PHAROS: 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.
PHAROS
Largest movements
- Tangible fixed assets +€379,209
up €379,209 (+55.0%), from €689,885 to €1.1m
of which Land and buildings: +€369,490
- Receivables within one year +€75,262
up €75,262 (+380.3%), from €19,790 to €95,052
of which Other amounts receivable: +€87,857
- Deferred charges and accrued income -€61,169
down €61,169 (-57.3%), from €106,808 to €45,639
- Receivables after one year +€38,339
up €38,339 (+19.6%), from €195,911 to €234,250
- Cash +€21,340
up €21,340 (+285.7%), from €7,470 to €28,810
mainly Debts after one year (+€349,916) and Depreciation (+€114,745)
- Debts after one year +€349,916
up €349,916 (+121.6%), from €287,858 to €637,774
- Reserves +€83,994
up €83,994 (+32.9%), from €255,630 to €339,624
of which Distributable reserves: +€83,994
- Trade debts +€40,169
up €40,169 (+323.4%), from €12,420 to €52,589
- Gross operating margin +€74,343
up €74,343 (+41.5%), from €179,152 to €253,495
- Depreciation +€66,348
up €66,348 (+137.1%), from €48,397 to €114,745
- Other operating charges -€38,016
down €38,016 (-87.0%), from €43,703 to €5,686
- Taxes +€22,585
up €22,585 (+93.8%), from €24,090 to €46,675
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 | €1,207,046 | €1,660,028 | +€452,982 | +37.5% |
| Fixed assets | 21/28 | €877,068 | €1,256,277 | +€379,209 | +43.2% |
| Tangible fixed assets | 22/27 | €689,885 | €1,069,094 | +€379,209 | +55.0% |
| Land and buildings | 22 | €684,094 | €1,053,584 | +€369,490 | +54.0% |
| Furniture and vehicles | 24 | €5,791 | €15,510 | +€9,719 | +167.8% |
| Financial fixed assets | 28 | €187,183 | €187,183 | = | 0.0% |
| Current assets | 29/58 | €329,978 | €403,751 | +€73,772 | +22.4% |
| Amounts receivable after more than one year | 29 | €195,911 | €234,250 | +€38,339 | +19.6% |
| Other amounts receivable | 291 | €195,911 | €234,250 | +€38,339 | +19.6% |
| Amounts receivable within one year | 40/41 | €19,790 | €95,052 | +€75,262 | +380.3% |
| Trade receivables | 40 | €19,131 | €6,537 | -€12,594 | -65.8% |
| Other amounts receivable | 41 | €659 | €88,515 | +€87,857 | +13338.9% |
| Cash at bank and in hand | 54/58 | €7,470 | €28,810 | +€21,340 | +285.7% |
| Deferred charges and accrued income | 490/1 | €106,808 | €45,639 | -€61,169 | -57.3% |
| Total equity and liabilities | 10/49 | €1,207,046 | €1,660,028 | +€452,982 | +37.5% |
| Equity | 10/15 | €280,930 | €364,924 | +€83,994 | +29.9% |
| Contributions | 10/11 | €25,300 | €25,300 | = | 0.0% |
| Reserves | 13 | €255,630 | €339,624 | +€83,994 | +32.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €255,630 | €339,624 | +€83,994 | +32.9% |
| Amounts payable | 17/49 | €926,116 | €1,295,104 | +€368,987 | +39.8% |
| Amounts payable after more than one year | 17 | €287,858 | €637,774 | +€349,916 | +121.6% |
| Financial debts | 170/4 | €287,858 | €637,774 | +€349,916 | +121.6% |
| Amounts payable within one year | 42/48 | €636,131 | €655,202 | +€19,071 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €45,013 | €51,123 | +€6,110 | +13.6% |
| Financial debts | 43 | €1,518 | €1,518 | = | 0.0% |
| Credit institutions | 430/8 | €1,518 | €0 | -€1,518 | -100.0% |
| Other loans | 439 | - | €1,518 | +€1,518 | |
| Trade debts | 44 | €12,420 | €52,589 | +€40,169 | +323.4% |
| Suppliers | 440/4 | €12,420 | €52,589 | +€40,169 | +323.4% |
| Taxes, remuneration and social security | 45 | €22,229 | €9,079 | -€13,150 | -59.2% |
| Taxes | 450/3 | €22,229 | €9,079 | -€13,150 | -59.2% |
| Other amounts payable | 47/48 | €554,950 | €540,892 | -€14,058 | -2.5% |
| Accrued charges and deferred income | 492/3 | €2,128 | €2,128 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,016 | +€1,016 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,397 | €114,745 | +€66,348 | +137.1% |
| Other operating charges | 640/8 | €43,703 | €5,686 | -€38,016 | -87.0% |
| Non-recurring operating charges | 66A | €7,200 | €0 | -€7,200 | -100.0% |
| Gross operating margin | 9900 | €179,152 | €253,495 | +€74,343 | +41.5% |
| Operating profit (loss) | 9901 | €79,853 | €133,064 | +€53,211 | +66.6% |
| Financial income | 75/76B | €11,900 | €10,487 | -€1,413 | -11.9% |
| Recurring financial income | 75 | €11,900 | €10,487 | -€1,413 | -11.9% |
| Financial charges | 65/66B | €14,958 | €12,882 | -€2,076 | -13.9% |
| Recurring financial charges | 65 | €14,958 | €12,882 | -€2,076 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €76,795 | €130,669 | +€53,874 | +70.2% |
| Income taxes | 67/77 | €24,090 | €46,675 | +€22,585 | +93.8% |
| Profit (loss) for the period | 9904 | €52,706 | €83,994 | +€31,289 | +59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,706 | €83,994 | +€31,289 | +59.4% |
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 6 October 2026 via checked.be.