PHAR - CONCEPT: what changed
PHAR - CONCEPT
Largest movements
- Receivables within one year +€13,886
up €13,886 (+374%), from €3,711 to €17,597
of which Other amounts receivable: +€7,181
- Cash +€12,792
up €12,792 (+123%), from €10,394 to €23,186
mainly Net result for the year (+€28,941) and Tax, wage and social debts (+€7,855)
- Tangible fixed assets -€2,061
down €2,061 (-11.8%), from €17,455 to €15,393
of which Furniture and vehicles: -€2,061
- Deferred charges and accrued income -€969
down €969 (-78.0%), from €1,242 to €273
- Profit (loss) carried forward +€28,941
up €28,941 (+84.6%), from -€34,223 to -€5,282
- Other debts -€12,864
no longer reported in 2025 (was €12,864)
- Tax, wage and social debts +€7,855
up €7,855 (+180%), from €4,375 to €12,230
- Gross operating margin +€58,954
up €58,954, from -€13,616 to €45,338
- Other operating charges -€6,745
down €6,745 (-81.7%), from €8,258 to €1,513
- Taxes +€4,703
up €4,703 (+411%), from €1,143 to €5,845
- Write-downs -€2,961
no longer reported in 2025 (was €2,961)
- Financial charges -€1,401
down €1,401 (-32.2%), from €4,347 to €2,946
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,437 | €57,085 | +€23,648 | +70.7% |
| Fixed assets | 21/28 | €18,090 | €16,029 | -€2,061 | -11.4% |
| Tangible fixed assets | 22/27 | €17,455 | €15,393 | -€2,061 | -11.8% |
| Land and buildings | 22 | €6,817 | €6,817 | = | 0.0% |
| Furniture and vehicles | 24 | €10,638 | €8,576 | -€2,061 | -19.4% |
| Financial fixed assets | 28 | €635 | €635 | = | 0.0% |
| Current assets | 29/58 | €15,347 | €41,056 | +€25,709 | +168% |
| Amounts receivable within one year | 40/41 | €3,711 | €17,597 | +€13,886 | +374% |
| Trade receivables | 40 | €3,711 | €10,416 | +€6,705 | +181% |
| Other amounts receivable | 41 | - | €7,181 | +€7,181 | |
| Cash at bank and in hand | 54/58 | €10,394 | €23,186 | +€12,792 | +123% |
| Deferred charges and accrued income | 490/1 | €1,242 | €273 | -€969 | -78.0% |
| Total equity and liabilities | 10/49 | €33,437 | €57,085 | +€23,648 | +70.7% |
| Equity | 10/15 | -€13,772 | €15,169 | +€28,941 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,223 | -€5,282 | +€28,941 | +84.6% |
| Amounts payable | 17/49 | €47,208 | €41,915 | -€5,293 | -11.2% |
| Amounts payable after more than one year | 17 | €20,272 | €20,272 | = | 0.0% |
| Financial debts | 170/4 | €20,272 | €20,272 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,936 | €21,643 | -€5,293 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €5,068 | €5,068 | = | 0.0% |
| Trade debts | 44 | €4,629 | €4,345 | -€284 | -6.1% |
| Suppliers | 440/4 | €4,629 | €4,345 | -€284 | -6.1% |
| Taxes, remuneration and social security | 45 | €4,375 | €12,230 | +€7,855 | +180% |
| Taxes | 450/3 | €4,375 | €12,230 | +€7,855 | +180% |
| Other amounts payable | 47/48 | €12,864 | - | -€12,864 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,061 | €2,061 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,961 | - | -€2,961 | |
| Other operating charges | 640/8 | €8,258 | €1,513 | -€6,745 | -81.7% |
| Non-recurring operating charges | 66A | - | €4,212 | +€4,212 | |
| Gross operating margin | 9900 | -€13,616 | €45,338 | +€58,954 | |
| Operating profit (loss) | 9901 | -€26,897 | €37,551 | +€64,448 | |
| Financial income | 75/76B | €24 | €181 | +€156 | +643% |
| Recurring financial income | 75 | €24 | €181 | +€156 | +643% |
| Financial charges | 65/66B | €4,347 | €2,946 | -€1,401 | -32.2% |
| Recurring financial charges | 65 | €4,347 | €2,946 | -€1,401 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | -€31,219 | €34,786 | +€66,005 | |
| Income taxes | 67/77 | €1,143 | €5,845 | +€4,703 | +411% |
| Profit (loss) for the period | 9904 | -€32,362 | €28,941 | +€61,303 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,362 | €28,941 | +€61,303 |
Next steps
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 5 November 2026 via checked.be.