PHYSALGO: 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.
PHYSALGO
Largest movements
- Current investments -€218,217
no longer reported in 2025 (was €218,217)
- Cash -€102,751
down €102,751 (-15.6%), from €657,734 to €554,983
mainly Contributions, distributions and other (-€543,546) and Investment in fixed assets (net) (-€98,270)
- Tangible fixed assets +€80,443
up €80,443 (+97.3%), from €82,713 to €163,156
of which Furniture and vehicles: +€88,933
- Reserves -€328,041
down €328,041 (-28.8%), from €1.1m to €811,752
- Debts after one year +€65,615
new in 2025: €65,615
- Current portion of long-term debt +€16,508
new in 2025: €16,508
- Gross operating margin -€16,005
down €16,005 (-4.7%), from €341,053 to €325,048
- Taxes -€4,135
down €4,135 (-4.1%), from €100,409 to €96,274
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 | €1,168,758 | €928,300 | -€240,457 | -20.6% |
| Fixed assets | 21/28 | €82,713 | €163,173 | +€80,461 | +97.3% |
| Tangible fixed assets | 22/27 | €82,713 | €163,156 | +€80,443 | +97.3% |
| Plant, machinery and equipment | 23 | €69,567 | €61,077 | -€8,490 | -12.2% |
| Furniture and vehicles | 24 | €6,080 | €95,013 | +€88,933 | +1462.8% |
| Other tangible fixed assets | 26 | €7,066 | €7,066 | = | 0.0% |
| Financial fixed assets | 28 | - | €18 | +€18 | |
| Current assets | 29/58 | €1,086,045 | €765,127 | -€320,918 | -29.5% |
| Amounts receivable within one year | 40/41 | €71,076 | €75,397 | +€4,322 | +6.1% |
| Other amounts receivable | 41 | €71,076 | €75,397 | +€4,322 | +6.1% |
| Current investments | 50/53 | €218,217 | - | -€218,217 | |
| Cash at bank and in hand | 54/58 | €657,734 | €554,983 | -€102,751 | -15.6% |
| Deferred charges and accrued income | 490/1 | €139,019 | €134,746 | -€4,272 | -3.1% |
| Total equity and liabilities | 10/49 | €1,168,758 | €928,300 | -€240,457 | -20.6% |
| Equity | 10/15 | €1,158,392 | €830,352 | -€328,041 | -28.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,139,792 | €811,752 | -€328,041 | -28.8% |
| Distributable reserves | 133 | €1,139,792 | €811,752 | -€328,041 | -28.8% |
| Amounts payable | 17/49 | €10,366 | €97,949 | +€87,583 | +844.9% |
| Amounts payable after more than one year | 17 | - | €65,615 | +€65,615 | |
| Financial debts | 170/4 | - | €65,615 | +€65,615 | |
| Amounts payable within one year | 42/48 | €10,366 | €32,334 | +€21,969 | +211.9% |
| Current portion of amounts payable after more than one year | 42 | - | €16,508 | +€16,508 | |
| Trade debts | 44 | €3,969 | €9,430 | +€5,461 | +137.6% |
| Suppliers | 440/4 | €3,969 | €9,430 | +€5,461 | +137.6% |
| Taxes, remuneration and social security | 45 | €6,397 | €6,397 | = | 0.0% |
| Taxes | 450/3 | €6,397 | €6,397 | = | 0.0% |
| Non-recurring operating income | 76A | - | €8,252 | +€8,252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,172 | €17,809 | -€3,363 | -15.9% |
| Other operating charges | 640/8 | €438 | €2,892 | +€2,454 | +560.6% |
| Gross operating margin | 9900 | €341,053 | €325,048 | -€16,005 | -4.7% |
| Operating profit (loss) | 9901 | €319,443 | €304,347 | -€15,096 | -4.7% |
| Financial income | 75/76B | €7,270 | €9,004 | +€1,733 | +23.8% |
| Recurring financial income | 75 | €7,270 | €9,004 | +€1,733 | +23.8% |
| Financial charges | 65/66B | €3,960 | €1,571 | -€2,389 | -60.3% |
| Recurring financial charges | 65 | €3,960 | €1,571 | -€2,389 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €322,754 | €311,780 | -€10,974 | -3.4% |
| Income taxes | 67/77 | €100,409 | €96,274 | -€4,135 | -4.1% |
| Profit (loss) for the period | 9904 | €222,344 | €215,505 | -€6,839 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €222,344 | €215,505 | -€6,839 | -3.1% |
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 5 October 2026 via checked.be.