PH TRANSMISSION: 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 TRANSMISSION
Largest movements
- Receivables within one year +€21,175
new in 2025: €21,175
- Cash -€10,063
down €10,063 (-20.1%), from €49,966 to €39,903
mainly Receivables within one year (-€21,175) and Tax, wage and social debts (-€5,335)
- Tangible fixed assets +€2,009
up €2,009 (+69.2%), from €2,903 to €4,911
- Profit (loss) carried forward +€18,771
up €18,771 (+177%), from €10,585 to €29,356
- Tax, wage and social debts -€5,335
down €5,335 (-15.1%), from €35,331 to €29,996
- Gross operating margin +€10,504
up €10,504 (+64.7%), from €16,241 to €26,744
- Taxes +€2,348
up €2,348 (+71.0%), from €3,307 to €5,656
- Other operating charges -€372
down €372 (-48.2%), from €772 to €400
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 | €52,869 | €65,989 | +€13,120 | +24.8% |
| Fixed assets | 21/28 | €2,903 | €4,911 | +€2,009 | +69.2% |
| Tangible fixed assets | 22/27 | €2,903 | €4,911 | +€2,009 | +69.2% |
| Furniture and vehicles | 24 | €2,903 | €4,911 | +€2,009 | +69.2% |
| Current assets | 29/58 | €49,966 | €61,078 | +€11,112 | +22.2% |
| Amounts receivable within one year | 40/41 | - | €21,175 | +€21,175 | |
| Trade receivables | 40 | - | €21,175 | +€21,175 | |
| Cash at bank and in hand | 54/58 | €49,966 | €39,903 | -€10,063 | -20.1% |
| Total equity and liabilities | 10/49 | €52,869 | €65,989 | +€13,120 | +24.8% |
| Equity | 10/15 | €14,585 | €33,356 | +€18,771 | +129% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,585 | €29,356 | +€18,771 | +177% |
| Amounts payable | 17/49 | €38,284 | €32,633 | -€5,651 | -14.8% |
| Amounts payable within one year | 42/48 | €38,284 | €32,633 | -€5,651 | -14.8% |
| Trade debts | 44 | €2,953 | €2,638 | -€315 | -10.7% |
| Suppliers | 440/4 | €2,953 | €2,638 | -€315 | -10.7% |
| Taxes, remuneration and social security | 45 | €35,331 | €29,996 | -€5,335 | -15.1% |
| Taxes | 450/3 | €35,331 | €29,996 | -€5,335 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,565 | €1,686 | +€121 | +7.7% |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | €16,241 | €26,744 | +€10,504 | +64.7% |
| Operating profit (loss) | 9901 | €13,903 | €24,658 | +€10,755 | +77.4% |
| Financial charges | 65/66B | €11 | €231 | +€220 | +1,922% |
| Recurring financial charges | 65 | €11 | €231 | +€220 | +1,922% |
| Profit (loss) for the period before taxes | 9903 | €13,892 | €24,427 | +€10,535 | +75.8% |
| Income taxes | 67/77 | €3,307 | €5,656 | +€2,348 | +71.0% |
| Profit (loss) for the period | 9904 | €10,585 | €18,771 | +€8,186 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,585 | €18,771 | +€8,186 | +77.3% |
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 1 November 2026 via checked.be.