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.
What changed
PHOENIX Belgium
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2025 · €3.0m-€1.9m
Equity
€90.5m
2025 · €89.4m+€1.1m
Cash
-€3
2025 · --€3
Balance sheet total
€92.1m
2025 · €91.9m+€175,775
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€1.1m
up €1.1m (+18.3%), from -€5.8m to -€4.7m
- Trade debts -€975,480
down €975,480 (-85.9%), from €1.1m to €160,758
Income statement
- Financial income -€2.2m
down €2.2m (-60.4%), from €3.6m to €1.4m
From the 2025 result to the 2026 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.
Result 2025
€3.0m
Staff costs
+€78,853
Depreciation
+€48
Other operating charges
+€9,599
Other operating items
+€226,971
Financial income
-€2.2m
Financial charges
+€11,857
Taxes
-€59,005
Result 2026
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€3,477
Investment
+€3,473
Financing
+€1
Cash 2025
€0
From operations (derived)
-€3,477
Net result for the year
+€1.1m
Depreciation
+€534
Receivables within one year
-€179,785
Trade debts
-€975,480
Tax, wage and social debts
+€78,454
Accrued charges and deferred income
+€11,200
Investment (derived)
+€3,473
Investment in fixed assets (net)
+€3,473
Financing
+€1
Contributions, distributions and other
+€1
Cash 2026
-€3
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,889,912 | €92,065,687 | +€175,775 | +0.2% |
| Fixed assets | 21/28 | €44,217,799 | €44,213,792 | -€4,007 | 0.0% |
| Tangible fixed assets | 22/27 | €4,007 | - | -€4,007 | |
| Plant, machinery and equipment | 23 | €4,007 | - | -€4,007 | |
| Financial fixed assets | 28 | €44,213,792 | €44,213,792 | = | 0.0% |
| Affiliated companies | 280/1 | €44,213,792 | €44,213,792 | = | 0.0% |
| Participating interests | 280 | €44,213,792 | €44,213,792 | = | 0.0% |
| Current assets | 29/58 | €47,672,113 | €47,851,895 | +€179,782 | +0.4% |
| Amounts receivable within one year | 40/41 | €47,672,113 | €47,851,898 | +€179,785 | +0.4% |
| Trade receivables | 40 | €21,565 | €667,225 | +€645,660 | +2,994% |
| Other amounts receivable | 41 | €47,650,548 | €47,184,673 | -€465,875 | -1.0% |
| Cash at bank and in hand | 54/58 | - | -€3 | -€3 | |
| Total equity and liabilities | 10/49 | €91,889,912 | €92,065,687 | +€175,775 | +0.2% |
| Equity | 10/15 | €89,420,012 | €90,481,613 | +€1.1m | +1.2% |
| Contributions | 10/11 | €93,719,681 | €93,719,681 | = | 0.0% |
| Reserves | 13 | €1,504,547 | €1,504,547 | = | 0.0% |
| Distributable reserves | 133 | €1,504,547 | €1,504,547 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,804,216 | -€4,742,615 | +€1.1m | +18.3% |
| Amounts payable | 17/49 | €2,469,900 | €1,584,074 | -€885,826 | -35.9% |
| Amounts payable within one year | 42/48 | €2,469,900 | €1,572,874 | -€897,026 | -36.3% |
| Trade debts | 44 | €1,136,238 | €160,758 | -€975,480 | -85.9% |
| Suppliers | 440/4 | €1,136,238 | €160,758 | -€975,480 | -85.9% |
| Taxes, remuneration and social security | 45 | €1,333,662 | €1,412,116 | +€78,454 | +5.9% |
| Taxes | 450/3 | €669,240 | €748,678 | +€79,438 | +11.9% |
| Remuneration and social security | 454/9 | €664,422 | €663,438 | -€984 | -0.1% |
| Accrued charges and deferred income | 492/3 | - | €11,200 | +€11,200 | |
| Operating income | 70/76A | €3,813,172 | €3,976,947 | +€163,775 | +4.3% |
| Other operating income | 74 | €3,813,172 | €3,976,947 | +€163,775 | +4.3% |
| Operating charges | 60/66A | €4,030,236 | €3,878,540 | -€151,696 | -3.8% |
| Services and other goods | 61 | €2,037,513 | €1,970,844 | -€66,669 | -3.3% |
| Remuneration, social security and pensions | 62 | €1,964,429 | €1,885,576 | -€78,853 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €582 | €534 | -€48 | -8.2% |
| Other operating charges | 640/8 | €27,712 | €18,113 | -€9,599 | -34.6% |
| Non-recurring operating charges | 66A | - | €3,473 | +€3,473 | |
| Operating profit (loss) | 9901 | -€217,064 | €98,407 | +€315,471 | |
| Financial income | 75/76B | €3,611,497 | €1,430,553 | -€2.2m | -60.4% |
| Recurring financial income | 75 | €3,611,497 | €1,430,553 | -€2.2m | -60.4% |
| Income from current assets | 751 | €3,611,497 | €26,832 | -€3.6m | -99.3% |
| Other financial income | 752/9 | - | €1,403,721 | +€1.4m | |
| Financial charges | 65/66B | €28,162 | €16,305 | -€11,857 | -42.1% |
| Recurring financial charges | 65 | €28,162 | €16,305 | -€11,857 | -42.1% |
| Debt charges | 650 | €26,404 | €15,636 | -€10,768 | -40.8% |
| Other financial charges | 652/9 | €1,758 | €669 | -€1,089 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €3,366,271 | €1,512,655 | -€1.9m | -55.1% |
| Income taxes | 67/77 | €392,050 | €451,055 | +€59,005 | +15.1% |
| Taxes | 670/3 | €392,050 | €451,055 | +€59,005 | +15.1% |
| Profit (loss) for the period | 9904 | €2,974,221 | €1,061,600 | -€1.9m | -64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,974,221 | €1,061,600 | -€1.9m | -64.3% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.