AG PHAR: what changed
Two fiscal 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.
AG PHAR
Largest movements
- Cash +€29,103
up €29,103 (+53.3%), from €54,639 to €83,743
mainly Depreciation (+€48,829) and Trade debts (+€38,312)
- Intangible fixed assets -€25,000
down €25,000 (-12.5%), from €200,000 to €175,000
- Receivables within one year +€22,970
up €22,970 (+25.8%), from €89,111 to €112,082
of which Trade receivables: +€22,968
- Tangible fixed assets -€14,855
down €14,855 (-6.4%), from €233,332 to €218,477
of which Land and buildings: -€7,589
- Debts after one year -€47,483
down €47,483 (-11.7%), from €406,900 to €359,417
- Trade debts +€38,312
up €38,312 (+149.0%), from €25,710 to €64,022
- Reserves +€34,000
up €34,000 (+50.0%), from €68,000 to €102,000
- Gross operating margin +€7,642
up €7,642 (+3.6%), from €209,987 to €217,629
- Financial charges -€5,306
down €5,306 (-21.1%), from €25,099 to €19,794
- Staff costs +€4,099
up €4,099 (+4.1%), from €98,996 to €103,095
- Depreciation -€3,109
down €3,109 (-6.0%), from €51,938 to €48,829
- Taxes +€3,054
up €3,054 (+48.4%), from €6,307 to €9,361
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.
Cash bridge derived
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 | €625,470 | €638,057 | +€12,587 | +2.0% |
| Fixed assets | 21/28 | €433,977 | €394,122 | -€39,855 | -9.2% |
| Intangible fixed assets | 21 | €200,000 | €175,000 | -€25,000 | -12.5% |
| Tangible fixed assets | 22/27 | €233,332 | €218,477 | -€14,855 | -6.4% |
| Land and buildings | 22 | €186,153 | €178,564 | -€7,589 | -4.1% |
| Plant, machinery and equipment | 23 | €2,015 | €1,649 | -€366 | -18.2% |
| Furniture and vehicles | 24 | €45,164 | €38,265 | -€6,900 | -15.3% |
| Financial fixed assets | 28 | €645 | €645 | = | 0.0% |
| Current assets | 29/58 | €191,493 | €243,935 | +€52,442 | +27.4% |
| Stocks and contracts in progress | 3 | €36,152 | €40,713 | +€4,561 | +12.6% |
| Stocks | 30/36 | €36,152 | €40,713 | +€4,561 | +12.6% |
| Amounts receivable within one year | 40/41 | €89,111 | €112,082 | +€22,970 | +25.8% |
| Trade receivables | 40 | €89,111 | €112,079 | +€22,968 | +25.8% |
| Other amounts receivable | 41 | - | €2 | +€2 | |
| Cash at bank and in hand | 54/58 | €54,639 | €83,743 | +€29,103 | +53.3% |
| Deferred charges and accrued income | 490/1 | €11,591 | €7,398 | -€4,193 | -36.2% |
| Total equity and liabilities | 10/49 | €625,470 | €638,057 | +€12,587 | +2.0% |
| Equity | 10/15 | €83,846 | €117,428 | +€33,582 | +40.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Outside capital | 11 | €15,000 | €15,000 | = | 0.0% |
| Other | 1109/19 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €68,000 | €102,000 | +€34,000 | +50.0% |
| Distributable reserves | 133 | €68,000 | €102,000 | +€34,000 | +50.0% |
| Profit (loss) carried forward | 14 | €846 | €428 | -€418 | -49.4% |
| Amounts payable | 17/49 | €541,624 | €520,629 | -€20,995 | -3.9% |
| Amounts payable after more than one year | 17 | €406,900 | €359,417 | -€47,483 | -11.7% |
| Financial debts | 170/4 | €406,900 | €359,417 | -€47,483 | -11.7% |
| Amounts payable within one year | 42/48 | €132,184 | €159,745 | +€27,560 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €56,330 | €50,858 | -€5,472 | -9.7% |
| Trade debts | 44 | €25,710 | €64,022 | +€38,312 | +149.0% |
| Suppliers | 440/4 | €25,710 | €64,022 | +€38,312 | +149.0% |
| Taxes, remuneration and social security | 45 | €48,268 | €42,545 | -€5,724 | -11.9% |
| Taxes | 450/3 | €31,308 | €26,944 | -€4,365 | -13.9% |
| Remuneration and social security | 454/9 | €16,960 | €15,601 | -€1,359 | -8.0% |
| Other amounts payable | 47/48 | €1,877 | €2,320 | +€444 | +23.6% |
| Accrued charges and deferred income | 492/3 | €2,540 | €1,468 | -€1,072 | -42.2% |
| Remuneration, social security and pensions | 62 | €98,996 | €103,095 | +€4,099 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,938 | €48,829 | -€3,109 | -6.0% |
| Other operating charges | 640/8 | €3,466 | €3,473 | +€6 | +0.2% |
| Gross operating margin | 9900 | €209,987 | €217,629 | +€7,642 | +3.6% |
| Operating profit (loss) | 9901 | €55,586 | €62,231 | +€6,645 | +12.0% |
| Financial income | 75/76B | €1,091 | €1,338 | +€247 | +22.7% |
| Recurring financial income | 75 | €1,091 | €1,338 | +€247 | +22.7% |
| Financial charges | 65/66B | €25,099 | €19,794 | -€5,306 | -21.1% |
| Recurring financial charges | 65 | €25,099 | €19,794 | -€5,306 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €31,577 | €43,775 | +€12,198 | +38.6% |
| Income taxes | 67/77 | €6,307 | €9,361 | +€3,054 | +48.4% |
| Profit (loss) for the period | 9904 | €25,271 | €34,415 | +€9,144 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,271 | €34,415 | +€9,144 | +36.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.