PHARO LHC: 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.
PHARO LHC
Largest movements
- Cash +€8,563
up €8,563 (+69.4%), from €12,330 to €20,893
mainly Net result for the year (+€27,887) and Depreciation (+€6,244)
- Deferred charges and accrued income +€1,348
new in 2025: €1,348
- Tangible fixed assets -€852
down €852 (-5.2%), from €16,470 to €15,618
- Receivables within one year +€808
up €808 (+16.8%), from €4,804 to €5,611
of which Trade receivables: +€5,611
- Reserves +€27,887
up €27,887 (+136%), from €20,540 to €48,428
- Current portion of long-term debt -€9,834
down €9,834 (-53.9%), from €18,229 to €8,395
- Debts after one year -€8,395
down €8,395 (-53.4%), from €15,713 to €7,318
- Tax, wage and social debts -€836
down €836 (-11.4%), from €7,323 to €6,487
- Other operating charges -€20,703
down €20,703 (-97.8%), from €21,173 to €470
- Depreciation -€9,022
down €9,022 (-59.1%), from €15,266 to €6,244
- Taxes +€8,216
up €8,216 (+7,126%), from €115 to €8,331
- Gross operating margin +€7,624
up €7,624 (+20.9%), from €36,442 to €44,066
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 | €67,604 | €77,470 | +€9,866 | +14.6% |
| Fixed assets | 21/28 | €16,470 | €15,618 | -€852 | -5.2% |
| Tangible fixed assets | 22/27 | €16,470 | €15,618 | -€852 | -5.2% |
| Furniture and vehicles | 24 | €16,470 | €15,618 | -€852 | -5.2% |
| Current assets | 29/58 | €51,134 | €61,852 | +€10,718 | +21.0% |
| Amounts receivable after more than one year | 29 | €34,000 | €34,000 | = | 0.0% |
| Other amounts receivable | 291 | €34,000 | €34,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,804 | €5,611 | +€808 | +16.8% |
| Trade receivables | 40 | - | €5,611 | +€5,611 | |
| Other amounts receivable | 41 | €4,804 | €0 | -€4,804 | -100% |
| Cash at bank and in hand | 54/58 | €12,330 | €20,893 | +€8,563 | +69.4% |
| Deferred charges and accrued income | 490/1 | - | €1,348 | +€1,348 | |
| Total equity and liabilities | 10/49 | €67,604 | €77,470 | +€9,866 | +14.6% |
| Equity | 10/15 | €22,940 | €50,828 | +€27,887 | +122% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €20,540 | €48,428 | +€27,887 | +136% |
| Distributable reserves | 133 | €20,540 | €48,428 | +€27,887 | +136% |
| Amounts payable | 17/49 | €44,664 | €26,642 | -€18,021 | -40.3% |
| Amounts payable after more than one year | 17 | €15,713 | €7,318 | -€8,395 | -53.4% |
| Financial debts | 170/4 | €15,713 | €7,318 | -€8,395 | -53.4% |
| Amounts payable within one year | 42/48 | €28,951 | €19,324 | -€9,626 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €18,229 | €8,395 | -€9,834 | -53.9% |
| Financial debts | 43 | €1,645 | €2,269 | +€624 | +37.9% |
| Credit institutions | 430/8 | €1,645 | €2,269 | +€624 | +37.9% |
| Trade debts | 44 | €640 | €1,324 | +€685 | +107% |
| Suppliers | 440/4 | €640 | €1,324 | +€685 | +107% |
| Taxes, remuneration and social security | 45 | €7,323 | €6,487 | -€836 | -11.4% |
| Taxes | 450/3 | €7,323 | €6,487 | -€836 | -11.4% |
| Other amounts payable | 47/48 | €1,115 | €849 | -€266 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,266 | €6,244 | -€9,022 | -59.1% |
| Other operating charges | 640/8 | €21,173 | €470 | -€20,703 | -97.8% |
| Non-recurring operating charges | 66A | €4,375 | - | -€4,375 | |
| Gross operating margin | 9900 | €36,442 | €44,066 | +€7,624 | +20.9% |
| Operating profit (loss) | 9901 | -€4,372 | €37,351 | +€41,723 | |
| Financial income | 75/76B | €278 | €126 | -€153 | -54.9% |
| Recurring financial income | 75 | €278 | €126 | -€153 | -54.9% |
| Financial charges | 65/66B | €1,032 | €1,258 | +€226 | +21.9% |
| Recurring financial charges | 65 | €1,032 | €1,258 | +€226 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,126 | €36,219 | +€41,344 | |
| Income taxes | 67/77 | €115 | €8,331 | +€8,216 | +7,126% |
| Profit (loss) for the period | 9904 | -€5,241 | €27,887 | +€33,128 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,241 | €27,887 | +€33,128 |
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 23 October 2026 via checked.be.