PHARUS: 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.
What changed
PHARUS
NACE 69.201, Certified accountants and tax accountants
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€953,000
2024 · €288,579-€1.2m
Equity
€11.8m
2024 · €20.1m-€8.2m
Cash
€2.7m
2024 · €45,972+€2.7m
Balance sheet total
€25.4m
2024 · €23.0m+€2.5m
Largest movements
Assets
- Financial fixed assets -€22.4m
down €22.4m (-99.7%), from €22.5m to €71,000
of which Affiliated companies: -€22.5m
- Stocks and contracts +€9.0m
up €9.0m, from €0 to €9.0m
- Tangible fixed assets +€7.5m
new in 2025: €7.5m
of which Land and buildings: +€6.2m
- Receivables within one year +€3.2m
up €3.2m (+901.2%), from €349,587 to €3.5m
of which Trade receivables: +€2.9m
- Cash +€2.7m
up €2.7m (+5849.2%), from €45,972 to €2.7m
mainly Investment in fixed assets (net) (+€11.6m) and Short-term financial debts (+€3.4m)
Equity and liabilities
- Equity -€8.2m
down €8.2m (-41.0%), from €20.1m to €11.8m
of which Profit (loss) carried forward: -€5.7m
- Short-term financial debts +€3.4m
new in 2025: €3.4m
- Tax, wage and social debts +€2.7m
up €2.7m (+8896.5%), from €30,089 to €2.7m
of which Remuneration and social security: +€2.0m
- Trade debts +€2.3m
up €2.3m (+2534.0%), from €92,216 to €2.4m
- Debts after one year +€1.6m
up €1.6m (+81.5%), from €2.0m to €3.6m
Income statement
- Turnover +€39.6m
up €39.6m (+5655.2%), from €699,597 to €40.3m
- Goods and materials +€18.8m
new in 2025: €18.8m
of which Purchases: +€18.1m
- Staff costs +€14.2m
new in 2025: €14.2m
- Services and other goods +€7.4m
up €7.4m (+852.9%), from €869,391 to €8.3m
- Depreciation +€1.2m
new in 2025: €1.2m
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.
Result 2024
€288,579
Turnover
+€39.6m
Other operating income
+€989,000
Goods and materials
-€18.8m
Services and other goods
-€7.4m
Staff costs
-€14.2m
Depreciation
-€1.2m
Write-downs
+€100,000
Other operating charges
-€331,986
Other operating items
+€1.4m
Financial income
-€544,238
Financial charges
-€515,425
Taxes
-€342,724
Deferred taxes and other
+€7,000
Result 2025
-€953,000
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.
From operations
-€7.4m
Investment
+€11.6m
Financing
-€1.5m
Cash 2024
€45,972
From operations (derived)
-€7.4m
Net result for the year
-€953,000
Depreciation
+€1.2m
Receivables after one year
-€5,000
Stocks and contracts
-€9.0m
Receivables within one year
-€3.2m
Deferred charges and accrued income
-€498,895
Provisions
+€67,000
Trade debts
+€2.3m
Tax, wage and social debts
+€2.7m
Advances received
+€102,000
Other debts
-€266,113
Accrued charges and deferred income
+€42,032
Investment (derived)
+€11.6m
Investment in fixed assets (net)
+€11.6m
Financing
-€1.5m
Debts after one year
+€1.6m
Current portion of long-term debt
+€679,000
Short-term financial debts
+€3.4m
Contributions, distributions and other
-€7.3m
Cash 2025
€2.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,957,382 | €25,439,000 | +€2.5m | +10.8% |
| Fixed assets | 21/28 | €22,507,717 | €9,690,000 | -€12.8m | -56.9% |
| Intangible fixed assets | 21 | - | €2,110,000 | +€2.1m | |
| Tangible fixed assets | 22/27 | - | €7,509,000 | +€7.5m | |
| Land and buildings | 22 | - | €6,223,000 | +€6.2m | |
| Plant, machinery and equipment | 23 | - | €980,000 | +€980,000 | |
| Furniture and vehicles | 24 | - | €304,000 | +€304,000 | |
| Other tangible fixed assets | 26 | - | €2,000 | +€2,000 | |
| Financial fixed assets | 28 | €22,507,717 | €71,000 | -€22.4m | -99.7% |
| Affiliated companies | 280/1 | €22,507,717 | - | -€22.5m | |
| Participating interests | 280 | €22,507,717 | - | -€22.5m | |
| Other financial fixed assets | 284/8 | - | €71,000 | +€71,000 | |
| Shares | 284 | - | €63,000 | +€63,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €8,000 | +€8,000 | |
| Current assets | 29/58 | €449,664 | €15,749,000 | +€15.3m | +3402.4% |
| Amounts receivable after more than one year | 29 | €50,000 | €55,000 | +€5,000 | +10.0% |
| Other amounts receivable | 291 | €50,000 | €55,000 | +€5,000 | +10.0% |
| Stocks and contracts in progress | 3 | €0 | €8,956,000 | +€9.0m | |
| Stocks | 30/36 | - | €8,956,000 | +€9.0m | |
| Raw materials and consumables | 30/31 | - | €8,645,000 | +€8.6m | |
| Finished goods | 33 | - | €212,000 | +€212,000 | |
| Goods purchased for resale | 34 | - | €99,000 | +€99,000 | |
| Amounts receivable within one year | 40/41 | €349,587 | €3,500,000 | +€3.2m | +901.2% |
| Trade receivables | 40 | €89,112 | €3,033,000 | +€2.9m | +3303.6% |
| Other amounts receivable | 41 | €260,476 | €467,000 | +€206,524 | +79.3% |
| Cash at bank and in hand | 54/58 | €45,972 | €2,735,000 | +€2.7m | +5849.2% |
| Deferred charges and accrued income | 490/1 | €4,105 | €503,000 | +€498,895 | +12154.0% |
| Total equity and liabilities | 10/49 | €22,957,382 | €25,439,000 | +€2.5m | +10.8% |
| Equity | 10/15 | €20,062,996 | €11,828,000 | -€8.2m | -41.0% |
| Contributions | 10/11 | €13,950,226 | €14,050,000 | +€99,774 | +0.7% |
| Capital | 10 | €13,950,177 | €14,050,000 | +€99,823 | +0.7% |
| Issued capital | 100 | €13,950,177 | €14,050,000 | +€99,823 | +0.7% |
| Contributions outside capital | 11 | €49 | - | -€49 | |
| Share premium | 1100/10 | €49 | - | -€49 | |
| Reserves | 13 | €440,317 | - | -€440,317 | |
| Non-distributable reserves | 130/1 | €440,317 | - | -€440,317 | |
| Legal reserve | 130 | €440,317 | - | -€440,317 | |
| Profit (loss) carried forward | 14 | €5,672,452 | - | -€5.7m | |
| Provisions and deferred taxes | 16 | - | €67,000 | +€67,000 | |
| Deferred taxes | 168 | - | €67,000 | +€67,000 | |
| Amounts payable | 17/49 | €2,894,386 | €13,544,000 | +€10.6m | +367.9% |
| Amounts payable after more than one year | 17 | €2,000,000 | €3,630,000 | +€1.6m | +81.5% |
| Financial debts | 170/4 | €2,000,000 | €3,630,000 | +€1.6m | +81.5% |
| Credit institutions | 173 | €2,000,000 | €3,621,000 | +€1.6m | +81.1% |
| Other loans | 174 | - | €9,000 | +€9,000 | |
| Amounts payable within one year | 42/48 | €893,418 | €9,871,000 | +€9.0m | +1004.9% |
| Current portion of amounts payable after more than one year | 42 | €500,000 | €1,179,000 | +€679,000 | +135.8% |
| Financial debts | 43 | - | €3,449,000 | +€3.4m | |
| Credit institutions | 430/8 | - | €3,449,000 | +€3.4m | |
| Trade debts | 44 | €92,216 | €2,429,000 | +€2.3m | +2534.0% |
| Suppliers | 440/4 | €92,216 | €2,429,000 | +€2.3m | +2534.0% |
| Advances received on contracts in progress | 46 | - | €102,000 | +€102,000 | |
| Taxes, remuneration and social security | 45 | €30,089 | €2,707,000 | +€2.7m | +8896.5% |
| Taxes | 450/3 | €23,738 | €704,000 | +€680,262 | +2865.7% |
| Remuneration and social security | 454/9 | €6,352 | €2,003,000 | +€2.0m | +31435.1% |
| Other amounts payable | 47/48 | €271,113 | €5,000 | -€266,113 | -98.2% |
| Accrued charges and deferred income | 492/3 | €968 | €43,000 | +€42,032 | +4344.4% |
| Operating income | 70/76A | €699,597 | €42,826,000 | +€42.1m | +6021.5% |
| Turnover | 70 | €699,597 | €40,263,000 | +€39.6m | +5655.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €37,000 | +€37,000 | |
| Own construction capitalised | 72 | - | €260,000 | +€260,000 | |
| Other operating income | 74 | - | €989,000 | +€989,000 | |
| Non-recurring operating income | 76A | - | €1,277,000 | +€1.3m | |
| Operating charges | 60/66A | €870,405 | €42,843,000 | +€42.0m | +4822.2% |
| Goods for resale, raw materials and consumables | 60 | - | €18,750,000 | +€18.8m | |
| Purchases | 600/8 | - | €18,126,000 | +€18.1m | |
| Change in stocks: decrease (increase) | 609 | - | €624,000 | +€624,000 | |
| Services and other goods | 61 | €869,391 | €8,284,000 | +€7.4m | +852.9% |
| Remuneration, social security and pensions | 62 | - | €14,199,000 | +€14.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,206,000 | +€1.2m | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€100,000 | -€100,000 | |
| Other operating charges | 640/8 | €1,014 | €333,000 | +€331,986 | +32755.8% |
| Non-recurring operating charges | 66A | €0 | €171,000 | +€171,000 | |
| Operating profit (loss) | 9901 | -€170,808 | -€17,000 | +€153,808 | +90.0% |
| Financial income | 75/76B | €566,238 | €22,000 | -€544,238 | -96.1% |
| Recurring financial income | 75 | €566,238 | €22,000 | -€544,238 | -96.1% |
| Income from financial fixed assets | 750 | €566,227 | €2,000 | -€564,227 | -99.6% |
| Other financial income | 752/9 | €11 | €20,000 | +€19,989 | +182381.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €106,575 | €622,000 | +€515,425 | +483.6% |
| Recurring financial charges | 65 | €97,147 | €622,000 | +€524,853 | +540.3% |
| Debt charges | 650 | €95,727 | €292,000 | +€196,273 | +205.0% |
| Other financial charges | 652/9 | €1,421 | €330,000 | +€328,579 | +23126.5% |
| Non-recurring financial charges | 66B | €9,427 | - | -€9,427 | |
| Profit (loss) for the period before taxes | 9903 | €288,855 | -€617,000 | -€905,855 | |
| Transfer from deferred taxes | 780 | - | €7,000 | +€7,000 | |
| Income taxes | 67/77 | €276 | €343,000 | +€342,724 | +124026.9% |
| Taxes | 670/3 | €276 | €351,000 | +€350,724 | +126922.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €8,000 | +€8,000 | |
| Profit (loss) for the period | 9904 | €288,579 | -€953,000 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €288,579 | - | -€288,579 |
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 12 October 2026 via checked.be.