PHADEFI: what changed
What changed
PHADEFI
filed annual accounts (NBB)
Net result for the year
-€16,572
2024 · -€17,569+€997
Equity
€115,013
2024 · €131,585-€16,572
Cash
€5,016
2024 · €2,446+€2,569
Balance sheet total
€296,326
2024 · €319,563-€23,238
Largest movements
Assets
- Tangible fixed assets -€23,710
down €23,710 (-7.8%), from €302,383 to €278,673
of which Land and buildings: -€12,497
Equity and liabilities
- Profit (loss) carried forward -€11,295
down €11,295 (-35.6%), from -€31,763 to -€43,057
- Reserves -€5,277
down €5,277 (-5.2%), from €101,374 to €96,097
of which Tax-exempt reserves: -€5,277
Income statement
- Other operating charges -€8,942
down €8,942 (-77.5%), from €11,544 to €2,602
- Depreciation +€5,967
up €5,967 (+33.6%), from €17,743 to €23,710
- Gross operating margin -€1,753
down €1,753 (-12.0%), from €14,663 to €12,910
- Financial charges +€282
up €282 (+5.2%), from €5,433 to €5,715
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
-€17,569
Gross operating margin
-€1,753
Depreciation
-€5,967
Other operating charges
+€8,942
Financial charges
-€282
Taxes
+€57
Result 2025
-€16,572
raises the resultlowers the result
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
+€2,569
Investment
€0
Financing
€0
Cash 2024
€2,446
From operations (derived)
+€2,569
Net result for the year
-€16,572
Depreciation
+€23,710
Receivables within one year
+€1,420
Deferred charges and accrued income
+€677
Provisions
-€2,717
Trade debts
-€850
Tax, wage and social debts
-€186
Other debts
-€3,194
Accrued charges and deferred income
+€282
Cash 2025
€5,016
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €319,563 | €296,326 | -€23,238 | -7.3% |
| Fixed assets | 21/28 | €302,383 | €278,673 | -€23,710 | -7.8% |
| Tangible fixed assets | 22/27 | €302,383 | €278,673 | -€23,710 | -7.8% |
| Land and buildings | 22 | €263,139 | €250,641 | -€12,497 | -4.7% |
| Furniture and vehicles | 24 | €39,245 | €28,031 | -€11,213 | -28.6% |
| Current assets | 29/58 | €17,180 | €17,653 | +€473 | +2.8% |
| Amounts receivable within one year | 40/41 | €11,855 | €10,435 | -€1,420 | -12.0% |
| Other amounts receivable | 41 | €11,855 | €10,435 | -€1,420 | -12.0% |
| Cash at bank and in hand | 54/58 | €2,446 | €5,016 | +€2,569 | +105% |
| Deferred charges and accrued income | 490/1 | €2,878 | €2,202 | -€677 | -23.5% |
| Total equity and liabilities | 10/49 | €319,563 | €296,326 | -€23,238 | -7.3% |
| Equity | 10/15 | €131,585 | €115,013 | -€16,572 | -12.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €101,374 | €96,097 | -€5,277 | -5.2% |
| Non-distributable reserves | 130/1 | €592 | €592 | = | 0.0% |
| Legal reserve | 130 | €592 | €592 | = | 0.0% |
| Tax-exempt reserves | 132 | €100,781 | €95,504 | -€5,277 | -5.2% |
| Profit (loss) carried forward | 14 | -€31,763 | -€43,057 | -€11,295 | -35.6% |
| Provisions and deferred taxes | 16 | €40,341 | €37,624 | -€2,717 | -6.7% |
| Deferred taxes | 168 | €40,341 | €37,624 | -€2,717 | -6.7% |
| Amounts payable | 17/49 | €147,638 | €143,689 | -€3,948 | -2.7% |
| Amounts payable within one year | 42/48 | €142,289 | €138,058 | -€4,230 | -3.0% |
| Trade debts | 44 | €1,430 | €579 | -€850 | -59.5% |
| Suppliers | 440/4 | €1,430 | €579 | -€850 | -59.5% |
| Taxes, remuneration and social security | 45 | €357 | €171 | -€186 | -52.0% |
| Taxes | 450/3 | €357 | €171 | -€186 | -52.0% |
| Other amounts payable | 47/48 | €140,502 | €137,308 | -€3,194 | -2.3% |
| Accrued charges and deferred income | 492/3 | €5,349 | €5,631 | +€282 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,743 | €23,710 | +€5,967 | +33.6% |
| Other operating charges | 640/8 | €11,544 | €2,602 | -€8,942 | -77.5% |
| Gross operating margin | 9900 | €14,663 | €12,910 | -€1,753 | -12.0% |
| Operating profit (loss) | 9901 | -€14,625 | -€13,403 | +€1,222 | +8.4% |
| Financial charges | 65/66B | €5,433 | €5,715 | +€282 | +5.2% |
| Recurring financial charges | 65 | €5,433 | €5,715 | +€282 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | -€20,058 | -€19,118 | +€940 | +4.7% |
| Transfer from deferred taxes | 780 | €2,717 | €2,717 | = | 0.0% |
| Income taxes | 67/77 | €229 | €171 | -€57 | -25.0% |
| Profit (loss) for the period | 9904 | -€17,569 | -€16,572 | +€997 | +5.7% |
| Transfer from tax-exempt reserves | 789 | €5,277 | €5,277 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,292 | -€11,295 | +€997 | +8.1% |
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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 3 November 2026 via checked.be.