PHD-Philippe Desart: 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-Philippe Desart
Largest movements
- Cash -€28,031
down €28,031 (-43.3%), from €64,746 to €36,715
mainly Contributions, distributions and other (-€80,000) and Tax, wage and social debts (-€7,671)
- Tangible fixed assets -€11,889
down €11,889 (-28.2%), from €42,222 to €30,332
of which Furniture and vehicles: -€11,616
- Receivables within one year +€2,452
up €2,452 (+13.8%), from €17,762 to €20,215
of which Other amounts receivable: +€2,968
- Profit (loss) carried forward -€27,271
down €27,271 (-53.2%), from €51,248 to €23,977
- Tax, wage and social debts -€7,671
down €7,671 (-34.4%), from €22,325 to €14,654
- Other debts -€4,253
down €4,253 (-10.0%), from €42,626 to €38,373
- Accrued charges and deferred income +€3,322
new in 2025: €3,322
- Gross operating margin -€38,421
down €38,421 (-29.9%), from €128,443 to €90,022
- Taxes -€10,968
down €10,968 (-34.7%), from €31,601 to €20,633
- Other operating charges +€1,567
up €1,567 (+195%), from €803 to €2,370
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 | €137,327 | €100,182 | -€37,145 | -27.0% |
| Fixed assets | 21/28 | €42,222 | €30,332 | -€11,889 | -28.2% |
| Tangible fixed assets | 22/27 | €42,222 | €30,332 | -€11,889 | -28.2% |
| Furniture and vehicles | 24 | €41,067 | €29,452 | -€11,616 | -28.3% |
| Other tangible fixed assets | 26 | €1,154 | €881 | -€274 | -23.7% |
| Current assets | 29/58 | €95,106 | €69,850 | -€25,256 | -26.6% |
| Amounts receivable within one year | 40/41 | €17,762 | €20,215 | +€2,452 | +13.8% |
| Trade receivables | 40 | €9,363 | €8,848 | -€516 | -5.5% |
| Other amounts receivable | 41 | €8,399 | €11,367 | +€2,968 | +35.3% |
| Cash at bank and in hand | 54/58 | €64,746 | €36,715 | -€28,031 | -43.3% |
| Deferred charges and accrued income | 490/1 | €12,598 | €12,921 | +€323 | +2.6% |
| Total equity and liabilities | 10/49 | €137,327 | €100,182 | -€37,145 | -27.0% |
| Equity | 10/15 | €71,088 | €43,817 | -€27,271 | -38.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,240 | €1,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,248 | €23,977 | -€27,271 | -53.2% |
| Amounts payable | 17/49 | €66,239 | €56,365 | -€9,874 | -14.9% |
| Amounts payable within one year | 42/48 | €66,239 | €53,043 | -€13,196 | -19.9% |
| Trade debts | 44 | €1,288 | €16 | -€1,272 | -98.7% |
| Suppliers | 440/4 | €1,288 | €16 | -€1,272 | -98.7% |
| Taxes, remuneration and social security | 45 | €22,325 | €14,654 | -€7,671 | -34.4% |
| Taxes | 450/3 | €22,325 | €14,654 | -€7,671 | -34.4% |
| Other amounts payable | 47/48 | €42,626 | €38,373 | -€4,253 | -10.0% |
| Accrued charges and deferred income | 492/3 | - | €3,322 | +€3,322 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,997 | €12,429 | -€569 | -4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,032 | €1,814 | +€782 | +75.8% |
| Other operating charges | 640/8 | €803 | €2,370 | +€1,567 | +195% |
| Gross operating margin | 9900 | €128,443 | €90,022 | -€38,421 | -29.9% |
| Operating profit (loss) | 9901 | €113,610 | €73,409 | -€40,201 | -35.4% |
| Financial income | 75/76B | €7 | €5 | -€2 | -30.8% |
| Recurring financial income | 75 | €7 | €5 | -€2 | -30.8% |
| Financial charges | 65/66B | €51 | €53 | +€2 | +3.1% |
| Recurring financial charges | 65 | €51 | €53 | +€2 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €113,566 | €73,361 | -€40,205 | -35.4% |
| Income taxes | 67/77 | €31,601 | €20,633 | -€10,968 | -34.7% |
| Profit (loss) for the period | 9904 | €81,965 | €52,729 | -€29,237 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,965 | €52,729 | -€29,237 | -35.7% |
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 24 October 2026 via checked.be.