PHLEBEX: 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.
PHLEBEX
Largest movements
- Tangible fixed assets +€81,515
up €81,515 (+187.4%), from €43,497 to €125,011
of which Other tangible fixed assets: +€79,214
- Cash +€10,951
up €10,951 (+25.2%), from €43,540 to €54,491
mainly Net result for the year (+€87,382) and Tax, wage and social debts (+€15,915)
- Receivables within one year +€3,951
up €3,951 (+87.7%), from €4,503 to €8,453
of which Trade receivables: +€3,951
- Reserves +€60,000
new in 2025: €60,000
- Profit (loss) carried forward +€26,549
up €26,549 (+74.2%), from €35,787 to €62,337
- Tax, wage and social debts +€15,915
up €15,915 (+101.7%), from €15,644 to €31,559
of which Taxes: +€13,415
- Debts after one year -€7,145
down €7,145 (-23.7%), from €30,093 to €22,948
- Gross operating margin +€79,641
up €79,641 (+156.1%), from €51,011 to €130,652
- Taxes +€20,826
up €20,826 (+209.4%), from €9,944 to €30,770
- Depreciation +€7,902
up €7,902 (+476.2%), from €1,659 to €9,561
- Financial charges -€1,323
down €1,323 (-66.8%), from €1,981 to €658
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 | €92,496 | €188,365 | +€95,869 | +103.6% |
| Fixed assets | 21/28 | €43,497 | €125,011 | +€81,515 | +187.4% |
| Tangible fixed assets | 22/27 | €43,497 | €125,011 | +€81,515 | +187.4% |
| Furniture and vehicles | 24 | €7,055 | €9,355 | +€2,301 | +32.6% |
| Other tangible fixed assets | 26 | €36,442 | €115,656 | +€79,214 | +217.4% |
| Current assets | 29/58 | €48,999 | €63,353 | +€14,354 | +29.3% |
| Amounts receivable within one year | 40/41 | €4,503 | €8,453 | +€3,951 | +87.7% |
| Trade receivables | 40 | €4,447 | €8,397 | +€3,951 | +88.8% |
| Other amounts receivable | 41 | €56 | €56 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,540 | €54,491 | +€10,951 | +25.2% |
| Deferred charges and accrued income | 490/1 | €957 | €409 | -€548 | -57.2% |
| Total equity and liabilities | 10/49 | €92,496 | €188,365 | +€95,869 | +103.6% |
| Equity | 10/15 | €37,787 | €124,337 | +€86,549 | +229.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €60,000 | +€60,000 | |
| Distributable reserves | 133 | - | €60,000 | +€60,000 | |
| Profit (loss) carried forward | 14 | €35,787 | €62,337 | +€26,549 | +74.2% |
| Amounts payable | 17/49 | €54,709 | €64,028 | +€9,319 | +17.0% |
| Amounts payable after more than one year | 17 | €30,093 | €22,948 | -€7,145 | -23.7% |
| Financial debts | 170/4 | €30,093 | €22,948 | -€7,145 | -23.7% |
| Amounts payable within one year | 42/48 | €24,616 | €41,080 | +€16,464 | +66.9% |
| Current portion of amounts payable after more than one year | 42 | €6,597 | €5,753 | -€844 | -12.8% |
| Trade debts | 44 | €253 | €1,523 | +€1,270 | +501.9% |
| Suppliers | 440/4 | €253 | €1,523 | +€1,270 | +501.9% |
| Taxes, remuneration and social security | 45 | €15,644 | €31,559 | +€15,915 | +101.7% |
| Taxes | 450/3 | €15,644 | €29,059 | +€13,415 | +85.7% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €2,122 | €2,246 | +€124 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,659 | €9,561 | +€7,902 | +476.2% |
| Other operating charges | 640/8 | €3,568 | €2,281 | -€1,287 | -36.1% |
| Gross operating margin | 9900 | €51,011 | €130,652 | +€79,641 | +156.1% |
| Operating profit (loss) | 9901 | €45,784 | €118,810 | +€73,026 | +159.5% |
| Financial income | 75/76B | €42 | - | -€42 | |
| Recurring financial income | 75 | €42 | - | -€42 | |
| Financial charges | 65/66B | €1,981 | €658 | -€1,323 | -66.8% |
| Recurring financial charges | 65 | €1,981 | €658 | -€1,323 | -66.8% |
| Profit (loss) for the period before taxes | 9903 | €43,844 | €118,152 | +€74,308 | +169.5% |
| Income taxes | 67/77 | €9,944 | €30,770 | +€20,826 | +209.4% |
| Profit (loss) for the period | 9904 | €33,900 | €87,382 | +€53,482 | +157.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,900 | €87,382 | +€53,482 | +157.8% |
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 29 September 2026 via checked.be.