PH FINANCE: 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 FINANCE
Largest movements
- Receivables after one year -€107,852
down €107,852 (-8.3%), from €1.3m to €1.2m
- Receivables within one year +€34,220
up €34,220 (+68.3%), from €50,083 to €84,302
of which Trade receivables: +€62,460
- Debts after one year -€125,000
down €125,000 (-11.4%), from €1.1m to €970,000
- Profit (loss) carried forward +€47,403
up €47,403 (+20.3%), from €233,660 to €281,062
- Gross operating margin +€60,367
up €60,367, from -€8,411 to €51,956
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.
Derived cash bridge
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 | €1,358,622 | €1,281,025 | -€77,597 | -5.7% |
| Fixed assets | 21/28 | €3,300 | - | -€3,300 | |
| Tangible fixed assets | 22/27 | €3,300 | - | -€3,300 | |
| Furniture and vehicles | 24 | €3,300 | - | -€3,300 | |
| Current assets | 29/58 | €1,355,322 | €1,281,025 | -€74,297 | -5.5% |
| Amounts receivable after more than one year | 29 | €1,295,852 | €1,188,000 | -€107,852 | -8.3% |
| Other amounts receivable | 291 | €1,295,852 | €1,188,000 | -€107,852 | -8.3% |
| Amounts receivable within one year | 40/41 | €50,083 | €84,302 | +€34,220 | +68.3% |
| Trade receivables | 40 | €7,563 | €70,022 | +€62,460 | +826% |
| Other amounts receivable | 41 | €42,520 | €14,280 | -€28,240 | -66.4% |
| Cash at bank and in hand | 54/58 | €9,388 | €8,723 | -€665 | -7.1% |
| Total equity and liabilities | 10/49 | €1,358,622 | €1,281,025 | -€77,597 | -5.7% |
| Equity | 10/15 | €254,120 | €301,522 | +€47,403 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,660 | €281,062 | +€47,403 | +20.3% |
| Amounts payable | 17/49 | €1,104,502 | €979,502 | -€125,000 | -11.3% |
| Amounts payable after more than one year | 17 | €1,095,000 | €970,000 | -€125,000 | -11.4% |
| Other amounts payable | 178/9 | €1,095,000 | €970,000 | -€125,000 | -11.4% |
| Amounts payable within one year | 42/48 | €9,502 | €9,502 | = | 0.0% |
| Other amounts payable | 47/48 | €9,502 | €9,502 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,300 | €3,300 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€8,411 | €51,956 | +€60,367 | |
| Operating profit (loss) | 9901 | -€12,678 | €47,658 | +€60,336 | |
| Financial charges | 65/66B | €164 | €255 | +€91 | +55.7% |
| Recurring financial charges | 65 | €164 | €255 | +€91 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,842 | €47,403 | +€60,245 | |
| Profit (loss) for the period | 9904 | -€12,842 | €47,403 | +€60,245 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,842 | €47,403 | +€60,245 |
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 18 October 2026 via checked.be.