PHARDEP: 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.
PHARDEP
Largest movements
- Receivables within one year -€21,236
down €21,236 (-27.0%), from €78,746 to €57,509
of which Other amounts receivable: -€22,618
- Cash +€13,338
up €13,338 (+29.9%), from €44,564 to €57,902
mainly Other debts (+€27,631) and Receivables within one year (+€21,236)
- Reserves -€52,600
down €52,600 (-59.4%), from €88,539 to €35,939
- Other debts +€27,631
up €27,631 (+126.5%), from €21,850 to €49,481
- Profit (loss) carried forward +€20,467
up €20,467 (+1117.5%), from €1,832 to €22,298
- Tax, wage and social debts -€2,692
down €2,692 (-23.1%), from €11,669 to €8,977
of which Remuneration and social security: -€1,611
- Taxes -€3,387
down €3,387 (-31.0%), from €10,920 to €7,533
- Gross operating margin -€2,853
down €2,853 (-8.8%), from €32,483 to €29,630
- Staff costs -€500
no longer reported in 2025 (was €500)
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 | €125,172 | €117,517 | -€7,656 | -6.1% |
| Fixed assets | 21/28 | €951 | €1,147 | +€197 | +20.7% |
| Tangible fixed assets | 22/27 | €951 | €1,147 | +€197 | +20.7% |
| Plant, machinery and equipment | 23 | - | €1,147 | +€1,147 | |
| Furniture and vehicles | 24 | €951 | €0 | -€951 | -100.0% |
| Current assets | 29/58 | €124,222 | €116,369 | -€7,852 | -6.3% |
| Amounts receivable within one year | 40/41 | €78,746 | €57,509 | -€21,236 | -27.0% |
| Trade receivables | 40 | €3,954 | €5,335 | +€1,381 | +34.9% |
| Other amounts receivable | 41 | €74,792 | €52,174 | -€22,618 | -30.2% |
| Cash at bank and in hand | 54/58 | €44,564 | €57,902 | +€13,338 | +29.9% |
| Deferred charges and accrued income | 490/1 | €912 | €959 | +€46 | +5.1% |
| Total equity and liabilities | 10/49 | €125,172 | €117,517 | -€7,656 | -6.1% |
| Equity | 10/15 | €90,871 | €58,738 | -€32,133 | -35.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €88,539 | €35,939 | -€52,600 | -59.4% |
| Distributable reserves | 133 | €88,539 | €35,939 | -€52,600 | -59.4% |
| Profit (loss) carried forward | 14 | €1,832 | €22,298 | +€20,467 | +1117.5% |
| Amounts payable | 17/49 | €34,302 | €58,779 | +€24,477 | +71.4% |
| Amounts payable within one year | 42/48 | €34,302 | €58,779 | +€24,477 | +71.4% |
| Trade debts | 44 | €783 | €321 | -€462 | -59.0% |
| Suppliers | 440/4 | €783 | €321 | -€462 | -59.0% |
| Taxes, remuneration and social security | 45 | €11,669 | €8,977 | -€2,692 | -23.1% |
| Taxes | 450/3 | €10,057 | €8,977 | -€1,081 | -10.7% |
| Remuneration and social security | 454/9 | €1,611 | €0 | -€1,611 | -100.0% |
| Other amounts payable | 47/48 | €21,850 | €49,481 | +€27,631 | +126.5% |
| Remuneration, social security and pensions | 62 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,102 | €992 | -€109 | -9.9% |
| Other operating charges | 640/8 | €669 | €691 | +€22 | +3.3% |
| Gross operating margin | 9900 | €32,483 | €29,630 | -€2,853 | -8.8% |
| Operating profit (loss) | 9901 | €30,213 | €27,947 | -€2,266 | -7.5% |
| Financial income | 75/76B | €285 | €110 | -€175 | -61.4% |
| Recurring financial income | 75 | €285 | €110 | -€175 | -61.4% |
| Financial charges | 65/66B | €39 | €57 | +€18 | +46.4% |
| Recurring financial charges | 65 | €39 | €57 | +€18 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | €30,459 | €28,000 | -€2,459 | -8.1% |
| Income taxes | 67/77 | €10,920 | €7,533 | -€3,387 | -31.0% |
| Profit (loss) for the period | 9904 | €19,539 | €20,467 | +€928 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,539 | €20,467 | +€928 | +4.7% |
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.