PHIVARO: 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.
What changed
PHIVARO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,988
2024 · €25,786-€12,797
Equity
€242,953
2024 · €229,965+€12,988
Cash
€6,624
2024 · €503+€6,121
Balance sheet total
€1.8m
2024 · €1.9m-€40,365
Largest movements
Assets
- Tangible fixed assets -€47,001
down €47,001 (-3.0%), from €1.5m to €1.5m
of which Land and buildings: -€45,997
Equity and liabilities
- Debts after one year -€113,354
down €113,354 (-9.5%), from €1.2m to €1.1m
- Other debts +€47,611
up €47,611 (+13.7%), from €347,220 to €394,831
Income statement
- Turnover +€121,543
new in 2025: €121,543
- Gross operating margin -€110,398
no longer reported in 2025 (was €110,398)
- Services and other goods +€21,922
new in 2025: €21,922
- Taxes -€14,444
down €14,444 (-75.1%), from €19,244 to €4,800
- Financial income -€11,862
down €11,862 (-99.8%), from €11,880 to €18
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.
Result 2024
€25,786
Turnover
+€121,543
Other operating income
+€782
Services and other goods
-€21,922
Write-downs
-€1,468
Other operating charges
-€1,379
Other operating items
-€110,398
Financial income
-€11,862
Financial charges
-€2,537
Taxes
+€14,444
Result 2025
€12,988
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.
From operations
+€119,050
Investment
-€100
Financing
-€112,829
Cash 2024
€503
From operations (derived)
+€119,050
Net result for the year
+€12,988
Depreciation
+€47,001
Receivables within one year
-€428
Deferred charges and accrued income
+€13
Trade debts
+€9,992
Tax, wage and social debts
+€2,485
Other debts
+€47,611
Accrued charges and deferred income
-€612
Investment (derived)
-€100
Investment in fixed assets (net)
-€100
Financing
-€112,829
Debts after one year
-€113,354
Current portion of long-term debt
+€524
Cash 2025
€6,624
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,874,743 | €1,834,378 | -€40,365 | -2.2% |
| Fixed assets | 21/28 | €1,859,318 | €1,812,418 | -€46,901 | -2.5% |
| Tangible fixed assets | 22/27 | €1,545,018 | €1,498,018 | -€47,001 | -3.0% |
| Land and buildings | 22 | €1,536,968 | €1,490,970 | -€45,997 | -3.0% |
| Plant, machinery and equipment | 23 | €7,254 | €6,350 | -€904 | -12.5% |
| Furniture and vehicles | 24 | €797 | €697 | -€100 | -12.5% |
| Financial fixed assets | 28 | €314,300 | €314,400 | +€100 | 0.0% |
| Affiliated companies | 280/1 | - | €314,400 | +€314,400 | |
| Participating interests | 280 | - | €314,400 | +€314,400 | |
| Current assets | 29/58 | €15,425 | €21,961 | +€6,536 | +42.4% |
| Amounts receivable within one year | 40/41 | €13,413 | €13,841 | +€428 | +3.2% |
| Trade receivables | 40 | €13,413 | €13,368 | -€45 | -0.3% |
| Other amounts receivable | 41 | - | €473 | +€473 | |
| Cash at bank and in hand | 54/58 | €503 | €6,624 | +€6,121 | +1217.7% |
| Deferred charges and accrued income | 490/1 | €1,509 | €1,497 | -€13 | -0.8% |
| Total equity and liabilities | 10/49 | €1,874,743 | €1,834,378 | -€40,365 | -2.2% |
| Equity | 10/15 | €229,965 | €242,953 | +€12,988 | +5.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €19,254 | €19,254 | = | 0.0% |
| Non-distributable reserves | 130/1 | €964 | - | -€964 | |
| Reserves not available under the articles | 1311 | €964 | - | -€964 | |
| Distributable reserves | 133 | €18,290 | €19,254 | +€964 | +5.3% |
| Profit (loss) carried forward | 14 | €160,711 | €173,699 | +€12,988 | +8.1% |
| Amounts payable | 17/49 | €1,644,778 | €1,591,425 | -€53,353 | -3.2% |
| Amounts payable after more than one year | 17 | €1,193,961 | €1,080,608 | -€113,354 | -9.5% |
| Financial debts | 170/4 | €1,193,961 | €1,080,608 | -€113,354 | -9.5% |
| Credit institutions | 173 | - | €1,080,608 | +€1.1m | |
| Amounts payable within one year | 42/48 | €448,617 | €509,229 | +€60,612 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €96,274 | €96,798 | +€524 | +0.5% |
| Trade debts | 44 | - | €9,992 | +€9,992 | |
| Suppliers | 440/4 | - | €9,992 | +€9,992 | |
| Taxes, remuneration and social security | 45 | €5,123 | €7,608 | +€2,485 | +48.5% |
| Taxes | 450/3 | €5,123 | €7,608 | +€2,485 | +48.5% |
| Other amounts payable | 47/48 | €347,220 | €394,831 | +€47,611 | +13.7% |
| Accrued charges and deferred income | 492/3 | €2,200 | €1,588 | -€612 | -27.8% |
| Operating income | 70/76A | - | €122,325 | +€122,325 | |
| Turnover | 70 | - | €121,543 | +€121,543 | |
| Other operating income | 74 | - | €782 | +€782 | |
| Operating charges | 60/66A | - | €79,427 | +€79,427 | |
| Services and other goods | 61 | - | €21,922 | +€21,922 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,001 | €47,001 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,468 | +€1,468 | |
| Other operating charges | 640/8 | €7,656 | €9,036 | +€1,379 | +18.0% |
| Gross operating margin | 9900 | €110,398 | - | -€110,398 | |
| Operating profit (loss) | 9901 | €55,741 | €42,898 | -€12,843 | -23.0% |
| Financial income | 75/76B | €11,880 | €18 | -€11,862 | -99.8% |
| Recurring financial income | 75 | €11,880 | €18 | -€11,862 | -99.8% |
| Other financial income | 752/9 | - | €18 | +€18 | |
| Financial charges | 65/66B | €22,591 | €25,128 | +€2,537 | +11.2% |
| Recurring financial charges | 65 | €22,591 | €25,128 | +€2,537 | +11.2% |
| Debt charges | 650 | - | €25,013 | +€25,013 | |
| Other financial charges | 652/9 | - | €115 | +€115 | |
| Profit (loss) for the period before taxes | 9903 | €45,030 | €17,788 | -€27,242 | -60.5% |
| Income taxes | 67/77 | €19,244 | €4,800 | -€14,444 | -75.1% |
| Taxes | 670/3 | - | €4,800 | +€4,800 | |
| Profit (loss) for the period | 9904 | €25,786 | €12,988 | -€12,797 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,786 | €12,988 | -€12,797 | -49.6% |
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 4 October 2026 via checked.be.