PH Project: 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 Project
Largest movements
- Receivables within one year +€221,428
up €221,428 (+362.6%), from €61,059 to €282,487
of which Other amounts receivable: +€204,928
- Tangible fixed assets -€40,559
down €40,559 (-12.0%), from €336,995 to €296,435
of which Land and buildings: -€35,134
- Cash +€14,995
up €14,995 (+61.2%), from €24,506 to €39,501
mainly Net result for the year (+€201,557) and Depreciation (+€74,494)
- Reserves +€139,058
up €139,058 (+7476.3%), from €1,860 to €140,918
- Profit (loss) carried forward +€62,498
up €62,498, from -€62,498 to €0
- Tax, wage and social debts +€38,735
up €38,735 (+115.8%), from €33,457 to €72,193
of which Taxes: +€38,735
- Debts after one year -€36,123
down €36,123 (-6.3%), from €573,253 to €537,130
- Trade debts -€12,704
down €12,704 (-97.7%), from €12,999 to €296
- Gross operating margin +€198,400
up €198,400 (+147.3%), from €134,734 to €333,135
- Taxes +€27,005
up €27,005 (+162.4%), from €16,631 to €43,636
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 | €605,468 | €797,525 | +€192,057 | +31.7% |
| Fixed assets | 21/28 | €337,245 | €296,685 | -€40,559 | -12.0% |
| Tangible fixed assets | 22/27 | €336,995 | €296,435 | -€40,559 | -12.0% |
| Land and buildings | 22 | €305,266 | €270,132 | -€35,134 | -11.5% |
| Plant, machinery and equipment | 23 | €8,838 | €5,970 | -€2,867 | -32.4% |
| Furniture and vehicles | 24 | €22,891 | €20,334 | -€2,558 | -11.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €268,224 | €500,839 | +€232,616 | +86.7% |
| Amounts receivable after more than one year | 29 | €172,000 | €172,000 | = | 0.0% |
| Other amounts receivable | 291 | €172,000 | €172,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €61,059 | €282,487 | +€221,428 | +362.6% |
| Trade receivables | 40 | €5,500 | €22,000 | +€16,500 | +300.0% |
| Other amounts receivable | 41 | €55,559 | €260,487 | +€204,928 | +368.8% |
| Cash at bank and in hand | 54/58 | €24,506 | €39,501 | +€14,995 | +61.2% |
| Deferred charges and accrued income | 490/1 | €10,658 | €6,852 | -€3,807 | -35.7% |
| Total equity and liabilities | 10/49 | €605,468 | €797,525 | +€192,057 | +31.7% |
| Equity | 10/15 | -€54,438 | €147,118 | +€201,557 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €140,918 | +€139,058 | +7476.3% |
| Distributable reserves | 133 | €1,860 | €140,918 | +€139,058 | +7476.3% |
| Profit (loss) carried forward | 14 | -€62,498 | €0 | +€62,498 | |
| Amounts payable | 17/49 | €659,907 | €650,407 | -€9,500 | -1.4% |
| Amounts payable after more than one year | 17 | €573,253 | €537,130 | -€36,123 | -6.3% |
| Financial debts | 170/4 | €573,253 | €537,130 | -€36,123 | -6.3% |
| Amounts payable within one year | 42/48 | €86,654 | €113,277 | +€26,623 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €35,211 | €36,123 | +€912 | +2.6% |
| Financial debts | 43 | €4,986 | €2,251 | -€2,735 | -54.9% |
| Credit institutions | 430/8 | €4,986 | €2,251 | -€2,735 | -54.9% |
| Trade debts | 44 | €12,999 | €296 | -€12,704 | -97.7% |
| Suppliers | 440/4 | €12,999 | €296 | -€12,704 | -97.7% |
| Taxes, remuneration and social security | 45 | €33,457 | €72,193 | +€38,735 | +115.8% |
| Taxes | 450/3 | €31,447 | €70,183 | +€38,735 | +123.2% |
| Remuneration and social security | 454/9 | €2,010 | €2,010 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €2,414 | +€2,414 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,908 | €74,494 | +€2,586 | +3.6% |
| Other operating charges | 640/8 | €4,799 | €5,672 | +€873 | +18.2% |
| Non-recurring operating charges | 66A | €1,300 | €0 | -€1,300 | -100.0% |
| Gross operating margin | 9900 | €134,734 | €333,135 | +€198,400 | +147.3% |
| Operating profit (loss) | 9901 | €56,727 | €252,968 | +€196,241 | +345.9% |
| Financial income | 75/76B | €11,949 | €12,091 | +€141 | +1.2% |
| Recurring financial income | 75 | €11,949 | €12,091 | +€141 | +1.2% |
| Financial charges | 65/66B | €20,844 | €19,866 | -€978 | -4.7% |
| Recurring financial charges | 65 | €20,844 | €19,866 | -€978 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €47,833 | €245,193 | +€197,360 | +412.6% |
| Income taxes | 67/77 | €16,631 | €43,636 | +€27,005 | +162.4% |
| Profit (loss) for the period | 9904 | €31,201 | €201,557 | +€170,356 | +546.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,201 | €201,557 | +€170,356 | +546.0% |
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 5 October 2026 via checked.be.