PHARON: 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.
PHARON
Largest movements
- Tangible fixed assets +€32,757
up €32,757 (+153%), from €21,425 to €54,182
of which Furniture and vehicles: +€31,743
- Cash -€17,784
down €17,784 (-21.1%), from €84,380 to €66,596
mainly Investment in fixed assets (net) (-€39,705) and Tax, wage and social debts (-€6,809)
- Stocks and contracts +€2,592
up €2,592 (+46.1%), from €5,628 to €8,220
- Receivables within one year +€1,655
up €1,655 (+913%), from €181 to €1,836
of which Trade receivables: +€1,643
- Reserves +€27,891
up €27,891 (+50.5%), from €55,201 to €83,093
- Tax, wage and social debts -€6,809
down €6,809 (-47.5%), from €14,334 to €7,525
of which Taxes: -€6,854
- Depreciation +€5,814
up €5,814 (+513%), from €1,134 to €6,948
- Gross operating margin +€2,490
up €2,490 (+5.0%), from €50,081 to €52,571
- Taxes -€618
down €618 (-4.4%), from €13,994 to €13,376
- Other operating charges +€573
up €573 (+14.1%), from €4,076 to €4,650
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 | €119,774 | €140,135 | +€20,361 | +17.0% |
| Fixed assets | 21/28 | €22,201 | €54,958 | +€32,757 | +148% |
| Tangible fixed assets | 22/27 | €21,425 | €54,182 | +€32,757 | +153% |
| Land and buildings | 22 | €18,423 | €18,423 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,002 | €4,016 | +€1,014 | +33.8% |
| Furniture and vehicles | 24 | - | €31,743 | +€31,743 | |
| Financial fixed assets | 28 | €776 | €776 | = | 0.0% |
| Current assets | 29/58 | €97,573 | €85,177 | -€12,396 | -12.7% |
| Stocks and contracts in progress | 3 | €5,628 | €8,220 | +€2,592 | +46.1% |
| Stocks | 30/36 | €5,628 | €8,220 | +€2,592 | +46.1% |
| Amounts receivable within one year | 40/41 | €181 | €1,836 | +€1,655 | +913% |
| Trade receivables | 40 | €179 | €1,822 | +€1,643 | +921% |
| Other amounts receivable | 41 | €3 | €14 | +€12 | +405% |
| Cash at bank and in hand | 54/58 | €84,380 | €66,596 | -€17,784 | -21.1% |
| Deferred charges and accrued income | 490/1 | €7,384 | €8,525 | +€1,141 | +15.5% |
| Total equity and liabilities | 10/49 | €119,774 | €140,135 | +€20,361 | +17.0% |
| Equity | 10/15 | €100,461 | €128,352 | +€27,891 | +27.8% |
| Contributions | 10/11 | €45,259 | €45,259 | = | 0.0% |
| Reserves | 13 | €55,201 | €83,093 | +€27,891 | +50.5% |
| Distributable reserves | 133 | €55,201 | €83,093 | +€27,891 | +50.5% |
| Amounts payable | 17/49 | €19,313 | €11,783 | -€7,530 | -39.0% |
| Amounts payable within one year | 42/48 | €19,231 | €11,783 | -€7,448 | -38.7% |
| Trade debts | 44 | €4,897 | €4,258 | -€640 | -13.1% |
| Suppliers | 440/4 | €4,897 | €4,258 | -€640 | -13.1% |
| Taxes, remuneration and social security | 45 | €14,334 | €7,525 | -€6,809 | -47.5% |
| Taxes | 450/3 | €12,834 | €5,980 | -€6,854 | -53.4% |
| Remuneration and social security | 454/9 | €1,500 | €1,545 | +€45 | +3.0% |
| Accrued charges and deferred income | 492/3 | €82 | - | -€82 | |
| Non-recurring operating income | 76A | - | €4,750 | +€4,750 | |
| Remuneration, social security and pensions | 62 | €412 | - | -€412 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,134 | €6,948 | +€5,814 | +513% |
| Other operating charges | 640/8 | €4,076 | €4,650 | +€573 | +14.1% |
| Gross operating margin | 9900 | €50,081 | €52,571 | +€2,490 | +5.0% |
| Operating profit (loss) | 9901 | €44,460 | €40,974 | -€3,486 | -7.8% |
| Financial income | 75/76B | €370 | €572 | +€202 | +54.6% |
| Recurring financial income | 75 | €370 | €572 | +€202 | +54.6% |
| Financial charges | 65/66B | €509 | €279 | -€230 | -45.2% |
| Recurring financial charges | 65 | €509 | €279 | -€230 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €44,321 | €41,267 | -€3,054 | -6.9% |
| Income taxes | 67/77 | €13,994 | €13,376 | -€618 | -4.4% |
| Profit (loss) for the period | 9904 | €30,327 | €27,891 | -€2,436 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,327 | €27,891 | -€2,436 | -8.0% |
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 25 October 2026 via checked.be.