Physio Max: 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.
Physio Max
Largest movements
- Cash -€20,983
down €20,983 (-33.9%), from €61,812 to €40,830
mainly Contributions, distributions and other (-€50,045) and Investment in fixed assets (net) (-€8,362)
- Receivables within one year +€3,066
up €3,066, from €0 to €3,066
of which Other amounts receivable: +€1,830
- Tax, wage and social debts -€7,067
down €7,067 (-52.1%), from €13,561 to €6,494
of which Taxes: -€7,067
- Other debts -€4,927
down €4,927 (-7.8%), from €62,881 to €57,954
- Debts after one year -€4,031
down €4,031 (-3.9%), from €103,954 to €99,923
- Depreciation -€7,944
down €7,944 (-51.4%), from €15,466 to €7,521
- Gross operating margin -€6,412
down €6,412 (-7.7%), from €83,631 to €77,219
- Taxes -€2,564
down €2,564 (-16.2%), from €15,823 to €13,259
- Financial charges +€994
up €994 (+21.5%), from €4,633 to €5,627
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 | €190,309 | €173,036 | -€17,273 | -9.1% |
| Fixed assets | 21/28 | €127,595 | €128,435 | +€841 | +0.7% |
| Tangible fixed assets | 22/27 | €127,595 | €128,435 | +€841 | +0.7% |
| Furniture and vehicles | 24 | €0 | €3,873 | +€3,873 | |
| Other tangible fixed assets | 26 | €127,595 | €124,562 | -€3,032 | -2.4% |
| Current assets | 29/58 | €62,715 | €44,601 | -€18,114 | -28.9% |
| Amounts receivable within one year | 40/41 | €0 | €3,066 | +€3,066 | |
| Trade receivables | 40 | - | €1,236 | +€1,236 | |
| Other amounts receivable | 41 | €0 | €1,830 | +€1,830 | |
| Current investments | 50/53 | €500 | €0 | -€500 | -100.0% |
| Cash at bank and in hand | 54/58 | €61,812 | €40,830 | -€20,983 | -33.9% |
| Deferred charges and accrued income | 490/1 | €403 | €705 | +€302 | +75.1% |
| Total equity and liabilities | 10/49 | €190,309 | €173,036 | -€17,273 | -9.1% |
| Equity | 10/15 | €4,000 | €4,000 | = | 0.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €186,309 | €169,036 | -€17,273 | -9.3% |
| Amounts payable after more than one year | 17 | €103,954 | €99,923 | -€4,031 | -3.9% |
| Financial debts | 170/4 | €103,954 | €99,923 | -€4,031 | -3.9% |
| Amounts payable within one year | 42/48 | €82,355 | €69,113 | -€13,242 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €5,213 | €4,031 | -€1,182 | -22.7% |
| Trade debts | 44 | €700 | €634 | -€66 | -9.4% |
| Suppliers | 440/4 | €700 | €634 | -€66 | -9.4% |
| Taxes, remuneration and social security | 45 | €13,561 | €6,494 | -€7,067 | -52.1% |
| Taxes | 450/3 | €10,411 | €3,344 | -€7,067 | -67.9% |
| Remuneration and social security | 454/9 | €3,150 | €3,150 | = | 0.0% |
| Other amounts payable | 47/48 | €62,881 | €57,954 | -€4,927 | -7.8% |
| Non-recurring operating income | 76A | - | €568 | +€568 | |
| Remuneration, social security and pensions | 62 | €260 | €0 | -€260 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,466 | €7,521 | -€7,944 | -51.4% |
| Other operating charges | 640/8 | €654 | €1,093 | +€439 | +67.2% |
| Gross operating margin | 9900 | €83,631 | €77,219 | -€6,412 | -7.7% |
| Operating profit (loss) | 9901 | €67,252 | €68,605 | +€1,353 | +2.0% |
| Financial income | 75/76B | €60 | €325 | +€266 | +445.3% |
| Recurring financial income | 75 | €60 | €325 | +€266 | +445.3% |
| Financial charges | 65/66B | €4,633 | €5,627 | +€994 | +21.5% |
| Recurring financial charges | 65 | €4,633 | €5,627 | +€994 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €62,679 | €63,304 | +€625 | +1.0% |
| Income taxes | 67/77 | €15,823 | €13,259 | -€2,564 | -16.2% |
| Profit (loss) for the period | 9904 | €46,856 | €50,045 | +€3,189 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,856 | €50,045 | +€3,189 | +6.8% |
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 28 September 2026 via checked.be.