PHENIX: what changed
What changed
PHENIX
filed annual accounts (NBB)
Net result for the year
-€138,891
2024 · €55,527-€194,418
Equity
€29,828
2024 · €154,284-€124,456
Cash
€38,120
2024 · €60,932-€22,812
Balance sheet total
€58,329
2024 · €232,107-€173,778
Largest movements
Assets
- Stocks and contracts -€129,908
no longer reported in 2025 (was €129,908)
- Receivables within one year -€32,821
no longer reported in 2025 (was €32,821)
of which Trade receivables: -€20,075
- Cash -€22,812
down €22,812 (-37.4%), from €60,932 to €38,120
mainly Net result for the year (-€138,891) and Debts after one year (-€35,200)
- Financial fixed assets +€11,553
up €11,553 (+137%), from €8,447 to €20,000
Equity and liabilities
- Profit (loss) carried forward -€138,891
down €138,891, from €13,865 to -€125,026
- Debts after one year -€35,200
down €35,200 (-91.4%), from €38,513 to €3,313
- Revaluation surpluses +€14,435
new in 2025: €14,435
- Tax, wage and social debts -€11,824
down €11,824 (-32.5%), from €36,431 to €24,607
of which Taxes: -€11,615
Income statement
- Gross operating margin -€185,429
down €185,429, from €99,437 to -€85,992
- Taxes -€24,688
down €24,688 (-95.4%), from €25,875 to €1,187
- Staff costs -€4,757
down €4,757 (-70.9%), from €6,707 to €1,949
- Financial charges -€1,635
down €1,635 (-35.9%), from €4,555 to €2,919
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€55,527
Gross operating margin
-€185,429
Staff costs
+€4,757
Depreciation
+€343
Write-downs
+€745
Other operating charges
-€313
Other operating items
-€40,610
Financial income
-€234
Financial charges
+€1,635
Taxes
+€24,688
Result 2025
-€138,891
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€10,006
Investment
-€11,553
Financing
-€21,265
Cash 2024
€60,932
From operations (derived)
+€10,006
Net result for the year
-€138,891
Receivables after one year
-€210
Stocks and contracts
+€129,908
Receivables within one year
+€32,821
Trade debts
-€1,798
Tax, wage and social debts
-€11,824
Investment (derived)
-€11,553
Investment in fixed assets (net)
-€11,553
Financing
-€21,265
Debts after one year
-€35,200
Short-term financial debts
-€500
Contributions, distributions and other
+€14,435
Cash 2025
€38,120
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €232,107 | €58,329 | -€173,778 | -74.9% |
| Fixed assets | 21/28 | €8,447 | €20,000 | +€11,553 | +137% |
| Financial fixed assets | 28 | €8,447 | €20,000 | +€11,553 | +137% |
| Current assets | 29/58 | €223,660 | €38,329 | -€185,331 | -82.9% |
| Amounts receivable after more than one year | 29 | - | €210 | +€210 | |
| Trade receivables | 290 | - | €210 | +€210 | |
| Stocks and contracts in progress | 3 | €129,908 | - | -€129,908 | |
| Stocks | 30/36 | €129,908 | - | -€129,908 | |
| Amounts receivable within one year | 40/41 | €32,821 | - | -€32,821 | |
| Trade receivables | 40 | €20,075 | - | -€20,075 | |
| Other amounts receivable | 41 | €12,745 | - | -€12,745 | |
| Cash at bank and in hand | 54/58 | €60,932 | €38,120 | -€22,812 | -37.4% |
| Total equity and liabilities | 10/49 | €232,107 | €58,329 | -€173,778 | -74.9% |
| Equity | 10/15 | €154,284 | €29,828 | -€124,456 | -80.7% |
| Contributions | 10/11 | €62,311 | €62,311 | = | 0.0% |
| Capital | 10 | €62,311 | €62,311 | = | 0.0% |
| Issued capital | 100 | €62,311 | €62,311 | = | 0.0% |
| Revaluation surpluses | 12 | - | €14,435 | +€14,435 | |
| Reserves | 13 | €78,108 | €78,108 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,231 | €2,231 | = | 0.0% |
| Legal reserve | 130 | €2,231 | €2,231 | = | 0.0% |
| Distributable reserves | 133 | €75,877 | €75,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,865 | -€125,026 | -€138,891 | |
| Amounts payable | 17/49 | €77,823 | €28,501 | -€49,322 | -63.4% |
| Amounts payable after more than one year | 17 | €38,513 | €3,313 | -€35,200 | -91.4% |
| Financial debts | 170/4 | €38,513 | €3,313 | -€35,200 | -91.4% |
| Amounts payable within one year | 42/48 | €39,311 | €25,189 | -€14,122 | -35.9% |
| Financial debts | 43 | €500 | - | -€500 | |
| Credit institutions | 430/8 | €500 | - | -€500 | |
| Trade debts | 44 | €2,380 | €582 | -€1,798 | -75.5% |
| Suppliers | 440/4 | €2,380 | €582 | -€1,798 | -75.5% |
| Taxes, remuneration and social security | 45 | €36,431 | €24,607 | -€11,824 | -32.5% |
| Taxes | 450/3 | €36,221 | €24,607 | -€11,615 | -32.1% |
| Remuneration and social security | 454/9 | €209 | - | -€209 | |
| Remuneration, social security and pensions | 62 | €6,707 | €1,949 | -€4,757 | -70.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343 | - | -€343 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,119 | €375 | -€745 | -66.5% |
| Other operating charges | 640/8 | €5,598 | €5,911 | +€313 | +5.6% |
| Non-recurring operating charges | 66A | - | €40,610 | +€40,610 | |
| Gross operating margin | 9900 | €99,437 | -€85,992 | -€185,429 | |
| Operating profit (loss) | 9901 | €85,670 | -€134,837 | -€220,507 | |
| Financial income | 75/76B | €286 | €52 | -€234 | -81.9% |
| Recurring financial income | 75 | €286 | €52 | -€234 | -81.9% |
| Non-recurring financial income | 76B | €286 | - | -€286 | |
| Financial charges | 65/66B | €4,555 | €2,919 | -€1,635 | -35.9% |
| Recurring financial charges | 65 | €4,555 | €2,919 | -€1,635 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €81,402 | -€137,704 | -€219,106 | |
| Income taxes | 67/77 | €25,875 | €1,187 | -€24,688 | -95.4% |
| Profit (loss) for the period | 9904 | €55,527 | -€138,891 | -€194,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,527 | -€138,891 | -€194,418 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.