Phished: 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.
Phished
Largest movements
- Cash -€3.4m
down €3.4m (-84.5%), from €4.0m to €616,359
mainly Net result for the year (-€3.2m) and Investment in fixed assets (net) (-€2.0m)
- Intangible fixed assets +€935,887
up €935,887 (+34.1%), from €2.7m to €3.7m
- Receivables after one year +€662,924
new in 2025: €662,924
- Receivables within one year +€618,529
up €618,529 (+26.8%), from €2.3m to €2.9m
of which Trade receivables: +€1.1m
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Profit (loss) carried forward -€3.2m
down €3.2m (-33.1%), from -€9.6m to -€12.7m
- Debts after one year +€700,819
up €700,819 (+9.0%), from €7.8m to €8.5m
- Accrued charges and deferred income +€657,187
up €657,187 (+321.2%), from €204,599 to €861,786
- Trade debts +€321,607
up €321,607 (+22.0%), from €1.5m to €1.8m
- Gross operating margin +€2.1m
up €2.1m (+259.5%), from €791,828 to €2.8m
- Staff costs +€1.6m
up €1.6m (+57.7%), from €2.7m to €4.3m
- Depreciation +€412,943
up €412,943 (+84.2%), from €490,711 to €903,654
- Financial charges +€209,518
up €209,518 (+34.5%), from €606,466 to €815,983
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 | €9,626,537 | €8,218,454 | -€1.4m | -14.6% |
| Fixed assets | 21/28 | €2,819,245 | €3,939,175 | +€1.1m | +39.7% |
| Intangible fixed assets | 21 | €2,741,538 | €3,677,425 | +€935,887 | +34.1% |
| Tangible fixed assets | 22/27 | €37,401 | €141,703 | +€104,303 | +278.9% |
| Plant, machinery and equipment | 23 | €2,009 | €0 | -€2,009 | -100.0% |
| Furniture and vehicles | 24 | €35,391 | €117,950 | +€82,559 | +233.3% |
| Other tangible fixed assets | 26 | - | €23,754 | +€23,754 | |
| Financial fixed assets | 28 | €40,306 | €120,046 | +€79,740 | +197.8% |
| Current assets | 29/58 | €6,807,291 | €4,279,279 | -€2.5m | -37.1% |
| Amounts receivable after more than one year | 29 | - | €662,924 | +€662,924 | |
| Other amounts receivable | 291 | - | €662,924 | +€662,924 | |
| Amounts receivable within one year | 40/41 | €2,310,972 | €2,929,500 | +€618,529 | +26.8% |
| Trade receivables | 40 | €1,791,527 | €2,917,466 | +€1.1m | +62.8% |
| Other amounts receivable | 41 | €519,445 | €12,034 | -€507,411 | -97.7% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,976,614 | €616,359 | -€3.4m | -84.5% |
| Deferred charges and accrued income | 490/1 | €19,706 | €70,495 | +€50,790 | +257.7% |
| Total equity and liabilities | 10/49 | €9,626,537 | €8,218,454 | -€1.4m | -14.6% |
| Equity | 10/15 | -€331,436 | -€3,488,686 | -€3.2m | -952.6% |
| Contributions | 10/11 | €9,221,000 | €9,221,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,552,436 | -€12,709,686 | -€3.2m | -33.1% |
| Amounts payable | 17/49 | €9,957,973 | €11,707,141 | +€1.7m | +17.6% |
| Amounts payable after more than one year | 17 | €7,786,875 | €8,487,694 | +€700,819 | +9.0% |
| Financial debts | 170/4 | €7,786,875 | €8,487,694 | +€700,819 | +9.0% |
| Amounts payable within one year | 42/48 | €1,966,498 | €2,357,661 | +€391,162 | +19.9% |
| Financial debts | 43 | - | €25,924 | +€25,924 | |
| Credit institutions | 430/8 | - | €25,924 | +€25,924 | |
| Trade debts | 44 | €1,458,758 | €1,780,365 | +€321,607 | +22.0% |
| Suppliers | 440/4 | €1,458,758 | €1,780,365 | +€321,607 | +22.0% |
| Taxes, remuneration and social security | 45 | €452,602 | €539,879 | +€87,277 | +19.3% |
| Taxes | 450/3 | €81,561 | €101,023 | +€19,462 | +23.9% |
| Remuneration and social security | 454/9 | €371,041 | €438,856 | +€67,815 | +18.3% |
| Other amounts payable | 47/48 | €55,138 | €11,493 | -€43,646 | -79.2% |
| Accrued charges and deferred income | 492/3 | €204,599 | €861,786 | +€657,187 | +321.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,748,515 | €4,334,412 | +€1.6m | +57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490,711 | €903,654 | +€412,943 | +84.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,523 | €9,150 | -€6,373 | -41.1% |
| Non-recurring operating charges | 66A | €70,349 | €714 | -€69,636 | -99.0% |
| Gross operating margin | 9900 | €791,828 | €2,846,264 | +€2.1m | +259.5% |
| Operating profit (loss) | 9901 | -€2,533,271 | -€2,401,665 | +€131,606 | +5.2% |
| Financial income | 75/76B | €75,784 | €100,160 | +€24,376 | +32.2% |
| Recurring financial income | 75 | €75,784 | €100,160 | +€24,376 | +32.2% |
| Financial charges | 65/66B | €606,466 | €815,983 | +€209,518 | +34.5% |
| Recurring financial charges | 65 | €606,466 | €815,983 | +€209,518 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,063,952 | -€3,117,488 | -€53,536 | -1.7% |
| Income taxes | 67/77 | €22,313 | €39,762 | +€17,449 | +78.2% |
| Profit (loss) for the period | 9904 | -€3,086,265 | -€3,157,250 | -€70,985 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,086,265 | -€3,157,250 | -€70,985 | -2.3% |
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 3 October 2026 via checked.be.