PHBR: 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.
PHBR
Largest movements
- Stocks and contracts -€299,299
down €299,299 (-31.8%), from €940,714 to €641,415
- Receivables within one year +€185,173
up €185,173 (+848.4%), from €21,827 to €207,000
- Short-term financial debts -€488,000
down €488,000 (-73.5%), from €664,000 to €176,000
- Reserves +€353,400
up €353,400 (+455.2%), from €77,635 to €431,035
of which Distributable reserves: +€185,000
- Tax, wage and social debts +€56,879
up €56,879 (+1441.8%), from €3,945 to €60,824
- Other debts -€42,845
down €42,845 (-22.2%), from €193,366 to €150,521
- Profit (loss) carried forward +€10,661
up €10,661 (+36.5%), from €29,181 to €39,842
- Gross operating margin +€520,850
up €520,850, from -€5,126 to €515,724
- Taxes +€110,277
new in 2025: €110,277
- Financial charges -€23,357
down €23,357 (-37.5%), from €62,355 to €38,998
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 | €986,727 | €876,821 | -€109,906 | -11.1% |
| Fixed assets | 21/28 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €981,727 | €871,821 | -€109,906 | -11.2% |
| Stocks and contracts in progress | 3 | €940,714 | €641,415 | -€299,299 | -31.8% |
| Stocks | 30/36 | €940,714 | €641,415 | -€299,299 | -31.8% |
| Amounts receivable within one year | 40/41 | €21,827 | €207,000 | +€185,173 | +848.4% |
| Other amounts receivable | 41 | €21,827 | €207,000 | +€185,173 | +848.4% |
| Cash at bank and in hand | 54/58 | €19,186 | €23,406 | +€4,220 | +22.0% |
| Total equity and liabilities | 10/49 | €986,727 | €876,821 | -€109,906 | -11.1% |
| Equity | 10/15 | €125,416 | €489,477 | +€364,061 | +290.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,635 | €431,035 | +€353,400 | +455.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | - | €168,400 | +€168,400 | |
| Distributable reserves | 133 | €75,775 | €260,775 | +€185,000 | +244.1% |
| Profit (loss) carried forward | 14 | €29,181 | €39,842 | +€10,661 | +36.5% |
| Amounts payable | 17/49 | €861,311 | €387,345 | -€473,966 | -55.0% |
| Amounts payable within one year | 42/48 | €861,311 | €387,345 | -€473,966 | -55.0% |
| Financial debts | 43 | €664,000 | €176,000 | -€488,000 | -73.5% |
| Credit institutions | 430/8 | €664,000 | €176,000 | -€488,000 | -73.5% |
| Taxes, remuneration and social security | 45 | €3,945 | €60,824 | +€56,879 | +1441.8% |
| Taxes | 450/3 | €3,945 | €60,824 | +€56,879 | +1441.8% |
| Other amounts payable | 47/48 | €193,366 | €150,521 | -€42,845 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144 | - | -€144 | |
| Other operating charges | 640/8 | €1,752 | €3,236 | +€1,484 | +84.7% |
| Gross operating margin | 9900 | -€5,126 | €515,724 | +€520,850 | |
| Operating profit (loss) | 9901 | -€7,022 | €512,488 | +€519,510 | |
| Financial income | 75/76B | - | €848 | +€848 | |
| Recurring financial income | 75 | - | €848 | +€848 | |
| Financial charges | 65/66B | €62,355 | €38,998 | -€23,357 | -37.5% |
| Recurring financial charges | 65 | €62,355 | €38,998 | -€23,357 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | -€69,377 | €474,337 | +€543,714 | |
| Income taxes | 67/77 | - | €110,277 | +€110,277 | |
| Profit (loss) for the period | 9904 | -€69,377 | €364,060 | +€433,437 | |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€69,377 | €195,660 | +€265,037 |
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 4 October 2026 via checked.be.