PHD: 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.
PHD
Largest movements
- Receivables within one year +€20,543
up €20,543 (+82.4%), from €24,926 to €45,469
of which Trade receivables: +€15,000
- Deferred charges and accrued income +€9,111
up €9,111 (+21.6%), from €42,129 to €51,240
- Tangible fixed assets -€7,612
down €7,612 (-8.2%), from €92,489 to €84,877
of which Land and buildings: -€5,786
- Cash +€3,506
up €3,506 (+53.4%), from €6,567 to €10,073
mainly Advances received (+€20,000) and Tax, wage and social debts (+€8,402)
- Advances received +€20,000
new in 2025: €20,000
- Tax, wage and social debts +€8,402
up €8,402 (+21.1%), from €39,781 to €48,182
of which Taxes: +€7,020
- Short-term financial debts -€4,000
down €4,000 (-5.5%), from €72,770 to €68,770
- Profit (loss) carried forward +€2,578
up €2,578 (+30.2%), from -€8,530 to -€5,952
- Depreciation -€2,288
down €2,288 (-23.1%), from €9,900 to €7,612
- Taxes +€2,157
up €2,157 (+412%), from €523 to €2,680
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.
Derived cash bridge
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 | €166,311 | €191,859 | +€25,548 | +15.4% |
| Fixed assets | 21/28 | €92,689 | €85,077 | -€7,612 | -8.2% |
| Tangible fixed assets | 22/27 | €92,489 | €84,877 | -€7,612 | -8.2% |
| Land and buildings | 22 | €90,249 | €84,464 | -€5,786 | -6.4% |
| Plant, machinery and equipment | 23 | €1,604 | €413 | -€1,191 | -74.2% |
| Furniture and vehicles | 24 | €635 | €0 | -€635 | -100% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €73,622 | €106,782 | +€33,160 | +45.0% |
| Amounts receivable within one year | 40/41 | €24,926 | €45,469 | +€20,543 | +82.4% |
| Trade receivables | 40 | €9,000 | €24,000 | +€15,000 | +167% |
| Other amounts receivable | 41 | €15,926 | €21,469 | +€5,543 | +34.8% |
| Cash at bank and in hand | 54/58 | €6,567 | €10,073 | +€3,506 | +53.4% |
| Deferred charges and accrued income | 490/1 | €42,129 | €51,240 | +€9,111 | +21.6% |
| Total equity and liabilities | 10/49 | €166,311 | €191,859 | +€25,548 | +15.4% |
| Equity | 10/15 | €23,363 | €25,940 | +€2,578 | +11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,292 | €13,292 | = | 0.0% |
| Distributable reserves | 133 | €13,292 | €13,292 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,530 | -€5,952 | +€2,578 | +30.2% |
| Amounts payable | 17/49 | €142,948 | €165,918 | +€22,970 | +16.1% |
| Amounts payable within one year | 42/48 | €141,304 | €164,274 | +€22,970 | +16.3% |
| Financial debts | 43 | €72,770 | €68,770 | -€4,000 | -5.5% |
| Credit institutions | 430/8 | €72,770 | €68,770 | -€4,000 | -5.5% |
| Trade debts | 44 | €28,754 | €27,322 | -€1,432 | -5.0% |
| Suppliers | 440/4 | €28,754 | €27,322 | -€1,432 | -5.0% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €39,781 | €48,182 | +€8,402 | +21.1% |
| Taxes | 450/3 | €10,701 | €17,722 | +€7,020 | +65.6% |
| Remuneration and social security | 454/9 | €29,079 | €30,461 | +€1,382 | +4.8% |
| Accrued charges and deferred income | 492/3 | €1,644 | €1,644 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €94,184 | €94,418 | +€235 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,900 | €7,612 | -€2,288 | -23.1% |
| Other operating charges | 640/8 | €10,434 | €11,347 | +€912 | +8.7% |
| Non-recurring operating charges | 66A | €3,600 | €0 | -€3,600 | -100% |
| Gross operating margin | 9900 | €128,947 | €127,670 | -€1,277 | -1.0% |
| Operating profit (loss) | 9901 | €10,828 | €14,293 | +€3,464 | +32.0% |
| Financial income | 75/76B | €39 | €14 | -€25 | -64.4% |
| Recurring financial income | 75 | €39 | €14 | -€25 | -64.4% |
| Financial charges | 65/66B | €8,092 | €9,049 | +€957 | +11.8% |
| Recurring financial charges | 65 | €8,092 | €9,049 | +€957 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €2,776 | €5,258 | +€2,482 | +89.4% |
| Income taxes | 67/77 | €523 | €2,680 | +€2,157 | +412% |
| Profit (loss) for the period | 9904 | €2,253 | €2,578 | +€325 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,253 | €2,578 | +€325 | +14.4% |
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 16 October 2026 via checked.be.