PhD-MED: what changed
Two fiscal 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-MED
Largest movements
- Receivables within one year +€29,159
up €29,159 (+137.4%), from €21,221 to €50,381
of which Other amounts receivable: +€43,159
- Cash +€18,205
up €18,205 (+19.5%), from €93,217 to €111,422
mainly Other debts (+€35,375) and Provisions (+€34,111)
- Tangible fixed assets -€16,966
down €16,966 (-22.4%), from €75,607 to €58,641
- Other debts +€35,375
up €35,375 (+26.7%), from €132,654 to €168,029
- Provisions +€34,111
up €34,111 (+103.4%), from €33,000 to €67,111
- Profit (loss) carried forward -€30,584
down €30,584 (-107.1%), from -€28,554 to -€59,138
- Current portion of long-term debt -€6,149
down €6,149 (-74.6%), from €8,238 to €2,089
- Provisions +€1,111
up €1,111 (+3.4%), from €33,000 to €34,111
- Taxes +€841
up €841 (+30.2%), from €2,779 to €3,619
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 | €257,289 | €287,371 | +€30,081 | +11.7% |
| Fixed assets | 21/28 | €75,607 | €58,641 | -€16,966 | -22.4% |
| Tangible fixed assets | 22/27 | €75,607 | €58,641 | -€16,966 | -22.4% |
| Plant, machinery and equipment | 23 | €865 | €293 | -€572 | -66.1% |
| Furniture and vehicles | 24 | €10,140 | €2,019 | -€8,121 | -80.1% |
| Other tangible fixed assets | 26 | €64,601 | €56,329 | -€8,273 | -12.8% |
| Current assets | 29/58 | €181,683 | €228,730 | +€47,047 | +25.9% |
| Amounts receivable within one year | 40/41 | €21,221 | €50,381 | +€29,159 | +137.4% |
| Trade receivables | 40 | €14,000 | - | -€14,000 | |
| Other amounts receivable | 41 | €7,221 | €50,381 | +€43,159 | +597.7% |
| Cash at bank and in hand | 54/58 | €93,217 | €111,422 | +€18,205 | +19.5% |
| Deferred charges and accrued income | 490/1 | €67,245 | €66,927 | -€318 | -0.5% |
| Total equity and liabilities | 10/49 | €257,289 | €287,371 | +€30,081 | +11.7% |
| Equity | 10/15 | €75,562 | €44,979 | -€30,584 | -40.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €100,116 | €100,116 | = | 0.0% |
| Distributable reserves | 133 | €100,116 | €100,116 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,554 | -€59,138 | -€30,584 | -107.1% |
| Provisions and deferred taxes | 16 | €33,000 | €67,111 | +€34,111 | +103.4% |
| Provisions for liabilities and charges | 160/5 | €33,000 | €67,111 | +€34,111 | +103.4% |
| Other liabilities and charges | 164/5 | €33,000 | €67,111 | +€34,111 | +103.4% |
| Amounts payable | 17/49 | €148,727 | €175,281 | +€26,554 | +17.9% |
| Amounts payable after more than one year | 17 | €2,089 | - | -€2,089 | |
| Financial debts | 170/4 | €2,089 | - | -€2,089 | |
| Amounts payable within one year | 42/48 | €146,638 | €175,281 | +€28,643 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €8,238 | €2,089 | -€6,149 | -74.6% |
| Trade debts | 44 | €677 | €148 | -€529 | -78.1% |
| Suppliers | 440/4 | €677 | €148 | -€529 | -78.1% |
| Taxes, remuneration and social security | 45 | €5,070 | €5,016 | -€54 | -1.1% |
| Taxes | 450/3 | €5,070 | €5,016 | -€54 | -1.1% |
| Other amounts payable | 47/48 | €132,654 | €168,029 | +€35,375 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,078 | €16,966 | -€113 | -0.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €33,000 | €34,111 | +€1,111 | +3.4% |
| Other operating charges | 640/8 | €1,370 | €1,481 | +€111 | +8.1% |
| Gross operating margin | 9900 | €26,177 | €25,916 | -€261 | -1.0% |
| Operating profit (loss) | 9901 | -€25,272 | -€26,642 | -€1,371 | -5.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €504 | €322 | -€181 | -36.0% |
| Recurring financial charges | 65 | €504 | €322 | -€181 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,775 | -€26,964 | -€1,189 | -4.6% |
| Income taxes | 67/77 | €2,779 | €3,619 | +€841 | +30.2% |
| Profit (loss) for the period | 9904 | -€28,554 | -€30,584 | -€2,030 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,554 | -€30,584 | -€2,030 | -7.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.