PHARE EAST: 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.
PHARE EAST
Largest movements
- Cash +€59,006
up €59,006 (+74.6%), from €79,044 to €138,050
mainly Trade debts (+€107,541) and Depreciation (+€17,150)
- Receivables within one year +€36,094
up €36,094 (+450%), from €8,022 to €44,116
of which Other amounts receivable: +€35,228
- Tangible fixed assets +€16,088
up €16,088 (+28.2%), from €56,971 to €73,059
of which Land and buildings: +€10,609
- Trade debts +€107,541
up €107,541 (+226%), from €47,530 to €155,071
- Reserves +€12,152
up €12,152 (+94.7%), from €12,831 to €24,983
of which Distributable reserves: +€12,152
- Debts after one year -€7,088
down €7,088 (-23.6%), from €30,057 to €22,969
- Other debts -€3,166
down €3,166 (-100%), from €3,166 to €0
- Staff costs +€20,632
up €20,632 (+16.5%), from €124,802 to €145,434
- Depreciation +€9,794
up €9,794 (+133%), from €7,356 to €17,150
- Gross operating margin +€8,369
up €8,369 (+4.8%), from €172,704 to €181,073
- Taxes -€4,293
down €4,293 (-57.3%), from €7,490 to €3,197
- Financial income -€2,374
down €2,374 (-69.1%), from €3,435 to €1,061
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 | €145,842 | €255,225 | +€109,383 | +75.0% |
| Fixed assets | 21/28 | €56,971 | €73,059 | +€16,088 | +28.2% |
| Tangible fixed assets | 22/27 | €56,971 | €73,059 | +€16,088 | +28.2% |
| Land and buildings | 22 | €4,382 | €14,991 | +€10,609 | +242% |
| Plant, machinery and equipment | 23 | €12,833 | €22,107 | +€9,275 | +72.3% |
| Furniture and vehicles | 24 | €2,727 | €6,537 | +€3,810 | +140% |
| Leasing and similar rights | 25 | €37,029 | €29,424 | -€7,605 | -20.5% |
| Current assets | 29/58 | €88,871 | €182,166 | +€93,295 | +105% |
| Amounts receivable within one year | 40/41 | €8,022 | €44,116 | +€36,094 | +450% |
| Trade receivables | 40 | €4,491 | €5,357 | +€866 | +19.3% |
| Other amounts receivable | 41 | €3,531 | €38,759 | +€35,228 | +998% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €79,044 | €138,050 | +€59,006 | +74.6% |
| Deferred charges and accrued income | 490/1 | €1,805 | €0 | -€1,805 | -100% |
| Total equity and liabilities | 10/49 | €145,842 | €255,225 | +€109,383 | +75.0% |
| Equity | 10/15 | €42,831 | €54,983 | +€12,152 | +28.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €12,831 | €24,983 | +€12,152 | +94.7% |
| Tax-exempt reserves | 132 | €637 | €637 | = | 0.0% |
| Distributable reserves | 133 | €12,194 | €24,346 | +€12,152 | +99.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,011 | €200,242 | +€97,230 | +94.4% |
| Amounts payable after more than one year | 17 | €30,057 | €22,969 | -€7,088 | -23.6% |
| Financial debts | 170/4 | €30,057 | €22,969 | -€7,088 | -23.6% |
| Amounts payable within one year | 42/48 | €72,954 | €177,273 | +€104,318 | +143% |
| Current portion of amounts payable after more than one year | 42 | €6,850 | €6,506 | -€343 | -5.0% |
| Trade debts | 44 | €47,530 | €155,071 | +€107,541 | +226% |
| Suppliers | 440/4 | €47,530 | €155,071 | +€107,541 | +226% |
| Taxes, remuneration and social security | 45 | €15,409 | €15,696 | +€286 | +1.9% |
| Taxes | 450/3 | €10,760 | €6,159 | -€4,601 | -42.8% |
| Remuneration and social security | 454/9 | €4,649 | €9,536 | +€4,888 | +105% |
| Other amounts payable | 47/48 | €3,166 | €0 | -€3,166 | -100% |
| Remuneration, social security and pensions | 62 | €124,802 | €145,434 | +€20,632 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,356 | €17,150 | +€9,794 | +133% |
| Other operating charges | 640/8 | €2,223 | €2,110 | -€114 | -5.1% |
| Gross operating margin | 9900 | €172,704 | €181,073 | +€8,369 | +4.8% |
| Operating profit (loss) | 9901 | €38,322 | €16,380 | -€21,942 | -57.3% |
| Financial income | 75/76B | €3,435 | €1,061 | -€2,374 | -69.1% |
| Recurring financial income | 75 | €3,435 | €1,061 | -€2,374 | -69.1% |
| Financial charges | 65/66B | €2,081 | €2,092 | +€11 | +0.5% |
| Recurring financial charges | 65 | €2,081 | €2,092 | +€11 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €39,676 | €15,349 | -€24,327 | -61.3% |
| Income taxes | 67/77 | €7,490 | €3,197 | -€4,293 | -57.3% |
| Profit (loss) for the period | 9904 | €32,186 | €12,152 | -€20,034 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,186 | €12,152 | -€20,034 | -62.2% |
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 29 October 2026 via checked.be.