PHLEBOS: 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.
PHLEBOS
Largest movements
- Receivables after one year -€9,007
down €9,007 (-5.5%), from €163,334 to €154,327
- Receivables within one year -€2,100
down €2,100 (-15.6%), from €13,508 to €11,407
of which Trade receivables: -€8,708
- Other debts -€19,456
down €19,456 (-26.3%), from €73,857 to €54,401
- Profit (loss) carried forward +€11,391
up €11,391 (+16.8%), from €67,722 to €79,113
- Accrued charges and deferred income -€1,960
no longer reported in 2025 (was €1,960)
- Financial income +€2,944
up €2,944 (+38.9%), from €7,569 to €10,513
of which Financial income: +€2,944
- Gross operating margin -€2,674
down €2,674 (-34.2%), from €7,819 to €5,146
- Financial charges +€1,764
up €1,764 (+1078.1%), from €164 to €1,928
- Other operating charges -€275
down €275 (-12.0%), from €2,297 to €2,022
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 | €179,686 | €168,438 | -€11,247 | -6.3% |
| Fixed assets | 21/28 | €2,840 | €2,522 | -€318 | -11.2% |
| Tangible fixed assets | 22/27 | €2,790 | €2,472 | -€318 | -11.4% |
| Plant, machinery and equipment | 23 | €2,790 | €2,472 | -€318 | -11.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €176,846 | €165,917 | -€10,929 | -6.2% |
| Amounts receivable after more than one year | 29 | €163,334 | €154,327 | -€9,007 | -5.5% |
| Trade receivables | 290 | €163,334 | €154,327 | -€9,007 | -5.5% |
| Amounts receivable within one year | 40/41 | €13,508 | €11,407 | -€2,100 | -15.6% |
| Trade receivables | 40 | €8,708 | - | -€8,708 | |
| Other amounts receivable | 41 | €4,800 | €11,407 | +€6,607 | +137.6% |
| Cash at bank and in hand | 54/58 | €5 | €183 | +€178 | +3805.3% |
| Total equity and liabilities | 10/49 | €179,686 | €168,438 | -€11,247 | -6.3% |
| Equity | 10/15 | €102,646 | €114,037 | +€11,391 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,325 | €16,325 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,465 | €14,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,722 | €79,113 | +€11,391 | +16.8% |
| Amounts payable | 17/49 | €77,039 | €54,401 | -€22,638 | -29.4% |
| Amounts payable within one year | 42/48 | €75,079 | €54,401 | -€20,678 | -27.5% |
| Trade debts | 44 | €1,222 | - | -€1,222 | |
| Suppliers | 440/4 | €1,222 | - | -€1,222 | |
| Other amounts payable | 47/48 | €73,857 | €54,401 | -€19,456 | -26.3% |
| Accrued charges and deferred income | 492/3 | €1,960 | - | -€1,960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €318 | €318 | = | 0.0% |
| Other operating charges | 640/8 | €2,297 | €2,022 | -€275 | -12.0% |
| Gross operating margin | 9900 | €7,819 | €5,146 | -€2,674 | -34.2% |
| Operating profit (loss) | 9901 | €5,205 | €2,806 | -€2,399 | -46.1% |
| Financial income | 75/76B | €7,569 | €10,513 | +€2,944 | +38.9% |
| Recurring financial income | 75 | €7,569 | €10,512 | +€2,944 | +38.9% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €164 | €1,928 | +€1,764 | +1078.1% |
| Recurring financial charges | 65 | €164 | €1,928 | +€1,764 | +1078.1% |
| Profit (loss) for the period before taxes | 9903 | €12,610 | €11,391 | -€1,219 | -9.7% |
| Profit (loss) for the period | 9904 | €12,610 | €11,391 | -€1,219 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,610 | €11,391 | -€1,219 | -9.7% |
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 5 October 2026 via checked.be.