PHARDA: 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.
PHARDA
Largest movements
- Cash -€48,863
down €48,863 (-24.8%), from €196,984 to €148,121
mainly Contributions, distributions and other (-€111,000) and Other debts (-€37,090)
- Tangible fixed assets -€37,239
down €37,239 (-18.0%), from €206,971 to €169,732
- Stocks and contracts +€35,440
up €35,440 (+68.6%), from €51,650 to €87,090
- Current investments -€29,834
down €29,834 (-22.5%), from €132,500 to €102,666
- Receivables within one year +€12,273
up €12,273 (+23.0%), from €53,414 to €65,687
- Other debts -€37,090
down €37,090 (-21.8%), from €170,333 to €133,243
- Trade debts -€13,511
down €13,511 (-23.2%), from €58,350 to €44,839
- Debts after one year -€11,548
down €11,548 (-40.8%), from €28,285 to €16,737
- Tax, wage and social debts -€11,501
down €11,501 (-26.7%), from €43,137 to €31,636
of which Remuneration and social security: -€17,653
- Gross operating margin +€82,931
up €82,931 (+41.7%), from €198,879 to €281,810
- Write-downs +€30,533
new in 2025: €30,533
- Taxes +€16,628
up €16,628 (+51.4%), from €32,319 to €48,947
- Financial charges +€4,031
up €4,031 (+94.0%), from €4,289 to €8,320
- Other operating charges -€3,925
down €3,925 (-98.0%), from €4,007 to €82
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 | €647,843 | €575,327 | -€72,516 | -11.2% |
| Fixed assets | 21/28 | €206,971 | €169,732 | -€37,239 | -18.0% |
| Tangible fixed assets | 22/27 | €206,971 | €169,732 | -€37,239 | -18.0% |
| Land and buildings | 22 | €91,924 | €83,116 | -€8,808 | -9.6% |
| Plant, machinery and equipment | 23 | €75,875 | €58,430 | -€17,445 | -23.0% |
| Furniture and vehicles | 24 | €39,171 | €28,185 | -€10,986 | -28.0% |
| Current assets | 29/58 | €440,872 | €405,595 | -€35,277 | -8.0% |
| Stocks and contracts in progress | 3 | €51,650 | €87,090 | +€35,440 | +68.6% |
| Stocks | 30/36 | €51,650 | €87,090 | +€35,440 | +68.6% |
| Amounts receivable within one year | 40/41 | €53,414 | €65,687 | +€12,273 | +23.0% |
| Trade receivables | 40 | €53,414 | €65,687 | +€12,273 | +23.0% |
| Current investments | 50/53 | €132,500 | €102,666 | -€29,834 | -22.5% |
| Cash at bank and in hand | 54/58 | €196,984 | €148,121 | -€48,863 | -24.8% |
| Deferred charges and accrued income | 490/1 | €6,324 | €2,031 | -€4,293 | -67.9% |
| Total equity and liabilities | 10/49 | €647,843 | €575,327 | -€72,516 | -11.2% |
| Equity | 10/15 | €333,919 | €336,326 | +€2,407 | +0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €327,719 | €329,719 | +€2,000 | +0.6% |
| Distributable reserves | 133 | €327,719 | €329,719 | +€2,000 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €407 | +€407 | |
| Amounts payable | 17/49 | €313,924 | €239,001 | -€74,923 | -23.9% |
| Amounts payable after more than one year | 17 | €28,285 | €16,737 | -€11,548 | -40.8% |
| Financial debts | 170/4 | €28,285 | €16,737 | -€11,548 | -40.8% |
| Amounts payable within one year | 42/48 | €285,575 | €222,218 | -€63,358 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €13,755 | €12,500 | -€1,255 | -9.1% |
| Trade debts | 44 | €58,350 | €44,839 | -€13,511 | -23.2% |
| Suppliers | 440/4 | €58,350 | €44,839 | -€13,511 | -23.2% |
| Taxes, remuneration and social security | 45 | €43,137 | €31,636 | -€11,501 | -26.7% |
| Taxes | 450/3 | €20,509 | €26,661 | +€6,152 | +30.0% |
| Remuneration and social security | 454/9 | €22,628 | €4,975 | -€17,653 | -78.0% |
| Other amounts payable | 47/48 | €170,333 | €133,243 | -€37,090 | -21.8% |
| Accrued charges and deferred income | 492/3 | €64 | €46 | -€18 | -27.9% |
| Remuneration, social security and pensions | 62 | €43,684 | €46,122 | +€2,437 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,341 | €37,239 | -€1,102 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,533 | +€30,533 | |
| Other operating charges | 640/8 | €4,007 | €82 | -€3,925 | -98.0% |
| Gross operating margin | 9900 | €198,879 | €281,810 | +€82,931 | +41.7% |
| Operating profit (loss) | 9901 | €112,846 | €167,834 | +€54,988 | +48.7% |
| Financial income | 75/76B | €3,464 | €2,840 | -€624 | -18.0% |
| Recurring financial income | 75 | €3,464 | €2,840 | -€624 | -18.0% |
| Financial charges | 65/66B | €4,289 | €8,320 | +€4,031 | +94.0% |
| Recurring financial charges | 65 | €4,289 | €8,320 | +€4,031 | +94.0% |
| Profit (loss) for the period before taxes | 9903 | €112,021 | €162,354 | +€50,333 | +44.9% |
| Income taxes | 67/77 | €32,319 | €48,947 | +€16,628 | +51.4% |
| Profit (loss) for the period | 9904 | €79,702 | €113,407 | +€33,705 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €79,702 | €113,407 | +€33,705 | +42.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.