PROJECT PHI: 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 PHI
Largest movements
- Cash +€23,038
up €23,038 (+15.5%), from €148,202 to €171,241
mainly Net result for the year (+€43,339) and Depreciation (+€17,202)
- Tangible fixed assets +€19,869
up €19,869 (+59.3%), from €33,530 to €53,399
of which Furniture and vehicles: +€20,291
- Reserves +€43,339
up €43,339 (+14.9%), from €290,272 to €333,611
- Debts after one year -€8,178
down €8,178 (-56.8%), from €14,408 to €6,230
- Tax, wage and social debts +€7,313
up €7,313 (+96.6%), from €7,567 to €14,880
of which Taxes: +€7,313
- Gross operating margin +€23,934
up €23,934 (+44.4%), from €53,935 to €77,869
- Taxes +€8,471
up €8,471 (+73.6%), from €11,508 to €19,979
- Depreciation +€4,692
up €4,692 (+37.5%), from €12,510 to €17,202
- Financial charges -€2,198
down €2,198 (-83.8%), from €2,624 to €426
- Financial income +€2,064
up €2,064 (+104%), from €1,993 to €4,057
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 | €332,420 | €376,789 | +€44,368 | +13.3% |
| Fixed assets | 21/28 | €33,530 | €53,399 | +€19,869 | +59.3% |
| Tangible fixed assets | 22/27 | €33,530 | €53,399 | +€19,869 | +59.3% |
| Furniture and vehicles | 24 | €32,686 | €52,977 | +€20,291 | +62.1% |
| Other tangible fixed assets | 26 | €845 | €422 | -€422 | -50.0% |
| Current assets | 29/58 | €298,890 | €323,390 | +€24,500 | +8.2% |
| Amounts receivable within one year | 40/41 | €10,646 | €11,422 | +€776 | +7.3% |
| Trade receivables | 40 | €10,646 | €10,672 | +€26 | +0.2% |
| Other amounts receivable | 41 | €0 | €750 | +€750 | |
| Current investments | 50/53 | €137,712 | €137,712 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €148,202 | €171,241 | +€23,038 | +15.5% |
| Deferred charges and accrued income | 490/1 | €2,330 | €3,015 | +€685 | +29.4% |
| Total equity and liabilities | 10/49 | €332,420 | €376,789 | +€44,368 | +13.3% |
| Equity | 10/15 | €293,872 | €337,211 | +€43,339 | +14.7% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €290,272 | €333,611 | +€43,339 | +14.9% |
| Distributable reserves | 133 | €290,272 | €333,611 | +€43,339 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,548 | €39,578 | +€1,030 | +2.7% |
| Amounts payable after more than one year | 17 | €14,408 | €6,230 | -€8,178 | -56.8% |
| Financial debts | 170/4 | €14,408 | €6,230 | -€8,178 | -56.8% |
| Amounts payable within one year | 42/48 | €24,140 | €33,348 | +€9,208 | +38.1% |
| Current portion of amounts payable after more than one year | 42 | €8,033 | €8,178 | +€145 | +1.8% |
| Trade debts | 44 | €823 | €2,201 | +€1,378 | +167% |
| Suppliers | 440/4 | €823 | €2,201 | +€1,378 | +167% |
| Taxes, remuneration and social security | 45 | €7,567 | €14,880 | +€7,313 | +96.6% |
| Taxes | 450/3 | €4,967 | €12,280 | +€7,313 | +147% |
| Remuneration and social security | 454/9 | €2,600 | €2,600 | = | 0.0% |
| Other amounts payable | 47/48 | €7,716 | €8,089 | +€373 | +4.8% |
| Non-recurring operating income | 76A | - | €9,000 | +€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,510 | €17,202 | +€4,692 | +37.5% |
| Other operating charges | 640/8 | €918 | €981 | +€63 | +6.9% |
| Gross operating margin | 9900 | €53,935 | €77,869 | +€23,934 | +44.4% |
| Operating profit (loss) | 9901 | €40,507 | €59,686 | +€19,179 | +47.3% |
| Financial income | 75/76B | €1,993 | €4,057 | +€2,064 | +104% |
| Recurring financial income | 75 | €1,993 | €4,057 | +€2,064 | +104% |
| Financial charges | 65/66B | €2,624 | €426 | -€2,198 | -83.8% |
| Recurring financial charges | 65 | €2,624 | €426 | -€2,198 | -83.8% |
| Profit (loss) for the period before taxes | 9903 | €39,877 | €63,317 | +€23,441 | +58.8% |
| Income taxes | 67/77 | €11,508 | €19,979 | +€8,471 | +73.6% |
| Profit (loss) for the period | 9904 | €28,369 | €43,339 | +€14,970 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,369 | €43,339 | +€14,970 | +52.8% |
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 14 October 2026 via checked.be.