Ph.B: 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.B
Largest movements
- Cash +€102,330
up €102,330 (+302.8%), from €33,792 to €136,122
mainly Trade debts (+€105,228) and Net result for the year (+€88,250)
- Receivables within one year +€101,052
up €101,052 (+497.6%), from €20,309 to €121,361
of which Trade receivables: +€107,327
- Stocks and contracts +€47,193
new in 2025: €47,193
- Tangible fixed assets -€39,139
down €39,139 (-10.1%), from €388,186 to €349,047
of which Plant, machinery and equipment: -€40,989
- Receivables after one year +€18,800
new in 2025: €18,800
- Trade debts +€105,228
up €105,228 (+2802.0%), from €3,755 to €108,983
- Reserves +€88,250
up €88,250 (+50.0%), from €176,416 to €264,665
- Tax, wage and social debts +€74,534
up €74,534 (+655.3%), from €11,375 to €85,909
of which Remuneration and social security: +€51,387
- Other debts -€19,193
down €19,193 (-10.7%), from €179,218 to €160,025
- Debts after one year -€9,873
down €9,873 (-32.8%), from €30,093 to €20,220
- Gross operating margin +€293,055
up €293,055 (+205.1%), from €142,871 to €435,926
- Staff costs +€187,920
up €187,920 (+829.9%), from €22,643 to €210,563
- Taxes +€34,442
up €34,442 (+445.3%), from €7,734 to €42,176
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 | €444,770 | €680,307 | +€235,537 | +53.0% |
| Fixed assets | 21/28 | €388,186 | €349,047 | -€39,139 | -10.1% |
| Tangible fixed assets | 22/27 | €388,186 | €349,047 | -€39,139 | -10.1% |
| Land and buildings | 22 | €49,150 | €49,150 | = | 0.0% |
| Plant, machinery and equipment | 23 | €314,329 | €273,340 | -€40,989 | -13.0% |
| Furniture and vehicles | 24 | €24,707 | €24,653 | -€54 | -0.2% |
| Other tangible fixed assets | 26 | - | €1,904 | +€1,904 | |
| Current assets | 29/58 | €56,584 | €331,260 | +€274,675 | +485.4% |
| Amounts receivable after more than one year | 29 | - | €18,800 | +€18,800 | |
| Other amounts receivable | 291 | - | €18,800 | +€18,800 | |
| Stocks and contracts in progress | 3 | - | €47,193 | +€47,193 | |
| Stocks | 30/36 | - | €47,193 | +€47,193 | |
| Amounts receivable within one year | 40/41 | €20,309 | €121,361 | +€101,052 | +497.6% |
| Trade receivables | 40 | €5,926 | €113,253 | +€107,327 | +1811.0% |
| Other amounts receivable | 41 | €14,382 | €8,108 | -€6,275 | -43.6% |
| Cash at bank and in hand | 54/58 | €33,792 | €136,122 | +€102,330 | +302.8% |
| Deferred charges and accrued income | 490/1 | €2,483 | €7,783 | +€5,300 | +213.4% |
| Total equity and liabilities | 10/49 | €444,770 | €680,307 | +€235,537 | +53.0% |
| Equity | 10/15 | €195,006 | €283,255 | +€88,250 | +45.3% |
| Contributions | 10/11 | €18,590 | €18,590 | = | 0.0% |
| Reserves | 13 | €176,416 | €264,665 | +€88,250 | +50.0% |
| Distributable reserves | 133 | €176,416 | €264,665 | +€88,250 | +50.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €249,765 | €397,052 | +€147,287 | +59.0% |
| Amounts payable after more than one year | 17 | €30,093 | €20,220 | -€9,873 | -32.8% |
| Financial debts | 170/4 | €30,093 | €20,220 | -€9,873 | -32.8% |
| Amounts payable within one year | 42/48 | €204,066 | €364,790 | +€160,724 | +78.8% |
| Current portion of amounts payable after more than one year | 42 | €9,718 | €9,873 | +€155 | +1.6% |
| Trade debts | 44 | €3,755 | €108,983 | +€105,228 | +2802.0% |
| Suppliers | 440/4 | €3,755 | €108,983 | +€105,228 | +2802.0% |
| Taxes, remuneration and social security | 45 | €11,375 | €85,909 | +€74,534 | +655.3% |
| Taxes | 450/3 | €5,661 | €28,808 | +€23,147 | +408.9% |
| Remuneration and social security | 454/9 | €5,714 | €57,101 | +€51,387 | +899.3% |
| Other amounts payable | 47/48 | €179,218 | €160,025 | -€19,193 | -10.7% |
| Accrued charges and deferred income | 492/3 | €15,606 | €12,042 | -€3,564 | -22.8% |
| Remuneration, social security and pensions | 62 | €22,643 | €210,563 | +€187,920 | +829.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,197 | €75,844 | +€3,648 | +5.1% |
| Other operating charges | 640/8 | €3,570 | €5,301 | +€1,731 | +48.5% |
| Non-recurring operating charges | 66A | - | €473 | +€473 | |
| Gross operating margin | 9900 | €142,871 | €435,926 | +€293,055 | +205.1% |
| Operating profit (loss) | 9901 | €44,462 | €143,745 | +€99,284 | +223.3% |
| Financial income | 75/76B | €87 | €270 | +€182 | +208.7% |
| Recurring financial income | 75 | €87 | €270 | +€182 | +208.7% |
| Financial charges | 65/66B | €16,748 | €13,589 | -€3,159 | -18.9% |
| Recurring financial charges | 65 | €16,748 | €13,589 | -€3,159 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €27,801 | €130,426 | +€102,625 | +369.1% |
| Income taxes | 67/77 | €7,734 | €42,176 | +€34,442 | +445.3% |
| Profit (loss) for the period | 9904 | €20,067 | €88,250 | +€68,183 | +339.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,067 | €88,250 | +€68,183 | +339.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.