pHd & C°: 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 & C°
Largest movements
- Receivables within one year +€492,986
up €492,986 (+1,893%), from €26,043 to €519,029
of which Other amounts receivable: +€496,833
- Financial fixed assets -€450,000
down €450,000 (-100.0%), from €450,040 to €40
- Reserves +€65,437
up €65,437 (+17.1%), from €383,075 to €448,512
- Other debts -€50,803
down €50,803 (-65.2%), from €77,915 to €27,112
- Accrued charges and deferred income +€27,281
new in 2025: €27,281
- Gross operating margin -€30,650
down €30,650 (-46.1%), from €66,431 to €35,781
- Taxes -€8,564
down €8,564 (-33.5%), from €25,541 to €16,977
- Financial income -€5,091
down €5,091 (-9.2%), from €55,094 to €50,003
- Financial charges -€1,373
down €1,373 (-52.5%), from €2,617 to €1,243
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 | €483,694 | €527,625 | +€43,932 | +9.1% |
| Fixed assets | 21/28 | €453,092 | €3,047 | -€450,045 | -99.3% |
| Tangible fixed assets | 22/27 | €3,052 | €3,007 | -€45 | -1.5% |
| Furniture and vehicles | 24 | €3,052 | €3,007 | -€45 | -1.5% |
| Financial fixed assets | 28 | €450,040 | €40 | -€450,000 | -100.0% |
| Current assets | 29/58 | €30,601 | €524,578 | +€493,977 | +1,614% |
| Amounts receivable within one year | 40/41 | €26,043 | €519,029 | +€492,986 | +1,893% |
| Trade receivables | 40 | €22,876 | €19,029 | -€3,847 | -16.8% |
| Other amounts receivable | 41 | €3,167 | €500,000 | +€496,833 | +15,688% |
| Cash at bank and in hand | 54/58 | €4,558 | €5,549 | +€991 | +21.7% |
| Total equity and liabilities | 10/49 | €483,694 | €527,625 | +€43,932 | +9.1% |
| Equity | 10/15 | €389,275 | €454,712 | +€65,437 | +16.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €383,075 | €448,512 | +€65,437 | +17.1% |
| Distributable reserves | 133 | €383,075 | €448,512 | +€65,437 | +17.1% |
| Amounts payable | 17/49 | €94,418 | €72,913 | -€21,505 | -22.8% |
| Amounts payable within one year | 42/48 | €94,418 | €45,632 | -€48,786 | -51.7% |
| Current portion of amounts payable after more than one year | 42 | €4,413 | €0 | -€4,413 | -100% |
| Financial debts | 43 | - | €4,383 | +€4,383 | |
| Credit institutions | 430/8 | - | €4,383 | +€4,383 | |
| Trade debts | 44 | €1,052 | €0 | -€1,052 | -100% |
| Suppliers | 440/4 | €1,052 | €0 | -€1,052 | -100% |
| Taxes, remuneration and social security | 45 | €11,039 | €14,138 | +€3,099 | +28.1% |
| Taxes | 450/3 | €11,039 | €14,138 | +€3,099 | +28.1% |
| Other amounts payable | 47/48 | €77,915 | €27,112 | -€50,803 | -65.2% |
| Accrued charges and deferred income | 492/3 | - | €27,281 | +€27,281 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,474 | €1,425 | -€49 | -3.3% |
| Other operating charges | 640/8 | €728 | €701 | -€26 | -3.6% |
| Gross operating margin | 9900 | €66,431 | €35,781 | -€30,650 | -46.1% |
| Operating profit (loss) | 9901 | €64,229 | €33,654 | -€30,575 | -47.6% |
| Financial income | 75/76B | €55,094 | €50,003 | -€5,091 | -9.2% |
| Recurring financial income | 75 | €55,094 | €50,003 | -€5,091 | -9.2% |
| Financial charges | 65/66B | €2,617 | €1,243 | -€1,373 | -52.5% |
| Recurring financial charges | 65 | €2,617 | €1,243 | -€1,373 | -52.5% |
| Profit (loss) for the period before taxes | 9903 | €116,707 | €82,414 | -€34,293 | -29.4% |
| Income taxes | 67/77 | €25,541 | €16,977 | -€8,564 | -33.5% |
| Profit (loss) for the period | 9904 | €91,166 | €65,437 | -€25,729 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €91,166 | €65,437 | -€25,729 | -28.2% |
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 15 October 2026 via checked.be.