PHD Development: 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 Development
Largest movements
- Current investments +€170,000
up €170,000 (+65.2%), from €260,631 to €430,631
- Cash +€36,398
up €36,398 (+15.7%), from €231,767 to €268,165
mainly Net result for the year (+€273,533) and Other debts (+€184,041)
- Receivables within one year -€26,631
down €26,631 (-33.2%), from €80,188 to €53,556
of which Other amounts receivable: -€28,024
- Tangible fixed assets -€19,023
down €19,023 (-38.2%), from €49,804 to €30,780
- Other debts +€184,041
up €184,041 (+179%), from €103,056 to €287,097
- Trade debts -€16,394
down €16,394 (-87.0%), from €18,850 to €2,456
- Debts after one year -€13,776
down €13,776 (-7.3%), from €188,776 to €175,000
- Tax, wage and social debts +€13,584
up €13,584 (+96.4%), from €14,094 to €27,677
- Gross operating margin +€128,964
up €128,964 (+47.9%), from €269,503 to €398,467
- Taxes +€30,385
up €30,385 (+48.7%), from €62,452 to €92,837
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 | €799,698 | €960,539 | +€160,841 | +20.1% |
| Fixed assets | 21/28 | €224,989 | €205,965 | -€19,023 | -8.5% |
| Tangible fixed assets | 22/27 | €49,804 | €30,780 | -€19,023 | -38.2% |
| Furniture and vehicles | 24 | €49,804 | €30,780 | -€19,023 | -38.2% |
| Financial fixed assets | 28 | €175,185 | €175,185 | = | 0.0% |
| Current assets | 29/58 | €574,710 | €754,573 | +€179,864 | +31.3% |
| Amounts receivable within one year | 40/41 | €80,188 | €53,556 | -€26,631 | -33.2% |
| Trade receivables | 40 | €34,706 | €36,099 | +€1,392 | +4.0% |
| Other amounts receivable | 41 | €45,481 | €17,458 | -€28,024 | -61.6% |
| Current investments | 50/53 | €260,631 | €430,631 | +€170,000 | +65.2% |
| Cash at bank and in hand | 54/58 | €231,767 | €268,165 | +€36,398 | +15.7% |
| Deferred charges and accrued income | 490/1 | €2,124 | €2,221 | +€97 | +4.6% |
| Total equity and liabilities | 10/49 | €799,698 | €960,539 | +€160,841 | +20.1% |
| Equity | 10/15 | €454,532 | €454,532 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €449,532 | €449,532 | = | 0.0% |
| Distributable reserves | 133 | €449,532 | €449,532 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €345,166 | €506,007 | +€160,841 | +46.6% |
| Amounts payable after more than one year | 17 | €188,776 | €175,000 | -€13,776 | -7.3% |
| Financial debts | 170/4 | €188,776 | €175,000 | -€13,776 | -7.3% |
| Amounts payable within one year | 42/48 | €156,390 | €331,007 | +€174,616 | +112% |
| Current portion of amounts payable after more than one year | 42 | €20,390 | €13,776 | -€6,614 | -32.4% |
| Trade debts | 44 | €18,850 | €2,456 | -€16,394 | -87.0% |
| Suppliers | 440/4 | €18,850 | €2,456 | -€16,394 | -87.0% |
| Taxes, remuneration and social security | 45 | €14,094 | €27,677 | +€13,584 | +96.4% |
| Taxes | 450/3 | €14,094 | €27,677 | +€13,584 | +96.4% |
| Other amounts payable | 47/48 | €103,056 | €287,097 | +€184,041 | +179% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,247 | €19,023 | -€224 | -1.2% |
| Other operating charges | 640/8 | €700 | €2,112 | +€1,412 | +202% |
| Gross operating margin | 9900 | €269,503 | €398,467 | +€128,964 | +47.9% |
| Operating profit (loss) | 9901 | €249,556 | €377,332 | +€127,776 | +51.2% |
| Financial income | 75/76B | €802 | €295 | -€508 | -63.3% |
| Recurring financial income | 75 | €802 | €295 | -€508 | -63.3% |
| Financial charges | 65/66B | €11,318 | €11,256 | -€62 | -0.5% |
| Recurring financial charges | 65 | €11,318 | €11,256 | -€62 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €239,040 | €366,370 | +€127,330 | +53.3% |
| Income taxes | 67/77 | €62,452 | €92,837 | +€30,385 | +48.7% |
| Profit (loss) for the period | 9904 | €176,588 | €273,533 | +€96,945 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €176,588 | €273,533 | +€96,945 | +54.9% |
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 13 October 2026 via checked.be.