PH GLOBAL: 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 GLOBAL
Largest movements
- Tangible fixed assets +€57,094
up €57,094 (+239.8%), from €23,814 to €80,909
of which Furniture and vehicles: +€61,949
- Cash -€32,863
down €32,863 (-42.8%), from €76,863 to €44,000
mainly Investment in fixed assets (net) (-€83,490) and Receivables within one year (-€25,446)
- Receivables within one year +€25,446
up €25,446 (+18.8%), from €135,669 to €161,114
of which Trade receivables: +€25,281
- Debts after one year +€54,279
new in 2025: €54,279
- Current portion of long-term debt +€16,405
new in 2025: €16,405
- Trade debts -€13,974
down €13,974 (-8.6%), from €162,822 to €148,849
- Tax, wage and social debts -€11,934
down €11,934 (-50.9%), from €23,423 to €11,489
of which Remuneration and social security: -€14,220
- Profit (loss) carried forward +€9,080
up €9,080 (+21.1%), from €43,011 to €52,091
- Depreciation +€11,743
up €11,743 (+92.1%), from €12,755 to €24,498
- Financial charges +€3,594
up €3,594 (+2050.6%), from €175 to €3,770
- Gross operating margin +€3,188
up €3,188 (+8.2%), from €38,661 to €41,849
- Taxes -€1,965
down €1,965 (-37.9%), from €5,187 to €3,222
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 | €237,082 | €290,075 | +€52,993 | +22.4% |
| Fixed assets | 21/28 | €23,814 | €82,806 | +€58,992 | +247.7% |
| Tangible fixed assets | 22/27 | €23,814 | €80,909 | +€57,094 | +239.8% |
| Plant, machinery and equipment | 23 | €12,967 | €8,113 | -€4,854 | -37.4% |
| Furniture and vehicles | 24 | €10,847 | €72,795 | +€61,949 | +571.1% |
| Financial fixed assets | 28 | - | €1,897 | +€1,897 | |
| Current assets | 29/58 | €213,268 | €207,269 | -€5,999 | -2.8% |
| Amounts receivable within one year | 40/41 | €135,669 | €161,114 | +€25,446 | +18.8% |
| Trade receivables | 40 | €133,439 | €158,720 | +€25,281 | +18.9% |
| Other amounts receivable | 41 | €2,229 | €2,394 | +€165 | +7.4% |
| Cash at bank and in hand | 54/58 | €76,863 | €44,000 | -€32,863 | -42.8% |
| Deferred charges and accrued income | 490/1 | €736 | €2,154 | +€1,418 | +192.7% |
| Total equity and liabilities | 10/49 | €237,082 | €290,075 | +€52,993 | +22.4% |
| Equity | 10/15 | €48,011 | €57,091 | +€9,080 | +18.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,011 | €52,091 | +€9,080 | +21.1% |
| Amounts payable | 17/49 | €189,071 | €232,984 | +€43,913 | +23.2% |
| Amounts payable after more than one year | 17 | - | €54,279 | +€54,279 | |
| Financial debts | 170/4 | - | €54,279 | +€54,279 | |
| Amounts payable within one year | 42/48 | €189,071 | €178,705 | -€10,366 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | - | €16,405 | +€16,405 | |
| Trade debts | 44 | €162,822 | €148,849 | -€13,974 | -8.6% |
| Suppliers | 440/4 | €162,822 | €148,849 | -€13,974 | -8.6% |
| Taxes, remuneration and social security | 45 | €23,423 | €11,489 | -€11,934 | -50.9% |
| Taxes | 450/3 | €6,123 | €8,409 | +€2,286 | +37.3% |
| Remuneration and social security | 454/9 | €17,300 | €3,080 | -€14,220 | -82.2% |
| Other amounts payable | 47/48 | €2,827 | €1,963 | -€863 | -30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,755 | €24,498 | +€11,743 | +92.1% |
| Other operating charges | 640/8 | €1,224 | €1,284 | +€60 | +4.9% |
| Gross operating margin | 9900 | €38,661 | €41,849 | +€3,188 | +8.2% |
| Operating profit (loss) | 9901 | €24,682 | €16,067 | -€8,615 | -34.9% |
| Financial income | 75/76B | €6 | €5 | -€1 | -16.5% |
| Recurring financial income | 75 | €6 | €5 | -€1 | -16.5% |
| Financial charges | 65/66B | €175 | €3,770 | +€3,594 | +2050.6% |
| Recurring financial charges | 65 | €175 | €3,770 | +€3,594 | +2050.6% |
| Profit (loss) for the period before taxes | 9903 | €24,513 | €12,302 | -€12,211 | -49.8% |
| Income taxes | 67/77 | €5,187 | €3,222 | -€1,965 | -37.9% |
| Profit (loss) for the period | 9904 | €19,325 | €9,080 | -€10,245 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,325 | €9,080 | -€10,245 | -53.0% |
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.