PHCON: 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.
PHCON
Largest movements
- Receivables within one year -€257,680
down €257,680 (-98.4%), from €261,808 to €4,128
of which Trade receivables: -€261,808
- Stocks and contracts +€202,447
up €202,447 (+33.0%), from €612,800 to €815,246
- Current portion of long-term debt -€278,258
down €278,258 (-54.6%), from €509,469 to €231,211
- Other debts +€167,822
up €167,822 (+82.4%), from €203,558 to €371,381
- Reserves +€69,352
up €69,352 (+101.5%), from €68,335 to €137,688
- Tax, wage and social debts -€55,661
down €55,661 (-61.8%), from €90,083 to €34,422
- Trade debts +€35,022
up €35,022 (+80.4%), from €43,585 to €78,608
- Financial charges -€9,778
down €9,778 (-79.3%), from €12,330 to €2,552
- Gross operating margin -€7,915
down €7,915 (-8.1%), from €97,655 to €89,740
- Financial income -€1,359
down €1,359 (-99.2%), from €1,370 to €11
of which Non-recurring financial income: -€1,327
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 | €920,031 | €858,309 | -€61,722 | -6.7% |
| Current assets | 29/58 | €920,031 | €858,309 | -€61,722 | -6.7% |
| Stocks and contracts in progress | 3 | €612,800 | €815,246 | +€202,447 | +33.0% |
| Stocks | 30/36 | €612,800 | €815,246 | +€202,447 | +33.0% |
| Amounts receivable within one year | 40/41 | €261,808 | €4,128 | -€257,680 | -98.4% |
| Trade receivables | 40 | €261,808 | - | -€261,808 | |
| Other amounts receivable | 41 | - | €4,128 | +€4,128 | |
| Cash at bank and in hand | 54/58 | €44,226 | €38,858 | -€5,368 | -12.1% |
| Deferred charges and accrued income | 490/1 | €1,197 | €77 | -€1,121 | -93.6% |
| Total equity and liabilities | 10/49 | €920,031 | €858,309 | -€61,722 | -6.7% |
| Equity | 10/15 | €73,335 | €142,688 | +€69,352 | +94.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €68,335 | €137,688 | +€69,352 | +101.5% |
| Distributable reserves | 133 | €68,335 | €137,688 | +€69,352 | +101.5% |
| Amounts payable | 17/49 | €846,695 | €715,621 | -€131,074 | -15.5% |
| Amounts payable within one year | 42/48 | €846,695 | €715,621 | -€131,074 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €509,469 | €231,211 | -€278,258 | -54.6% |
| Trade debts | 44 | €43,585 | €78,608 | +€35,022 | +80.4% |
| Suppliers | 440/4 | €43,585 | €78,608 | +€35,022 | +80.4% |
| Taxes, remuneration and social security | 45 | €90,083 | €34,422 | -€55,661 | -61.8% |
| Taxes | 450/3 | €90,083 | €34,422 | -€55,661 | -61.8% |
| Other amounts payable | 47/48 | €203,558 | €371,381 | +€167,822 | +82.4% |
| Other operating charges | 640/8 | €1,277 | €509 | -€768 | -60.1% |
| Gross operating margin | 9900 | €97,655 | €89,740 | -€7,915 | -8.1% |
| Operating profit (loss) | 9901 | €96,379 | €89,232 | -€7,147 | -7.4% |
| Financial income | 75/76B | €1,370 | €11 | -€1,359 | -99.2% |
| Recurring financial income | 75 | €43 | €11 | -€32 | -75.0% |
| Non-recurring financial income | 76B | €1,327 | - | -€1,327 | |
| Financial charges | 65/66B | €12,330 | €2,552 | -€9,778 | -79.3% |
| Recurring financial charges | 65 | €12,330 | €2,552 | -€9,778 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | €85,419 | €86,691 | +€1,272 | +1.5% |
| Income taxes | 67/77 | €17,084 | €17,338 | +€254 | +1.5% |
| Profit (loss) for the period | 9904 | €68,335 | €69,352 | +€1,017 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €68,335 | €69,352 | +€1,017 | +1.5% |
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.