/48 | €5,628 | €13,445 | +€7,816 | +138.9% |
| Trade debts | 44 | €244 | €66 | -€178 | -73.1% |
| Suppliers | 440/4 | €244 | €66 | -€178 | -73.1% |
| Taxes, remuneration and social security | 45 | €3,314 | €4,865 | +€1,551 | +46.8% |
| Taxes | 450/3 | - | €1,551 | +€1,551 | |
| Remuneration and social security | 454/9 | €3,314 | €3,314 | = | 0.0% |
| Other amounts payable | 47/48 | €2,070 | €8,514 | +€6,443 | +311.2% |
| Accrued charges and deferred income | 492/3 | - | €166 | +€166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,087 | €6,964 | +€877 | +14.4% |
| Other operating charges | 640/8 | €733 | €1,005 | +€272 | +37.1% |
| Gross operating margin | 9900 | €162,212 | €174,412 | +€12,200 | +7.5% |
| Operating profit (loss) | 9901 | €155,392 | €166,443 | +€11,051 | +7.1% |
| Financial income | 75/76B | €16,008 | €17,944 | +€1,936 | +12.1% |
| Recurring financial income | 75 | €16,008 | €17,944 | +€1,936 | +12.1% |
| Financial charges | 65/66B | €127 | €150 | +€23 | +18.6% |
| Recurring financial charges | 65 | €127 | €150 | +€23 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €171,273 | €184,237 | +€12,963 | +7.6% |
| Income taxes | 67/77 | €50,783 | €54,934 | +€4,151 | +8.2% |
| Profit (loss) for the period | 9904 | €120,490 | €129,303 | +€8,812 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €120,490 | €129,303 | +€8,812 | +7.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.