PHITECH: 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.
PHITECH
Largest movements
- Tangible fixed assets +€131,833
up €131,833 (+97.4%), from €135,319 to €267,152
of which Plant, machinery and equipment: +€94,118
- Receivables within one year +€85,866
up €85,866 (+55.0%), from €156,177 to €242,043
of which Trade receivables: +€70,644
- Intangible fixed assets +€46,002
new in 2025: €46,002
- Cash -€39,070
down €39,070 (-34.4%), from €113,421 to €74,350
mainly Investment in fixed assets (net) (-€226,491) and Receivables within one year (-€85,866)
- Trade debts +€128,262
up €128,262 (+218.9%), from €58,584 to €186,846
- Debts after one year +€70,514
up €70,514 (+96.5%), from €73,094 to €143,607
- Reserves +€32,896
up €32,896 (+26.0%), from €126,553 to €159,450
- Accrued charges and deferred income -€18,481
down €18,481 (-28.4%), from €65,025 to €46,544
- Tax, wage and social debts +€8,696
up €8,696 (+53.4%), from €16,279 to €24,976
of which Remuneration and social security: +€11,250
- Gross operating margin +€118,220
up €118,220 (+75.2%), from €157,132 to €275,352
- Staff costs +€81,540
up €81,540 (+88.1%), from €92,533 to €174,073
- Depreciation +€13,704
up €13,704 (+39.5%), from €34,697 to €48,401
- Write-downs +€7,524
up €7,524, from -€3,318 to €4,206
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 | €425,118 | €655,491 | +€230,373 | +54.2% |
| Fixed assets | 21/28 | €135,584 | €313,674 | +€178,090 | +131.4% |
| Intangible fixed assets | 21 | - | €46,002 | +€46,002 | |
| Tangible fixed assets | 22/27 | €135,319 | €267,152 | +€131,833 | +97.4% |
| Plant, machinery and equipment | 23 | €106,566 | €200,684 | +€94,118 | +88.3% |
| Furniture and vehicles | 24 | €28,753 | €66,469 | +€37,715 | +131.2% |
| Financial fixed assets | 28 | €265 | €520 | +€255 | +96.2% |
| Current assets | 29/58 | €289,534 | €341,817 | +€52,283 | +18.1% |
| Stocks and contracts in progress | 3 | €14,340 | €16,948 | +€2,608 | +18.2% |
| Stocks | 30/36 | €14,340 | €16,948 | +€2,608 | +18.2% |
| Amounts receivable within one year | 40/41 | €156,177 | €242,043 | +€85,866 | +55.0% |
| Trade receivables | 40 | €146,681 | €217,325 | +€70,644 | +48.2% |
| Other amounts receivable | 41 | €9,495 | €24,718 | +€15,223 | +160.3% |
| Cash at bank and in hand | 54/58 | €113,421 | €74,350 | -€39,070 | -34.4% |
| Deferred charges and accrued income | 490/1 | €5,598 | €8,476 | +€2,879 | +51.4% |
| Total equity and liabilities | 10/49 | €425,118 | €655,491 | +€230,373 | +54.2% |
| Equity | 10/15 | €145,153 | €178,050 | +€32,896 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,553 | €159,450 | +€32,896 | +26.0% |
| Distributable reserves | 133 | €126,553 | €159,450 | +€32,896 | +26.0% |
| Amounts payable | 17/49 | €279,965 | €477,442 | +€197,477 | +70.5% |
| Amounts payable after more than one year | 17 | €73,094 | €143,607 | +€70,514 | +96.5% |
| Financial debts | 170/4 | €73,094 | €143,607 | +€70,514 | +96.5% |
| Amounts payable within one year | 42/48 | €141,846 | €287,290 | +€145,444 | +102.5% |
| Current portion of amounts payable after more than one year | 42 | €8,579 | €15,392 | +€6,813 | +79.4% |
| Trade debts | 44 | €58,584 | €186,846 | +€128,262 | +218.9% |
| Suppliers | 440/4 | €58,584 | €186,846 | +€128,262 | +218.9% |
| Taxes, remuneration and social security | 45 | €16,279 | €24,976 | +€8,696 | +53.4% |
| Taxes | 450/3 | €3,891 | €1,337 | -€2,554 | -65.6% |
| Remuneration and social security | 454/9 | €12,388 | €23,639 | +€11,250 | +90.8% |
| Other amounts payable | 47/48 | €58,404 | €60,077 | +€1,673 | +2.9% |
| Accrued charges and deferred income | 492/3 | €65,025 | €46,544 | -€18,481 | -28.4% |
| Remuneration, social security and pensions | 62 | €92,533 | €174,073 | +€81,540 | +88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,697 | €48,401 | +€13,704 | +39.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,318 | €4,206 | +€7,524 | |
| Other operating charges | 640/8 | €971 | €1,759 | +€788 | +81.2% |
| Gross operating margin | 9900 | €157,132 | €275,352 | +€118,220 | +75.2% |
| Operating profit (loss) | 9901 | €32,250 | €46,914 | +€14,665 | +45.5% |
| Financial income | 75/76B | €282 | - | -€282 | |
| Recurring financial income | 75 | €282 | - | -€282 | |
| Financial charges | 65/66B | €2,257 | €3,564 | +€1,307 | +57.9% |
| Recurring financial charges | 65 | €2,257 | €3,564 | +€1,307 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €30,275 | €43,350 | +€13,075 | +43.2% |
| Income taxes | 67/77 | €8,681 | €9,473 | +€792 | +9.1% |
| Profit (loss) for the period | 9904 | €21,593 | €33,877 | +€12,283 | +56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,593 | €33,877 | +€12,283 | +56.9% |
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 9 October 2026 via checked.be.