PHYSEOS: 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.
PHYSEOS
Largest movements
- Receivables within one year -€285,947
down €285,947 (-75.4%), from €379,062 to €93,115
of which Trade receivables: -€299,035
- Tangible fixed assets +€99,692
up €99,692 (+7.6%), from €1.3m to €1.4m
of which Land and buildings: +€104,029
- Cash -€42,586
down €42,586 (-57.8%), from €73,646 to €31,060
mainly Trade debts (-€331,397) and Investment in fixed assets (net) (-€175,428)
- Trade debts -€331,397
down €331,397 (-89.5%), from €370,286 to €38,889
- Other debts +€74,967
up €74,967 (+18.4%), from €408,521 to €483,488
- Tax, wage and social debts +€43,280
up €43,280 (+17110.9%), from €253 to €43,533
of which Taxes: +€41,842
- Depreciation +€34,305
up €34,305 (+83.2%), from €41,221 to €75,526
- Staff costs +€12,293
up €12,293 (+773.0%), from €1,590 to €13,884
- Financial charges +€6,925
up €6,925 (+21.0%), from €33,003 to €39,928
- Gross operating margin -€1,311
down €1,311 (-1.0%), from €127,107 to €125,795
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 | €1,764,353 | €1,535,168 | -€229,186 | -13.0% |
| Fixed assets | 21/28 | €1,311,091 | €1,410,992 | +€99,902 | +7.6% |
| Tangible fixed assets | 22/27 | €1,311,091 | €1,410,782 | +€99,692 | +7.6% |
| Land and buildings | 22 | €1,301,879 | €1,405,908 | +€104,029 | +8.0% |
| Furniture and vehicles | 24 | €9,212 | €4,874 | -€4,338 | -47.1% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €453,263 | €124,175 | -€329,088 | -72.6% |
| Amounts receivable within one year | 40/41 | €379,062 | €93,115 | -€285,947 | -75.4% |
| Trade receivables | 40 | €301,701 | €2,666 | -€299,035 | -99.1% |
| Other amounts receivable | 41 | €77,361 | €90,449 | +€13,088 | +16.9% |
| Cash at bank and in hand | 54/58 | €73,646 | €31,060 | -€42,586 | -57.8% |
| Deferred charges and accrued income | 490/1 | €555 | - | -€555 | |
| Total equity and liabilities | 10/49 | €1,764,353 | €1,535,168 | -€229,186 | -13.0% |
| Equity | 10/15 | €61,249 | €53,264 | -€7,985 | -13.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,249 | €38,264 | -€7,985 | -17.3% |
| Amounts payable | 17/49 | €1,703,105 | €1,481,904 | -€221,201 | -13.0% |
| Amounts payable after more than one year | 17 | €870,726 | €855,426 | -€15,300 | -1.8% |
| Financial debts | 170/4 | €870,726 | €855,426 | -€15,300 | -1.8% |
| Amounts payable within one year | 42/48 | €824,695 | €620,558 | -€204,137 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €45,634 | €54,647 | +€9,012 | +19.7% |
| Trade debts | 44 | €370,286 | €38,889 | -€331,397 | -89.5% |
| Suppliers | 440/4 | €370,286 | €38,889 | -€331,397 | -89.5% |
| Taxes, remuneration and social security | 45 | €253 | €43,533 | +€43,280 | +17110.9% |
| Taxes | 450/3 | €253 | €42,095 | +€41,842 | +16542.3% |
| Remuneration and social security | 454/9 | - | €1,438 | +€1,438 | |
| Other amounts payable | 47/48 | €408,521 | €483,488 | +€74,967 | +18.4% |
| Accrued charges and deferred income | 492/3 | €7,684 | €5,920 | -€1,764 | -23.0% |
| Remuneration, social security and pensions | 62 | €1,590 | €13,884 | +€12,293 | +773.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,221 | €75,526 | +€34,305 | +83.2% |
| Other operating charges | 640/8 | €5,043 | €4,442 | -€601 | -11.9% |
| Gross operating margin | 9900 | €127,107 | €125,795 | -€1,311 | -1.0% |
| Operating profit (loss) | 9901 | €79,252 | €31,943 | -€47,309 | -59.7% |
| Financial charges | 65/66B | €33,003 | €39,928 | +€6,925 | +21.0% |
| Recurring financial charges | 65 | €33,003 | €39,928 | +€6,925 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €46,249 | -€7,985 | -€54,234 | |
| Profit (loss) for the period | 9904 | €46,249 | -€7,985 | -€54,234 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,249 | -€7,985 | -€54,234 |
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 30 September 2026 via checked.be.