PHRONESYSS: 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.
PHRONESYSS
Largest movements
- Receivables within one year -€150,520
down €150,520 (-17.5%), from €860,138 to €709,618
of which Other amounts receivable: -€232,840
- Cash -€141,057
down €141,057 (-39.6%), from €355,933 to €214,877
mainly Investment in fixed assets (net) (-€668,861) and Trade debts (-€219,646)
- Receivables after one year +€112,608
new in 2025: €112,608
- Tangible fixed assets +€81,812
up €81,812 (+12.8%), from €640,879 to €722,691
of which Land and buildings: +€55,411
- Intangible fixed assets +€81,490
up €81,490 (+13.6%), from €600,127 to €681,617
- Profit (loss) carried forward +€229,976
up €229,976 (+24.3%), from €948,289 to €1.2m
- Trade debts -€219,646
down €219,646 (-52.2%), from €420,399 to €200,752
- Other debts +€108,379
up €108,379 (+5419.0%), from €2,000 to €110,379
- Debts after one year -€88,817
down €88,817 (-17.0%), from €521,916 to €433,099
- Current portion of long-term debt -€46,447
down €46,447 (-15.9%), from €291,390 to €244,942
- Gross operating margin +€348,079
up €348,079 (+23.8%), from €1.5m to €1.8m
- Depreciation +€200,443
up €200,443 (+65.7%), from €305,116 to €505,560
- Staff costs +€115,326
up €115,326 (+12.5%), from €919,614 to €1.0m
- Financial income -€19,556
down €19,556 (-79.5%), from €24,609 to €5,053
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 | €2,478,599 | €2,463,512 | -€15,087 | -0.6% |
| Fixed assets | 21/28 | €1,241,006 | €1,404,307 | +€163,301 | +13.2% |
| Intangible fixed assets | 21 | €600,127 | €681,617 | +€81,490 | +13.6% |
| Tangible fixed assets | 22/27 | €640,879 | €722,691 | +€81,812 | +12.8% |
| Land and buildings | 22 | €226,471 | €281,883 | +€55,411 | +24.5% |
| Plant, machinery and equipment | 23 | €22,842 | €19,470 | -€3,372 | -14.8% |
| Furniture and vehicles | 24 | €390,422 | €420,866 | +€30,444 | +7.8% |
| Other tangible fixed assets | 26 | €1,145 | €473 | -€672 | -58.7% |
| Current assets | 29/58 | €1,237,593 | €1,059,205 | -€178,389 | -14.4% |
| Amounts receivable after more than one year | 29 | - | €112,608 | +€112,608 | |
| Other amounts receivable | 291 | - | €112,608 | +€112,608 | |
| Amounts receivable within one year | 40/41 | €860,138 | €709,618 | -€150,520 | -17.5% |
| Trade receivables | 40 | €551,660 | €633,981 | +€82,320 | +14.9% |
| Other amounts receivable | 41 | €308,478 | €75,638 | -€232,840 | -75.5% |
| Cash at bank and in hand | 54/58 | €355,933 | €214,877 | -€141,057 | -39.6% |
| Deferred charges and accrued income | 490/1 | €21,522 | €22,102 | +€580 | +2.7% |
| Total equity and liabilities | 10/49 | €2,478,599 | €2,463,512 | -€15,087 | -0.6% |
| Equity | 10/15 | €995,548 | €1,225,524 | +€229,976 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,659 | €28,659 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,111 | €3,111 | = | 0.0% |
| Distributable reserves | 133 | €25,548 | €25,548 | = | 0.0% |
| Profit (loss) carried forward | 14 | €948,289 | €1,178,265 | +€229,976 | +24.3% |
| Amounts payable | 17/49 | €1,483,051 | €1,237,989 | -€245,063 | -16.5% |
| Amounts payable after more than one year | 17 | €521,916 | €433,099 | -€88,817 | -17.0% |
| Financial debts | 170/4 | €521,916 | €433,099 | -€88,817 | -17.0% |
| Amounts payable within one year | 42/48 | €961,135 | €804,889 | -€156,246 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €291,390 | €244,942 | -€46,447 | -15.9% |
| Trade debts | 44 | €420,399 | €200,752 | -€219,646 | -52.2% |
| Suppliers | 440/4 | €420,399 | €200,752 | -€219,646 | -52.2% |
| Taxes, remuneration and social security | 45 | €247,347 | €248,816 | +€1,469 | +0.6% |
| Taxes | 450/3 | €106,217 | €66,087 | -€40,130 | -37.8% |
| Remuneration and social security | 454/9 | €141,130 | €182,728 | +€41,599 | +29.5% |
| Other amounts payable | 47/48 | €2,000 | €110,379 | +€108,379 | +5419.0% |
| Non-recurring operating income | 76A | - | €8,250 | +€8,250 | |
| Remuneration, social security and pensions | 62 | €919,614 | €1,034,940 | +€115,326 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305,116 | €505,560 | +€200,443 | +65.7% |
| Other operating charges | 640/8 | €5,404 | €12,834 | +€7,430 | +137.5% |
| Non-recurring operating charges | 66A | €41,528 | - | -€41,528 | |
| Gross operating margin | 9900 | €1,460,868 | €1,808,947 | +€348,079 | +23.8% |
| Operating profit (loss) | 9901 | €189,206 | €255,614 | +€66,408 | +35.1% |
| Financial income | 75/76B | €24,609 | €5,053 | -€19,556 | -79.5% |
| Recurring financial income | 75 | €24,609 | €5,053 | -€19,556 | -79.5% |
| Financial charges | 65/66B | €37,794 | €42,428 | +€4,634 | +12.3% |
| Recurring financial charges | 65 | €37,794 | €42,428 | +€4,634 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €176,021 | €218,238 | +€42,218 | +24.0% |
| Income taxes | 67/77 | -€5,362 | -€11,737 | -€6,375 | -118.9% |
| Profit (loss) for the period | 9904 | €181,383 | €229,976 | +€48,593 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €181,383 | €229,976 | +€48,593 | +26.8% |
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 3 October 2026 via checked.be.