PHOENIX BEHEER: 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 BEHEER
Largest movements
- Tangible fixed assets -€17,394
down €17,394 (-25.5%), from €68,129 to €50,735
of which Furniture and vehicles: -€16,057
- Deferred charges and accrued income -€3,635
down €3,635 (-61.1%), from €5,950 to €2,315
- Reserves -€8,327
down €8,327 (-3.4%), from €242,988 to €234,661
of which Distributable reserves: -€8,327
- Current portion of long-term debt -€5,068
no longer reported in 2025 (was €5,068)
- Tax, wage and social debts -€3,232
no longer reported in 2025 (was €3,232)
- Gross operating margin -€42,801
down €42,801 (-83.4%), from €51,315 to €8,514
- Taxes -€13,024
down €13,024 (-94.2%), from €13,829 to €804
- Financial income -€2,648
down €2,648 (-61.4%), from €4,316 to €1,668
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 | €317,175 | €297,698 | -€19,477 | -6.1% |
| Fixed assets | 21/28 | €68,169 | €50,775 | -€17,394 | -25.5% |
| Tangible fixed assets | 22/27 | €68,129 | €50,735 | -€17,394 | -25.5% |
| Plant, machinery and equipment | 23 | €4,430 | €3,093 | -€1,338 | -30.2% |
| Furniture and vehicles | 24 | €63,699 | €47,642 | -€16,057 | -25.2% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €249,007 | €246,923 | -€2,083 | -0.8% |
| Amounts receivable within one year | 40/41 | €2,466 | €2,681 | +€215 | +8.7% |
| Other amounts receivable | 41 | €2,466 | €2,681 | +€215 | +8.7% |
| Cash at bank and in hand | 54/58 | €240,590 | €241,927 | +€1,337 | +0.6% |
| Deferred charges and accrued income | 490/1 | €5,950 | €2,315 | -€3,635 | -61.1% |
| Total equity and liabilities | 10/49 | €317,175 | €297,698 | -€19,477 | -6.1% |
| Equity | 10/15 | €304,988 | €296,661 | -€8,327 | -2.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €242,988 | €234,661 | -€8,327 | -3.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €236,788 | €228,461 | -€8,327 | -3.5% |
| Amounts payable | 17/49 | €12,187 | €1,037 | -€11,151 | -91.5% |
| Amounts payable within one year | 42/48 | €12,187 | €1,037 | -€11,151 | -91.5% |
| Current portion of amounts payable after more than one year | 42 | €5,068 | - | -€5,068 | |
| Trade debts | 44 | €1,153 | €1,037 | -€116 | -10.1% |
| Suppliers | 440/4 | €1,153 | €1,037 | -€116 | -10.1% |
| Taxes, remuneration and social security | 45 | €3,232 | - | -€3,232 | |
| Taxes | 450/3 | €3,232 | - | -€3,232 | |
| Other amounts payable | 47/48 | €2,735 | - | -€2,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,915 | €17,394 | +€479 | +2.8% |
| Other operating charges | 640/8 | €196 | €183 | -€13 | -6.4% |
| Gross operating margin | 9900 | €51,315 | €8,514 | -€42,801 | -83.4% |
| Operating profit (loss) | 9901 | €34,204 | -€9,063 | -€43,268 | |
| Financial income | 75/76B | €4,316 | €1,668 | -€2,648 | -61.4% |
| Recurring financial income | 75 | €4,316 | €1,668 | -€2,648 | -61.4% |
| Financial charges | 65/66B | €395 | €127 | -€268 | -67.9% |
| Recurring financial charges | 65 | €395 | €127 | -€268 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €38,125 | -€7,522 | -€45,647 | |
| Income taxes | 67/77 | €13,829 | €804 | -€13,024 | -94.2% |
| Profit (loss) for the period | 9904 | €24,296 | -€8,327 | -€32,623 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,296 | -€8,327 | -€32,623 |
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 19 October 2026 via checked.be.