PHX: 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.
PHX
Largest movements
- Cash +€19,570
up €19,570 (+371.6%), from €5,267 to €24,836
mainly Net result for the year (+€16,305) and Tax, wage and social debts (+€4,861)
- Tangible fixed assets +€1,815
up €1,815 (+236.1%), from €769 to €2,583
- Receivables within one year -€1,630
no longer reported in 2025 (was €1,630)
- Deferred charges and accrued income +€345
up €345 (+536.6%), from €64 to €410
- Profit (loss) carried forward +€16,305
up €16,305 (+641.5%), from €2,542 to €18,847
- Tax, wage and social debts +€4,861
up €4,861 (+750.1%), from €648 to €5,509
- Trade debts -€802
no longer reported in 2025 (was €802)
- Gross operating margin +€17,838
up €17,838 (+342.0%), from €5,216 to €23,054
- Taxes +€4,861
up €4,861 (+750.1%), from €648 to €5,509
- Depreciation -€1,233
down €1,233 (-76.3%), from €1,616 to €382
- Other operating charges +€321
up €321 (+82.8%), from €387 to €708
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 | €7,729 | €27,829 | +€20,100 | +260.0% |
| Fixed assets | 21/28 | €769 | €2,583 | +€1,815 | +236.1% |
| Tangible fixed assets | 22/27 | €769 | €2,583 | +€1,815 | +236.1% |
| Furniture and vehicles | 24 | €769 | €2,583 | +€1,815 | +236.1% |
| Current assets | 29/58 | €6,961 | €25,246 | +€18,285 | +262.7% |
| Amounts receivable within one year | 40/41 | €1,630 | - | -€1,630 | |
| Trade receivables | 40 | €1,630 | - | -€1,630 | |
| Cash at bank and in hand | 54/58 | €5,267 | €24,836 | +€19,570 | +371.6% |
| Deferred charges and accrued income | 490/1 | €64 | €410 | +€345 | +536.6% |
| Total equity and liabilities | 10/49 | €7,729 | €27,829 | +€20,100 | +260.0% |
| Equity | 10/15 | €3,742 | €20,047 | +€16,305 | +435.8% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,542 | €18,847 | +€16,305 | +641.5% |
| Amounts payable | 17/49 | €3,988 | €7,782 | +€3,794 | +95.1% |
| Amounts payable within one year | 42/48 | €3,988 | €7,782 | +€3,794 | +95.1% |
| Trade debts | 44 | €802 | - | -€802 | |
| Suppliers | 440/4 | €802 | - | -€802 | |
| Taxes, remuneration and social security | 45 | €648 | €5,509 | +€4,861 | +750.1% |
| Taxes | 450/3 | €648 | €5,509 | +€4,861 | +750.1% |
| Other amounts payable | 47/48 | €2,538 | €2,273 | -€264 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,616 | €382 | -€1,233 | -76.3% |
| Other operating charges | 640/8 | €387 | €708 | +€321 | +82.8% |
| Gross operating margin | 9900 | €5,216 | €23,054 | +€17,838 | +342.0% |
| Operating profit (loss) | 9901 | €3,213 | €21,964 | +€18,751 | +583.6% |
| Financial charges | 65/66B | €23 | €150 | +€127 | +542.9% |
| Recurring financial charges | 65 | €23 | €150 | +€127 | +542.9% |
| Profit (loss) for the period before taxes | 9903 | €3,190 | €21,814 | +€18,624 | +583.9% |
| Income taxes | 67/77 | €648 | €5,509 | +€4,861 | +750.1% |
| Profit (loss) for the period | 9904 | €2,542 | €16,305 | +€13,764 | +541.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,542 | €16,305 | +€13,764 | +541.5% |
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 7 October 2026 via checked.be.