PHAER: 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.
PHAER
Largest movements
- Receivables within one year -€379,679
down €379,679 (-70.0%), from €542,744 to €163,065
of which Trade receivables: -€230,935
- Cash +€126,073
up €126,073 (+161.1%), from €78,274 to €204,347
mainly Receivables within one year (+€379,679) and Net result for the year (+€100,981)
- Current investments -€88,043
down €88,043 (-21.6%), from €408,256 to €320,214
- Stocks and contracts -€16,050
down €16,050 (-26.4%), from €60,858 to €44,808
- Reserves -€185,000
down €185,000 (-18.6%), from €992,500 to €807,500
of which Distributable reserves: -€185,000
- Short-term financial debts -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Other debts -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Tax, wage and social debts -€22,477
down €22,477 (-69.4%), from €32,397 to €9,920
of which Taxes: -€19,255
- Trade debts -€19,500
down €19,500 (-31.9%), from €61,071 to €41,572
- Gross operating margin -€73,070
down €73,070 (-25.5%), from €286,147 to €213,077
- Taxes -€23,270
down €23,270 (-35.0%), from €66,475 to €43,205
- Financial charges +€5,477
up €5,477 (+127.2%), from €4,307 to €9,785
of which Financial charges: +€4,427
- Financial income +€3,950
up €3,950 (+23.7%), from €16,692 to €20,642
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 | €1,271,220 | €905,224 | -€365,996 | -28.8% |
| Fixed assets | 21/28 | €27,375 | €19,079 | -€8,297 | -30.3% |
| Tangible fixed assets | 22/27 | €23,719 | €15,423 | -€8,297 | -35.0% |
| Furniture and vehicles | 24 | €10,082 | €6,554 | -€3,528 | -35.0% |
| Other tangible fixed assets | 26 | €13,638 | €8,869 | -€4,769 | -35.0% |
| Financial fixed assets | 28 | €3,656 | €3,656 | = | 0.0% |
| Current assets | 29/58 | €1,243,845 | €886,146 | -€357,699 | -28.8% |
| Amounts receivable after more than one year | 29 | €149,000 | €149,000 | = | 0.0% |
| Other amounts receivable | 291 | €149,000 | €149,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €60,858 | €44,808 | -€16,050 | -26.4% |
| Stocks | 30/36 | €60,858 | €44,808 | -€16,050 | -26.4% |
| Amounts receivable within one year | 40/41 | €542,744 | €163,065 | -€379,679 | -70.0% |
| Trade receivables | 40 | €290,406 | €59,472 | -€230,935 | -79.5% |
| Other amounts receivable | 41 | €252,338 | €103,594 | -€148,745 | -58.9% |
| Current investments | 50/53 | €408,256 | €320,214 | -€88,043 | -21.6% |
| Cash at bank and in hand | 54/58 | €78,274 | €204,347 | +€126,073 | +161.1% |
| Deferred charges and accrued income | 490/1 | €4,712 | €4,712 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,271,220 | €905,224 | -€365,996 | -28.8% |
| Equity | 10/15 | €1,037,752 | €853,733 | -€184,019 | -17.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €992,500 | €807,500 | -€185,000 | -18.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €992,500 | €807,500 | -€185,000 | -18.6% |
| Profit (loss) carried forward | 14 | €10,252 | €11,233 | +€981 | +9.6% |
| Amounts payable | 17/49 | €233,468 | €51,491 | -€181,977 | -77.9% |
| Amounts payable within one year | 42/48 | €233,468 | €51,491 | -€181,977 | -77.9% |
| Financial debts | 43 | €70,000 | €0 | -€70,000 | -100.0% |
| Credit institutions | 430/8 | €70,000 | €0 | -€70,000 | -100.0% |
| Trade debts | 44 | €61,071 | €41,572 | -€19,500 | -31.9% |
| Suppliers | 440/4 | €61,071 | €41,572 | -€19,500 | -31.9% |
| Taxes, remuneration and social security | 45 | €32,397 | €9,920 | -€22,477 | -69.4% |
| Taxes | 450/3 | €20,669 | €1,414 | -€19,255 | -93.2% |
| Remuneration and social security | 454/9 | €11,729 | €8,506 | -€3,223 | -27.5% |
| Other amounts payable | 47/48 | €70,000 | €0 | -€70,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €72,153 | €69,818 | -€2,335 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,439 | €8,297 | -€142 | -1.7% |
| Other operating charges | 640/8 | €2,678 | €1,634 | -€1,045 | -39.0% |
| Gross operating margin | 9900 | €286,147 | €213,077 | -€73,070 | -25.5% |
| Operating profit (loss) | 9901 | €202,876 | €133,329 | -€69,548 | -34.3% |
| Financial income | 75/76B | €16,692 | €20,642 | +€3,950 | +23.7% |
| Recurring financial income | 75 | €16,692 | €20,642 | +€3,950 | +23.7% |
| Financial charges | 65/66B | €4,307 | €9,785 | +€5,477 | +127.2% |
| Recurring financial charges | 65 | €4,307 | €8,735 | +€4,427 | +102.8% |
| Non-recurring financial charges | 66B | - | €1,050 | +€1,050 | |
| Profit (loss) for the period before taxes | 9903 | €215,261 | €144,186 | -€71,075 | -33.0% |
| Income taxes | 67/77 | €66,475 | €43,205 | -€23,270 | -35.0% |
| Profit (loss) for the period | 9904 | €148,786 | €100,981 | -€47,805 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €148,786 | €100,981 | -€47,805 | -32.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.