PH-PROMOTION: 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-PROMOTION
Largest movements
- Tangible fixed assets -€64,739
down €64,739 (-7.9%), from €815,510 to €750,771
of which Land and buildings: -€39,845
- Receivables within one year +€14,887
up €14,887 (+7.8%), from €190,573 to €205,460
of which Other amounts receivable: +€18,939
- Trade debts -€191,941
down €191,941 (-65.9%), from €291,192 to €99,251
- Other debts +€188,676
up €188,676 (+228%), from €82,733 to €271,408
- Debts after one year -€81,811
down €81,811 (-22.4%), from €365,979 to €284,168
- Reserves +€39,000
up €39,000 (+71.1%), from €54,850 to €93,850
- Gross operating margin -€23,254
down €23,254 (-11.2%), from €206,820 to €183,566
- Taxes -€7,794
down €7,794 (-24.4%), from €31,958 to €24,165
- Financial charges +€3,656
up €3,656 (+15.5%), from €23,573 to €27,229
- Write-downs +€3,065
up €3,065 (+19.1%), from €16,060 to €19,125
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 | €1,096,562 | €1,044,219 | -€52,343 | -4.8% |
| Fixed assets | 21/28 | €815,510 | €750,771 | -€64,739 | -7.9% |
| Tangible fixed assets | 22/27 | €815,510 | €750,771 | -€64,739 | -7.9% |
| Land and buildings | 22 | €726,205 | €686,360 | -€39,845 | -5.5% |
| Plant, machinery and equipment | 23 | €4,484 | €0 | -€4,484 | -100% |
| Furniture and vehicles | 24 | €2,106 | €1,621 | -€485 | -23.0% |
| Leasing and similar rights | 25 | €82,714 | €62,790 | -€19,924 | -24.1% |
| Current assets | 29/58 | €281,052 | €293,448 | +€12,396 | +4.4% |
| Stocks and contracts in progress | 3 | €82,350 | €82,627 | +€277 | +0.3% |
| Stocks | 30/36 | €82,350 | €82,627 | +€277 | +0.3% |
| Amounts receivable within one year | 40/41 | €190,573 | €205,460 | +€14,887 | +7.8% |
| Trade receivables | 40 | €4,051 | €0 | -€4,051 | -100% |
| Other amounts receivable | 41 | €186,522 | €205,460 | +€18,939 | +10.2% |
| Cash at bank and in hand | 54/58 | €7,534 | €5,361 | -€2,173 | -28.8% |
| Deferred charges and accrued income | 490/1 | €596 | €0 | -€596 | -100% |
| Total equity and liabilities | 10/49 | €1,096,562 | €1,044,219 | -€52,343 | -4.8% |
| Equity | 10/15 | €234,861 | €274,228 | +€39,367 | +16.8% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €54,850 | €93,850 | +€39,000 | +71.1% |
| Distributable reserves | 133 | €54,850 | €93,850 | +€39,000 | +71.1% |
| Profit (loss) carried forward | 14 | €11 | €378 | +€367 | +3,474% |
| Amounts payable | 17/49 | €861,701 | €769,991 | -€91,710 | -10.6% |
| Amounts payable after more than one year | 17 | €365,979 | €284,168 | -€81,811 | -22.4% |
| Financial debts | 170/4 | €365,979 | €284,168 | -€81,811 | -22.4% |
| Amounts payable within one year | 42/48 | €495,723 | €485,823 | -€9,900 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €86,647 | €81,811 | -€4,836 | -5.6% |
| Trade debts | 44 | €291,192 | €99,251 | -€191,941 | -65.9% |
| Suppliers | 440/4 | €291,192 | €99,251 | -€191,941 | -65.9% |
| Taxes, remuneration and social security | 45 | €35,152 | €33,353 | -€1,799 | -5.1% |
| Taxes | 450/3 | €35,152 | €33,353 | -€1,799 | -5.1% |
| Other amounts payable | 47/48 | €82,733 | €271,408 | +€188,676 | +228% |
| Non-recurring operating income | 76A | - | €6,215 | +€6,215 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,696 | €70,954 | +€1,258 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,060 | €19,125 | +€3,065 | +19.1% |
| Other operating charges | 640/8 | €11,474 | €11,775 | +€301 | +2.6% |
| Gross operating margin | 9900 | €206,820 | €183,566 | -€23,254 | -11.2% |
| Operating profit (loss) | 9901 | €109,590 | €81,712 | -€27,878 | -25.4% |
| Financial income | 75/76B | €7,782 | €9,048 | +€1,267 | +16.3% |
| Recurring financial income | 75 | €7,782 | €9,048 | +€1,267 | +16.3% |
| Financial charges | 65/66B | €23,573 | €27,229 | +€3,656 | +15.5% |
| Recurring financial charges | 65 | €23,573 | €27,229 | +€3,656 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €93,799 | €63,532 | -€30,267 | -32.3% |
| Income taxes | 67/77 | €31,958 | €24,165 | -€7,794 | -24.4% |
| Profit (loss) for the period | 9904 | €61,841 | €39,367 | -€22,474 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,841 | €39,367 | -€22,474 | -36.3% |
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 13 October 2026 via checked.be.