PHOENIX MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€33,236
up €33,236 (+9.3%), from €356,656 to €389,892
of which Other amounts receivable: +€36,965
- Tangible fixed assets -€21,054
down €21,054 (-2.7%), from €791,023 to €769,969
of which Land and buildings: -€32,280
- Other debts +€53,112
up €53,112 (+45.3%), from €117,262 to €170,374
- Reserves -€22,000
down €22,000 (-2.0%), from €1.1m to €1.1m
- Gross operating margin -€35,297
down €35,297 (-32.1%), from €109,915 to €74,618
- Taxes -€10,315
down €10,315 (-91.6%), from €11,256 to €941
- Other operating charges +€5,016
up €5,016 (+63.8%), from €7,867 to €12,883
- Financial income -€4,211
down €4,211 (-99.8%), from €4,220 to €9
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 | €1,586,764 | €1,600,119 | +€13,356 | +0.8% |
| Fixed assets | 21/28 | €1,220,044 | €1,196,275 | -€23,769 | -1.9% |
| Intangible fixed assets | 21 | €12,219 | €9,504 | -€2,715 | -22.2% |
| Tangible fixed assets | 22/27 | €791,023 | €769,969 | -€21,054 | -2.7% |
| Land and buildings | 22 | €741,000 | €708,720 | -€32,280 | -4.4% |
| Plant, machinery and equipment | 23 | €7,358 | €5,876 | -€1,481 | -20.1% |
| Furniture and vehicles | 24 | €38,172 | €42,634 | +€4,462 | +11.7% |
| Leasing and similar rights | 25 | €4,493 | €12,739 | +€8,245 | +183.5% |
| Financial fixed assets | 28 | €416,803 | €416,803 | = | 0.0% |
| Current assets | 29/58 | €366,719 | €403,844 | +€37,125 | +10.1% |
| Amounts receivable within one year | 40/41 | €356,656 | €389,892 | +€33,236 | +9.3% |
| Trade receivables | 40 | €94,275 | €90,545 | -€3,729 | -4.0% |
| Other amounts receivable | 41 | €262,381 | €299,347 | +€36,965 | +14.1% |
| Cash at bank and in hand | 54/58 | €5,086 | €10,294 | +€5,208 | +102.4% |
| Deferred charges and accrued income | 490/1 | €4,977 | €3,658 | -€1,320 | -26.5% |
| Total equity and liabilities | 10/49 | €1,586,764 | €1,600,119 | +€13,356 | +0.8% |
| Equity | 10/15 | €1,087,334 | €1,065,837 | -€21,497 | -2.0% |
| Contributions | 10/11 | €12,028 | €12,028 | = | 0.0% |
| Reserves | 13 | €1,075,000 | €1,053,000 | -€22,000 | -2.0% |
| Distributable reserves | 133 | €1,075,000 | €1,053,000 | -€22,000 | -2.0% |
| Profit (loss) carried forward | 14 | €306 | €809 | +€503 | +164.6% |
| Amounts payable | 17/49 | €499,430 | €534,282 | +€34,852 | +7.0% |
| Amounts payable after more than one year | 17 | €298,368 | €283,615 | -€14,753 | -4.9% |
| Financial debts | 170/4 | €298,368 | €283,615 | -€14,753 | -4.9% |
| Amounts payable within one year | 42/48 | €201,062 | €250,667 | +€49,606 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €55,188 | €60,900 | +€5,712 | +10.3% |
| Trade debts | 44 | €15,629 | €10,637 | -€4,992 | -31.9% |
| Suppliers | 440/4 | €15,629 | €10,637 | -€4,992 | -31.9% |
| Taxes, remuneration and social security | 45 | €12,982 | €8,756 | -€4,226 | -32.6% |
| Taxes | 450/3 | €12,982 | €8,756 | -€4,226 | -32.6% |
| Other amounts payable | 47/48 | €117,262 | €170,374 | +€53,112 | +45.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,119 | €74,465 | +€346 | +0.5% |
| Other operating charges | 640/8 | €7,867 | €12,883 | +€5,016 | +63.8% |
| Gross operating margin | 9900 | €109,915 | €74,618 | -€35,297 | -32.1% |
| Operating profit (loss) | 9901 | €27,929 | -€12,729 | -€40,659 | |
| Financial income | 75/76B | €4,220 | €9 | -€4,211 | -99.8% |
| Recurring financial income | 75 | €4,220 | €9 | -€4,211 | -99.8% |
| Financial charges | 65/66B | €7,959 | €7,835 | -€124 | -1.6% |
| Recurring financial charges | 65 | €7,959 | €7,835 | -€124 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €24,191 | -€20,556 | -€44,746 | |
| Income taxes | 67/77 | €11,256 | €941 | -€10,315 | -91.6% |
| Profit (loss) for the period | 9904 | €12,935 | -€21,497 | -€34,431 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,935 | -€21,497 | -€34,431 |
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 11 October 2026 via checked.be.