PH & ASSOCIATES: 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 & ASSOCIATES
Largest movements
- Current investments -€43,685
down €43,685 (-8.4%), from €521,184 to €477,499
- Tangible fixed assets -€27,324
down €27,324 (-5.4%), from €503,415 to €476,092
of which Land and buildings: -€21,405
- Receivables within one year +€11,276
up €11,276 (+68.3%), from €16,520 to €27,796
of which Trade receivables: +€19,777
- Debts after one year -€37,087
down €37,087 (-48.1%), from €77,145 to €40,058
- Profit (loss) carried forward -€29,580
down €29,580 (-10.0%), from €294,353 to €264,773
- Trade debts -€25,821
down €25,821 (-87.8%), from €29,394 to €3,573
- Other debts +€23,338
up €23,338 (+5.5%), from €422,863 to €446,201
- Financial income -€130,863
down €130,863 (-94.0%), from €139,143 to €8,280
of which Non-recurring financial income: -€136,111
- Financial charges -€103,310
down €103,310 (-71.5%), from €144,526 to €41,216
of which Non-recurring financial charges: -€105,979
- Gross operating margin +€27,768
up €27,768 (+425.3%), from €6,528 to €34,296
- Depreciation -€1,591
down €1,591 (-5.5%), from €28,914 to €27,324
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 | €1,077,817 | €1,011,413 | -€66,404 | -6.2% |
| Fixed assets | 21/28 | €503,538 | €476,214 | -€27,324 | -5.4% |
| Tangible fixed assets | 22/27 | €503,415 | €476,092 | -€27,324 | -5.4% |
| Land and buildings | 22 | €483,680 | €462,275 | -€21,405 | -4.4% |
| Plant, machinery and equipment | 23 | €3,285 | €1,449 | -€1,836 | -55.9% |
| Furniture and vehicles | 24 | €1,781 | €560 | -€1,221 | -68.5% |
| Other tangible fixed assets | 26 | €14,668 | €11,807 | -€2,861 | -19.5% |
| Financial fixed assets | 28 | €122 | €122 | = | 0.0% |
| Current assets | 29/58 | €574,279 | €535,199 | -€39,080 | -6.8% |
| Amounts receivable after more than one year | 29 | €9,437 | €6,937 | -€2,500 | -26.5% |
| Other amounts receivable | 291 | €9,437 | €6,937 | -€2,500 | -26.5% |
| Amounts receivable within one year | 40/41 | €16,520 | €27,796 | +€11,276 | +68.3% |
| Trade receivables | 40 | €7,203 | €26,981 | +€19,777 | +274.6% |
| Other amounts receivable | 41 | €9,316 | €815 | -€8,501 | -91.3% |
| Current investments | 50/53 | €521,184 | €477,499 | -€43,685 | -8.4% |
| Cash at bank and in hand | 54/58 | €24,551 | €19,857 | -€4,694 | -19.1% |
| Deferred charges and accrued income | 490/1 | €2,588 | €3,110 | +€523 | +20.2% |
| Total equity and liabilities | 10/49 | €1,077,817 | €1,011,413 | -€66,404 | -6.2% |
| Equity | 10/15 | €497,354 | €467,773 | -€29,580 | -5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,401 | €184,401 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,521 | €1,521 | = | 0.0% |
| Distributable reserves | 133 | €182,880 | €182,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | €294,353 | €264,773 | -€29,580 | -10.0% |
| Amounts payable | 17/49 | €580,463 | €543,639 | -€36,823 | -6.3% |
| Amounts payable after more than one year | 17 | €77,145 | €40,058 | -€37,087 | -48.1% |
| Financial debts | 170/4 | €77,145 | €40,058 | -€37,087 | -48.1% |
| Amounts payable within one year | 42/48 | €496,910 | €499,380 | +€2,470 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €35,727 | €37,087 | +€1,360 | +3.8% |
| Trade debts | 44 | €29,394 | €3,573 | -€25,821 | -87.8% |
| Suppliers | 440/4 | €29,394 | €3,573 | -€25,821 | -87.8% |
| Taxes, remuneration and social security | 45 | €8,927 | €12,520 | +€3,593 | +40.2% |
| Taxes | 450/3 | €8,927 | €12,520 | +€3,593 | +40.2% |
| Other amounts payable | 47/48 | €422,863 | €446,201 | +€23,338 | +5.5% |
| Accrued charges and deferred income | 492/3 | €6,407 | €4,201 | -€2,207 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,914 | €27,324 | -€1,591 | -5.5% |
| Other operating charges | 640/8 | €3,166 | €3,190 | +€24 | +0.8% |
| Gross operating margin | 9900 | €6,528 | €34,296 | +€27,768 | +425.3% |
| Operating profit (loss) | 9901 | -€25,551 | €3,783 | +€29,334 | |
| Financial income | 75/76B | €139,143 | €8,280 | -€130,863 | -94.0% |
| Recurring financial income | 75 | €3,033 | €8,280 | +€5,247 | +173.0% |
| Non-recurring financial income | 76B | €136,111 | - | -€136,111 | |
| Financial charges | 65/66B | €144,526 | €41,216 | -€103,310 | -71.5% |
| Recurring financial charges | 65 | €38,547 | €41,216 | +€2,670 | +6.9% |
| Non-recurring financial charges | 66B | €105,979 | - | -€105,979 | |
| Profit (loss) for the period before taxes | 9903 | -€30,934 | -€29,154 | +€1,780 | +5.8% |
| Income taxes | 67/77 | €448 | €427 | -€22 | -4.8% |
| Profit (loss) for the period | 9904 | -€31,383 | -€29,580 | +€1,802 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,383 | -€29,580 | +€1,802 | +5.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.