PDHS: 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.
PDHS
Largest movements
- Cash +€42,257
up €42,257 (+40.1%), from €105,374 to €147,631
mainly Net result for the year (+€28,814) and Tax, wage and social debts (+€12,038)
- Current investments -€5,566
down €5,566 (-4.9%), from €114,589 to €109,022
- Receivables within one year +€4,054
up €4,054 (+12.5%), from €32,546 to €36,601
of which Trade receivables: +€4,100
- Reserves +€28,814
up €28,814 (+12.5%), from €230,539 to €259,353
of which Distributable reserves: +€28,814
- Tax, wage and social debts +€12,038
up €12,038 (+392.0%), from €3,071 to €15,109
- Gross operating margin +€13,875
up €13,875 (+52.0%), from €26,708 to €40,584
- Taxes +€3,873
up €3,873 (+49.7%), from €7,790 to €11,663
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 | €255,437 | €295,360 | +€39,924 | +15.6% |
| Fixed assets | 21/28 | €1,161 | €313 | -€848 | -73.0% |
| Tangible fixed assets | 22/27 | €1,161 | €313 | -€848 | -73.0% |
| Plant, machinery and equipment | 23 | €852 | €313 | -€539 | -63.3% |
| Other tangible fixed assets | 26 | €309 | - | -€309 | |
| Current assets | 29/58 | €254,276 | €295,047 | +€40,771 | +16.0% |
| Stocks and contracts in progress | 3 | €939 | €825 | -€115 | -12.2% |
| Stocks | 30/36 | €939 | €825 | -€115 | -12.2% |
| Amounts receivable within one year | 40/41 | €32,546 | €36,601 | +€4,054 | +12.5% |
| Trade receivables | 40 | €32,500 | €36,601 | +€4,100 | +12.6% |
| Other amounts receivable | 41 | €46 | - | -€46 | |
| Current investments | 50/53 | €114,589 | €109,022 | -€5,566 | -4.9% |
| Cash at bank and in hand | 54/58 | €105,374 | €147,631 | +€42,257 | +40.1% |
| Deferred charges and accrued income | 490/1 | €827 | €968 | +€141 | +17.0% |
| Total equity and liabilities | 10/49 | €255,437 | €295,360 | +€39,924 | +15.6% |
| Equity | 10/15 | €250,539 | €279,353 | +€28,814 | +11.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €230,539 | €259,353 | +€28,814 | +12.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €228,539 | €257,353 | +€28,814 | +12.6% |
| Amounts payable | 17/49 | €4,898 | €16,008 | +€11,110 | +226.8% |
| Amounts payable within one year | 42/48 | €4,898 | €16,008 | +€11,110 | +226.8% |
| Trade debts | 44 | €1,826 | €898 | -€928 | -50.8% |
| Suppliers | 440/4 | €1,826 | €898 | -€928 | -50.8% |
| Taxes, remuneration and social security | 45 | €3,071 | €15,109 | +€12,038 | +392.0% |
| Taxes | 450/3 | €3,071 | €15,109 | +€12,038 | +392.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €848 | €848 | -€0 | 0.0% |
| Other operating charges | 640/8 | €668 | €688 | +€20 | +2.9% |
| Gross operating margin | 9900 | €26,708 | €40,584 | +€13,875 | +52.0% |
| Operating profit (loss) | 9901 | €25,192 | €39,048 | +€13,856 | +55.0% |
| Financial income | 75/76B | €1,519 | €1,715 | +€195 | +12.8% |
| Recurring financial income | 75 | €1,519 | €1,715 | +€195 | +12.8% |
| Financial charges | 65/66B | €551 | €285 | -€265 | -48.2% |
| Recurring financial charges | 65 | €551 | €285 | -€265 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €26,161 | €40,477 | +€14,316 | +54.7% |
| Income taxes | 67/77 | €7,790 | €11,663 | +€3,873 | +49.7% |
| Profit (loss) for the period | 9904 | €18,371 | €28,814 | +€10,443 | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,371 | €28,814 | +€10,443 | +56.8% |
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 12 October 2026 via checked.be.