Dr. PJH: 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.
Dr. PJH
Largest movements
- Cash +€37,358
up €37,358 (+58.9%), from €63,382 to €100,740
mainly Net result for the year (+€273,056) and Other debts (+€82,178)
- Receivables within one year -€10,477
down €10,477 (-4.8%), from €219,497 to €209,021
- Other debts +€82,178
up €82,178 (+44.6%), from €184,073 to €266,250
- Tax, wage and social debts -€38,964
down €38,964 (-90.4%), from €43,114 to €4,150
- Debts after one year -€17,806
down €17,806 (-49.6%), from €35,885 to €18,079
- Gross operating margin -€15,388
down €15,388 (-4.0%), from €380,654 to €365,266
- Financial income -€4,898
down €4,898 (-97.3%), from €5,035 to €137
- Taxes -€4,528
down €4,528 (-5.0%), from €90,832 to €86,303
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 | €305,064 | €329,940 | +€24,876 | +8.2% |
| Fixed assets | 21/28 | €18,576 | €18,355 | -€221 | -1.2% |
| Tangible fixed assets | 22/27 | €18,201 | €17,980 | -€221 | -1.2% |
| Plant, machinery and equipment | 23 | €2,278 | €3,880 | +€1,602 | +70.3% |
| Furniture and vehicles | 24 | €15,923 | €14,100 | -€1,823 | -11.4% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €286,488 | €311,585 | +€25,096 | +8.8% |
| Amounts receivable within one year | 40/41 | €219,497 | €209,021 | -€10,477 | -4.8% |
| Other amounts receivable | 41 | €219,497 | €209,021 | -€10,477 | -4.8% |
| Cash at bank and in hand | 54/58 | €63,382 | €100,740 | +€37,358 | +58.9% |
| Deferred charges and accrued income | 490/1 | €3,609 | €1,824 | -€1,785 | -49.5% |
| Total equity and liabilities | 10/49 | €305,064 | €329,940 | +€24,876 | +8.2% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €284,604 | €309,480 | +€24,876 | +8.7% |
| Amounts payable after more than one year | 17 | €35,885 | €18,079 | -€17,806 | -49.6% |
| Financial debts | 170/4 | €35,885 | €18,079 | -€17,806 | -49.6% |
| Amounts payable within one year | 42/48 | €245,452 | €288,401 | +€42,949 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €17,538 | €17,806 | +€269 | +1.5% |
| Trade debts | 44 | €728 | €194 | -€534 | -73.3% |
| Suppliers | 440/4 | €728 | €194 | -€534 | -73.3% |
| Taxes, remuneration and social security | 45 | €43,114 | €4,150 | -€38,964 | -90.4% |
| Taxes | 450/3 | €43,114 | €4,150 | -€38,964 | -90.4% |
| Other amounts payable | 47/48 | €184,073 | €266,250 | +€82,178 | +44.6% |
| Accrued charges and deferred income | 492/3 | €3,267 | €3,000 | -€267 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,062 | €3,069 | +€7 | +0.2% |
| Other operating charges | 640/8 | €1,355 | €1,358 | +€4 | +0.3% |
| Non-recurring operating charges | 66A | €1,147 | €0 | -€1,147 | -100% |
| Gross operating margin | 9900 | €380,654 | €365,266 | -€15,388 | -4.0% |
| Operating profit (loss) | 9901 | €375,091 | €360,839 | -€14,252 | -3.8% |
| Financial income | 75/76B | €5,035 | €137 | -€4,898 | -97.3% |
| Recurring financial income | 75 | €5,035 | €137 | -€4,898 | -97.3% |
| Financial charges | 65/66B | €1,870 | €1,616 | -€253 | -13.5% |
| Recurring financial charges | 65 | €1,870 | €1,616 | -€253 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €378,256 | €359,359 | -€18,897 | -5.0% |
| Income taxes | 67/77 | €90,832 | €86,303 | -€4,528 | -5.0% |
| Profit (loss) for the period | 9904 | €287,424 | €273,056 | -€14,368 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €287,424 | €273,056 | -€14,368 | -5.0% |
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 17 October 2026 via checked.be.