PHD TOITURE: what changed
PHD TOITURE
Largest movements
- Cash +€45,777
up €45,777 (+67.1%), from €68,192 to €113,968
mainly Net result for the year (+€37,439) and Receivables within one year (+€28,182)
- Tangible fixed assets +€30,373
up €30,373 (+832%), from €3,648 to €34,022
of which Furniture and vehicles: +€30,736
- Receivables within one year -€28,182
down €28,182 (-62.9%), from €44,834 to €16,652
of which Trade receivables: -€22,612
- Deferred charges and accrued income +€15,794
up €15,794 (+335%), from €4,710 to €20,503
- Stocks and contracts -€7,340
no longer reported in 2025 (was €7,340)
- Profit (loss) carried forward +€37,439
up €37,439, from -€11,214 to €26,225
- Debts after one year +€27,711
new in 2025: €27,711
- Other debts -€6,908
down €6,908 (-42.0%), from €16,431 to €9,523
- Accrued charges and deferred income -€5,297
no longer reported in 2025 (was €5,297)
- Tax, wage and social debts +€4,299
up €4,299 (+109%), from €3,957 to €8,256
of which Taxes: +€3,923
- Purchases and services -€63,272
down €63,272 (-19.3%), from €327,688 to €264,416
- Gross operating margin +€62,712
up €62,712 (+59.7%), from €105,027 to €167,739
- Staff costs +€9,918
up €9,918 (+9.7%), from €101,962 to €111,880
- Depreciation -€8,256
down €8,256 (-55.5%), from €14,882 to €6,627
- Taxes +€5,072
up €5,072 (+1,443%), from €352 to €5,423
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,923 | €185,345 | +€56,422 | +43.8% |
| Fixed assets | 21/28 | €3,848 | €34,222 | +€30,373 | +789% |
| Tangible fixed assets | 22/27 | €3,648 | €34,022 | +€30,373 | +832% |
| Plant, machinery and equipment | 23 | €140 | - | -€140 | |
| Furniture and vehicles | 24 | €3,286 | €34,022 | +€30,736 | +935% |
| Leasing and similar rights | 25 | €222 | - | -€222 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €125,075 | €151,123 | +€26,048 | +20.8% |
| Stocks and contracts in progress | 3 | €7,340 | - | -€7,340 | |
| Stocks | 30/36 | €7,340 | - | -€7,340 | |
| Amounts receivable within one year | 40/41 | €44,834 | €16,652 | -€28,182 | -62.9% |
| Trade receivables | 40 | €28,384 | €5,773 | -€22,612 | -79.7% |
| Other amounts receivable | 41 | €16,449 | €10,879 | -€5,570 | -33.9% |
| Cash at bank and in hand | 54/58 | €68,192 | €113,968 | +€45,777 | +67.1% |
| Deferred charges and accrued income | 490/1 | €4,710 | €20,503 | +€15,794 | +335% |
| Total equity and liabilities | 10/49 | €128,923 | €185,345 | +€56,422 | +43.8% |
| Equity | 10/15 | €12,255 | €49,694 | +€37,439 | +306% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €4,869 | €4,869 | = | 0.0% |
| Distributable reserves | 133 | €4,869 | €4,869 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,214 | €26,225 | +€37,439 | |
| Amounts payable | 17/49 | €116,669 | €135,651 | +€18,982 | +16.3% |
| Amounts payable after more than one year | 17 | - | €27,711 | +€27,711 | |
| Financial debts | 170/4 | - | €27,711 | +€27,711 | |
| Amounts payable within one year | 42/48 | €111,372 | €107,940 | -€3,432 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €8,102 | €7,138 | -€965 | -11.9% |
| Trade debts | 44 | €82,881 | €83,023 | +€142 | +0.2% |
| Suppliers | 440/4 | €82,881 | €83,023 | +€142 | +0.2% |
| Taxes, remuneration and social security | 45 | €3,957 | €8,256 | +€4,299 | +109% |
| Taxes | 450/3 | €2,000 | €5,923 | +€3,923 | +196% |
| Remuneration and social security | 454/9 | €1,957 | €2,333 | +€376 | +19.2% |
| Other amounts payable | 47/48 | €16,431 | €9,523 | -€6,908 | -42.0% |
| Accrued charges and deferred income | 492/3 | €5,297 | - | -€5,297 | |
| Turnover | 70 | €432,715 | €432,155 | -€560 | -0.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €327,688 | €264,416 | -€63,272 | -19.3% |
| Remuneration, social security and pensions | 62 | €101,962 | €111,880 | +€9,918 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,882 | €6,627 | -€8,256 | -55.5% |
| Other operating charges | 640/8 | €1,408 | €1,809 | +€401 | +28.5% |
| Gross operating margin | 9900 | €105,027 | €167,739 | +€62,712 | +59.7% |
| Operating profit (loss) | 9901 | -€13,225 | €47,423 | +€60,648 | |
| Financial income | 75/76B | €10 | €78 | +€68 | +677% |
| Recurring financial income | 75 | €10 | €78 | +€68 | +677% |
| Financial charges | 65/66B | €4,860 | €4,639 | -€222 | -4.6% |
| Recurring financial charges | 65 | €4,860 | €4,639 | -€222 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,075 | €42,863 | +€60,938 | |
| Income taxes | 67/77 | €352 | €5,423 | +€5,072 | +1,443% |
| Profit (loss) for the period | 9904 | -€18,427 | €37,439 | +€55,866 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,427 | €37,439 | +€55,866 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.