PHOENIX: what changed
Two financial 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.
PHOENIX
Largest movements
- Tangible fixed assets -€36,654
down €36,654 (-6.6%), from €556,433 to €519,779
of which Land and buildings: -€36,553
- Receivables within one year -€14,130
down €14,130 (-99.7%), from €14,173 to €43
of which Trade receivables: -€10,484
- Debts after one year -€20,274
down €20,274 (-98.4%), from €20,605 to €331
- Other debts +€17,452
up €17,452 (+3.2%), from €551,308 to €568,759
- Current portion of long-term debt -€15,838
down €15,838 (-43.9%), from €36,112 to €20,274
- Accrued charges and deferred income -€11,604
down €11,604 (-23.0%), from €50,402 to €38,798
- Reserves -€9,640
down €9,640 (-18.8%), from €51,380 to €41,740
of which Tax-exempt reserves: -€9,640
- Gross operating margin -€39,130
down €39,130 (-34.4%), from €113,674 to €74,544
- Financial charges -€12,119
down €12,119 (-23.5%), from €51,523 to €39,404
- Taxes +€8,649
up €8,649 (+650%), from €1,330 to €9,979
- Depreciation -€6,725
down €6,725 (-15.5%), from €43,379 to €36,654
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.
Derived cash bridge
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 | €586,180 | €534,315 | -€51,865 | -8.8% |
| Fixed assets | 21/28 | €556,433 | €519,779 | -€36,654 | -6.6% |
| Tangible fixed assets | 22/27 | €556,433 | €519,779 | -€36,654 | -6.6% |
| Land and buildings | 22 | €556,332 | €519,779 | -€36,553 | -6.6% |
| Plant, machinery and equipment | 23 | €101 | - | -€101 | |
| Current assets | 29/58 | €29,746 | €14,536 | -€15,211 | -51.1% |
| Amounts receivable within one year | 40/41 | €14,173 | €43 | -€14,130 | -99.7% |
| Trade receivables | 40 | €10,495 | €11 | -€10,484 | -99.9% |
| Other amounts receivable | 41 | €3,677 | €31 | -€3,646 | -99.1% |
| Cash at bank and in hand | 54/58 | €15,430 | €14,327 | -€1,103 | -7.1% |
| Deferred charges and accrued income | 490/1 | €144 | €166 | +€22 | +15.3% |
| Total equity and liabilities | 10/49 | €586,180 | €534,315 | -€51,865 | -8.8% |
| Equity | 10/15 | -€102,271 | -€121,120 | -€18,850 | -18.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €51,380 | €41,740 | -€9,640 | -18.8% |
| Non-distributable reserves | 130/1 | €750 | €750 | = | 0.0% |
| Legal reserve | 130 | €750 | €750 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,028 | €39,388 | -€9,640 | -19.7% |
| Distributable reserves | 133 | €1,603 | €1,603 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€215,624 | -€224,834 | -€9,210 | -4.3% |
| Provisions and deferred taxes | 16 | €22,856 | €21,091 | -€1,765 | -7.7% |
| Deferred taxes | 168 | €22,856 | €21,091 | -€1,765 | -7.7% |
| Amounts payable | 17/49 | €665,595 | €634,344 | -€31,251 | -4.7% |
| Amounts payable after more than one year | 17 | €20,605 | €331 | -€20,274 | -98.4% |
| Financial debts | 170/4 | €20,605 | €331 | -€20,274 | -98.4% |
| Amounts payable within one year | 42/48 | €594,587 | €595,215 | +€628 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €36,112 | €20,274 | -€15,838 | -43.9% |
| Trade debts | 44 | €6,265 | €4,018 | -€2,248 | -35.9% |
| Suppliers | 440/4 | €6,265 | €4,018 | -€2,248 | -35.9% |
| Taxes, remuneration and social security | 45 | €902 | €2,164 | +€1,262 | +140% |
| Taxes | 450/3 | €902 | €2,164 | +€1,262 | +140% |
| Other amounts payable | 47/48 | €551,308 | €568,759 | +€17,452 | +3.2% |
| Accrued charges and deferred income | 492/3 | €50,402 | €38,798 | -€11,604 | -23.0% |
| Non-recurring operating income | 76A | €51,727 | - | -€51,727 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,379 | €36,654 | -€6,725 | -15.5% |
| Other operating charges | 640/8 | €7,062 | €7,002 | -€61 | -0.9% |
| Non-recurring operating charges | 66A | €3,547 | €2,405 | -€1,142 | -32.2% |
| Gross operating margin | 9900 | €113,674 | €74,544 | -€39,130 | -34.4% |
| Operating profit (loss) | 9901 | €59,685 | €28,483 | -€31,202 | -52.3% |
| Financial income | 75/76B | €184 | €285 | +€102 | +55.5% |
| Recurring financial income | 75 | €184 | €285 | +€102 | +55.5% |
| Financial charges | 65/66B | €51,523 | €39,404 | -€12,119 | -23.5% |
| Recurring financial charges | 65 | €51,523 | €39,404 | -€12,119 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €8,346 | -€10,635 | -€18,981 | |
| Transfer from deferred taxes | 780 | €1,708 | €1,765 | +€57 | +3.3% |
| Transfer to deferred taxes | 680 | €12,932 | - | -€12,932 | |
| Income taxes | 67/77 | €1,330 | €9,979 | +€8,649 | +650% |
| Profit (loss) for the period | 9904 | -€4,207 | -€18,850 | -€14,642 | -348% |
| Transfer from tax-exempt reserves | 789 | €9,470 | €9,640 | +€170 | +1.8% |
| Transfer to tax-exempt reserves | 689 | €38,795 | - | -€38,795 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,532 | -€9,210 | +€24,323 | +72.5% |
Source: filed annual accounts (NBB), financial 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 October 2026 via checked.be.