pH-20: 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.
pH-20
Largest movements
- Cash -€59,360
down €59,360 (-38.6%), from €153,790 to €94,430
mainly Contributions, distributions and other (-€63,764) and Receivables within one year (-€38,526)
- Receivables within one year +€38,526
up €38,526 (+676.0%), from €5,699 to €44,225
of which Trade receivables: +€30,802
- Other debts -€29,932
down €29,932 (-30.3%), from €98,712 to €68,780
- Write-downs +€198,057
up €198,057 (+99.9%), from -€198,213 to -€156
- Other operating charges -€181,599
down €181,599 (-98.6%), from €184,097 to €2,498
- Gross operating margin +€11,641
up €11,641 (+14.1%), from €82,452 to €94,093
- Financial income -€4,737
down €4,737 (-53.3%), from €8,891 to €4,154
- Financial charges +€3,707
up €3,707 (+423.7%), from €875 to €4,583
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 | €532,364 | €497,096 | -€35,269 | -6.6% |
| Fixed assets | 21/28 | €45,344 | €43,670 | -€1,674 | -3.7% |
| Tangible fixed assets | 22/27 | €45,344 | €43,670 | -€1,674 | -3.7% |
| Plant, machinery and equipment | 23 | €2,497 | €1,539 | -€958 | -38.4% |
| Furniture and vehicles | 24 | €5,705 | €7,484 | +€1,780 | +31.2% |
| Other tangible fixed assets | 26 | €37,143 | €34,647 | -€2,496 | -6.7% |
| Current assets | 29/58 | €487,020 | €453,425 | -€33,594 | -6.9% |
| Stocks and contracts in progress | 3 | €21,553 | €17,286 | -€4,267 | -19.8% |
| Stocks | 30/36 | €21,553 | €17,286 | -€4,267 | -19.8% |
| Amounts receivable within one year | 40/41 | €5,699 | €44,225 | +€38,526 | +676.0% |
| Trade receivables | 40 | €3,367 | €34,170 | +€30,802 | +914.7% |
| Other amounts receivable | 41 | €2,332 | €10,056 | +€7,724 | +331.3% |
| Current investments | 50/53 | €300,000 | €295,830 | -€4,170 | -1.4% |
| Cash at bank and in hand | 54/58 | €153,790 | €94,430 | -€59,360 | -38.6% |
| Deferred charges and accrued income | 490/1 | €5,978 | €1,654 | -€4,323 | -72.3% |
| Total equity and liabilities | 10/49 | €532,364 | €497,096 | -€35,269 | -6.6% |
| Equity | 10/15 | €401,515 | €401,513 | -€2 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €381,513 | €381,513 | = | 0.0% |
| Distributable reserves | 133 | €381,513 | €381,513 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2 | - | -€2 | |
| Amounts payable | 17/49 | €130,849 | €95,582 | -€35,267 | -27.0% |
| Amounts payable within one year | 42/48 | €130,849 | €95,582 | -€35,267 | -27.0% |
| Trade debts | 44 | €28,414 | €24,370 | -€4,043 | -14.2% |
| Suppliers | 440/4 | €28,414 | €24,370 | -€4,043 | -14.2% |
| Taxes, remuneration and social security | 45 | €3,723 | €2,432 | -€1,292 | -34.7% |
| Taxes | 450/3 | €2,430 | €2,432 | +€2 | +0.1% |
| Remuneration and social security | 454/9 | €1,293 | €0 | -€1,293 | -100.0% |
| Other amounts payable | 47/48 | €98,712 | €68,780 | -€29,932 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,364 | €8,908 | +€2,545 | +40.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€198,213 | -€156 | +€198,057 | +99.9% |
| Other operating charges | 640/8 | €184,097 | €2,498 | -€181,599 | -98.6% |
| Gross operating margin | 9900 | €82,452 | €94,093 | +€11,641 | +14.1% |
| Operating profit (loss) | 9901 | €90,204 | €82,842 | -€7,362 | -8.2% |
| Financial income | 75/76B | €8,891 | €4,154 | -€4,737 | -53.3% |
| Recurring financial income | 75 | €8,891 | €4,154 | -€4,737 | -53.3% |
| Financial charges | 65/66B | €875 | €4,583 | +€3,707 | +423.7% |
| Recurring financial charges | 65 | €875 | €4,583 | +€3,707 | +423.7% |
| Profit (loss) for the period before taxes | 9903 | €98,221 | €82,414 | -€15,806 | -16.1% |
| Income taxes | 67/77 | €22,039 | €18,652 | -€3,387 | -15.4% |
| Profit (loss) for the period | 9904 | €76,182 | €63,762 | -€12,419 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,182 | €63,762 | -€12,419 | -16.3% |
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.