project by PHYL: 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.
project by PHYL
Largest movements
- Tangible fixed assets +€130,307
up €130,307 (+12.1%), from €1.1m to €1.2m
of which Land and buildings: +€148,578
- Receivables within one year -€87,826
down €87,826 (-66.1%), from €132,899 to €45,072
of which Other amounts receivable: -€86,167
- Current investments -€84,830
down €84,830 (-71.8%), from €118,137 to €33,307
- Cash -€51,311
down €51,311 (-77.3%), from €66,361 to €15,050
mainly Investment in fixed assets (net) (-€202,207) and Advances received (-€165,100)
- Short-term financial debts +€225,000
up €225,000 (+300%), from €75,000 to €300,000
- Advances received -€165,100
down €165,100 (-81.5%), from €202,500 to €37,400
- Other debts -€109,577
down €109,577 (-55.5%), from €197,367 to €87,790
- Current portion of long-term debt -€67,008
down €67,008 (-37.2%), from €180,004 to €112,996
- Debts after one year -€56,823
down €56,823 (-23.6%), from €240,519 to €183,696
- Gross operating margin +€117,663
up €117,663 (+37.9%), from €310,083 to €427,746
- Taxes +€32,523
up €32,523 (+85.0%), from €38,277 to €70,800
- Write-downs +€32,010
new in 2025: €32,010
- Financial income +€15,819
up €15,819 (+302%), from €5,232 to €21,051
- Staff costs -€13,582
down €13,582 (-9.9%), from €137,348 to €123,766
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.
Derived cash bridge
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 | €1,557,926 | €1,463,384 | -€94,542 | -6.1% |
| Fixed assets | 21/28 | €1,076,987 | €1,207,293 | +€130,307 | +12.1% |
| Tangible fixed assets | 22/27 | €1,076,987 | €1,207,293 | +€130,307 | +12.1% |
| Land and buildings | 22 | €1,035,039 | €1,183,618 | +€148,578 | +14.4% |
| Plant, machinery and equipment | 23 | €6,588 | €4,816 | -€1,772 | -26.9% |
| Furniture and vehicles | 24 | €35,360 | €18,860 | -€16,500 | -46.7% |
| Current assets | 29/58 | €480,940 | €256,091 | -€224,848 | -46.8% |
| Amounts receivable after more than one year | 29 | €147,125 | €147,125 | = | 0.0% |
| Other amounts receivable | 291 | €147,125 | €147,125 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €132,899 | €45,072 | -€87,826 | -66.1% |
| Trade receivables | 40 | €16,529 | €14,869 | -€1,660 | -10.0% |
| Other amounts receivable | 41 | €116,370 | €30,203 | -€86,167 | -74.0% |
| Current investments | 50/53 | €118,137 | €33,307 | -€84,830 | -71.8% |
| Cash at bank and in hand | 54/58 | €66,361 | €15,050 | -€51,311 | -77.3% |
| Deferred charges and accrued income | 490/1 | €16,418 | €15,537 | -€881 | -5.4% |
| Total equity and liabilities | 10/49 | €1,557,926 | €1,463,384 | -€94,542 | -6.1% |
| Equity | 10/15 | €593,830 | €623,027 | +€29,198 | +4.9% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Revaluation surpluses | 12 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €129,460 | €158,560 | +€29,100 | +22.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €127,600 | €156,700 | +€29,100 | +22.8% |
| Profit (loss) carried forward | 14 | €20,770 | €20,867 | +€98 | +0.5% |
| Amounts payable | 17/49 | €964,096 | €840,357 | -€123,739 | -12.8% |
| Amounts payable after more than one year | 17 | €240,519 | €183,696 | -€56,823 | -23.6% |
| Financial debts | 170/4 | €240,519 | €183,696 | -€56,823 | -23.6% |
| Amounts payable within one year | 42/48 | €719,578 | €652,561 | -€67,017 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €180,004 | €112,996 | -€67,008 | -37.2% |
| Financial debts | 43 | €75,000 | €300,000 | +€225,000 | +300% |
| Credit institutions | 430/8 | €75,000 | €300,000 | +€225,000 | +300% |
| Trade debts | 44 | €30,643 | €40,364 | +€9,722 | +31.7% |
| Suppliers | 440/4 | €30,643 | €40,364 | +€9,722 | +31.7% |
| Advances received on contracts in progress | 46 | €202,500 | €37,400 | -€165,100 | -81.5% |
| Taxes, remuneration and social security | 45 | €34,063 | €74,010 | +€39,947 | +117% |
| Taxes | 450/3 | €7,802 | €52,730 | +€44,927 | +576% |
| Remuneration and social security | 454/9 | €26,261 | €21,280 | -€4,981 | -19.0% |
| Other amounts payable | 47/48 | €197,367 | €87,790 | -€109,577 | -55.5% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,100 | +€100 | +2.5% |
| Remuneration, social security and pensions | 62 | €137,348 | €123,766 | -€13,582 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,282 | €71,900 | -€12,382 | -14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,010 | +€32,010 | |
| Other operating charges | 640/8 | €6,410 | €7,028 | +€617 | +9.6% |
| Gross operating margin | 9900 | €310,083 | €427,746 | +€117,663 | +37.9% |
| Operating profit (loss) | 9901 | €82,042 | €193,042 | +€111,000 | +135% |
| Financial income | 75/76B | €5,232 | €21,051 | +€15,819 | +302% |
| Recurring financial income | 75 | €5,232 | €21,051 | +€15,819 | +302% |
| Financial charges | 65/66B | €22,909 | €26,495 | +€3,587 | +15.7% |
| Recurring financial charges | 65 | €22,909 | €26,495 | +€3,587 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €64,365 | €187,598 | +€123,233 | +191% |
| Income taxes | 67/77 | €38,277 | €70,800 | +€32,523 | +85.0% |
| Profit (loss) for the period | 9904 | €26,088 | €116,798 | +€90,710 | +348% |
| Profit (loss) for the period to be appropriated | 9905 | €26,088 | €116,798 | +€90,710 | +348% |
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 18 October 2026 via checked.be.