PHITEL: 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.
PHITEL
Largest movements
- Cash -€21,692
down €21,692 (-99.4%), from €21,816 to €124
mainly Net result for the year (-€49,315) and Investment in fixed assets (net) (-€4,599)
- Tangible fixed assets -€14,036
down €14,036 (-15.1%), from €93,246 to €79,211
of which Furniture and vehicles: -€14,036
- Profit (loss) carried forward -€49,315
new in 2026: -€49,315
- Other debts +€18,361
up €18,361 (+26.5%), from €69,296 to €87,657
- Gross operating margin -€52,376
down €52,376, from €19,745 to -€32,631
- Financial income -€5,996
down €5,996 (-55.6%), from €10,786 to €4,791
- Depreciation +€838
up €838 (+4.7%), from €17,797 to €18,635
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €635,581 | €602,279 | -€33,302 | -5.2% |
| Fixed assets | 21/28 | €93,246 | €79,211 | -€14,036 | -15.1% |
| Tangible fixed assets | 22/27 | €93,246 | €79,211 | -€14,036 | -15.1% |
| Land and buildings | 22 | €39,487 | €39,487 | = | 0.0% |
| Furniture and vehicles | 24 | €53,760 | €39,724 | -€14,036 | -26.1% |
| Current assets | 29/58 | €542,335 | €523,068 | -€19,266 | -3.6% |
| Amounts receivable within one year | 40/41 | €2,224 | €1,159 | -€1,064 | -47.9% |
| Other amounts receivable | 41 | €2,224 | €1,159 | -€1,064 | -47.9% |
| Current investments | 50/53 | €515,478 | €518,988 | +€3,510 | +0.7% |
| Cash at bank and in hand | 54/58 | €21,816 | €124 | -€21,692 | -99.4% |
| Deferred charges and accrued income | 490/1 | €2,817 | €2,797 | -€19 | -0.7% |
| Total equity and liabilities | 10/49 | €635,581 | €602,279 | -€33,302 | -5.2% |
| Equity | 10/15 | €563,938 | €514,622 | -€49,315 | -8.7% |
| Contributions | 10/11 | €218,146 | €218,146 | = | 0.0% |
| Capital | 10 | €218,146 | €218,146 | = | 0.0% |
| Issued capital | 100 | €230,541 | €230,541 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €345,791 | €345,791 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,054 | €23,054 | = | 0.0% |
| Legal reserve | 130 | €23,054 | €23,054 | = | 0.0% |
| Distributable reserves | 133 | €322,737 | €322,737 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€49,315 | -€49,315 | |
| Amounts payable | 17/49 | €71,643 | €87,657 | +€16,014 | +22.4% |
| Amounts payable within one year | 42/48 | €69,600 | €87,657 | +€18,056 | +25.9% |
| Trade debts | 44 | €305 | - | -€305 | |
| Suppliers | 440/4 | €305 | - | -€305 | |
| Other amounts payable | 47/48 | €69,296 | €87,657 | +€18,361 | +26.5% |
| Accrued charges and deferred income | 492/3 | €2,043 | - | -€2,043 | |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,797 | €18,635 | +€838 | +4.7% |
| Other operating charges | 640/8 | €2,609 | €2,533 | -€76 | -2.9% |
| Gross operating margin | 9900 | €19,745 | -€32,631 | -€52,376 | |
| Operating profit (loss) | 9901 | -€660 | -€53,798 | -€53,138 | -8049.5% |
| Financial income | 75/76B | €10,786 | €4,791 | -€5,996 | -55.6% |
| Recurring financial income | 75 | €10,786 | €4,791 | -€5,996 | -55.6% |
| Financial charges | 65/66B | €30 | €30 | = | 0.0% |
| Recurring financial charges | 65 | €30 | €30 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €10,096 | -€49,037 | -€59,134 | |
| Income taxes | 67/77 | €296 | €278 | -€18 | -6.2% |
| Profit (loss) for the period | 9904 | €9,800 | -€49,315 | -€59,115 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,800 | -€49,315 | -€59,115 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.