PH&A: 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&A
Largest movements
- Cash +€67,698
up €67,698 (+155%), from €43,801 to €111,499
mainly Current investments (+€60,000) and Net result for the year (+€38,248)
- Current investments -€60,000
down €60,000 (-20.0%), from €300,000 to €240,000
- Receivables within one year +€19,062
new in 2025: €19,062
of which Trade receivables: +€17,787
- Receivables after one year -€18,893
no longer reported in 2025 (was €18,893)
of which Trade receivables: -€16,238
- Tangible fixed assets +€5,774
up €5,774 (+687%), from €841 to €6,615
of which Furniture and vehicles: +€5,839
- Reserves +€15,086
up €15,086 (+4.4%), from €345,337 to €360,423
- Gross operating margin -€8,183
down €8,183 (-14.6%), from €56,019 to €47,836
- Taxes -€2,794
down €2,794 (-15.9%), from €17,581 to €14,787
- Other operating charges +€2,219
new in 2025: €2,219
- Financial income +€1,872
up €1,872 (+25.8%), from €7,252 to €9,124
of which Financial income: +€1,872
- Depreciation +€1,614
new in 2025: €1,614
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 | €365,272 | €377,177 | +€11,905 | +3.3% |
| Fixed assets | 21/28 | €841 | €6,615 | +€5,774 | +687% |
| Tangible fixed assets | 22/27 | €841 | €6,615 | +€5,774 | +687% |
| Plant, machinery and equipment | 23 | €841 | €776 | -€65 | -7.7% |
| Furniture and vehicles | 24 | - | €5,839 | +€5,839 | |
| Current assets | 29/58 | €364,431 | €370,562 | +€6,131 | +1.7% |
| Amounts receivable after more than one year | 29 | €18,893 | - | -€18,893 | |
| Trade receivables | 290 | €16,238 | - | -€16,238 | |
| Other amounts receivable | 291 | €2,655 | - | -€2,655 | |
| Amounts receivable within one year | 40/41 | - | €19,062 | +€19,062 | |
| Trade receivables | 40 | - | €17,787 | +€17,787 | |
| Other amounts receivable | 41 | - | €1,275 | +€1,275 | |
| Current investments | 50/53 | €300,000 | €240,000 | -€60,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €43,801 | €111,499 | +€67,698 | +155% |
| Deferred charges and accrued income | 490/1 | €1,737 | - | -€1,737 | |
| Total equity and liabilities | 10/49 | €365,272 | €377,177 | +€11,905 | +3.3% |
| Equity | 10/15 | €347,783 | €362,870 | +€15,087 | +4.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €345,337 | €360,423 | +€15,086 | +4.4% |
| Distributable reserves | 133 | €345,337 | €360,423 | +€15,086 | +4.4% |
| Profit (loss) carried forward | 14 | €1,446 | €1,446 | +€0 | 0.0% |
| Amounts payable | 17/49 | €17,489 | €14,307 | -€3,182 | -18.2% |
| Amounts payable within one year | 42/48 | €17,489 | €14,307 | -€3,182 | -18.2% |
| Trade debts | 44 | €2,230 | €171 | -€2,059 | -92.3% |
| Suppliers | 440/4 | €2,230 | €171 | -€2,059 | -92.3% |
| Taxes, remuneration and social security | 45 | €15,259 | €14,137 | -€1,122 | -7.4% |
| Taxes | 450/3 | €15,259 | €14,137 | -€1,122 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,614 | +€1,614 | |
| Other operating charges | 640/8 | - | €2,219 | +€2,219 | |
| Gross operating margin | 9900 | €56,019 | €47,836 | -€8,183 | -14.6% |
| Operating profit (loss) | 9901 | €56,019 | €44,003 | -€12,017 | -21.5% |
| Financial income | 75/76B | €7,252 | €9,124 | +€1,872 | +25.8% |
| Recurring financial income | 75 | €7,252 | €9,124 | +€1,872 | +25.8% |
| Non-recurring financial income | 76B | €7,252 | - | -€7,252 | |
| Financial charges | 65/66B | €92 | €92 | -€0 | -0.5% |
| Recurring financial charges | 65 | €92 | €92 | -€0 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €63,179 | €53,035 | -€10,144 | -16.1% |
| Income taxes | 67/77 | €17,581 | €14,787 | -€2,794 | -15.9% |
| Profit (loss) for the period | 9904 | €45,598 | €38,248 | -€7,350 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,598 | €38,248 | -€7,350 | -16.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.