PHD ASSOCIATES: 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 ASSOCIATES
Largest movements
- Cash +€93,817
up €93,817 (+52.3%), from €179,352 to €273,169
mainly Net result for the year (+€136,262) and Other debts (+€99,861)
- Receivables within one year -€40,415
down €40,415 (-29.6%), from €136,308 to €95,893
of which Trade receivables: -€27,731
- Other debts +€99,861
up €99,861 (+111.0%), from €90,000 to €189,861
- Profit (loss) carried forward -€98,738
down €98,738 (-75.7%), from €130,359 to €31,621
- Reserves +€60,000
up €60,000 (+97.0%), from €61,860 to €121,860
- Tax, wage and social debts -€7,242
down €7,242 (-32.2%), from €22,474 to €15,232
of which Taxes: -€7,292
- Gross operating margin -€16,353
down €16,353 (-8.0%), from €204,628 to €188,275
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 | €327,022 | €379,875 | +€52,853 | +16.2% |
| Fixed assets | 21/28 | €1,861 | €1,488 | -€373 | -20.0% |
| Tangible fixed assets | 22/27 | €1,861 | €1,488 | -€373 | -20.0% |
| Furniture and vehicles | 24 | €1,861 | €1,488 | -€373 | -20.0% |
| Current assets | 29/58 | €325,161 | €378,387 | +€53,226 | +16.4% |
| Amounts receivable within one year | 40/41 | €136,308 | €95,893 | -€40,415 | -29.6% |
| Trade receivables | 40 | €123,624 | €95,893 | -€27,731 | -22.4% |
| Other amounts receivable | 41 | €12,684 | - | -€12,684 | |
| Cash at bank and in hand | 54/58 | €179,352 | €273,169 | +€93,817 | +52.3% |
| Deferred charges and accrued income | 490/1 | €9,501 | €9,325 | -€176 | -1.9% |
| Total equity and liabilities | 10/49 | €327,022 | €379,875 | +€52,853 | +16.2% |
| Equity | 10/15 | €210,819 | €172,081 | -€38,738 | -18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,860 | €121,860 | +€60,000 | +97.0% |
| Distributable reserves | 133 | €61,860 | €121,860 | +€60,000 | +97.0% |
| Profit (loss) carried forward | 14 | €130,359 | €31,621 | -€98,738 | -75.7% |
| Amounts payable | 17/49 | €116,204 | €207,794 | +€91,590 | +78.8% |
| Amounts payable within one year | 42/48 | €116,204 | €207,794 | +€91,590 | +78.8% |
| Trade debts | 44 | €3,730 | €2,701 | -€1,028 | -27.6% |
| Suppliers | 440/4 | €3,730 | €2,701 | -€1,028 | -27.6% |
| Taxes, remuneration and social security | 45 | €22,474 | €15,232 | -€7,242 | -32.2% |
| Taxes | 450/3 | €19,706 | €12,414 | -€7,292 | -37.0% |
| Remuneration and social security | 454/9 | €2,768 | €2,818 | +€50 | +1.8% |
| Other amounts payable | 47/48 | €90,000 | €189,861 | +€99,861 | +111.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,462 | €1,070 | -€392 | -26.8% |
| Other operating charges | 640/8 | €538 | €551 | +€12 | +2.3% |
| Gross operating margin | 9900 | €204,628 | €188,275 | -€16,353 | -8.0% |
| Operating profit (loss) | 9901 | €202,628 | €186,655 | -€15,973 | -7.9% |
| Financial income | 75/76B | €1,168 | €3 | -€1,165 | -99.7% |
| Recurring financial income | 75 | €1,168 | €3 | -€1,165 | -99.7% |
| Financial charges | 65/66B | €2,002 | €1,367 | -€635 | -31.7% |
| Recurring financial charges | 65 | €2,002 | €1,367 | -€635 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €201,795 | €185,291 | -€16,504 | -8.2% |
| Income taxes | 67/77 | €47,266 | €49,029 | +€1,763 | +3.7% |
| Profit (loss) for the period | 9904 | €154,529 | €136,262 | -€18,267 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €154,529 | €136,262 | -€18,267 | -11.8% |
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 11 October 2026 via checked.be.