PH 410: 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 410
Largest movements
- Cash +€22,633
up €22,633 (+1,094%), from €2,068 to €24,701
mainly Net result for the year (+€15,570) and Receivables within one year (+€10,140)
- Receivables within one year -€10,140
down €10,140 (-76.0%), from €13,347 to €3,207
- Deferred charges and accrued income -€739
no longer reported in 2025 (was €739)
- Tangible fixed assets -€607
down €607 (-92.4%), from €657 to €50
- Profit (loss) carried forward +€15,570
up €15,570 (+56.9%), from -€27,340 to -€11,770
- Other debts -€3,868
down €3,868 (-48.0%), from €8,061 to €4,193
- Trade debts -€2,514
down €2,514 (-20.9%), from €12,011 to €9,497
- Tax, wage and social debts +€1,744
up €1,744 (+94.6%), from €1,844 to €3,588
- Staff costs -€63,430
down €63,430 (-74.7%), from €84,938 to €21,508
- Gross operating margin +€39,049
up €39,049, from -€649 to €38,400
- Other operating charges -€2,167
down €2,167 (-92.2%), from €2,350 to €183
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 | €17,026 | €27,958 | +€10,932 | +64.2% |
| Fixed assets | 21/28 | €872 | €50 | -€822 | -94.3% |
| Tangible fixed assets | 22/27 | €657 | €50 | -€607 | -92.4% |
| Furniture and vehicles | 24 | €657 | €50 | -€607 | -92.4% |
| Financial fixed assets | 28 | €215 | - | -€215 | |
| Current assets | 29/58 | €16,154 | €27,908 | +€11,754 | +72.8% |
| Amounts receivable within one year | 40/41 | €13,347 | €3,207 | -€10,140 | -76.0% |
| Trade receivables | 40 | €13,347 | €3,207 | -€10,140 | -76.0% |
| Cash at bank and in hand | 54/58 | €2,068 | €24,701 | +€22,633 | +1,094% |
| Deferred charges and accrued income | 490/1 | €739 | - | -€739 | |
| Total equity and liabilities | 10/49 | €17,026 | €27,958 | +€10,932 | +64.2% |
| Equity | 10/15 | -€6,880 | €8,690 | +€15,570 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,340 | -€11,770 | +€15,570 | +56.9% |
| Amounts payable | 17/49 | €23,906 | €19,268 | -€4,638 | -19.4% |
| Amounts payable within one year | 42/48 | €23,906 | €19,268 | -€4,638 | -19.4% |
| Trade debts | 44 | €12,011 | €9,497 | -€2,514 | -20.9% |
| Suppliers | 440/4 | €12,011 | €9,497 | -€2,514 | -20.9% |
| Advances received on contracts in progress | 46 | €1,990 | €1,990 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,844 | €3,588 | +€1,744 | +94.6% |
| Taxes | 450/3 | €1,844 | €3,588 | +€1,744 | +94.6% |
| Other amounts payable | 47/48 | €8,061 | €4,193 | -€3,868 | -48.0% |
| Remuneration, social security and pensions | 62 | €84,938 | €21,508 | -€63,430 | -74.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €926 | €607 | -€319 | -34.4% |
| Other operating charges | 640/8 | €2,350 | €183 | -€2,167 | -92.2% |
| Gross operating margin | 9900 | -€649 | €38,400 | +€39,049 | |
| Operating profit (loss) | 9901 | -€88,863 | €16,102 | +€104,965 | |
| Financial income | 75/76B | €316 | €7 | -€309 | -97.8% |
| Recurring financial income | 75 | €316 | €7 | -€309 | -97.8% |
| Financial charges | 65/66B | €750 | €448 | -€302 | -40.3% |
| Recurring financial charges | 65 | €750 | €448 | -€302 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | -€89,297 | €15,661 | +€104,958 | |
| Income taxes | 67/77 | €301 | €91 | -€210 | -69.8% |
| Profit (loss) for the period | 9904 | -€89,598 | €15,570 | +€105,168 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,598 | €15,570 | +€105,168 |
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 20 October 2026 via checked.be.