PHARDEC: 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.
PHARDEC
Largest movements
- Receivables within one year -€43,665
down €43,665 (-21.6%), from €202,220 to €158,555
of which Other amounts receivable: -€34,330
- Stocks and contracts -€13,612
down €13,612 (-13.9%), from €97,590 to €83,978
- Cash +€7,215
up €7,215 (+20.6%), from €35,049 to €42,264
mainly Receivables within one year (+€43,665) and Other debts (+€22,130)
- Tangible fixed assets -€5,784
down €5,784 (-10.5%), from €55,038 to €49,255
of which Furniture and vehicles: -€3,543
- Profit (loss) carried forward -€92,077
down €92,077 (-267%), from -€34,539 to -€126,616
- Other debts +€22,130
up €22,130 (+21.7%), from €101,850 to €123,980
- Trade debts +€14,394
up €14,394 (+24.5%), from €58,748 to €73,142
- Gross operating margin -€65,024
down €65,024 (-30.7%), from €211,592 to €146,568
- Staff costs +€12,861
up €12,861 (+6.0%), from €213,355 to €226,216
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 | €393,419 | €335,635 | -€57,784 | -14.7% |
| Fixed assets | 21/28 | €55,038 | €49,255 | -€5,784 | -10.5% |
| Tangible fixed assets | 22/27 | €55,038 | €49,255 | -€5,784 | -10.5% |
| Land and buildings | 22 | €45,428 | €44,793 | -€635 | -1.4% |
| Plant, machinery and equipment | 23 | €3,195 | €1,589 | -€1,606 | -50.3% |
| Furniture and vehicles | 24 | €6,415 | €2,872 | -€3,543 | -55.2% |
| Current assets | 29/58 | €338,381 | €286,381 | -€52,000 | -15.4% |
| Stocks and contracts in progress | 3 | €97,590 | €83,978 | -€13,612 | -13.9% |
| Stocks | 30/36 | €97,590 | €83,978 | -€13,612 | -13.9% |
| Amounts receivable within one year | 40/41 | €202,220 | €158,555 | -€43,665 | -21.6% |
| Trade receivables | 40 | €46,647 | €37,311 | -€9,335 | -20.0% |
| Other amounts receivable | 41 | €155,573 | €121,244 | -€34,330 | -22.1% |
| Cash at bank and in hand | 54/58 | €35,049 | €42,264 | +€7,215 | +20.6% |
| Deferred charges and accrued income | 490/1 | €3,522 | €1,583 | -€1,939 | -55.0% |
| Total equity and liabilities | 10/49 | €393,419 | €335,635 | -€57,784 | -14.7% |
| Equity | 10/15 | €189,131 | €97,054 | -€92,077 | -48.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €161,670 | €161,670 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €155,470 | €155,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,539 | -€126,616 | -€92,077 | -267% |
| Provisions and deferred taxes | 16 | €2,975 | €2,975 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,975 | €2,975 | = | 0.0% |
| Environmental obligations | 163 | €2,975 | - | -€2,975 | |
| Other liabilities and charges | 164/5 | - | €2,975 | +€2,975 | |
| Amounts payable | 17/49 | €201,313 | €235,607 | +€34,294 | +17.0% |
| Amounts payable within one year | 42/48 | €199,097 | €235,607 | +€36,510 | +18.3% |
| Trade debts | 44 | €58,748 | €73,142 | +€14,394 | +24.5% |
| Suppliers | 440/4 | €58,748 | €73,142 | +€14,394 | +24.5% |
| Taxes, remuneration and social security | 45 | €38,499 | €38,485 | -€15 | 0.0% |
| Taxes | 450/3 | €3,080 | €149 | -€2,931 | -95.2% |
| Remuneration and social security | 454/9 | €35,419 | €38,336 | +€2,916 | +8.2% |
| Other amounts payable | 47/48 | €101,850 | €123,980 | +€22,130 | +21.7% |
| Accrued charges and deferred income | 492/3 | €2,216 | €0 | -€2,216 | -100% |
| Remuneration, social security and pensions | 62 | €213,355 | €226,216 | +€12,861 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,751 | €5,784 | -€968 | -14.3% |
| Other operating charges | 640/8 | €4,221 | €4,300 | +€79 | +1.9% |
| Gross operating margin | 9900 | €211,592 | €146,568 | -€65,024 | -30.7% |
| Operating profit (loss) | 9901 | -€12,735 | -€89,732 | -€76,997 | -605% |
| Financial income | 75/76B | €393 | €232 | -€161 | -41.0% |
| Recurring financial income | 75 | €393 | €232 | -€161 | -41.0% |
| Financial charges | 65/66B | €2,423 | €2,502 | +€80 | +3.3% |
| Recurring financial charges | 65 | €2,423 | €2,502 | +€80 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,765 | -€92,003 | -€77,238 | -523% |
| Income taxes | 67/77 | €74 | €75 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€14,839 | -€92,077 | -€77,239 | -521% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,839 | -€92,077 | -€77,239 | -521% |
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 15 October 2026 via checked.be.