PHITORIA: 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.
PHITORIA
Largest movements
- Cash +€461,096
up €461,096 (+7564.6%), from €6,095 to €467,192
- Tangible fixed assets -€78,839
down €78,839 (-5.7%), from €1.4m to €1.3m
of which Land and buildings: -€72,676
- Receivables within one year -€66,373
down €66,373 (-2.7%), from €2.5m to €2.4m
of which Other amounts receivable: -€43,438
- Short-term financial debts +€476,710
new in 2025: €476,710
- Profit (loss) carried forward -€79,868
down €79,868 (-18.1%), from -€440,920 to -€520,788
- Other operating charges -€43,714
down €43,714 (-50.0%), from €87,473 to €43,758
- Gross operating margin +€37,216
up €37,216 (+58.6%), from €63,525 to €100,741
- Depreciation +€36,839
up €36,839 (+43.4%), from €84,954 to €121,792
- Financial income -€35,960
down €35,960 (-100.0%), from €35,960 to €0
- Financial charges +€27,593
up €27,593 (+125.5%), from €21,989 to €49,583
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,981,531 | €4,277,859 | +€296,328 | +7.4% |
| Fixed assets | 21/28 | €1,457,350 | €1,356,023 | -€101,327 | -7.0% |
| Intangible fixed assets | 21 | €74,960 | €52,472 | -€22,488 | -30.0% |
| Tangible fixed assets | 22/27 | €1,381,390 | €1,302,551 | -€78,839 | -5.7% |
| Land and buildings | 22 | €1,371,816 | €1,299,140 | -€72,676 | -5.3% |
| Plant, machinery and equipment | 23 | €1,971 | €484 | -€1,488 | -75.5% |
| Furniture and vehicles | 24 | €7,602 | €2,927 | -€4,675 | -61.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €2,524,181 | €2,921,836 | +€397,655 | +15.8% |
| Amounts receivable after more than one year | 29 | €33,700 | €33,700 | = | 0.0% |
| Trade receivables | 290 | €33,700 | €33,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,483,596 | €2,417,223 | -€66,373 | -2.7% |
| Trade receivables | 40 | €22,935 | - | -€22,935 | |
| Other amounts receivable | 41 | €2,460,660 | €2,417,223 | -€43,438 | -1.8% |
| Cash at bank and in hand | 54/58 | €6,095 | €467,192 | +€461,096 | +7564.6% |
| Deferred charges and accrued income | 490/1 | €791 | €3,722 | +€2,932 | +370.8% |
| Total equity and liabilities | 10/49 | €3,981,531 | €4,277,859 | +€296,328 | +7.4% |
| Equity | 10/15 | €2,007,606 | €1,900,119 | -€107,488 | -5.4% |
| Contributions | 10/11 | €597,423 | €597,423 | = | 0.0% |
| Capital | 10 | €597,423 | €597,423 | = | 0.0% |
| Issued capital | 100 | €597,423 | €597,423 | = | 0.0% |
| Revaluation surpluses | 12 | €225,658 | €204,619 | -€21,039 | -9.3% |
| Reserves | 13 | €1,625,446 | €1,618,865 | -€6,580 | -0.4% |
| Non-distributable reserves | 130/1 | €59,742 | €59,742 | = | 0.0% |
| Legal reserve | 130 | €59,742 | €59,742 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,291,136 | €1,263,516 | -€27,620 | -2.1% |
| Distributable reserves | 133 | €274,567 | €295,606 | +€21,039 | +7.7% |
| Profit (loss) carried forward | 14 | -€440,920 | -€520,788 | -€79,868 | -18.1% |
| Provisions and deferred taxes | 16 | €401,889 | €394,985 | -€6,905 | -1.7% |
| Deferred taxes | 168 | €401,889 | €394,985 | -€6,905 | -1.7% |
| Amounts payable | 17/49 | €1,572,035 | €1,982,756 | +€410,721 | +26.1% |
| Amounts payable after more than one year | 17 | €774,743 | €736,951 | -€37,792 | -4.9% |
| Financial debts | 170/4 | €749,503 | €697,712 | -€51,792 | -6.9% |
| Other amounts payable | 178/9 | €25,240 | €39,240 | +€14,000 | +55.5% |
| Amounts payable within one year | 42/48 | €792,518 | €1,241,030 | +€448,512 | +56.6% |
| Current portion of amounts payable after more than one year | 42 | €479,406 | €449,093 | -€30,313 | -6.3% |
| Financial debts | 43 | - | €476,710 | +€476,710 | |
| Credit institutions | 430/8 | - | €476,710 | +€476,710 | |
| Trade debts | 44 | €6,958 | €17,838 | +€10,880 | +156.4% |
| Suppliers | 440/4 | €6,958 | €17,838 | +€10,880 | +156.4% |
| Taxes, remuneration and social security | 45 | €9,942 | €15,872 | +€5,930 | +59.6% |
| Taxes | 450/3 | - | €15,872 | +€15,872 | |
| Remuneration and social security | 454/9 | €9,942 | - | -€9,942 | |
| Other amounts payable | 47/48 | €296,212 | €281,517 | -€14,695 | -5.0% |
| Accrued charges and deferred income | 492/3 | €4,775 | €4,775 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,954 | €121,792 | +€36,839 | +43.4% |
| Other operating charges | 640/8 | €87,473 | €43,758 | -€43,714 | -50.0% |
| Gross operating margin | 9900 | €63,525 | €100,741 | +€37,216 | +58.6% |
| Operating profit (loss) | 9901 | -€108,901 | -€64,810 | +€44,091 | +40.5% |
| Financial income | 75/76B | €35,960 | €0 | -€35,960 | -100.0% |
| Recurring financial income | 75 | €35,960 | €0 | -€35,960 | -100.0% |
| Financial charges | 65/66B | €21,989 | €49,583 | +€27,593 | +125.5% |
| Recurring financial charges | 65 | €21,989 | €49,583 | +€27,593 | +125.5% |
| Profit (loss) for the period before taxes | 9903 | -€94,930 | -€114,392 | -€19,462 | -20.5% |
| Transfer from deferred taxes | 780 | €4,603 | €6,905 | +€2,302 | +50.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€90,327 | -€107,488 | -€17,160 | -19.0% |
| Transfer from tax-exempt reserves | 789 | €18,413 | €27,620 | +€9,207 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,914 | -€79,868 | -€7,954 | -11.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.