PHAROS: 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.
PHAROS
Largest movements
- Financial fixed assets +€555,671
up €555,671 (+15.1%), from €3.7m to €4.2m
- Cash -€183,959
down €183,959 (-67.9%), from €271,032 to €87,072
mainly Investment in fixed assets (net) (-€555,671) and Receivables within one year (-€73,109)
- Receivables within one year +€73,109
up €73,109 (+319%), from €22,919 to €96,028
of which Other amounts receivable: +€74,609
- Other debts +€397,170
up €397,170 (+49.6%), from €800,000 to €1.2m
- Trade debts +€68,394
up €68,394 (+392%), from €17,427 to €85,821
- Gross operating margin -€275,309
down €275,309 (-97.0%), from €283,745 to €8,436
- Taxes -€69,427
down €69,427 (-97.0%), from €71,604 to €2,177
- Financial income -€8,361
down €8,361 (-100.0%), from €8,361 to €1
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 | €3,966,550 | €4,439,040 | +€472,490 | +11.9% |
| Fixed assets | 21/28 | €3,672,599 | €4,227,939 | +€555,340 | +15.1% |
| Tangible fixed assets | 22/27 | €1,653 | €1,322 | -€331 | -20.0% |
| Furniture and vehicles | 24 | €1,653 | €1,322 | -€331 | -20.0% |
| Financial fixed assets | 28 | €3,670,946 | €4,226,617 | +€555,671 | +15.1% |
| Current assets | 29/58 | €293,951 | €211,100 | -€82,851 | -28.2% |
| Amounts receivable within one year | 40/41 | €22,919 | €96,028 | +€73,109 | +319% |
| Trade receivables | 40 | €12,000 | €10,500 | -€1,500 | -12.5% |
| Other amounts receivable | 41 | €10,919 | €85,528 | +€74,609 | +683% |
| Cash at bank and in hand | 54/58 | €271,032 | €87,072 | -€183,959 | -67.9% |
| Deferred charges and accrued income | 490/1 | €0 | €28,000 | +€28,000 | |
| Total equity and liabilities | 10/49 | €3,966,550 | €4,439,040 | +€472,490 | +11.9% |
| Equity | 10/15 | €3,027,526 | €3,032,276 | +€4,749 | +0.2% |
| Contributions | 10/11 | €1,224,368 | €1,224,368 | = | 0.0% |
| Capital | 10 | €1,224,368 | €1,224,368 | = | 0.0% |
| Issued capital | 100 | €1,224,368 | €1,224,368 | = | 0.0% |
| Reserves | 13 | €1,803,158 | €1,807,908 | +€4,749 | +0.3% |
| Non-distributable reserves | 130/1 | €103,414 | €103,761 | +€346 | +0.3% |
| Legal reserve | 130 | €103,414 | €103,761 | +€346 | +0.3% |
| Distributable reserves | 133 | €1,699,744 | €1,704,147 | +€4,403 | +0.3% |
| Amounts payable | 17/49 | €939,023 | €1,406,764 | +€467,741 | +49.8% |
| Amounts payable after more than one year | 17 | €121,562 | €121,562 | = | 0.0% |
| Other amounts payable | 178/9 | €121,562 | €121,562 | = | 0.0% |
| Amounts payable within one year | 42/48 | €817,461 | €1,285,202 | +€467,741 | +57.2% |
| Trade debts | 44 | €17,427 | €85,821 | +€68,394 | +392% |
| Suppliers | 440/4 | €17,427 | €85,821 | +€68,394 | +392% |
| Taxes, remuneration and social security | 45 | €34 | €2,211 | +€2,177 | +6,351% |
| Taxes | 450/3 | €34 | €2,211 | +€2,177 | +6,351% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €800,000 | €1,197,170 | +€397,170 | +49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €331 | +€331 | |
| Other operating charges | 640/8 | €2,169 | €1,126 | -€1,042 | -48.1% |
| Gross operating margin | 9900 | €283,745 | €8,436 | -€275,309 | -97.0% |
| Operating profit (loss) | 9901 | €281,576 | €6,979 | -€274,598 | -97.5% |
| Financial income | 75/76B | €8,361 | €1 | -€8,361 | -100.0% |
| Recurring financial income | 75 | €8,361 | €1 | -€8,361 | -100.0% |
| Financial charges | 65/66B | €94 | €54 | -€40 | -42.4% |
| Recurring financial charges | 65 | €94 | €54 | -€40 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €289,844 | €6,926 | -€282,918 | -97.6% |
| Income taxes | 67/77 | €71,604 | €2,177 | -€69,427 | -97.0% |
| Profit (loss) for the period | 9904 | €218,240 | €4,749 | -€213,491 | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €218,240 | €4,749 | -€213,491 | -97.8% |
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 20 October 2026 via checked.be.