PHRYNE: 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.
PHRYNE
Largest movements
- Current investments +€337,318
up €337,318 (+68.4%), from €493,139 to €830,456
- Receivables after one year -€132,560
no longer reported in 2025 (was €132,560)
- Cash -€89,292
down €89,292 (-68.5%), from €130,440 to €41,148
mainly Contributions, distributions and other (-€580,000) and Current investments (-€337,318)
- Receivables within one year -€75,631
down €75,631 (-18.6%), from €405,835 to €330,205
of which Other amounts receivable: -€141,225
- Tangible fixed assets -€48,239
down €48,239 (-5.7%), from €852,797 to €804,558
of which Land and buildings: -€35,688
- Reserves -€295,500
down €295,500 (-21.1%), from €1.4m to €1.1m
- Other debts +€233,662
new in 2025: €233,662
- Tax, wage and social debts +€63,918
up €63,918 (+489%), from €13,058 to €76,976
of which Taxes: +€62,967
- Debts after one year -€44,366
down €44,366 (-62.9%), from €70,545 to €26,179
- Trade debts +€36,535
up €36,535 (+136%), from €26,935 to €63,469
- Gross operating margin +€87,562
up €87,562 (+21.2%), from €412,870 to €500,432
- Taxes +€32,442
up €32,442 (+29.2%), from €111,156 to €143,598
- Financial income +€24,500
up €24,500 (+193%), from €12,681 to €37,181
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.
Derived cash bridge
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 | €2,019,290 | €2,014,619 | -€4,671 | -0.2% |
| Fixed assets | 21/28 | €852,946 | €804,707 | -€48,239 | -5.7% |
| Tangible fixed assets | 22/27 | €852,797 | €804,558 | -€48,239 | -5.7% |
| Land and buildings | 22 | €813,547 | €777,859 | -€35,688 | -4.4% |
| Plant, machinery and equipment | 23 | €29,357 | €25,400 | -€3,957 | -13.5% |
| Furniture and vehicles | 24 | €9,893 | €1,299 | -€8,594 | -86.9% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €1,166,343 | €1,209,912 | +€43,569 | +3.7% |
| Amounts receivable after more than one year | 29 | €132,560 | - | -€132,560 | |
| Other amounts receivable | 291 | €132,560 | - | -€132,560 | |
| Amounts receivable within one year | 40/41 | €405,835 | €330,205 | -€75,631 | -18.6% |
| Trade receivables | 40 | €264,610 | €330,205 | +€65,595 | +24.8% |
| Other amounts receivable | 41 | €141,225 | - | -€141,225 | |
| Current investments | 50/53 | €493,139 | €830,456 | +€337,318 | +68.4% |
| Cash at bank and in hand | 54/58 | €130,440 | €41,148 | -€89,292 | -68.5% |
| Deferred charges and accrued income | 490/1 | €4,369 | €8,104 | +€3,734 | +85.5% |
| Total equity and liabilities | 10/49 | €2,019,290 | €2,014,619 | -€4,671 | -0.2% |
| Equity | 10/15 | €1,865,000 | €1,569,967 | -€295,034 | -15.8% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €1,402,592 | €1,107,092 | -€295,500 | -21.1% |
| Distributable reserves | 133 | €1,402,592 | €1,107,092 | -€295,500 | -21.1% |
| Profit (loss) carried forward | 14 | €440,409 | €440,875 | +€466 | +0.1% |
| Amounts payable | 17/49 | €154,290 | €444,652 | +€290,363 | +188% |
| Amounts payable after more than one year | 17 | €70,545 | €26,179 | -€44,366 | -62.9% |
| Financial debts | 170/4 | €70,545 | €26,179 | -€44,366 | -62.9% |
| Amounts payable within one year | 42/48 | €83,720 | €418,474 | +€334,753 | +400% |
| Current portion of amounts payable after more than one year | 42 | €43,728 | €44,366 | +€638 | +1.5% |
| Trade debts | 44 | €26,935 | €63,469 | +€36,535 | +136% |
| Suppliers | 440/4 | €26,935 | €63,469 | +€36,535 | +136% |
| Taxes, remuneration and social security | 45 | €13,058 | €76,976 | +€63,918 | +489% |
| Taxes | 450/3 | €10,125 | €73,091 | +€62,967 | +622% |
| Remuneration and social security | 454/9 | €2,933 | €3,885 | +€952 | +32.4% |
| Other amounts payable | 47/48 | - | €233,662 | +€233,662 | |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Remuneration, social security and pensions | 62 | €24,912 | €25,425 | +€514 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,869 | €55,382 | -€487 | -0.9% |
| Other operating charges | 640/8 | €16,432 | €18,479 | +€2,047 | +12.5% |
| Gross operating margin | 9900 | €412,870 | €500,432 | +€87,562 | +21.2% |
| Operating profit (loss) | 9901 | €315,657 | €401,145 | +€85,488 | +27.1% |
| Financial income | 75/76B | €12,681 | €37,181 | +€24,500 | +193% |
| Recurring financial income | 75 | €12,681 | €37,181 | +€24,500 | +193% |
| Financial charges | 65/66B | €8,728 | €9,762 | +€1,034 | +11.8% |
| Recurring financial charges | 65 | €8,728 | €9,762 | +€1,034 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €319,610 | €428,564 | +€108,954 | +34.1% |
| Income taxes | 67/77 | €111,156 | €143,598 | +€32,442 | +29.2% |
| Profit (loss) for the period | 9904 | €208,454 | €284,966 | +€76,513 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €208,454 | €284,966 | +€76,513 | +36.7% |
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 31 October 2026 via checked.be.