Phar Lap: 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.
Phar Lap
Largest movements
- Financial fixed assets +€1.0m
up €1.0m (+508%), from €199,375 to €1.2m
- Receivables within one year +€34,590
up €34,590 (+25.9%), from €133,797 to €168,387
of which Trade receivables: +€43,501
- Cash +€20,114
up €20,114 (+32.7%), from €61,429 to €81,543
mainly Debts after one year (+€1.0m) and Net result for the year (+€62,231)
- Debts after one year +€1.0m
up €1.0m (+781%), from €128,334 to €1.1m
- Reserves +€62,231
up €62,231 (+19.4%), from €321,439 to €383,670
- Other debts -€50,050
down €50,050 (-45.4%), from €110,327 to €60,277
- Tax, wage and social debts +€19,626
up €19,626 (+71.5%), from €27,460 to €47,086
of which Taxes: +€19,608
- Gross operating margin +€23,351
up €23,351 (+22.4%), from €104,156 to €127,507
- Financial charges +€16,497
up €16,497 (+228%), from €7,223 to €23,720
- Depreciation +€6,487
up €6,487 (+36.2%), from €17,933 to €24,420
- Financial income +€5,324
up €5,324 (+1,140%), from €467 to €5,791
- Taxes +€4,918
up €4,918 (+27.5%), from €17,889 to €22,807
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 | €625,150 | €1,681,213 | +€1.1m | +169% |
| Fixed assets | 21/28 | €394,399 | €1,391,896 | +€997,497 | +253% |
| Tangible fixed assets | 22/27 | €195,024 | €179,762 | -€15,263 | -7.8% |
| Land and buildings | 22 | €161,517 | €148,819 | -€12,698 | -7.9% |
| Furniture and vehicles | 24 | €28,527 | €26,477 | -€2,050 | -7.2% |
| Other tangible fixed assets | 26 | €4,981 | €4,466 | -€515 | -10.3% |
| Financial fixed assets | 28 | €199,375 | €1,212,134 | +€1.0m | +508% |
| Current assets | 29/58 | €230,751 | €289,317 | +€58,566 | +25.4% |
| Amounts receivable after more than one year | 29 | €15,000 | €30,000 | +€15,000 | +100% |
| Other amounts receivable | 291 | €15,000 | €30,000 | +€15,000 | +100% |
| Amounts receivable within one year | 40/41 | €133,797 | €168,387 | +€34,590 | +25.9% |
| Trade receivables | 40 | €3,803 | €47,304 | +€43,501 | +1,144% |
| Other amounts receivable | 41 | €129,994 | €121,083 | -€8,911 | -6.9% |
| Cash at bank and in hand | 54/58 | €61,429 | €81,543 | +€20,114 | +32.7% |
| Deferred charges and accrued income | 490/1 | €20,525 | €9,386 | -€11,138 | -54.3% |
| Total equity and liabilities | 10/49 | €625,150 | €1,681,213 | +€1.1m | +169% |
| Equity | 10/15 | €340,039 | €402,270 | +€62,231 | +18.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €321,439 | €383,670 | +€62,231 | +19.4% |
| Distributable reserves | 133 | €321,439 | €383,670 | +€62,231 | +19.4% |
| Amounts payable | 17/49 | €285,111 | €1,278,943 | +€993,831 | +349% |
| Amounts payable after more than one year | 17 | €128,334 | €1,130,469 | +€1.0m | +781% |
| Financial debts | 170/4 | €128,334 | €1,130,469 | +€1.0m | +781% |
| Amounts payable within one year | 42/48 | €148,499 | €126,426 | -€22,073 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €10,625 | €10,625 | = | 0.0% |
| Trade debts | 44 | €87 | €8,438 | +€8,351 | +9,609% |
| Suppliers | 440/4 | €87 | €8,438 | +€8,351 | +9,609% |
| Taxes, remuneration and social security | 45 | €27,460 | €47,086 | +€19,626 | +71.5% |
| Taxes | 450/3 | €24,479 | €44,087 | +€19,608 | +80.1% |
| Remuneration and social security | 454/9 | €2,981 | €2,999 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €110,327 | €60,277 | -€50,050 | -45.4% |
| Accrued charges and deferred income | 492/3 | €8,278 | €22,049 | +€13,770 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,933 | €24,420 | +€6,487 | +36.2% |
| Other operating charges | 640/8 | €3,963 | €120 | -€3,843 | -97.0% |
| Gross operating margin | 9900 | €104,156 | €127,507 | +€23,351 | +22.4% |
| Operating profit (loss) | 9901 | €82,260 | €102,967 | +€20,707 | +25.2% |
| Financial income | 75/76B | €467 | €5,791 | +€5,324 | +1,140% |
| Recurring financial income | 75 | €467 | €5,791 | +€5,324 | +1,140% |
| Financial charges | 65/66B | €7,223 | €23,720 | +€16,497 | +228% |
| Recurring financial charges | 65 | €7,223 | €23,720 | +€16,497 | +228% |
| Profit (loss) for the period before taxes | 9903 | €75,504 | €85,038 | +€9,534 | +12.6% |
| Income taxes | 67/77 | €17,889 | €22,807 | +€4,918 | +27.5% |
| Profit (loss) for the period | 9904 | €57,615 | €62,231 | +€4,617 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,615 | €62,231 | +€4,617 | +8.0% |
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.