PH CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year +€7,919
up €7,919 (+48.4%), from €16,351 to €24,269
of which Other amounts receivable: +€11,433
- Cash -€4,931
down €4,931 (-92.3%), from €5,345 to €414
mainly Other debts (-€12,128) and Receivables within one year (-€7,919)
- Deferred charges and accrued income -€1,036
down €1,036 (-36.8%), from €2,813 to €1,776
- Other debts -€12,128
no longer reported in 2025 (was €12,128)
- Tax, wage and social debts +€7,570
up €7,570 (+234.0%), from €3,235 to €10,805
- Trade debts +€6,439
up €6,439 (+105.8%), from €6,085 to €12,524
- Financial charges +€2,229
up €2,229 (+216.0%), from €1,032 to €3,260
- Gross operating margin -€1,708
down €1,708 (-21.7%), from €7,879 to €6,171
- Taxes +€494
up €494 (+115.0%), from €429 to €923
- Other operating charges -€190
down €190 (-13.4%), from €1,419 to €1,229
- Depreciation +€158
up €158 (+35.7%), from €442 to €600
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 | €25,309 | €27,349 | +€2,039 | +8.1% |
| Fixed assets | 21/28 | €801 | €889 | +€88 | +11.0% |
| Tangible fixed assets | 22/27 | €801 | €889 | +€88 | +11.0% |
| Plant, machinery and equipment | 23 | €379 | €183 | -€196 | -51.6% |
| Furniture and vehicles | 24 | €421 | €705 | +€284 | +67.4% |
| Current assets | 29/58 | €24,508 | €26,460 | +€1,951 | +8.0% |
| Amounts receivable within one year | 40/41 | €16,351 | €24,269 | +€7,919 | +48.4% |
| Trade receivables | 40 | €9,623 | €6,109 | -€3,514 | -36.5% |
| Other amounts receivable | 41 | €6,727 | €18,160 | +€11,433 | +169.9% |
| Cash at bank and in hand | 54/58 | €5,345 | €414 | -€4,931 | -92.3% |
| Deferred charges and accrued income | 490/1 | €2,813 | €1,776 | -€1,036 | -36.8% |
| Total equity and liabilities | 10/49 | €25,309 | €27,349 | +€2,039 | +8.1% |
| Equity | 10/15 | €3,861 | €4,020 | +€158 | +4.1% |
| Contributions | 10/11 | €3,100 | €3,100 | = | 0.0% |
| Reserves | 13 | €761 | €920 | +€158 | +20.8% |
| Distributable reserves | 133 | €761 | €920 | +€158 | +20.8% |
| Amounts payable | 17/49 | €21,448 | €23,329 | +€1,881 | +8.8% |
| Amounts payable within one year | 42/48 | €21,448 | €23,329 | +€1,881 | +8.8% |
| Trade debts | 44 | €6,085 | €12,524 | +€6,439 | +105.8% |
| Suppliers | 440/4 | €6,085 | €12,524 | +€6,439 | +105.8% |
| Taxes, remuneration and social security | 45 | €3,235 | €10,805 | +€7,570 | +234.0% |
| Taxes | 450/3 | €3,235 | €10,805 | +€7,570 | +234.0% |
| Other amounts payable | 47/48 | €12,128 | - | -€12,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €442 | €600 | +€158 | +35.7% |
| Other operating charges | 640/8 | €1,419 | €1,229 | -€190 | -13.4% |
| Gross operating margin | 9900 | €7,879 | €6,171 | -€1,708 | -21.7% |
| Operating profit (loss) | 9901 | €6,018 | €4,341 | -€1,676 | -27.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,032 | €3,260 | +€2,229 | +216.0% |
| Recurring financial charges | 65 | €1,032 | €3,260 | +€2,229 | +216.0% |
| Profit (loss) for the period before taxes | 9903 | €4,986 | €1,081 | -€3,905 | -78.3% |
| Income taxes | 67/77 | €429 | €923 | +€494 | +115.0% |
| Profit (loss) for the period | 9904 | €4,557 | €158 | -€4,399 | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,557 | €158 | -€4,399 | -96.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.