Pharsalus Construct: 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.
Pharsalus Construct
Largest movements
- Receivables after one year -€140,000
no longer reported in 2025 (was €140,000)
- Receivables within one year +€75,487
up €75,487 (+62.6%), from €120,504 to €195,991
of which Trade receivables: +€70,629
- Cash +€74,113
up €74,113 (+414%), from €17,919 to €92,032
mainly Receivables after one year (+€140,000) and Stocks and contracts (+€51,145)
- Stocks and contracts -€51,145
no longer reported in 2025 (was €51,145)
- Deferred charges and accrued income -€6,400
no longer reported in 2025 (was €6,400)
- Advances received -€108,632
no longer reported in 2025 (was €108,632)
- Profit (loss) carried forward +€18,521
no longer reported in 2025 (was -€18,521)
- Trade debts +€17,821
up €17,821 (+36.1%), from €49,348 to €67,170
- Reserves +€12,471
up €12,471 (+7.0%), from €177,009 to €189,480
of which Distributable reserves: +€12,471
- Other debts +€6,994
up €6,994 (+55.9%), from €12,512 to €19,505
- Turnover +€996,381
new in 2025: €996,381
- Purchases and services +€745,203
up €745,203 (+8,815%), from €8,454 to €753,657
- Gross operating margin +€130,989
up €130,989 (+97.2%), from €134,775 to €265,764
- Staff costs +€117,019
up €117,019 (+106%), from €110,903 to €227,922
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 | €352,984 | €301,636 | -€51,348 | -14.5% |
| Fixed assets | 21/28 | €17,016 | €13,613 | -€3,403 | -20.0% |
| Tangible fixed assets | 22/27 | €17,016 | €13,613 | -€3,403 | -20.0% |
| Plant, machinery and equipment | 23 | €17,016 | €13,613 | -€3,403 | -20.0% |
| Current assets | 29/58 | €335,968 | €288,023 | -€47,945 | -14.3% |
| Amounts receivable after more than one year | 29 | €140,000 | - | -€140,000 | |
| Other amounts receivable | 291 | €140,000 | - | -€140,000 | |
| Stocks and contracts in progress | 3 | €51,145 | - | -€51,145 | |
| Stocks | 30/36 | €51,145 | - | -€51,145 | |
| Amounts receivable within one year | 40/41 | €120,504 | €195,991 | +€75,487 | +62.6% |
| Trade receivables | 40 | €120,504 | €191,133 | +€70,629 | +58.6% |
| Other amounts receivable | 41 | - | €4,858 | +€4,858 | |
| Cash at bank and in hand | 54/58 | €17,919 | €92,032 | +€74,113 | +414% |
| Deferred charges and accrued income | 490/1 | €6,400 | - | -€6,400 | |
| Total equity and liabilities | 10/49 | €352,984 | €301,636 | -€51,348 | -14.5% |
| Equity | 10/15 | €177,038 | €208,030 | +€30,992 | +17.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €177,009 | €189,480 | +€12,471 | +7.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €175,154 | €187,625 | +€12,471 | +7.1% |
| Profit (loss) carried forward | 14 | -€18,521 | - | +€18,521 | |
| Amounts payable | 17/49 | €175,946 | €93,606 | -€82,340 | -46.8% |
| Amounts payable within one year | 42/48 | €175,946 | €93,606 | -€82,340 | -46.8% |
| Trade debts | 44 | €49,348 | €67,170 | +€17,821 | +36.1% |
| Suppliers | 440/4 | €49,348 | €67,170 | +€17,821 | +36.1% |
| Advances received on contracts in progress | 46 | €108,632 | - | -€108,632 | |
| Taxes, remuneration and social security | 45 | €5,454 | €6,931 | +€1,477 | +27.1% |
| Taxes | 450/3 | €3,428 | €615 | -€2,814 | -82.1% |
| Remuneration and social security | 454/9 | €2,026 | €6,316 | +€4,290 | +212% |
| Other amounts payable | 47/48 | €12,512 | €19,505 | +€6,994 | +55.9% |
| Turnover | 70 | - | €996,381 | +€996,381 | |
| Goods, raw materials, services and sundry goods | 60/61 | €8,454 | €753,657 | +€745,203 | +8,815% |
| Remuneration, social security and pensions | 62 | €110,903 | €227,922 | +€117,019 | +106% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,403 | +€3,403 | |
| Other operating charges | 640/8 | €913 | €120 | -€793 | -86.9% |
| Gross operating margin | 9900 | €134,775 | €265,764 | +€130,989 | +97.2% |
| Operating profit (loss) | 9901 | €22,959 | €34,320 | +€11,360 | +49.5% |
| Financial income | 75/76B | €6,471 | - | -€6,471 | |
| Recurring financial income | 75 | €6,400 | - | -€6,400 | |
| Non-recurring financial income | 76B | €71 | - | -€71 | |
| Financial charges | 65/66B | €437 | €3,327 | +€2,890 | +661% |
| Recurring financial charges | 65 | €437 | €2,447 | +€2,009 | +459% |
| Non-recurring financial charges | 66B | - | €881 | +€881 | |
| Profit (loss) for the period before taxes | 9903 | €28,993 | €30,992 | +€1,999 | +6.9% |
| Income taxes | 67/77 | €1,099 | - | -€1,099 | |
| Profit (loss) for the period | 9904 | €27,894 | €30,992 | +€3,098 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,894 | €30,992 | +€3,098 | +11.1% |
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 15 October 2026 via checked.be.