PHD.MEDLEG: 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.MEDLEG
Largest movements
- Current investments +€91,847
up €91,847 (+91.0%), from €100,952 to €192,799
- Receivables within one year -€20,116
down €20,116 (-30.1%), from €66,786 to €46,670
of which Trade receivables: -€20,315
- Tangible fixed assets -€14,582
down €14,582 (-25.4%), from €57,510 to €42,928
of which Furniture and vehicles: -€10,628
- Cash +€9,662
up €9,662 (+7.0%), from €138,381 to €148,043
mainly Net result for the year (+€89,055) and Receivables within one year (+€20,116)
- Reserves +€87,281
up €87,281 (+28.6%), from €305,094 to €392,375
of which Distributable reserves: +€91,634
- Other debts -€20,100
down €20,100 (-92.3%), from €21,766 to €1,666
- Gross operating margin -€19,436
down €19,436 (-12.0%), from €162,366 to €142,930
- Taxes +€2,753
up €2,753 (+6.7%), from €41,309 to €44,063
- Financial charges +€2,223
up €2,223 (+62.4%), from -€3,563 to -€1,340
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 | €365,018 | €431,855 | +€66,838 | +18.3% |
| Fixed assets | 21/28 | €57,510 | €42,928 | -€14,582 | -25.4% |
| Tangible fixed assets | 22/27 | €57,510 | €42,928 | -€14,582 | -25.4% |
| Land and buildings | 22 | €9,753 | €7,315 | -€2,438 | -25.0% |
| Furniture and vehicles | 24 | €39,965 | €29,337 | -€10,628 | -26.6% |
| Other tangible fixed assets | 26 | €7,792 | €6,276 | -€1,516 | -19.5% |
| Current assets | 29/58 | €307,508 | €388,928 | +€81,420 | +26.5% |
| Amounts receivable within one year | 40/41 | €66,786 | €46,670 | -€20,116 | -30.1% |
| Trade receivables | 40 | €66,786 | €46,470 | -€20,315 | -30.4% |
| Other amounts receivable | 41 | - | €199 | +€199 | |
| Current investments | 50/53 | €100,952 | €192,799 | +€91,847 | +91.0% |
| Cash at bank and in hand | 54/58 | €138,381 | €148,043 | +€9,662 | +7.0% |
| Deferred charges and accrued income | 490/1 | €1,389 | €1,416 | +€27 | +1.9% |
| Total equity and liabilities | 10/49 | €365,018 | €431,855 | +€66,838 | +18.3% |
| Equity | 10/15 | €317,494 | €404,884 | +€87,389 | +27.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €305,094 | €392,375 | +€87,281 | +28.6% |
| Tax-exempt reserves | 132 | €17,461 | €13,108 | -€4,353 | -24.9% |
| Distributable reserves | 133 | €287,633 | €379,267 | +€91,634 | +31.9% |
| Profit (loss) carried forward | 14 | - | €109 | +€109 | |
| Provisions and deferred taxes | 16 | €5,820 | €4,369 | -€1,451 | -24.9% |
| Deferred taxes | 168 | €5,820 | €4,369 | -€1,451 | -24.9% |
| Amounts payable | 17/49 | €41,703 | €22,602 | -€19,101 | -45.8% |
| Amounts payable within one year | 42/48 | €41,703 | €22,602 | -€19,101 | -45.8% |
| Trade debts | 44 | €52 | €285 | +€233 | +449.0% |
| Suppliers | 440/4 | €52 | €285 | +€233 | +449.0% |
| Taxes, remuneration and social security | 45 | €19,885 | €20,652 | +€767 | +3.9% |
| Taxes | 450/3 | €19,885 | €20,652 | +€767 | +3.9% |
| Other amounts payable | 47/48 | €21,766 | €1,666 | -€20,100 | -92.3% |
| Non-recurring operating income | 76A | €31,674 | - | -€31,674 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,076 | €14,582 | +€506 | +3.6% |
| Other operating charges | 640/8 | €1,258 | €992 | -€266 | -21.1% |
| Gross operating margin | 9900 | €162,366 | €142,930 | -€19,436 | -12.0% |
| Operating profit (loss) | 9901 | €147,032 | €127,356 | -€19,676 | -13.4% |
| Financial income | 75/76B | €2,413 | €2,971 | +€558 | +23.1% |
| Recurring financial income | 75 | €2,413 | €2,971 | +€558 | +23.1% |
| Financial charges | 65/66B | -€3,563 | -€1,340 | +€2,223 | +62.4% |
| Recurring financial charges | 65 | -€3,563 | -€1,340 | +€2,223 | +62.4% |
| Profit (loss) for the period before taxes | 9903 | €153,008 | €131,667 | -€21,341 | -13.9% |
| Transfer from deferred taxes | 780 | €1,435 | €1,451 | +€16 | +1.1% |
| Transfer to deferred taxes | 680 | €7,256 | - | -€7,256 | |
| Income taxes | 67/77 | €41,309 | €44,063 | +€2,753 | +6.7% |
| Profit (loss) for the period | 9904 | €105,879 | €89,055 | -€16,823 | -15.9% |
| Transfer from tax-exempt reserves | 789 | €4,306 | €4,353 | +€48 | +1.1% |
| Transfer to tax-exempt reserves | 689 | €21,767 | - | -€21,767 | |
| Profit (loss) for the period to be appropriated | 9905 | €88,417 | €93,409 | +€4,992 | +5.6% |
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.