PHAREECLO: 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.
PHAREECLO
Largest movements
- Tangible fixed assets +€344,526
up €344,526 (+171.8%), from €200,590 to €545,116
of which Land and buildings: +€192,365
- Cash +€20,585
up €20,585 (+14.5%), from €141,618 to €162,203
mainly Debts after one year (+€382,905) and Depreciation (+€35,527)
- Stocks and contracts +€14,074
up €14,074 (+7.4%), from €190,886 to €204,960
- Receivables within one year +€12,067
up €12,067 (+35.4%), from €34,112 to €46,179
of which Other amounts receivable: +€11,910
- Debts after one year +€382,905
up €382,905 (+500.1%), from €76,563 to €459,469
- Current portion of long-term debt +€31,460
up €31,460 (+359.5%), from €8,750 to €40,210
- Trade debts -€17,765
down €17,765 (-18.8%), from €94,471 to €76,706
- Gross operating margin -€23,197
down €23,197 (-18.7%), from €124,073 to €100,876
- Depreciation +€19,404
up €19,404 (+120.4%), from €16,122 to €35,527
- Taxes -€15,479
no longer reported in 2025 (was €15,479)
- Financial charges +€11,062
up €11,062 (+243.2%), from €4,549 to €15,612
- Staff costs +€10,237
up €10,237 (+46.1%), from €22,187 to €32,424
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 | €634,949 | €1,035,761 | +€400,812 | +63.1% |
| Fixed assets | 21/28 | €201,770 | €547,076 | +€345,306 | +171.1% |
| Intangible fixed assets | 21 | €975 | €1,755 | +€780 | +80.0% |
| Tangible fixed assets | 22/27 | €200,590 | €545,116 | +€344,526 | +171.8% |
| Land and buildings | 22 | €158,486 | €350,851 | +€192,365 | +121.4% |
| Plant, machinery and equipment | 23 | €29,464 | €116,478 | +€87,014 | +295.3% |
| Furniture and vehicles | 24 | €12,640 | €77,787 | +€65,147 | +515.4% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €433,179 | €488,685 | +€55,506 | +12.8% |
| Stocks and contracts in progress | 3 | €190,886 | €204,960 | +€14,074 | +7.4% |
| Stocks | 30/36 | €190,886 | €204,960 | +€14,074 | +7.4% |
| Amounts receivable within one year | 40/41 | €34,112 | €46,179 | +€12,067 | +35.4% |
| Trade receivables | 40 | €16,129 | €16,286 | +€157 | +1.0% |
| Other amounts receivable | 41 | €17,983 | €29,893 | +€11,910 | +66.2% |
| Cash at bank and in hand | 54/58 | €141,618 | €162,203 | +€20,585 | +14.5% |
| Deferred charges and accrued income | 490/1 | €66,563 | €75,342 | +€8,779 | +13.2% |
| Total equity and liabilities | 10/49 | €634,949 | €1,035,761 | +€400,812 | +63.1% |
| Equity | 10/15 | €444,913 | €449,127 | +€4,214 | +0.9% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €284,913 | €289,127 | +€4,214 | +1.5% |
| Distributable reserves | 133 | €284,913 | €289,127 | +€4,214 | +1.5% |
| Amounts payable | 17/49 | €190,036 | €586,634 | +€396,598 | +208.7% |
| Amounts payable after more than one year | 17 | €76,563 | €459,469 | +€382,905 | +500.1% |
| Financial debts | 170/4 | €76,563 | €459,469 | +€382,905 | +500.1% |
| Amounts payable within one year | 42/48 | €109,683 | €124,865 | +€15,183 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €8,750 | €40,210 | +€31,460 | +359.5% |
| Trade debts | 44 | €94,471 | €76,706 | -€17,765 | -18.8% |
| Suppliers | 440/4 | €94,471 | €76,706 | -€17,765 | -18.8% |
| Taxes, remuneration and social security | 45 | €6,446 | €7,422 | +€977 | +15.2% |
| Taxes | 450/3 | €448 | €442 | -€6 | -1.2% |
| Remuneration and social security | 454/9 | €5,998 | €6,980 | +€982 | +16.4% |
| Other amounts payable | 47/48 | €16 | €527 | +€511 | +3196.8% |
| Accrued charges and deferred income | 492/3 | €3,790 | €2,300 | -€1,490 | -39.3% |
| Remuneration, social security and pensions | 62 | €22,187 | €32,424 | +€10,237 | +46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,122 | €35,527 | +€19,404 | +120.4% |
| Other operating charges | 640/8 | €15,292 | €9,230 | -€6,062 | -39.6% |
| Non-recurring operating charges | 66A | - | €4,571 | +€4,571 | |
| Gross operating margin | 9900 | €124,073 | €100,876 | -€23,197 | -18.7% |
| Operating profit (loss) | 9901 | €70,471 | €19,124 | -€51,347 | -72.9% |
| Financial income | 75/76B | €1,051 | €701 | -€350 | -33.3% |
| Recurring financial income | 75 | €1,051 | €701 | -€350 | -33.3% |
| Financial charges | 65/66B | €4,549 | €15,612 | +€11,062 | +243.2% |
| Recurring financial charges | 65 | €4,549 | €15,612 | +€11,062 | +243.2% |
| Profit (loss) for the period before taxes | 9903 | €66,973 | €4,214 | -€62,760 | -93.7% |
| Income taxes | 67/77 | €15,479 | - | -€15,479 | |
| Profit (loss) for the period | 9904 | €51,494 | €4,214 | -€47,280 | -91.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,494 | €4,214 | -€47,280 | -91.8% |
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 5 October 2026 via checked.be.