PHARVET: 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.
What changed
PHARVET
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€345,528
2024 · €52,314+€293,213
Equity
€3.6m
2024 · €3.2m+€345,528
Cash
€435,820
2024 · €508,636-€72,816
Balance sheet total
€4.2m
2024 · €3.8m+€395,725
Largest movements
Assets
- Current investments +€900,000
up €900,000 (+81.8%), from €1.1m to €2.0m
- Tangible fixed assets -€387,229
down €387,229 (-20.4%), from €1.9m to €1.5m
of which Land and buildings: -€356,550
- Cash -€72,816
down €72,816 (-14.3%), from €508,636 to €435,820
mainly Current investments (-€900,000) and Debts after one year (-€35,601)
Equity and liabilities
- Reserves +€345,528
up €345,528 (+11.0%), from €3.2m to €3.5m
of which Tax-exempt reserves: +€272,901
- Provisions +€90,967
up €90,967 (+72.6%), from €125,246 to €216,213
Income statement
- Gross operating margin +€363,643
up €363,643 (+172.7%), from €210,572 to €574,214
- Financial income +€14,745
up €14,745 (+106.1%), from €13,903 to €28,648
- Depreciation -€12,110
down €12,110 (-13.6%), from €89,180 to €77,070
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
€52,314
Gross operating margin
+€363,643
Staff costs
-€583
Depreciation
+€12,110
Other operating charges
+€476
Financial income
+€14,745
Financial charges
+€592
Taxes
-€409
Deferred taxes and other
-€97,360
Result 2025
€345,528
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
+€552,249
Investment
-€589,841
Financing
-€35,224
Cash 2024
€508,636
From operations (derived)
+€552,249
Net result for the year
+€345,528
Depreciation
+€77,070
Receivables after one year
+€30,000
Receivables within one year
+€15,978
Smaller working-capital items
-€11
Provisions
+€90,967
Trade debts
-€13,708
Tax, wage and social debts
+€6,426
Investment (derived)
-€589,841
Investment in fixed assets (net)
+€310,159
Current investments
-€900,000
Financing
-€35,224
Debts after one year
-€35,601
Current portion of long-term debt
+€378
Cash 2025
€435,820
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,799,155 | €4,194,880 | +€395,725 | +10.4% |
| Fixed assets | 21/28 | €1,984,390 | €1,597,161 | -€387,229 | -19.5% |
| Tangible fixed assets | 22/27 | €1,902,535 | €1,515,306 | -€387,229 | -20.4% |
| Land and buildings | 22 | €1,734,543 | €1,377,993 | -€356,550 | -20.6% |
| Plant, machinery and equipment | 23 | €20,151 | €17,722 | -€2,430 | -12.1% |
| Furniture and vehicles | 24 | €17,934 | €8,968 | -€8,967 | -50.0% |
| Other tangible fixed assets | 26 | €129,906 | €110,624 | -€19,282 | -14.8% |
| Financial fixed assets | 28 | €81,855 | €81,855 | = | 0.0% |
| Current assets | 29/58 | €1,814,765 | €2,597,719 | +€782,953 | +43.1% |
| Amounts receivable after more than one year | 29 | €30,000 | - | -€30,000 | |
| Trade receivables | 290 | €30,000 | - | -€30,000 | |
| Amounts receivable within one year | 40/41 | €168,978 | €153,000 | -€15,978 | -9.5% |
| Trade receivables | 40 | €379 | €496 | +€117 | +30.9% |
| Other amounts receivable | 41 | €168,599 | €152,504 | -€16,095 | -9.5% |
| Current investments | 50/53 | €1,100,000 | €2,000,000 | +€900,000 | +81.8% |
| Cash at bank and in hand | 54/58 | €508,636 | €435,820 | -€72,816 | -14.3% |
| Deferred charges and accrued income | 490/1 | €7,151 | €8,899 | +€1,748 | +24.4% |
| Total equity and liabilities | 10/49 | €3,799,155 | €4,194,880 | +€395,725 | +10.4% |
| Equity | 10/15 | €3,212,565 | €3,558,092 | +€345,528 | +10.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,151,065 | €3,496,592 | +€345,528 | +11.0% |
| Non-distributable reserves | 130/1 | €137,785 | €137,785 | = | 0.0% |
| Legal reserve | 130 | €137,785 | €137,785 | = | 0.0% |
| Tax-exempt reserves | 132 | €375,438 | €648,339 | +€272,901 | +72.7% |
| Distributable reserves | 133 | €2,637,841 | €2,710,468 | +€72,627 | +2.8% |
| Provisions and deferred taxes | 16 | €125,246 | €216,213 | +€90,967 | +72.6% |
| Deferred taxes | 168 | €125,246 | €216,213 | +€90,967 | +72.6% |
| Amounts payable | 17/49 | €461,344 | €420,575 | -€40,770 | -8.8% |
| Amounts payable after more than one year | 17 | €400,040 | €364,439 | -€35,601 | -8.9% |
| Financial debts | 170/4 | €400,040 | €364,439 | -€35,601 | -8.9% |
| Amounts payable within one year | 42/48 | €54,947 | €48,752 | -€6,196 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €35,224 | €35,601 | +€378 | +1.1% |
| Trade debts | 44 | €16,534 | €2,826 | -€13,708 | -82.9% |
| Suppliers | 440/4 | €16,534 | €2,826 | -€13,708 | -82.9% |
| Taxes, remuneration and social security | 45 | €2,415 | €8,841 | +€6,426 | +266.1% |
| Taxes | 450/3 | €21 | €6,425 | +€6,404 | +30497.1% |
| Remuneration and social security | 454/9 | €2,394 | €2,415 | +€22 | +0.9% |
| Other amounts payable | 47/48 | €775 | €1,484 | +€709 | +91.5% |
| Accrued charges and deferred income | 492/3 | €6,357 | €7,384 | +€1,027 | +16.2% |
| Remuneration, social security and pensions | 62 | €38,987 | €39,570 | +€583 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,180 | €77,070 | -€12,110 | -13.6% |
| Other operating charges | 640/8 | €10,883 | €10,407 | -€476 | -4.4% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €210,572 | €574,214 | +€363,643 | +172.7% |
| Operating profit (loss) | 9901 | €71,522 | €447,168 | +€375,646 | +525.2% |
| Financial income | 75/76B | €13,903 | €28,648 | +€14,745 | +106.1% |
| Recurring financial income | 75 | €13,903 | €28,648 | +€14,745 | +106.1% |
| Financial charges | 65/66B | €5,999 | €5,408 | -€592 | -9.9% |
| Recurring financial charges | 65 | €5,999 | €5,408 | -€592 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €79,425 | €470,408 | +€390,983 | +492.3% |
| Transfer from deferred taxes | 780 | €6,394 | €6,494 | +€100 | +1.6% |
| Transfer to deferred taxes | 680 | - | €97,460 | +€97,460 | |
| Income taxes | 67/77 | €33,504 | €33,913 | +€409 | +1.2% |
| Profit (loss) for the period | 9904 | €52,314 | €345,528 | +€293,213 | +560.5% |
| Transfer from tax-exempt reserves | 789 | €19,481 | €19,481 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €292,381 | +€292,381 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,795 | €72,627 | +€832 | +1.2% |
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.