PH COLLECTION: 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 COLLECTION
Largest movements
- Cash -€395,547
down €395,547 (-89.4%), from €442,534 to €46,986
mainly Net result for the year (-€789,260) and Trade debts (-€97,290)
- Current investments -€127,125
down €127,125 (-50.3%), from €252,484 to €125,360
- Tangible fixed assets -€61,514
down €61,514 (-34.9%), from €176,113 to €114,598
of which Furniture and vehicles: -€32,664
- Receivables within one year -€39,768
down €39,768 (-12.5%), from €317,427 to €277,659
of which Trade receivables: -€46,023
- Profit (loss) carried forward -€789,260
down €789,260 (-82.5%), from €956,158 to €166,898
- Short-term financial debts +€125,000
new in 2025: €125,000
- Trade debts -€97,290
down €97,290 (-29.2%), from €332,644 to €235,354
- Other debts +€95,949
up €95,949 (+69.7%), from €137,572 to €233,520
- Advances received +€31,549
up €31,549 (+17.6%), from €178,820 to €210,369
- Gross operating margin -€653,757
down €653,757, from €463,358 to -€190,398
- Staff costs +€20,573
up €20,573 (+3.9%), from €522,872 to €543,445
- Financial income -€13,140
down €13,140 (-36.4%), from €36,149 to €23,009
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 | €1,965,903 | €1,312,912 | -€652,991 | -33.2% |
| Fixed assets | 21/28 | €185,336 | €121,815 | -€63,521 | -34.3% |
| Intangible fixed assets | 21 | €6,274 | €4,267 | -€2,007 | -32.0% |
| Tangible fixed assets | 22/27 | €176,113 | €114,598 | -€61,514 | -34.9% |
| Plant, machinery and equipment | 23 | €37,107 | €26,131 | -€10,975 | -29.6% |
| Furniture and vehicles | 24 | €89,429 | €56,765 | -€32,664 | -36.5% |
| Other tangible fixed assets | 26 | €49,577 | €31,702 | -€17,875 | -36.1% |
| Financial fixed assets | 28 | €2,950 | €2,950 | = | 0.0% |
| Current assets | 29/58 | €1,780,567 | €1,191,097 | -€589,470 | -33.1% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €391,890 | €381,209 | -€10,681 | -2.7% |
| Stocks | 30/36 | €391,890 | €381,209 | -€10,681 | -2.7% |
| Amounts receivable within one year | 40/41 | €317,427 | €277,659 | -€39,768 | -12.5% |
| Trade receivables | 40 | €128,877 | €82,853 | -€46,023 | -35.7% |
| Other amounts receivable | 41 | €188,550 | €194,805 | +€6,255 | +3.3% |
| Current investments | 50/53 | €252,484 | €125,360 | -€127,125 | -50.3% |
| Cash at bank and in hand | 54/58 | €442,534 | €46,986 | -€395,547 | -89.4% |
| Deferred charges and accrued income | 490/1 | €176,232 | €159,883 | -€16,349 | -9.3% |
| Total equity and liabilities | 10/49 | €1,965,903 | €1,312,912 | -€652,991 | -33.2% |
| Equity | 10/15 | €1,175,192 | €385,932 | -€789,260 | -67.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,434 | €200,434 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,534 | €12,534 | = | 0.0% |
| Distributable reserves | 133 | €187,900 | €187,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €956,158 | €166,898 | -€789,260 | -82.5% |
| Amounts payable | 17/49 | €790,711 | €926,980 | +€136,270 | +17.2% |
| Amounts payable after more than one year | 17 | €25,881 | €15,563 | -€10,319 | -39.9% |
| Financial debts | 170/4 | €23,081 | €12,763 | -€10,319 | -44.7% |
| Other amounts payable | 178/9 | €2,800 | €2,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €764,829 | €908,085 | +€143,256 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €9,909 | €10,319 | +€409 | +4.1% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €332,644 | €235,354 | -€97,290 | -29.2% |
| Suppliers | 440/4 | €332,644 | €235,354 | -€97,290 | -29.2% |
| Advances received on contracts in progress | 46 | €178,820 | €210,369 | +€31,549 | +17.6% |
| Taxes, remuneration and social security | 45 | €105,884 | €93,523 | -€12,361 | -11.7% |
| Taxes | 450/3 | €19,281 | €22,191 | +€2,911 | +15.1% |
| Remuneration and social security | 454/9 | €86,603 | €71,332 | -€15,271 | -17.6% |
| Other amounts payable | 47/48 | €137,572 | €233,520 | +€95,949 | +69.7% |
| Accrued charges and deferred income | 492/3 | - | €3,332 | +€3,332 | |
| Remuneration, social security and pensions | 62 | €522,872 | €543,445 | +€20,573 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,991 | €63,521 | -€469 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,059 | - | -€3,059 | |
| Other operating charges | 640/8 | €4,009 | €4,223 | +€214 | +5.3% |
| Gross operating margin | 9900 | €463,358 | -€190,398 | -€653,757 | |
| Operating profit (loss) | 9901 | -€130,572 | -€801,588 | -€671,015 | -513.9% |
| Financial income | 75/76B | €36,149 | €23,009 | -€13,140 | -36.4% |
| Recurring financial income | 75 | €36,149 | €23,009 | -€13,140 | -36.4% |
| Financial charges | 65/66B | €9,875 | €10,210 | +€335 | +3.4% |
| Recurring financial charges | 65 | €9,875 | €10,210 | +€335 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€104,298 | -€788,789 | -€684,491 | -656.3% |
| Income taxes | 67/77 | €395 | €472 | +€77 | +19.4% |
| Profit (loss) for the period | 9904 | -€104,693 | -€789,260 | -€684,568 | -653.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€104,693 | -€789,260 | -€684,568 | -653.9% |
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 8 October 2026 via checked.be.