PHB MANAGEMENT: 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.
PHB MANAGEMENT
Largest movements
- Receivables after one year -€53,500
down €53,500 (-12.0%), from €445,600 to €392,100
- Receivables within one year +€37,325
up €37,325 (+148.5%), from €25,130 to €62,455
of which Trade receivables: +€27,455
- Cash -€30,245
down €30,245 (-17.1%), from €176,764 to €146,519
mainly Contributions, distributions and other (-€56,403) and Receivables within one year (-€37,325)
- Reserves -€38,556
down €38,556 (-4.8%), from €800,592 to €762,036
- Other operating charges +€13,256
up €13,256 (+769.4%), from €1,723 to €14,979
- Gross operating margin +€11,402
up €11,402 (+43.5%), from €26,209 to €37,611
- Financial income +€5,815
up €5,815 (+96913.3%), from €6 to €5,821
- Financial charges +€1,439
up €1,439 (+135.7%), from €1,061 to €2,500
- Depreciation -€1,210
down €1,210 (-16.8%), from €7,216 to €6,006
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €838,602 | €788,223 | -€50,379 | -6.0% |
| Fixed assets | 21/28 | €161,961 | €155,955 | -€6,006 | -3.7% |
| Tangible fixed assets | 22/27 | €158,993 | €152,987 | -€6,006 | -3.8% |
| Land and buildings | 22 | €154,018 | €148,698 | -€5,320 | -3.5% |
| Furniture and vehicles | 24 | €2,882 | €2,196 | -€686 | -23.8% |
| Other tangible fixed assets | 26 | €2,093 | €2,093 | = | 0.0% |
| Financial fixed assets | 28 | €2,968 | €2,968 | = | 0.0% |
| Current assets | 29/58 | €676,641 | €632,268 | -€44,373 | -6.6% |
| Amounts receivable after more than one year | 29 | €445,600 | €392,100 | -€53,500 | -12.0% |
| Other amounts receivable | 291 | €445,600 | €392,100 | -€53,500 | -12.0% |
| Stocks and contracts in progress | 3 | €24,008 | €23,143 | -€865 | -3.6% |
| Stocks | 30/36 | €24,008 | €23,143 | -€865 | -3.6% |
| Amounts receivable within one year | 40/41 | €25,130 | €62,455 | +€37,325 | +148.5% |
| Trade receivables | 40 | €24,500 | €51,955 | +€27,455 | +112.1% |
| Other amounts receivable | 41 | €630 | €10,500 | +€9,870 | +1566.7% |
| Cash at bank and in hand | 54/58 | €176,764 | €146,519 | -€30,245 | -17.1% |
| Deferred charges and accrued income | 490/1 | €5,139 | €8,051 | +€2,912 | +56.7% |
| Total equity and liabilities | 10/49 | €838,602 | €788,223 | -€50,379 | -6.0% |
| Equity | 10/15 | €812,992 | €774,436 | -€38,556 | -4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €800,592 | €762,036 | -€38,556 | -4.8% |
| Distributable reserves | 133 | €800,592 | €762,036 | -€38,556 | -4.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,609 | €13,787 | -€11,822 | -46.2% |
| Amounts payable within one year | 42/48 | €18,609 | €13,787 | -€4,822 | -25.9% |
| Trade debts | 44 | €1,765 | €1,900 | +€134 | +7.6% |
| Suppliers | 440/4 | €1,765 | €1,900 | +€134 | +7.6% |
| Taxes, remuneration and social security | 45 | €14,522 | €7,692 | -€6,829 | -47.0% |
| Taxes | 450/3 | €9,958 | €7,692 | -€2,266 | -22.8% |
| Remuneration and social security | 454/9 | €4,563 | €0 | -€4,563 | -100.0% |
| Other amounts payable | 47/48 | €2,323 | €4,195 | +€1,873 | +80.6% |
| Accrued charges and deferred income | 492/3 | €7,000 | €0 | -€7,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,216 | €6,006 | -€1,210 | -16.8% |
| Other operating charges | 640/8 | €1,723 | €14,979 | +€13,256 | +769.4% |
| Gross operating margin | 9900 | €26,209 | €37,611 | +€11,402 | +43.5% |
| Operating profit (loss) | 9901 | €17,271 | €16,627 | -€644 | -3.7% |
| Financial income | 75/76B | €6 | €5,821 | +€5,815 | +96913.3% |
| Recurring financial income | 75 | €6 | €5,821 | +€5,815 | +96913.3% |
| Financial charges | 65/66B | €1,061 | €2,500 | +€1,439 | +135.7% |
| Recurring financial charges | 65 | €1,061 | €2,500 | +€1,439 | +135.7% |
| Profit (loss) for the period before taxes | 9903 | €16,216 | €19,948 | +€3,732 | +23.0% |
| Income taxes | 67/77 | €1,790 | €2,101 | +€312 | +17.4% |
| Profit (loss) for the period | 9904 | €14,426 | €17,846 | +€3,420 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,426 | €17,846 | +€3,420 | +23.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.