PHARE INTERNATIONAL: 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 INTERNATIONAL
Largest movements
- Tangible fixed assets +€826,409
up €826,409 (+135%), from €611,197 to €1.4m
of which Land and buildings: +€822,699
- Current investments -€500,000
down €500,000 (-29.4%), from €1.7m to €1.2m
- Cash +€78,621
up €78,621 (+221%), from €35,550 to €114,170
mainly Current investments (+€500,000) and Other debts (+€414,440)
- Receivables within one year +€46,630
up €46,630 (+27.7%), from €168,042 to €214,672
of which Other amounts receivable: +€85,498
- Other debts +€414,440
up €414,440 (+124%), from €334,245 to €748,685
- Debts after one year +€238,615
up €238,615 (+60.6%), from €393,767 to €632,381
- Trade debts -€200,868
down €200,868 (-54.0%), from €371,880 to €171,012
- Tax, wage and social debts -€76,660
down €76,660 (-95.8%), from €80,056 to €3,396
- Reserves +€58,961
up €58,961 (+5.0%), from €1.2m to €1.2m
- Other operating charges +€315,690
up €315,690 (+3,758%), from €8,401 to €324,091
- Gross operating margin -€243,720
down €243,720 (-30.3%), from €803,468 to €559,749
- Taxes -€171,556
down €171,556 (-91.0%), from €188,560 to €17,004
- Depreciation +€100,969
up €100,969 (+141%), from €71,390 to €172,358
- Financial charges +€13,788
up €13,788 (+189%), from €7,287 to €21,075
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 | €2,514,789 | €2,966,448 | +€451,660 | +18.0% |
| Fixed assets | 21/28 | €611,197 | €1,437,606 | +€826,409 | +135% |
| Tangible fixed assets | 22/27 | €611,197 | €1,437,606 | +€826,409 | +135% |
| Land and buildings | 22 | €604,933 | €1,427,632 | +€822,699 | +136% |
| Plant, machinery and equipment | 23 | - | €4,380 | +€4,380 | |
| Furniture and vehicles | 24 | €6,265 | €5,594 | -€670 | -10.7% |
| Current assets | 29/58 | €1,903,591 | €1,528,842 | -€374,749 | -19.7% |
| Amounts receivable within one year | 40/41 | €168,042 | €214,672 | +€46,630 | +27.7% |
| Trade receivables | 40 | €156,477 | €117,609 | -€38,868 | -24.8% |
| Other amounts receivable | 41 | €11,565 | €97,063 | +€85,498 | +739% |
| Current investments | 50/53 | €1,700,000 | €1,200,000 | -€500,000 | -29.4% |
| Cash at bank and in hand | 54/58 | €35,550 | €114,170 | +€78,621 | +221% |
| Total equity and liabilities | 10/49 | €2,514,789 | €2,966,448 | +€451,660 | +18.0% |
| Equity | 10/15 | €1,197,220 | €1,256,181 | +€58,961 | +4.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,191,020 | €1,249,981 | +€58,961 | +5.0% |
| Distributable reserves | 133 | €1,191,020 | €1,249,981 | +€58,961 | +5.0% |
| Amounts payable | 17/49 | €1,317,569 | €1,710,267 | +€392,699 | +29.8% |
| Amounts payable after more than one year | 17 | €393,767 | €632,381 | +€238,615 | +60.6% |
| Financial debts | 170/4 | €393,767 | €632,381 | +€238,615 | +60.6% |
| Amounts payable within one year | 42/48 | €859,005 | €1,013,089 | +€154,084 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €39,074 | €56,024 | +€16,949 | +43.4% |
| Financial debts | 43 | €33,750 | €33,973 | +€223 | +0.7% |
| Credit institutions | 430/8 | €33,750 | €33,973 | +€223 | +0.7% |
| Trade debts | 44 | €371,880 | €171,012 | -€200,868 | -54.0% |
| Suppliers | 440/4 | €371,880 | €171,012 | -€200,868 | -54.0% |
| Taxes, remuneration and social security | 45 | €80,056 | €3,396 | -€76,660 | -95.8% |
| Taxes | 450/3 | €80,056 | €3,396 | -€76,660 | -95.8% |
| Other amounts payable | 47/48 | €334,245 | €748,685 | +€414,440 | +124% |
| Accrued charges and deferred income | 492/3 | €64,797 | €64,797 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,390 | €172,358 | +€100,969 | +141% |
| Other operating charges | 640/8 | €8,401 | €324,091 | +€315,690 | +3,758% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €803,468 | €559,749 | -€243,720 | -30.3% |
| Operating profit (loss) | 9901 | €723,678 | €58,300 | -€665,378 | -91.9% |
| Financial income | 75/76B | €29,077 | €38,740 | +€9,664 | +33.2% |
| Recurring financial income | 75 | €29,077 | €38,740 | +€9,664 | +33.2% |
| Financial charges | 65/66B | €7,287 | €21,075 | +€13,788 | +189% |
| Recurring financial charges | 65 | €7,287 | €21,075 | +€13,788 | +189% |
| Profit (loss) for the period before taxes | 9903 | €745,468 | €75,965 | -€669,502 | -89.8% |
| Transfer from deferred taxes | 780 | €376 | - | -€376 | |
| Income taxes | 67/77 | €188,560 | €17,004 | -€171,556 | -91.0% |
| Profit (loss) for the period | 9904 | €557,284 | €58,961 | -€498,322 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €557,284 | €58,961 | -€498,322 | -89.4% |
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 30 October 2026 via checked.be.