PHARBEL: 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.
PHARBEL
Largest movements
- Cash -€178,610
down €178,610 (-46.8%), from €381,572 to €202,962
mainly Trade debts (-€314,020) and Contributions, distributions and other (-€90,000)
- Stocks and contracts -€114,317
down €114,317 (-20.1%), from €568,730 to €454,413
- Tangible fixed assets -€103,996
down €103,996 (-5.3%), from €2.0m to €1.9m
of which Plant, machinery and equipment: -€72,490
- Trade debts -€314,020
down €314,020 (-69.5%), from €451,506 to €137,486
- Other debts -€62,434
down €62,434 (-10.7%), from €585,574 to €523,140
- Reserves +€49,000
up €49,000 (+6.0%), from €810,560 to €859,560
of which Distributable reserves: +€49,000
- Debts after one year -€47,687
down €47,687 (-6.1%), from €783,345 to €735,658
- Gross operating margin -€352,273
down €352,273 (-25.5%), from €1.4m to €1.0m
- Taxes -€127,867
down €127,867 (-65.3%), from €195,787 to €67,920
- Write-downs +€122,431
new in 2025: €122,431
- Staff costs -€56,552
down €56,552 (-10.1%), from €558,233 to €501,681
- Financial charges -€19,910
down €19,910 (-27.3%), from €72,859 to €52,949
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 | €3,213,316 | €2,834,563 | -€378,753 | -11.8% |
| Fixed assets | 21/28 | €1,960,951 | €1,856,954 | -€103,996 | -5.3% |
| Tangible fixed assets | 22/27 | €1,960,720 | €1,856,724 | -€103,996 | -5.3% |
| Land and buildings | 22 | €1,376,555 | €1,337,421 | -€39,135 | -2.8% |
| Plant, machinery and equipment | 23 | €490,330 | €417,840 | -€72,490 | -14.8% |
| Furniture and vehicles | 24 | €93,835 | €101,463 | +€7,628 | +8.1% |
| Financial fixed assets | 28 | €230 | €230 | = | 0.0% |
| Current assets | 29/58 | €1,252,366 | €977,608 | -€274,757 | -21.9% |
| Stocks and contracts in progress | 3 | €568,730 | €454,413 | -€114,317 | -20.1% |
| Stocks | 30/36 | €568,730 | €454,413 | -€114,317 | -20.1% |
| Amounts receivable within one year | 40/41 | €302,064 | €320,234 | +€18,170 | +6.0% |
| Trade receivables | 40 | €232,841 | €260,764 | +€27,923 | +12.0% |
| Other amounts receivable | 41 | €69,223 | €59,470 | -€9,753 | -14.1% |
| Cash at bank and in hand | 54/58 | €381,572 | €202,962 | -€178,610 | -46.8% |
| Total equity and liabilities | 10/49 | €3,213,316 | €2,834,563 | -€378,753 | -11.8% |
| Equity | 10/15 | €1,276,145 | €1,326,093 | +€49,948 | +3.9% |
| Contributions | 10/11 | €235,598 | €235,598 | = | 0.0% |
| Capital | 10 | €235,598 | €235,598 | = | 0.0% |
| Issued capital | 100 | €235,598 | €235,598 | = | 0.0% |
| Reserves | 13 | €810,560 | €859,560 | +€49,000 | +6.0% |
| Non-distributable reserves | 130/1 | €23,560 | €23,560 | = | 0.0% |
| Legal reserve | 130 | €23,560 | €23,560 | = | 0.0% |
| Distributable reserves | 133 | €787,000 | €836,000 | +€49,000 | +6.2% |
| Profit (loss) carried forward | 14 | €229,987 | €230,935 | +€948 | +0.4% |
| Amounts payable | 17/49 | €1,937,171 | €1,508,469 | -€428,702 | -22.1% |
| Amounts payable after more than one year | 17 | €783,345 | €735,658 | -€47,687 | -6.1% |
| Financial debts | 170/4 | €783,345 | €735,658 | -€47,687 | -6.1% |
| Amounts payable within one year | 42/48 | €1,153,826 | €772,812 | -€381,014 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €47,237 | €47,687 | +€450 | +1.0% |
| Trade debts | 44 | €451,506 | €137,486 | -€314,020 | -69.5% |
| Suppliers | 440/4 | €451,506 | €137,486 | -€314,020 | -69.5% |
| Taxes, remuneration and social security | 45 | €69,509 | €64,499 | -€5,010 | -7.2% |
| Taxes | 450/3 | €15,512 | €19,822 | +€4,310 | +27.8% |
| Remuneration and social security | 454/9 | €53,997 | €44,677 | -€9,320 | -17.3% |
| Other amounts payable | 47/48 | €585,574 | €523,140 | -€62,434 | -10.7% |
| Non-recurring operating income | 76A | €295,647 | €156 | -€295,491 | -99.9% |
| Remuneration, social security and pensions | 62 | €558,233 | €501,681 | -€56,552 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,979 | €144,794 | +€2,815 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €122,431 | +€122,431 | |
| Gross operating margin | 9900 | €1,381,996 | €1,029,723 | -€352,273 | -25.5% |
| Operating profit (loss) | 9901 | €681,785 | €260,817 | -€420,967 | -61.7% |
| Financial charges | 65/66B | €72,859 | €52,949 | -€19,910 | -27.3% |
| Recurring financial charges | 65 | €72,859 | €52,949 | -€19,910 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €608,926 | €207,868 | -€401,057 | -65.9% |
| Income taxes | 67/77 | €195,787 | €67,920 | -€127,867 | -65.3% |
| Profit (loss) for the period | 9904 | €413,138 | €139,948 | -€273,190 | -66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €413,138 | €139,948 | -€273,190 | -66.1% |
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 7 October 2026 via checked.be.