P.H.L. Distribution: 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.L. Distribution
Largest movements
- Receivables within one year +€17,505
up €17,505 (+43.1%), from €40,578 to €58,082
of which Trade receivables: +€17,357
- Tangible fixed assets -€14,436
down €14,436 (-20.6%), from €70,210 to €55,774
of which Furniture and vehicles: -€14,361
- Short-term financial debts +€14,465
up €14,465 (+435%), from €3,329 to €17,794
- Debts after one year -€12,606
down €12,606 (-24.8%), from €50,848 to €38,241
- Tax, wage and social debts +€3,828
up €3,828 (+21.9%), from €17,505 to €21,333
of which Remuneration and social security: +€4,161
- Trade debts +€3,709
up €3,709 (+11.8%), from €31,447 to €35,156
- Current portion of long-term debt -€3,497
down €3,497 (-18.0%), from €19,403 to €15,905
- Depreciation +€7,409
up €7,409 (+95.6%), from €7,747 to €15,156
- Staff costs -€6,199
down €6,199 (-9.5%), from €65,283 to €59,084
- Other operating charges -€3,355
down €3,355 (-57.7%), from €5,814 to €2,459
- Financial charges +€2,137
up €2,137 (+155%), from €1,375 to €3,512
of which Financial charges: +€2,098
- Gross operating margin -€2,084
down €2,084 (-2.5%), from €84,456 to €82,372
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 | €188,760 | €191,825 | +€3,065 | +1.6% |
| Fixed assets | 21/28 | €73,160 | €58,724 | -€14,436 | -19.7% |
| Tangible fixed assets | 22/27 | €70,210 | €55,774 | -€14,436 | -20.6% |
| Plant, machinery and equipment | 23 | €180 | €104 | -€76 | -42.1% |
| Furniture and vehicles | 24 | €70,030 | €55,670 | -€14,361 | -20.5% |
| Financial fixed assets | 28 | €2,950 | €2,950 | = | 0.0% |
| Current assets | 29/58 | €115,600 | €133,102 | +€17,501 | +15.1% |
| Stocks and contracts in progress | 3 | €70,949 | €72,740 | +€1,791 | +2.5% |
| Stocks | 30/36 | €70,949 | €72,740 | +€1,791 | +2.5% |
| Amounts receivable within one year | 40/41 | €40,578 | €58,082 | +€17,505 | +43.1% |
| Trade receivables | 40 | €38,427 | €55,784 | +€17,357 | +45.2% |
| Other amounts receivable | 41 | €2,151 | €2,298 | +€147 | +6.8% |
| Cash at bank and in hand | 54/58 | €1,072 | - | -€1,072 | |
| Deferred charges and accrued income | 490/1 | €3,001 | €2,279 | -€722 | -24.1% |
| Total equity and liabilities | 10/49 | €188,760 | €191,825 | +€3,065 | +1.6% |
| Equity | 10/15 | €46,270 | €43,436 | -€2,833 | -6.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,678 | €24,844 | -€2,833 | -10.2% |
| Amounts payable | 17/49 | €142,491 | €148,389 | +€5,898 | +4.1% |
| Amounts payable after more than one year | 17 | €50,848 | €38,241 | -€12,606 | -24.8% |
| Financial debts | 170/4 | €50,848 | €38,241 | -€12,606 | -24.8% |
| Amounts payable within one year | 42/48 | €91,643 | €110,148 | +€18,505 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €19,403 | €15,905 | -€3,497 | -18.0% |
| Financial debts | 43 | €3,329 | €17,794 | +€14,465 | +435% |
| Credit institutions | 430/8 | €3,329 | €17,794 | +€14,465 | +435% |
| Trade debts | 44 | €31,447 | €35,156 | +€3,709 | +11.8% |
| Suppliers | 440/4 | €31,447 | €35,156 | +€3,709 | +11.8% |
| Taxes, remuneration and social security | 45 | €17,505 | €21,333 | +€3,828 | +21.9% |
| Taxes | 450/3 | €10,392 | €10,059 | -€333 | -3.2% |
| Remuneration and social security | 454/9 | €7,114 | €11,275 | +€4,161 | +58.5% |
| Other amounts payable | 47/48 | €19,959 | €19,959 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €65,283 | €59,084 | -€6,199 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,747 | €15,156 | +€7,409 | +95.6% |
| Other operating charges | 640/8 | €5,814 | €2,459 | -€3,355 | -57.7% |
| Gross operating margin | 9900 | €84,456 | €82,372 | -€2,084 | -2.5% |
| Operating profit (loss) | 9901 | €5,613 | €5,673 | +€60 | +1.1% |
| Financial income | 75/76B | €19 | €6 | -€13 | -69.0% |
| Recurring financial income | 75 | €19 | €6 | -€13 | -69.0% |
| Financial charges | 65/66B | €1,375 | €3,512 | +€2,137 | +155% |
| Recurring financial charges | 65 | €1,306 | €3,404 | +€2,098 | +161% |
| Non-recurring financial charges | 66B | €69 | €108 | +€39 | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €4,257 | €2,167 | -€2,090 | -49.1% |
| Income taxes | 67/77 | €4,125 | €5,000 | +€875 | +21.2% |
| Profit (loss) for the period | 9904 | €131 | -€2,833 | -€2,965 | |
| Profit (loss) for the period to be appropriated | 9905 | €131 | -€2,833 | -€2,965 |
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 26 October 2026 via checked.be.