PHYFACTOR: 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.
PHYFACTOR
Largest movements
- Receivables within one year +€26,045
up €26,045 (+53.3%), from €48,827 to €74,872
of which Trade receivables: +€26,045
- Cash -€12,455
down €12,455 (-36.4%), from €34,206 to €21,750
mainly Contributions, distributions and other (-€39,462) and Receivables within one year (-€26,045)
- Tangible fixed assets -€11,976
down €11,976 (-23.0%), from €52,136 to €40,160
of which Furniture and vehicles: -€11,530
- Receivables after one year +€4,500
up €4,500 (+4.9%), from €91,000 to €95,500
- Other debts +€22,689
up €22,689 (+28.7%), from €79,153 to €101,842
- Reserves -€15,312
down €15,312 (-12.7%), from €120,455 to €105,143
- Tax, wage and social debts -€8,069
down €8,069 (-47.8%), from €16,879 to €8,810
of which Taxes: -€11,162
- Trade debts +€4,449
up €4,449 (+76.2%), from €5,838 to €10,287
- Accrued charges and deferred income +€2,917
new in 2025: €2,917
- Gross operating margin -€28,717
down €28,717 (-37.2%), from €77,216 to €48,500
- Taxes -€9,873
down €9,873 (-51.3%), from €19,246 to €9,372
- Depreciation +€6,685
up €6,685 (+126.3%), from €5,291 to €11,976
- Financial charges +€1,196
up €1,196 (+67.3%), from €1,778 to €2,974
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 | €230,325 | €236,998 | +€6,673 | +2.9% |
| Fixed assets | 21/28 | €52,136 | €40,160 | -€11,976 | -23.0% |
| Tangible fixed assets | 22/27 | €52,136 | €40,160 | -€11,976 | -23.0% |
| Land and buildings | 22 | €80 | - | -€80 | |
| Plant, machinery and equipment | 23 | €580 | €214 | -€367 | -63.2% |
| Furniture and vehicles | 24 | €51,476 | €39,946 | -€11,530 | -22.4% |
| Current assets | 29/58 | €178,189 | €196,838 | +€18,649 | +10.5% |
| Amounts receivable after more than one year | 29 | €91,000 | €95,500 | +€4,500 | +4.9% |
| Other amounts receivable | 291 | €91,000 | €95,500 | +€4,500 | +4.9% |
| Amounts receivable within one year | 40/41 | €48,827 | €74,872 | +€26,045 | +53.3% |
| Trade receivables | 40 | €48,072 | €74,117 | +€26,045 | +54.2% |
| Other amounts receivable | 41 | €754 | €754 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,206 | €21,750 | -€12,455 | -36.4% |
| Deferred charges and accrued income | 490/1 | €4,157 | €4,717 | +€560 | +13.5% |
| Total equity and liabilities | 10/49 | €230,325 | €236,998 | +€6,673 | +2.9% |
| Equity | 10/15 | €128,455 | €113,143 | -€15,312 | -11.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €120,455 | €105,143 | -€15,312 | -12.7% |
| Distributable reserves | 133 | €120,455 | €105,143 | -€15,312 | -12.7% |
| Amounts payable | 17/49 | €101,869 | €123,855 | +€21,985 | +21.6% |
| Amounts payable within one year | 42/48 | €101,869 | €120,938 | +€19,068 | +18.7% |
| Trade debts | 44 | €5,838 | €10,287 | +€4,449 | +76.2% |
| Suppliers | 440/4 | €5,838 | €10,287 | +€4,449 | +76.2% |
| Taxes, remuneration and social security | 45 | €16,879 | €8,810 | -€8,069 | -47.8% |
| Taxes | 450/3 | €16,879 | €5,717 | -€11,162 | -66.1% |
| Remuneration and social security | 454/9 | - | €3,092 | +€3,092 | |
| Other amounts payable | 47/48 | €79,153 | €101,842 | +€22,689 | +28.7% |
| Accrued charges and deferred income | 492/3 | - | €2,917 | +€2,917 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,291 | €11,976 | +€6,685 | +126.3% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €77,216 | €48,500 | -€28,717 | -37.2% |
| Operating profit (loss) | 9901 | €71,807 | €36,404 | -€35,403 | -49.3% |
| Financial income | 75/76B | €0 | €93 | +€93 | +926000.0% |
| Recurring financial income | 75 | €0 | €93 | +€93 | +926000.0% |
| Financial charges | 65/66B | €1,778 | €2,974 | +€1,196 | +67.3% |
| Recurring financial charges | 65 | €1,778 | €2,974 | +€1,196 | +67.3% |
| Profit (loss) for the period before taxes | 9903 | €70,029 | €33,523 | -€36,507 | -52.1% |
| Income taxes | 67/77 | €19,246 | €9,372 | -€9,873 | -51.3% |
| Profit (loss) for the period | 9904 | €50,784 | €24,150 | -€26,633 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,784 | €24,150 | -€26,633 | -52.4% |
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 10 October 2026 via checked.be.