PHOENIX PLUS: what changed
Two fiscal 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 PLUS
NACE 46.820, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€667,263
2024 · €833,493-€166,230
Equity
€6.6m
2024 · €6.0m+€626,763
Cash
€2.0m
2024 · €2.2m-€164,821
Balance sheet total
€8.2m
2024 · €10.5m-€2.2m
Largest movements
Assets
- Receivables within one year -€1.4m
down €1.4m (-37.1%), from €3.7m to €2.4m
of which Trade receivables: -€1.1m
- Stocks and contracts -€586,553
down €586,553 (-16.5%), from €3.6m to €3.0m
- Cash -€164,821
down €164,821 (-7.6%), from €2.2m to €2.0m
mainly Trade debts (-€2.7m) and Other debts (-€138,733)
- Tangible fixed assets -€141,998
down €141,998 (-14.2%), from €997,438 to €855,440
of which Land and buildings: -€89,703
Equity and liabilities
- Trade debts -€2.7m
down €2.7m (-64.8%), from €4.2m to €1.5m
- Profit (loss) carried forward +€626,763
up €626,763 (+11.0%), from €5.7m to €6.3m
- Other debts -€138,733
down €138,733 (-69.4%), from €200,000 to €61,267
Income statement
- Turnover -€11.7m
down €11.7m (-22.9%), from €50.9m to €39.2m
- Goods and materials -€11.6m
down €11.6m (-24.2%), from €47.8m to €36.3m
of which Purchases: -€12.9m
- Services and other goods -€511,411
down €511,411 (-28.4%), from €1.8m to €1.3m
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.
Result 2024
€833,493
Turnover
-€11.7m
Other operating income
-€14,576
Goods and materials
+€11.6m
Services and other goods
+€511,411
Staff costs
-€23,325
Depreciation
-€16,027
Other operating charges
-€2,375
Other operating items
+€77,034
Financial income
-€273,575
Financial charges
-€392,828
Taxes
+€72,391
Result 2025
€667,263
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.
From operations
-€8,997
Investment
-€59,671
Financing
-€96,152
Cash 2024
€2.2m
From operations (derived)
-€8,997
Net result for the year
+€667,263
Depreciation
+€201,318
Stocks and contracts
+€586,553
Receivables within one year
+€1.4m
Deferred charges and accrued income
-€41,720
Trade debts
-€2.7m
Tax, wage and social debts
+€59,718
Other debts
-€138,733
Accrued charges and deferred income
-€27,587
Investment (derived)
-€59,671
Investment in fixed assets (net)
-€59,671
Financing
-€96,152
Debts after one year
-€55,652
Contributions, distributions and other
-€40,500
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,480,947 | €8,241,168 | -€2.2m | -21.4% |
| Fixed assets | 21/28 | €998,866 | €857,219 | -€141,647 | -14.2% |
| Tangible fixed assets | 22/27 | €997,438 | €855,440 | -€141,998 | -14.2% |
| Land and buildings | 22 | €879,245 | €789,542 | -€89,703 | -10.2% |
| Plant, machinery and equipment | 23 | €19,050 | €0 | -€19,050 | -100.0% |
| Furniture and vehicles | 24 | €99,144 | €65,899 | -€33,245 | -33.5% |
| Financial fixed assets | 28 | €1,428 | €1,779 | +€351 | +24.6% |
| Other financial fixed assets | 284/8 | €1,428 | €1,779 | +€351 | +24.6% |
| Amounts receivable and cash guarantees | 285/8 | €1,428 | €1,779 | +€351 | +24.6% |
| Current assets | 29/58 | €9,482,081 | €7,383,949 | -€2.1m | -22.1% |
| Stocks and contracts in progress | 3 | €3,565,459 | €2,978,905 | -€586,553 | -16.5% |
| Stocks | 30/36 | €3,565,459 | €2,978,905 | -€586,553 | -16.5% |
| Goods purchased for resale | 34 | €3,565,459 | €2,978,905 | -€586,553 | -16.5% |
| Amounts receivable within one year | 40/41 | €3,741,392 | €2,352,914 | -€1.4m | -37.1% |
| Trade receivables | 40 | €3,129,454 | €2,043,784 | -€1.1m | -34.7% |
| Other amounts receivable | 41 | €611,938 | €309,131 | -€302,807 | -49.5% |
| Cash at bank and in hand | 54/58 | €2,165,950 | €2,001,129 | -€164,821 | -7.6% |
| Deferred charges and accrued income | 490/1 | €9,281 | €51,001 | +€41,720 | +449.5% |
| Total equity and liabilities | 10/49 | €10,480,947 | €8,241,168 | -€2.2m | -21.4% |
| Equity | 10/15 | €5,957,572 | €6,584,335 | +€626,763 | +10.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,682,572 | €6,309,335 | +€626,763 | +11.0% |
| Amounts payable | 17/49 | €4,523,375 | €1,656,833 | -€2.9m | -63.4% |
| Amounts payable after more than one year | 17 | €76,819 | €21,167 | -€55,652 | -72.4% |
| Other amounts payable | 178/9 | €76,819 | €21,167 | -€55,652 | -72.4% |
| Amounts payable within one year | 42/48 | €4,416,744 | €1,633,442 | -€2.8m | -63.0% |
| Trade debts | 44 | €4,170,798 | €1,466,511 | -€2.7m | -64.8% |
| Suppliers | 440/4 | €4,170,798 | €1,466,511 | -€2.7m | -64.8% |
| Taxes, remuneration and social security | 45 | €45,946 | €105,664 | +€59,718 | +130.0% |
| Taxes | 450/3 | €7,335 | €40,370 | +€33,035 | +450.4% |
| Remuneration and social security | 454/9 | €38,611 | €65,294 | +€26,683 | +69.1% |
| Other amounts payable | 47/48 | €200,000 | €61,267 | -€138,733 | -69.4% |
| Accrued charges and deferred income | 492/3 | €29,811 | €2,224 | -€27,587 | -92.5% |
| Operating income | 70/76A | €51,140,948 | €39,471,600 | -€11.7m | -22.8% |
| Turnover | 70 | €50,871,962 | €39,210,360 | -€11.7m | -22.9% |
| Other operating income | 74 | €261,020 | €246,444 | -€14,576 | -5.6% |
| Non-recurring operating income | 76A | €7,966 | €14,796 | +€6,830 | +85.7% |
| Operating charges | 60/66A | €50,188,132 | €38,091,001 | -€12.1m | -24.1% |
| Goods for resale, raw materials and consumables | 60 | €47,838,299 | €36,281,056 | -€11.6m | -24.2% |
| Purchases | 600/8 | €48,643,709 | €35,694,502 | -€12.9m | -26.6% |
| Change in stocks: decrease (increase) | 609 | -€805,410 | €586,553 | +€1.4m | |
| Services and other goods | 61 | €1,802,847 | €1,291,436 | -€511,411 | -28.4% |
| Remuneration, social security and pensions | 62 | €280,282 | €303,607 | +€23,325 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,291 | €201,318 | +€16,027 | +8.6% |
| Other operating charges | 640/8 | €11,209 | €13,585 | +€2,375 | +21.2% |
| Non-recurring operating charges | 66A | €70,204 | - | -€70,204 | |
| Operating profit (loss) | 9901 | €952,816 | €1,380,599 | +€427,783 | +44.9% |
| Financial income | 75/76B | €578,198 | €304,622 | -€273,575 | -47.3% |
| Recurring financial income | 75 | €578,198 | €304,622 | -€273,575 | -47.3% |
| Income from financial fixed assets | 750 | €12,448 | €38,624 | +€26,176 | +210.3% |
| Other financial income | 752/9 | €565,750 | €265,999 | -€299,752 | -53.0% |
| Financial charges | 65/66B | €400,577 | €793,405 | +€392,828 | +98.1% |
| Recurring financial charges | 65 | €400,577 | €793,405 | +€392,828 | +98.1% |
| Debt charges | 650 | €22,310 | €24,480 | +€2,170 | +9.7% |
| Other financial charges | 652/9 | €378,268 | €768,925 | +€390,658 | +103.3% |
| Profit (loss) for the period before taxes | 9903 | €1,130,437 | €891,816 | -€238,621 | -21.1% |
| Income taxes | 67/77 | €296,944 | €224,553 | -€72,391 | -24.4% |
| Taxes | 670/3 | €298,914 | €230,071 | -€68,843 | -23.0% |
| Tax adjustments and reversals of tax provisions | 77 | €1,970 | €5,518 | +€3,548 | +180.1% |
| Profit (loss) for the period | 9904 | €833,493 | €667,263 | -€166,230 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €833,493 | €667,263 | -€166,230 | -19.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.