PHRENOS: 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.
PHRENOS
Largest movements
- Receivables within one year +€802,975
up €802,975 (+45.8%), from €1.8m to €2.6m
of which Trade receivables: +€963,856
- Cash -€366,173
down €366,173 (-89.6%), from €408,775 to €42,602
mainly Receivables within one year (-€802,975) and Investment in fixed assets (net) (-€160,244)
- Intangible fixed assets +€124,289
new in 2025: €124,289
- Deferred charges and accrued income -€120,251
down €120,251 (-77.9%), from €154,313 to €34,062
- Trade debts +€344,156
up €344,156 (+144.4%), from €238,395 to €582,552
- Current portion of long-term debt +€109,608
up €109,608 (+17.4%), from €628,587 to €738,195
- Debts after one year -€103,172
down €103,172 (-45.7%), from €225,572 to €122,400
- Profit (loss) carried forward +€43,927
up €43,927 (+33.9%), from -€129,690 to -€85,763
- Gross operating margin +€340,148
up €340,148 (+169.8%), from €200,353 to €540,501
- Financial charges +€34,754
up €34,754 (+92.4%), from €37,626 to €72,381
- Staff costs +€21,432
up €21,432 (+6.0%), from €359,829 to €381,262
- Financial income +€16,851
up €16,851 (+2561.5%), from €658 to €17,509
- Depreciation +€12,368
up €12,368 (+36.2%), from €34,131 to €46,499
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 | €2,350,908 | €2,781,216 | +€430,307 | +18.3% |
| Fixed assets | 21/28 | €31,853 | €145,598 | +€113,745 | +357.1% |
| Intangible fixed assets | 21 | - | €124,289 | +€124,289 | |
| Tangible fixed assets | 22/27 | €31,260 | €20,716 | -€10,544 | -33.7% |
| Plant, machinery and equipment | 23 | €690 | €270 | -€420 | -60.9% |
| Furniture and vehicles | 24 | €2,963 | €1,947 | -€1,016 | -34.3% |
| Other tangible fixed assets | 26 | €27,608 | €18,500 | -€9,108 | -33.0% |
| Financial fixed assets | 28 | €592 | €592 | = | 0.0% |
| Current assets | 29/58 | €2,319,056 | €2,635,618 | +€316,562 | +13.7% |
| Amounts receivable within one year | 40/41 | €1,754,181 | €2,557,156 | +€802,975 | +45.8% |
| Trade receivables | 40 | €1,589,266 | €2,553,122 | +€963,856 | +60.6% |
| Other amounts receivable | 41 | €164,915 | €4,035 | -€160,880 | -97.6% |
| Current investments | 50/53 | €1,786 | €1,797 | +€11 | +0.6% |
| Cash at bank and in hand | 54/58 | €408,775 | €42,602 | -€366,173 | -89.6% |
| Deferred charges and accrued income | 490/1 | €154,313 | €34,062 | -€120,251 | -77.9% |
| Total equity and liabilities | 10/49 | €2,350,908 | €2,781,216 | +€430,307 | +18.3% |
| Equity | 10/15 | €656,770 | €700,697 | +€43,927 | +6.7% |
| Contributions | 10/11 | €776,460 | €776,460 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,690 | -€85,763 | +€43,927 | +33.9% |
| Amounts payable | 17/49 | €1,694,139 | €2,080,519 | +€386,380 | +22.8% |
| Amounts payable after more than one year | 17 | €225,572 | €122,400 | -€103,172 | -45.7% |
| Financial debts | 170/4 | €225,572 | €122,400 | -€103,172 | -45.7% |
| Amounts payable within one year | 42/48 | €1,467,840 | €1,958,071 | +€490,231 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | €628,587 | €738,195 | +€109,608 | +17.4% |
| Financial debts | 43 | €468,803 | €470,512 | +€1,708 | +0.4% |
| Credit institutions | 430/8 | €400,000 | €393,479 | -€6,521 | -1.6% |
| Other loans | 439 | €68,803 | €77,033 | +€8,229 | +12.0% |
| Trade debts | 44 | €238,395 | €582,552 | +€344,156 | +144.4% |
| Suppliers | 440/4 | €238,395 | €582,552 | +€344,156 | +144.4% |
| Taxes, remuneration and social security | 45 | €71,854 | €93,744 | +€21,890 | +30.5% |
| Taxes | 450/3 | €40,984 | €59,568 | +€18,583 | +45.3% |
| Remuneration and social security | 454/9 | €30,870 | €34,176 | +€3,307 | +10.7% |
| Other amounts payable | 47/48 | €60,200 | €73,068 | +€12,868 | +21.4% |
| Accrued charges and deferred income | 492/3 | €727 | €48 | -€679 | -93.4% |
| Remuneration, social security and pensions | 62 | €359,829 | €381,262 | +€21,432 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,131 | €46,499 | +€12,368 | +36.2% |
| Other operating charges | 640/8 | €197 | €9,419 | +€9,222 | +4680.7% |
| Non-recurring operating charges | 66A | - | €4,642 | +€4,642 | |
| Gross operating margin | 9900 | €200,353 | €540,501 | +€340,148 | +169.8% |
| Operating profit (loss) | 9901 | -€193,805 | €98,680 | +€292,484 | |
| Financial income | 75/76B | €658 | €17,509 | +€16,851 | +2561.5% |
| Recurring financial income | 75 | €658 | €17,509 | +€16,851 | +2561.5% |
| Financial charges | 65/66B | €37,626 | €72,381 | +€34,754 | +92.4% |
| Recurring financial charges | 65 | €37,626 | €72,381 | +€34,754 | +92.4% |
| Profit (loss) for the period before taxes | 9903 | -€230,773 | €43,808 | +€274,581 | |
| Income taxes | 67/77 | €144 | -€119 | -€263 | |
| Profit (loss) for the period | 9904 | -€230,917 | €43,927 | +€274,844 | |
| Profit (loss) for the period to be appropriated | 9905 | -€230,917 | €43,927 | +€274,844 |
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 8 October 2026 via checked.be.