PHA'SME: 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.
PHA'SME
Largest movements
- Current investments +€110,000
new in 2025: €110,000
- Cash -€94,140
down €94,140 (-98.5%), from €95,531 to €1,392
mainly Current investments (-€110,000) and Receivables within one year (-€25,534)
- Receivables within one year +€25,534
up €25,534 (+2,361%), from €1,081 to €26,616
of which Trade receivables: +€20,021
- Reserves +€50,369
up €50,369 (+65.8%), from €76,529 to €126,898
- Tax, wage and social debts -€10,701
down €10,701 (-53.9%), from €19,852 to €9,151
- Gross operating margin +€17,553
up €17,553 (+31.5%), from €55,784 to €73,337
- Taxes +€3,805
up €3,805 (+24.5%), from €15,517 to €19,322
- Financial charges +€1,968
up €1,968 (+126%), from €1,564 to €3,532
- Financial income -€906
down €906 (-59.1%), from €1,533 to €627
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 | €100,601 | €140,553 | +€39,951 | +39.7% |
| Fixed assets | 21/28 | €1,593 | €1,252 | -€341 | -21.4% |
| Tangible fixed assets | 22/27 | €1,593 | €1,252 | -€341 | -21.4% |
| Plant, machinery and equipment | 23 | €1,593 | €1,252 | -€341 | -21.4% |
| Current assets | 29/58 | €99,009 | €139,301 | +€40,292 | +40.7% |
| Amounts receivable within one year | 40/41 | €1,081 | €26,616 | +€25,534 | +2,361% |
| Trade receivables | 40 | €1,081 | €21,103 | +€20,021 | +1,851% |
| Other amounts receivable | 41 | - | €5,513 | +€5,513 | |
| Current investments | 50/53 | - | €110,000 | +€110,000 | |
| Cash at bank and in hand | 54/58 | €95,531 | €1,392 | -€94,140 | -98.5% |
| Deferred charges and accrued income | 490/1 | €2,396 | €1,294 | -€1,102 | -46.0% |
| Total equity and liabilities | 10/49 | €100,601 | €140,553 | +€39,951 | +39.7% |
| Equity | 10/15 | €79,529 | €129,898 | +€50,369 | +63.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €76,529 | €126,898 | +€50,369 | +65.8% |
| Distributable reserves | 133 | €76,529 | €126,898 | +€50,369 | +65.8% |
| Amounts payable | 17/49 | €21,073 | €10,654 | -€10,418 | -49.4% |
| Amounts payable within one year | 42/48 | €21,060 | €10,637 | -€10,422 | -49.5% |
| Trade debts | 44 | €1,149 | €1,487 | +€338 | +29.4% |
| Suppliers | 440/4 | €1,149 | €1,487 | +€338 | +29.4% |
| Taxes, remuneration and social security | 45 | €19,852 | €9,151 | -€10,701 | -53.9% |
| Taxes | 450/3 | €19,852 | €9,151 | -€10,701 | -53.9% |
| Other amounts payable | 47/48 | €59 | - | -€59 | |
| Accrued charges and deferred income | 492/3 | €13 | €17 | +€4 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112 | €341 | +€229 | +205% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €55,784 | €73,337 | +€17,553 | +31.5% |
| Operating profit (loss) | 9901 | €55,285 | €72,597 | +€17,311 | +31.3% |
| Financial income | 75/76B | €1,533 | €627 | -€906 | -59.1% |
| Recurring financial income | 75 | €1,533 | €627 | -€906 | -59.1% |
| Financial charges | 65/66B | €1,564 | €3,532 | +€1,968 | +126% |
| Recurring financial charges | 65 | €1,564 | €3,532 | +€1,968 | +126% |
| Profit (loss) for the period before taxes | 9903 | €55,255 | €69,692 | +€14,437 | +26.1% |
| Income taxes | 67/77 | €15,517 | €19,322 | +€3,805 | +24.5% |
| Profit (loss) for the period | 9904 | €39,737 | €50,369 | +€10,632 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,737 | €50,369 | +€10,632 | +26.8% |
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 23 October 2026 via checked.be.