P.H.D.: 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.
P.H.D.
Largest movements
- Stocks and contracts -€8,991
down €8,991 (-25.3%), from €35,470 to €26,478
- Cash -€2,193
down €2,193 (-23.6%), from €9,293 to €7,100
mainly Net result for the year (-€8,248) and Other debts (-€2,353)
- Profit (loss) carried forward -€8,248
down €8,248 (-3.9%), from -€211,822 to -€220,070
- Other debts -€2,353
down €2,353 (-3.8%), from €61,311 to €58,958
- Tax, wage and social debts -€1,103
down €1,103 (-30.2%), from €3,653 to €2,551
- Trade debts +€519
up €519 (+9.4%), from €5,551 to €6,070
- Gross operating margin -€8,927
down €8,927, from €1,255 to -€7,672
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 | €44,763 | €33,579 | -€11,184 | -25.0% |
| Current assets | 29/58 | €44,763 | €33,579 | -€11,184 | -25.0% |
| Stocks and contracts in progress | 3 | €35,470 | €26,478 | -€8,991 | -25.3% |
| Stocks | 30/36 | €35,470 | €26,478 | -€8,991 | -25.3% |
| Cash at bank and in hand | 54/58 | €9,293 | €7,100 | -€2,193 | -23.6% |
| Total equity and liabilities | 10/49 | €44,763 | €33,579 | -€11,184 | -25.0% |
| Equity | 10/15 | -€149,699 | -€157,947 | -€8,248 | -5.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €122 | €122 | = | 0.0% |
| Non-distributable reserves | 130/1 | €122 | €122 | = | 0.0% |
| Reserves not available under the articles | 1311 | €122 | €122 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€211,822 | -€220,070 | -€8,248 | -3.9% |
| Amounts payable | 17/49 | €194,462 | €191,526 | -€2,936 | -1.5% |
| Amounts payable after more than one year | 17 | €123,947 | €123,947 | = | 0.0% |
| Financial debts | 170/4 | €123,947 | €123,947 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,515 | €67,579 | -€2,936 | -4.2% |
| Trade debts | 44 | €5,551 | €6,070 | +€519 | +9.4% |
| Suppliers | 440/4 | €5,551 | €6,070 | +€519 | +9.4% |
| Taxes, remuneration and social security | 45 | €3,653 | €2,551 | -€1,103 | -30.2% |
| Taxes | 450/3 | €3,653 | €2,551 | -€1,103 | -30.2% |
| Other amounts payable | 47/48 | €61,311 | €58,958 | -€2,353 | -3.8% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €1,255 | -€7,672 | -€8,927 | |
| Operating profit (loss) | 9901 | €870 | -€8,059 | -€8,930 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €236 | €189 | -€47 | -20.1% |
| Recurring financial charges | 65 | €236 | €189 | -€47 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €635 | -€8,248 | -€8,883 | |
| Profit (loss) for the period | 9904 | €635 | -€8,248 | -€8,883 | |
| Profit (loss) for the period to be appropriated | 9905 | €635 | -€8,248 | -€8,883 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.