PhaRA Holding: 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.
What changed
PhaRA Holding
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€382,454
2024 · €877,343-€494,888
Equity
€6.5m
2024 · €6.5m
Cash
€241,090
2024 · €740,661-€499,571
Balance sheet total
€7.3m
2024 · €7.1m+€139,573
Largest movements
Assets
- Receivables within one year +€2.2m
up €2.2m (+525%), from €427,151 to €2.7m
of which Other amounts receivable: +€2.3m
- Receivables after one year -€1.7m
down €1.7m (-100%), from €1.7m to €0
- Cash -€499,571
down €499,571 (-67.4%), from €740,661 to €241,090
mainly Receivables within one year (-€2.2m) and Contributions, distributions and other (-€382,454)
- Financial fixed assets +€138,676
up €138,676 (+3.5%), from €4.0m to €4.1m
Equity and liabilities
- Trade debts +€176,310
up €176,310 (+165%), from €107,080 to €283,391
Income statement
- Financial income -€509,544
down €509,544 (-68.3%), from €745,847 to €236,303
- Gross operating margin +€38,421
up €38,421 (+6.9%), from €560,739 to €599,160
- Staff costs +€22,474
up €22,474 (+8.1%), from €276,401 to €298,876
- Taxes -€6,132
down €6,132 (-8.8%), from €69,576 to €63,444
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.
Result 2024
€877,343
Gross operating margin
+€38,421
Staff costs
-€22,474
Depreciation
-€5,665
Other operating charges
-€532
Financial income
-€509,544
Financial charges
-€1,226
Taxes
+€6,132
Result 2025
€382,454
raises the resultlowers the result
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.
From operations
+€148,847
Investment
-€215,983
Financing
-€432,435
Cash 2024
€740,661
From operations (derived)
+€148,847
Net result for the year
+€382,454
Depreciation
+€66,016
Receivables after one year
+€1.7m
Receivables within one year
-€2.2m
Deferred charges and accrued income
+€13,860
Trade debts
+€176,310
Tax, wage and social debts
-€17,627
Other debts
+€30,698
Accrued charges and deferred income
+€173
Investment (derived)
-€215,983
Investment in fixed assets (net)
-€215,983
Financing
-€432,435
Debts after one year
-€11,905
Current portion of long-term debt
-€32,166
Short-term financial debts
-€5,909
Contributions, distributions and other
-€382,454
Cash 2025
€241,090
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,143,128 | €7,282,701 | +€139,573 | +2.0% |
| Fixed assets | 21/28 | €4,181,225 | €4,331,191 | +€149,967 | +3.6% |
| Intangible fixed assets | 21 | €14,943 | €42,218 | +€27,274 | +183% |
| Tangible fixed assets | 22/27 | €214,986 | €199,003 | -€15,984 | -7.4% |
| Plant, machinery and equipment | 23 | €25,661 | €16,514 | -€9,147 | -35.6% |
| Other tangible fixed assets | 26 | €189,325 | €182,489 | -€6,837 | -3.6% |
| Financial fixed assets | 28 | €3,951,295 | €4,089,971 | +€138,676 | +3.5% |
| Current assets | 29/58 | €2,961,903 | €2,951,510 | -€10,393 | -0.4% |
| Amounts receivable after more than one year | 29 | €1,740,000 | €0 | -€1.7m | -100% |
| Other amounts receivable | 291 | €1,740,000 | €0 | -€1.7m | -100% |
| Amounts receivable within one year | 40/41 | €427,151 | €2,670,188 | +€2.2m | +525% |
| Trade receivables | 40 | €195,025 | €173,360 | -€21,665 | -11.1% |
| Other amounts receivable | 41 | €232,126 | €2,496,829 | +€2.3m | +976% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €740,661 | €241,090 | -€499,571 | -67.4% |
| Deferred charges and accrued income | 490/1 | €54,091 | €40,231 | -€13,860 | -25.6% |
| Total equity and liabilities | 10/49 | €7,143,128 | €7,282,701 | +€139,573 | +2.0% |
| Equity | 10/15 | €6,505,920 | €6,505,920 | = | 0.0% |
| Contributions | 10/11 | €3,076,664 | €3,076,664 | = | 0.0% |
| Reserves | 13 | €314,474 | €314,474 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,474 | €14,474 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,474 | €14,474 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,114,782 | €3,114,782 | = | 0.0% |
| Amounts payable | 17/49 | €637,207 | €776,781 | +€139,573 | +21.9% |
| Amounts payable after more than one year | 17 | €11,905 | €0 | -€11,905 | -100% |
| Financial debts | 170/4 | €11,905 | €0 | -€11,905 | -100% |
| Amounts payable within one year | 42/48 | €625,303 | €776,608 | +€151,305 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €44,071 | €11,905 | -€32,166 | -73.0% |
| Financial debts | 43 | €16,000 | €10,091 | -€5,909 | -36.9% |
| Credit institutions | 430/8 | €16,000 | €10,091 | -€5,909 | -36.9% |
| Trade debts | 44 | €107,080 | €283,391 | +€176,310 | +165% |
| Suppliers | 440/4 | €107,080 | €283,391 | +€176,310 | +165% |
| Taxes, remuneration and social security | 45 | €105,475 | €87,847 | -€17,627 | -16.7% |
| Taxes | 450/3 | €63,219 | €45,424 | -€17,796 | -28.1% |
| Remuneration and social security | 454/9 | €42,255 | €42,424 | +€168 | +0.4% |
| Other amounts payable | 47/48 | €352,676 | €383,374 | +€30,698 | +8.7% |
| Accrued charges and deferred income | 492/3 | - | €173 | +€173 | |
| Remuneration, social security and pensions | 62 | €276,401 | €298,876 | +€22,474 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,351 | €66,016 | +€5,665 | +9.4% |
| Other operating charges | 640/8 | €17,066 | €17,597 | +€532 | +3.1% |
| Gross operating margin | 9900 | €560,739 | €599,160 | +€38,421 | +6.9% |
| Operating profit (loss) | 9901 | €206,921 | €216,671 | +€9,750 | +4.7% |
| Financial income | 75/76B | €745,847 | €236,303 | -€509,544 | -68.3% |
| Recurring financial income | 75 | €745,847 | €236,303 | -€509,544 | -68.3% |
| Financial charges | 65/66B | €5,849 | €7,075 | +€1,226 | +21.0% |
| Recurring financial charges | 65 | €5,849 | €7,075 | +€1,226 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €946,919 | €445,899 | -€501,020 | -52.9% |
| Income taxes | 67/77 | €69,576 | €63,444 | -€6,132 | -8.8% |
| Profit (loss) for the period | 9904 | €877,343 | €382,454 | -€494,888 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €877,343 | €382,454 | -€494,888 | -56.4% |
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 25 October 2026 via checked.be.