PHAM: what changed
What changed
PHAM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€3,675
2024 · €18,304-€14,629
Equity
€265,204
2024 · €261,528+€3,675
Cash
€70,740
2024 · €38,220+€32,519
Balance sheet total
€596,513
2024 · €284,208+€312,306
Largest movements
Assets
- Tangible fixed assets +€200,517
up €200,517 (+93.4%), from €214,775 to €415,291
of which Land and buildings: +€203,155
- Receivables within one year +€81,270
up €81,270 (+427%), from €19,015 to €100,285
of which Trade receivables: +€85,832
- Cash +€32,519
up €32,519 (+85.1%), from €38,220 to €70,740
mainly Debts after one year (+€185,658) and Trade debts (+€94,231)
Equity and liabilities
- Debts after one year +€185,658
new in 2025: €185,658
- Trade debts +€94,231
up €94,231 (+5,352%), from €1,761 to €95,992
- Current portion of long-term debt +€18,000
new in 2025: €18,000
- Tax, wage and social debts +€7,088
up €7,088 (+946%), from €749 to €7,837
Income statement
- Depreciation +€14,464
up €14,464 (+114%), from €12,678 to €27,141
- Taxes -€6,827
down €6,827 (-79.9%), from €8,542 to €1,715
- Financial charges +€5,498
up €5,498 (+1,999%), from €275 to €5,773
- Gross operating margin -€1,309
down €1,309 (-3.2%), from €40,582 to €39,273
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€18,304
Gross operating margin
-€1,309
Depreciation
-€14,464
Other operating charges
+€3
Financial income
-€187
Financial charges
-€5,498
Taxes
+€6,827
Result 2025
€3,675
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€51,140
Investment
-€225,658
Financing
+€207,038
Cash 2024
€38,220
From operations (derived)
+€51,140
Net result for the year
+€3,675
Depreciation
+€27,141
Receivables within one year
-€81,270
Trade debts
+€94,231
Tax, wage and social debts
+€7,088
Accrued charges and deferred income
+€274
Investment (derived)
-€225,658
Investment in fixed assets (net)
-€225,658
Financing
+€207,038
Debts after one year
+€185,658
Current portion of long-term debt
+€18,000
Short-term financial debts
+€3,380
Cash 2025
€70,740
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €284,208 | €596,513 | +€312,306 | +110% |
| Fixed assets | 21/28 | €226,972 | €425,489 | +€198,517 | +87.5% |
| Intangible fixed assets | 21 | €11,998 | €9,998 | -€2,000 | -16.7% |
| Tangible fixed assets | 22/27 | €214,775 | €415,291 | +€200,517 | +93.4% |
| Land and buildings | 22 | €201,865 | €405,021 | +€203,155 | +101% |
| Plant, machinery and equipment | 23 | €12,909 | €10,270 | -€2,639 | -20.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €57,235 | €171,025 | +€113,789 | +199% |
| Amounts receivable within one year | 40/41 | €19,015 | €100,285 | +€81,270 | +427% |
| Trade receivables | 40 | - | €85,832 | +€85,832 | |
| Other amounts receivable | 41 | €19,015 | €14,453 | -€4,563 | -24.0% |
| Cash at bank and in hand | 54/58 | €38,220 | €70,740 | +€32,519 | +85.1% |
| Total equity and liabilities | 10/49 | €284,208 | €596,513 | +€312,306 | +110% |
| Equity | 10/15 | €261,528 | €265,204 | +€3,675 | +1.4% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €224,328 | €228,004 | +€3,675 | +1.6% |
| Distributable reserves | 133 | €224,328 | €228,004 | +€3,675 | +1.6% |
| Amounts payable | 17/49 | €22,679 | €331,309 | +€308,630 | +1,361% |
| Amounts payable after more than one year | 17 | - | €185,658 | +€185,658 | |
| Financial debts | 170/4 | - | €185,658 | +€185,658 | |
| Amounts payable within one year | 42/48 | €22,553 | €145,252 | +€122,699 | +544% |
| Current portion of amounts payable after more than one year | 42 | - | €18,000 | +€18,000 | |
| Financial debts | 43 | €3,381 | €6,761 | +€3,380 | +100.0% |
| Credit institutions | 430/8 | €3,381 | €6,761 | +€3,380 | +100.0% |
| Trade debts | 44 | €1,761 | €95,992 | +€94,231 | +5,352% |
| Suppliers | 440/4 | €1,761 | €95,992 | +€94,231 | +5,352% |
| Taxes, remuneration and social security | 45 | €749 | €7,837 | +€7,088 | +946% |
| Taxes | 450/3 | €749 | €7,837 | +€7,088 | +946% |
| Other amounts payable | 47/48 | €16,662 | €16,662 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €126 | €400 | +€274 | +217% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,678 | €27,141 | +€14,464 | +114% |
| Other operating charges | 640/8 | €1,316 | €1,313 | -€3 | -0.2% |
| Gross operating margin | 9900 | €40,582 | €39,273 | -€1,309 | -3.2% |
| Operating profit (loss) | 9901 | €26,589 | €10,819 | -€15,770 | -59.3% |
| Financial income | 75/76B | €532 | €345 | -€187 | -35.2% |
| Recurring financial income | 75 | €532 | €345 | -€187 | -35.2% |
| Financial charges | 65/66B | €275 | €5,773 | +€5,498 | +1,999% |
| Recurring financial charges | 65 | €275 | €5,773 | +€5,498 | +1,999% |
| Profit (loss) for the period before taxes | 9903 | €26,846 | €5,391 | -€21,455 | -79.9% |
| Income taxes | 67/77 | €8,542 | €1,715 | -€6,827 | -79.9% |
| Profit (loss) for the period | 9904 | €18,304 | €3,675 | -€14,629 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,304 | €3,675 | -€14,629 | -79.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.