Phocus: 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.
Phocus
Largest movements
- Financial fixed assets +€200,000
up €200,000 (+117.6%), from €170,000 to €370,000
- Cash +€27,220
up €27,220 (+26.0%), from €104,550 to €131,771
mainly Net result for the year (+€154,990) and Debts after one year (+€112,035)
- Debts after one year +€112,035
new in 2025: €112,035
- Profit (loss) carried forward +€64,990
up €64,990 (+35.0%), from €185,507 to €250,497
- Current portion of long-term debt +€31,679
up €31,679 (+402.2%), from €7,877 to €39,556
- Other debts +€17,960
up €17,960 (+22.4%), from €80,177 to €98,137
- Financial income +€69,930
up €69,930 (+219835.9%), from €32 to €69,962
- Gross operating margin -€5,784
down €5,784 (-4.5%), from €129,101 to €123,317
- Financial charges +€2,192
up €2,192 (+77.8%), from €2,817 to €5,009
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 | €312,533 | €536,286 | +€223,753 | +71.6% |
| Fixed assets | 21/28 | €173,901 | €372,379 | +€198,478 | +114.1% |
| Tangible fixed assets | 22/27 | €3,901 | €2,379 | -€1,522 | -39.0% |
| Furniture and vehicles | 24 | €3,901 | €2,379 | -€1,522 | -39.0% |
| Financial fixed assets | 28 | €170,000 | €370,000 | +€200,000 | +117.6% |
| Current assets | 29/58 | €138,632 | €163,907 | +€25,275 | +18.2% |
| Amounts receivable within one year | 40/41 | - | €1,003 | +€1,003 | |
| Other amounts receivable | 41 | - | €1,003 | +€1,003 | |
| Current investments | 50/53 | €32,025 | €28,825 | -€3,200 | -10.0% |
| Cash at bank and in hand | 54/58 | €104,550 | €131,771 | +€27,220 | +26.0% |
| Deferred charges and accrued income | 490/1 | €2,057 | €2,308 | +€251 | +12.2% |
| Total equity and liabilities | 10/49 | €312,533 | €536,286 | +€223,753 | +71.6% |
| Equity | 10/15 | €205,967 | €270,957 | +€64,990 | +31.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €185,507 | €250,497 | +€64,990 | +35.0% |
| Amounts payable | 17/49 | €106,566 | €265,329 | +€158,763 | +149.0% |
| Amounts payable after more than one year | 17 | - | €112,035 | +€112,035 | |
| Financial debts | 170/4 | - | €112,035 | +€112,035 | |
| Amounts payable within one year | 42/48 | €106,566 | €153,294 | +€46,728 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €7,877 | €39,556 | +€31,679 | +402.2% |
| Trade debts | 44 | €24 | €2,350 | +€2,325 | +9612.7% |
| Suppliers | 440/4 | €24 | €2,350 | +€2,325 | +9612.7% |
| Taxes, remuneration and social security | 45 | €18,488 | €13,251 | -€5,237 | -28.3% |
| Taxes | 450/3 | €18,488 | €13,251 | -€5,237 | -28.3% |
| Other amounts payable | 47/48 | €80,177 | €98,137 | +€17,960 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,451 | €1,522 | +€71 | +4.9% |
| Other operating charges | 640/8 | €810 | €518 | -€292 | -36.0% |
| Non-recurring operating charges | 66A | €337 | €243 | -€94 | -28.0% |
| Gross operating margin | 9900 | €129,101 | €123,317 | -€5,784 | -4.5% |
| Operating profit (loss) | 9901 | €126,502 | €121,034 | -€5,468 | -4.3% |
| Financial income | 75/76B | €32 | €69,962 | +€69,930 | +219835.9% |
| Recurring financial income | 75 | €32 | €69,962 | +€69,930 | +219835.9% |
| Financial charges | 65/66B | €2,817 | €5,009 | +€2,192 | +77.8% |
| Recurring financial charges | 65 | €2,817 | €5,009 | +€2,192 | +77.8% |
| Profit (loss) for the period before taxes | 9903 | €123,717 | €185,987 | +€62,270 | +50.3% |
| Income taxes | 67/77 | €32,210 | €30,997 | -€1,213 | -3.8% |
| Profit (loss) for the period | 9904 | €91,507 | €154,990 | +€63,483 | +69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €91,507 | €154,990 | +€63,483 | +69.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.