PHOENIX BELGIUM: 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 BELGIUM
Largest movements
- Tangible fixed assets -€195,594
down €195,594 (-3.9%), from €5.0m to €4.8m
of which Other tangible fixed assets: -€165,294
- Stocks and contracts -€69,762
down €69,762 (-84.3%), from €82,799 to €13,036
- Receivables within one year -€61,365
down €61,365 (-23.7%), from €258,750 to €197,385
of which Trade receivables: -€54,253
- Debts after one year -€257,649
down €257,649 (-29.2%), from €882,609 to €624,960
- Trade debts -€142,783
down €142,783 (-93.2%), from €153,185 to €10,402
- Profit (loss) carried forward +€132,514
up €132,514 (+16.2%), from -€818,904 to -€686,390
- Gross operating margin +€62,220
up €62,220 (+17.6%), from €353,619 to €415,839
- Depreciation -€54,355
down €54,355 (-20.3%), from €267,205 to €212,850
- Other operating charges +€46,278
up €46,278 (+591%), from €7,830 to €54,108
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 | €5,347,028 | €5,023,966 | -€323,062 | -6.0% |
| Fixed assets | 21/28 | €4,954,219 | €4,758,625 | -€195,594 | -3.9% |
| Tangible fixed assets | 22/27 | €4,954,219 | €4,758,625 | -€195,594 | -3.9% |
| Land and buildings | 22 | €3,636,218 | €3,617,984 | -€18,234 | -0.5% |
| Furniture and vehicles | 24 | €98,831 | €86,766 | -€12,065 | -12.2% |
| Other tangible fixed assets | 26 | €1,219,169 | €1,053,875 | -€165,294 | -13.6% |
| Current assets | 29/58 | €392,810 | €265,341 | -€127,468 | -32.5% |
| Stocks and contracts in progress | 3 | €82,799 | €13,036 | -€69,762 | -84.3% |
| Stocks | 30/36 | €82,799 | €13,036 | -€69,762 | -84.3% |
| Amounts receivable within one year | 40/41 | €258,750 | €197,385 | -€61,365 | -23.7% |
| Trade receivables | 40 | €117,799 | €63,546 | -€54,253 | -46.1% |
| Other amounts receivable | 41 | €140,951 | €133,839 | -€7,112 | -5.0% |
| Cash at bank and in hand | 54/58 | €51,261 | €54,158 | +€2,897 | +5.7% |
| Deferred charges and accrued income | 490/1 | - | €762 | +€762 | |
| Total equity and liabilities | 10/49 | €5,347,028 | €5,023,966 | -€323,062 | -6.0% |
| Equity | 10/15 | €3,635,126 | €3,767,641 | +€132,514 | +3.6% |
| Contributions | 10/11 | €1,014,000 | €1,014,000 | = | 0.0% |
| Capital | 10 | €719,232 | €719,232 | = | 0.0% |
| Issued capital | 100 | €719,232 | €719,232 | = | 0.0% |
| Contributions outside capital | 11 | €294,768 | €294,768 | = | 0.0% |
| Share premium | 1100/10 | €294,768 | €294,768 | = | 0.0% |
| Revaluation surpluses | 12 | €3,408,939 | €3,408,939 | = | 0.0% |
| Reserves | 13 | €31,091 | €31,091 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,341 | €12,341 | = | 0.0% |
| Legal reserve | 130 | €12,341 | €12,341 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€818,904 | -€686,390 | +€132,514 | +16.2% |
| Provisions and deferred taxes | 16 | €75,470 | €75,470 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €75,470 | €75,470 | = | 0.0% |
| Other liabilities and charges | 164/5 | €75,470 | €75,470 | = | 0.0% |
| Amounts payable | 17/49 | €1,636,432 | €1,180,856 | -€455,576 | -27.8% |
| Amounts payable after more than one year | 17 | €882,609 | €624,960 | -€257,649 | -29.2% |
| Financial debts | 170/4 | €882,609 | €624,960 | -€257,649 | -29.2% |
| Amounts payable within one year | 42/48 | €753,823 | €555,895 | -€197,927 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €270,509 | €257,649 | -€12,860 | -4.8% |
| Trade debts | 44 | €153,185 | €10,402 | -€142,783 | -93.2% |
| Suppliers | 440/4 | €153,185 | €10,402 | -€142,783 | -93.2% |
| Other amounts payable | 47/48 | €330,129 | €287,845 | -€42,284 | -12.8% |
| Non-recurring operating income | 76A | €63,130 | €81,692 | +€18,562 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,205 | €212,850 | -€54,355 | -20.3% |
| Other operating charges | 640/8 | €7,830 | €54,108 | +€46,278 | +591% |
| Gross operating margin | 9900 | €353,619 | €415,839 | +€62,220 | +17.6% |
| Operating profit (loss) | 9901 | €78,584 | €148,882 | +€70,298 | +89.5% |
| Financial income | 75/76B | €203 | €153 | -€50 | -24.6% |
| Recurring financial income | 75 | €203 | €153 | -€50 | -24.6% |
| Financial charges | 65/66B | €17,682 | €16,521 | -€1,161 | -6.6% |
| Recurring financial charges | 65 | €17,682 | €16,521 | -€1,161 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €61,105 | €132,514 | +€71,409 | +117% |
| Profit (loss) for the period | 9904 | €61,105 | €132,514 | +€71,409 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €61,105 | €132,514 | +€71,409 | +117% |
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 20 October 2026 via checked.be.