PH Advisory: what changed
Two fiscal 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 Advisory
Largest movements
- Cash -€122,774
down €122,774 (-76.2%), from €161,119 to €38,345
mainly Investment in fixed assets (net) (-€190,712) and Current portion of long-term debt (-€91,969)
- Tangible fixed assets +€111,915
up €111,915 (+8.1%), from €1.4m to €1.5m
- Current portion of long-term debt -€91,969
down €91,969 (-50.2%), from €183,093 to €91,124
- Reserves +€43,762
up €43,762 (+12.9%), from €339,971 to €383,733
of which Distributable reserves: +€43,762
- Tax, wage and social debts +€16,944
up €16,944 (+214.4%), from €7,904 to €24,848
of which Taxes: +€17,779
- Depreciation -€28,847
down €28,847 (-26.8%), from €107,643 to €78,796
- Gross operating margin -€26,196
down €26,196 (-12.8%), from €203,991 to €177,795
- Financial charges +€11,318
up €11,318 (+63.1%), from €17,940 to €29,258
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 | €1,585,075 | €1,565,287 | -€19,788 | -1.2% |
| Fixed assets | 21/28 | €1,381,195 | €1,493,111 | +€111,915 | +8.1% |
| Tangible fixed assets | 22/27 | €1,381,195 | €1,493,111 | +€111,915 | +8.1% |
| Land and buildings | 22 | €1,323,855 | €1,379,333 | +€55,477 | +4.2% |
| Plant, machinery and equipment | 23 | €55,821 | €111,623 | +€55,801 | +100.0% |
| Furniture and vehicles | 24 | €1,519 | €2,156 | +€636 | +41.9% |
| Current assets | 29/58 | €203,880 | €72,176 | -€131,704 | -64.6% |
| Amounts receivable within one year | 40/41 | €42,761 | €33,831 | -€8,930 | -20.9% |
| Trade receivables | 40 | €36,255 | €33,831 | -€2,423 | -6.7% |
| Other amounts receivable | 41 | €6,506 | - | -€6,506 | |
| Cash at bank and in hand | 54/58 | €161,119 | €38,345 | -€122,774 | -76.2% |
| Total equity and liabilities | 10/49 | €1,585,075 | €1,565,287 | -€19,788 | -1.2% |
| Equity | 10/15 | €352,371 | €396,133 | +€43,762 | +12.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €339,971 | €383,733 | +€43,762 | +12.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €338,111 | €381,873 | +€43,762 | +12.9% |
| Amounts payable | 17/49 | €1,232,704 | €1,169,153 | -€63,550 | -5.2% |
| Amounts payable after more than one year | 17 | €986,376 | €995,252 | +€8,876 | +0.9% |
| Financial debts | 170/4 | €986,376 | €995,252 | +€8,876 | +0.9% |
| Amounts payable within one year | 42/48 | €235,471 | €159,977 | -€75,494 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €183,093 | €91,124 | -€91,969 | -50.2% |
| Financial debts | 43 | €43,325 | €41,675 | -€1,650 | -3.8% |
| Other loans | 439 | €43,325 | €41,675 | -€1,650 | -3.8% |
| Trade debts | 44 | €1,149 | €2,330 | +€1,181 | +102.8% |
| Suppliers | 440/4 | €1,149 | €2,330 | +€1,181 | +102.8% |
| Taxes, remuneration and social security | 45 | €7,904 | €24,848 | +€16,944 | +214.4% |
| Taxes | 450/3 | €7,069 | €24,848 | +€17,779 | +251.5% |
| Remuneration and social security | 454/9 | €835 | - | -€835 | |
| Accrued charges and deferred income | 492/3 | €10,857 | €13,925 | +€3,067 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,643 | €78,796 | -€28,847 | -26.8% |
| Other operating charges | 640/8 | €4,192 | €6,200 | +€2,007 | +47.9% |
| Gross operating margin | 9900 | €203,991 | €177,795 | -€26,196 | -12.8% |
| Operating profit (loss) | 9901 | €92,155 | €92,799 | +€643 | +0.7% |
| Financial income | 75/76B | €468 | €702 | +€234 | +50.0% |
| Recurring financial income | 75 | €468 | €702 | +€234 | +50.0% |
| Financial charges | 65/66B | €17,940 | €29,258 | +€11,318 | +63.1% |
| Recurring financial charges | 65 | €17,940 | €29,258 | +€11,318 | +63.1% |
| Profit (loss) for the period before taxes | 9903 | €74,683 | €64,242 | -€10,441 | -14.0% |
| Income taxes | 67/77 | €21,009 | €20,480 | -€530 | -2.5% |
| Profit (loss) for the period | 9904 | €53,673 | €43,762 | -€9,911 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,673 | €43,762 | -€9,911 | -18.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.