P.H. IMMO: 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.
P.H. IMMO
Largest movements
- Tangible fixed assets +€2.8m
up €2.8m (+9,756%), from €28,268 to €2.8m
- Current investments -€75,000
down €75,000 (-20.0%), from €375,000 to €300,000
- Cash +€39,017
up €39,017 (+187%), from €20,888 to €59,905
mainly Other debts (+€2.7m) and Current investments (+€75,000)
- Other debts +€2.7m
up €2.7m (+638%), from €426,200 to €3.1m
- Gross operating margin +€3,809
up €3,809, from -€3,427 to €382
- Depreciation +€3,346
up €3,346 (+301%), from €1,110 to €4,457
- Financial income -€398
down €398 (-4.5%), from €8,878 to €8,480
- Other operating charges +€394
up €394 (+60.2%), from €655 to €1,049
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 | €426,820 | €3,148,702 | +€2.7m | +638% |
| Fixed assets | 21/28 | €28,268 | €2,786,253 | +€2.8m | +9,756% |
| Tangible fixed assets | 22/27 | €28,268 | €2,786,253 | +€2.8m | +9,756% |
| Land and buildings | 22 | €28,268 | €2,786,253 | +€2.8m | +9,756% |
| Current assets | 29/58 | €398,552 | €362,449 | -€36,102 | -9.1% |
| Amounts receivable within one year | 40/41 | €2,663 | €2,544 | -€119 | -4.5% |
| Other amounts receivable | 41 | €2,663 | €2,544 | -€119 | -4.5% |
| Current investments | 50/53 | €375,000 | €300,000 | -€75,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €20,888 | €59,905 | +€39,017 | +187% |
| Total equity and liabilities | 10/49 | €426,820 | €3,148,702 | +€2.7m | +638% |
| Equity | 10/15 | €233 | €3,502 | +€3,270 | +1,405% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,367 | -€15,098 | +€3,270 | +17.8% |
| Amounts payable | 17/49 | €426,587 | €3,145,200 | +€2.7m | +637% |
| Amounts payable within one year | 42/48 | €426,587 | €3,145,200 | +€2.7m | +637% |
| Trade debts | 44 | €387 | €248 | -€139 | -35.9% |
| Suppliers | 440/4 | €387 | €248 | -€139 | -35.9% |
| Other amounts payable | 47/48 | €426,200 | €3,144,951 | +€2.7m | +638% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,110 | €4,457 | +€3,346 | +301% |
| Other operating charges | 640/8 | €655 | €1,049 | +€394 | +60.2% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | -€3,427 | €382 | +€3,809 | |
| Operating profit (loss) | 9901 | -€5,192 | -€5,135 | +€57 | +1.1% |
| Financial income | 75/76B | €8,878 | €8,480 | -€398 | -4.5% |
| Recurring financial income | 75 | €8,878 | €8,480 | -€398 | -4.5% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €3,612 | €3,270 | -€342 | -9.5% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €3,612 | €3,270 | -€342 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,612 | €3,270 | -€342 | -9.5% |
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 16 October 2026 via checked.be.