PSEPHOS: 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.
PSEPHOS
Largest movements
- Cash -€74,102
down €74,102 (-37.9%), from €195,578 to €121,476
mainly Investment in fixed assets (net) (-€46,897) and Net result for the year (-€23,515)
- Tangible fixed assets +€36,820
up €36,820 (+406%), from €9,064 to €45,884
of which Furniture and vehicles: +€37,274
- Current investments +€11,866
up €11,866 (+11.3%), from €104,898 to €116,764
- Receivables within one year -€7,550
down €7,550 (-15.7%), from €48,174 to €40,624
of which Trade receivables: -€25,620
- Profit (loss) carried forward -€23,515
new in 2025: -€23,515
- Tax, wage and social debts -€5,142
down €5,142 (-72.3%), from €7,109 to €1,966
- Accrued charges and deferred income -€3,884
down €3,884 (-83.7%), from €4,639 to €755
- Gross operating margin -€103,312
down €103,312, from €89,152 to -€14,160
- Taxes -€25,187
down €25,187 (-99.6%), from €25,285 to €98
- Depreciation +€6,531
up €6,531 (+184%), from €3,547 to €10,078
- Financial income -€1,840
down €1,840 (-59.6%), from €3,086 to €1,246
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 | €358,090 | €325,393 | -€32,696 | -9.1% |
| Fixed assets | 21/28 | €9,064 | €45,884 | +€36,820 | +406% |
| Tangible fixed assets | 22/27 | €9,064 | €45,884 | +€36,820 | +406% |
| Plant, machinery and equipment | 23 | €5,780 | €5,325 | -€454 | -7.9% |
| Furniture and vehicles | 24 | €3,285 | €40,559 | +€37,274 | +1,135% |
| Current assets | 29/58 | €349,025 | €279,509 | -€69,516 | -19.9% |
| Amounts receivable within one year | 40/41 | €48,174 | €40,624 | -€7,550 | -15.7% |
| Trade receivables | 40 | €29,847 | €4,227 | -€25,620 | -85.8% |
| Other amounts receivable | 41 | €18,326 | €36,397 | +€18,071 | +98.6% |
| Current investments | 50/53 | €104,898 | €116,764 | +€11,866 | +11.3% |
| Cash at bank and in hand | 54/58 | €195,578 | €121,476 | -€74,102 | -37.9% |
| Deferred charges and accrued income | 490/1 | €375 | €645 | +€270 | +71.9% |
| Total equity and liabilities | 10/49 | €358,090 | €325,393 | -€32,696 | -9.1% |
| Equity | 10/15 | €345,966 | €322,451 | -€23,515 | -6.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €245,966 | €245,966 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €235,966 | €235,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€23,515 | -€23,515 | |
| Amounts payable | 17/49 | €12,124 | €2,942 | -€9,181 | -75.7% |
| Amounts payable within one year | 42/48 | €7,484 | €2,187 | -€5,298 | -70.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €375 | €220 | -€155 | -41.3% |
| Suppliers | 440/4 | €375 | €220 | -€155 | -41.3% |
| Taxes, remuneration and social security | 45 | €7,109 | €1,966 | -€5,142 | -72.3% |
| Taxes | 450/3 | €7,109 | €1,966 | -€5,142 | -72.3% |
| Accrued charges and deferred income | 492/3 | €4,639 | €755 | -€3,884 | -83.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,547 | €10,078 | +€6,531 | +184% |
| Other operating charges | 640/8 | €570 | €308 | -€263 | -46.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €89,152 | -€14,160 | -€103,312 | |
| Operating profit (loss) | 9901 | €85,035 | -€24,545 | -€109,580 | |
| Financial income | 75/76B | €3,086 | €1,246 | -€1,840 | -59.6% |
| Recurring financial income | 75 | €3,086 | €1,246 | -€1,840 | -59.6% |
| Financial charges | 65/66B | €195 | €118 | -€77 | -39.6% |
| Recurring financial charges | 65 | €195 | €118 | -€77 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €87,926 | -€23,417 | -€111,343 | |
| Income taxes | 67/77 | €25,285 | €98 | -€25,187 | -99.6% |
| Profit (loss) for the period | 9904 | €62,641 | -€23,515 | -€86,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,641 | -€23,515 | -€86,156 |
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 25 October 2026 via checked.be.