PhaRa: 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.
PhaRa
Largest movements
- Receivables within one year -€60,514
down €60,514 (-3.1%), from €1.9m to €1.9m
of which Trade receivables: -€122,664
- Cash -€37,633
down €37,633 (-9.8%), from €385,708 to €348,074
mainly Contributions, distributions and other (-€270,848) and Short-term financial debts (-€239,174)
- Short-term financial debts -€239,174
down €239,174 (-82.6%), from €289,594 to €50,420
- Trade debts +€94,940
up €94,940 (+17.6%), from €538,943 to €633,883
- Other debts +€68,481
up €68,481 (+14.7%), from €466,341 to €534,821
- Staff costs +€508,665
up €508,665 (+20.6%), from €2.5m to €3.0m
- Taxes -€140,746
down €140,746 (-54.9%), from €256,442 to €115,696
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 | €2,356,583 | €2,257,492 | -€99,092 | -4.2% |
| Fixed assets | 21/28 | €22,931 | €0 | -€22,931 | -100.0% |
| Tangible fixed assets | 22/27 | €22,931 | €0 | -€22,931 | -100.0% |
| Land and buildings | 22 | €22,931 | €0 | -€22,931 | -100.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €2,333,653 | €2,257,492 | -€76,161 | -3.3% |
| Amounts receivable within one year | 40/41 | €1,941,605 | €1,881,090 | -€60,514 | -3.1% |
| Trade receivables | 40 | €1,875,730 | €1,753,066 | -€122,664 | -6.5% |
| Other amounts receivable | 41 | €65,875 | €128,025 | +€62,150 | +94.3% |
| Cash at bank and in hand | 54/58 | €385,708 | €348,074 | -€37,633 | -9.8% |
| Deferred charges and accrued income | 490/1 | €6,340 | €28,327 | +€21,987 | +346.8% |
| Total equity and liabilities | 10/49 | €2,356,583 | €2,257,492 | -€99,092 | -4.2% |
| Equity | 10/15 | €557,175 | €557,175 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €27,424 | €27,424 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,346 | €26,346 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,346 | €26,346 | = | 0.0% |
| Distributable reserves | 133 | €1,078 | €1,078 | = | 0.0% |
| Profit (loss) carried forward | 14 | €511,202 | €511,202 | = | 0.0% |
| Amounts payable | 17/49 | €1,799,408 | €1,700,316 | -€99,092 | -5.5% |
| Amounts payable within one year | 42/48 | €1,789,964 | €1,700,316 | -€89,648 | -5.0% |
| Financial debts | 43 | €289,594 | €50,420 | -€239,174 | -82.6% |
| Credit institutions | 430/8 | €289,594 | €50,420 | -€239,174 | -82.6% |
| Trade debts | 44 | €538,943 | €633,883 | +€94,940 | +17.6% |
| Suppliers | 440/4 | €538,943 | €633,883 | +€94,940 | +17.6% |
| Taxes, remuneration and social security | 45 | €495,087 | €481,192 | -€13,895 | -2.8% |
| Taxes | 450/3 | €81,417 | €0 | -€81,417 | -100.0% |
| Remuneration and social security | 454/9 | €413,670 | €481,192 | +€67,522 | +16.3% |
| Other amounts payable | 47/48 | €466,341 | €534,821 | +€68,481 | +14.7% |
| Accrued charges and deferred income | 492/3 | €9,444 | €0 | -€9,444 | -100.0% |
| Non-recurring operating income | 76A | - | €35,869 | +€35,869 | |
| Remuneration, social security and pensions | 62 | €2,467,275 | €2,975,940 | +€508,665 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,133 | €0 | -€5,133 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,206 | €0 | -€3,206 | -100.0% |
| Other operating charges | 640/8 | €3,117 | €27,626 | +€24,509 | +786.3% |
| Gross operating margin | 9900 | €3,442,932 | €3,451,242 | +€8,310 | +0.2% |
| Operating profit (loss) | 9901 | €964,201 | €447,677 | -€516,525 | -53.6% |
| Financial income | 75/76B | €10,955 | €7,543 | -€3,413 | -31.1% |
| Recurring financial income | 75 | €10,955 | €7,543 | -€3,413 | -31.1% |
| Financial charges | 65/66B | €38,123 | €68,675 | +€30,552 | +80.1% |
| Recurring financial charges | 65 | €38,123 | €68,675 | +€30,552 | +80.1% |
| Profit (loss) for the period before taxes | 9903 | €937,034 | €386,545 | -€550,489 | -58.7% |
| Income taxes | 67/77 | €256,442 | €115,696 | -€140,746 | -54.9% |
| Profit (loss) for the period | 9904 | €680,592 | €270,848 | -€409,743 | -60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €680,592 | €270,848 | -€409,743 | -60.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.