PHY: 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.
PHY
Largest movements
- Receivables within one year -€20,279
down €20,279 (-10.0%), from €201,901 to €181,622
of which Trade receivables: -€23,694
- Tangible fixed assets +€17,611
up €17,611 (+12.6%), from €139,948 to €157,559
of which Furniture and vehicles: +€25,826
- Cash -€8,827
down €8,827 (-65.5%), from €13,476 to €4,649
mainly Investment in fixed assets (net) (-€40,761) and Net result for the year (-€22,414)
- Stocks and contracts +€5,000
new in 2025: €5,000
- Profit (loss) carried forward -€22,414
down €22,414 (-10.6%), from -€211,624 to -€234,038
- Current portion of long-term debt +€7,985
up €7,985 (+1751.5%), from €456 to €8,441
- Debts after one year +€6,924
up €6,924 (+1.3%), from €547,966 to €554,890
of which Other amounts payable: +€22,770
- Trade debts +€4,091
up €4,091 (+64.5%), from €6,346 to €10,437
- Gross operating margin +€11,294
up €11,294, from -€7,504 to €3,790
- Depreciation +€6,512
up €6,512 (+39.1%), from €16,639 to €23,150
- Other operating charges +€463
up €463 (+33.1%), from €1,402 to €1,865
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 | €356,533 | €351,513 | -€5,020 | -1.4% |
| Fixed assets | 21/28 | €140,454 | €158,065 | +€17,611 | +12.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €139,948 | €157,559 | +€17,611 | +12.6% |
| Land and buildings | 22 | €132,859 | €121,046 | -€11,813 | -8.9% |
| Plant, machinery and equipment | 23 | €6,771 | €10,368 | +€3,598 | +53.1% |
| Furniture and vehicles | 24 | €319 | €26,145 | +€25,826 | +8099.7% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €506 | €506 | = | 0.0% |
| Current assets | 29/58 | €216,079 | €193,448 | -€22,631 | -10.5% |
| Stocks and contracts in progress | 3 | - | €5,000 | +€5,000 | |
| Contracts in progress | 37 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €201,901 | €181,622 | -€20,279 | -10.0% |
| Trade receivables | 40 | €200,871 | €177,177 | -€23,694 | -11.8% |
| Other amounts receivable | 41 | €1,030 | €4,445 | +€3,415 | +331.5% |
| Cash at bank and in hand | 54/58 | €13,476 | €4,649 | -€8,827 | -65.5% |
| Deferred charges and accrued income | 490/1 | €703 | €2,177 | +€1,474 | +209.9% |
| Total equity and liabilities | 10/49 | €356,533 | €351,513 | -€5,020 | -1.4% |
| Equity | 10/15 | -€203,564 | -€225,978 | -€22,414 | -11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€211,624 | -€234,038 | -€22,414 | -10.6% |
| Amounts payable | 17/49 | €560,098 | €577,492 | +€17,394 | +3.1% |
| Amounts payable after more than one year | 17 | €547,966 | €554,890 | +€6,924 | +1.3% |
| Financial debts | 170/4 | €55,075 | €39,229 | -€15,846 | -28.8% |
| Other amounts payable | 178/9 | €492,891 | €515,662 | +€22,770 | +4.6% |
| Amounts payable within one year | 42/48 | €10,033 | €22,225 | +€12,192 | +121.5% |
| Current portion of amounts payable after more than one year | 42 | €456 | €8,441 | +€7,985 | +1751.5% |
| Trade debts | 44 | €6,346 | €10,437 | +€4,091 | +64.5% |
| Suppliers | 440/4 | €6,346 | €10,437 | +€4,091 | +64.5% |
| Taxes, remuneration and social security | 45 | €3,231 | €3,348 | +€116 | +3.6% |
| Taxes | 450/3 | €3,231 | €3,348 | +€116 | +3.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,098 | €377 | -€1,722 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,639 | €23,150 | +€6,512 | +39.1% |
| Other operating charges | 640/8 | €1,402 | €1,865 | +€463 | +33.1% |
| Gross operating margin | 9900 | -€7,504 | €3,790 | +€11,294 | |
| Operating profit (loss) | 9901 | -€25,545 | -€21,226 | +€4,319 | +16.9% |
| Financial income | 75/76B | €0 | €11 | +€11 | |
| Recurring financial income | 75 | €0 | €11 | +€11 | |
| Financial charges | 65/66B | €1,176 | €1,199 | +€24 | +2.0% |
| Recurring financial charges | 65 | €1,176 | €1,199 | +€24 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€26,721 | -€22,414 | +€4,307 | +16.1% |
| Profit (loss) for the period | 9904 | -€26,721 | -€22,414 | +€4,307 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,721 | -€22,414 | +€4,307 | +16.1% |
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 29 September 2026 via checked.be.