PHDJ: 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.
What changed
PHDJ
NACE 47.770, Retail sale of watches and jewellery
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.2m+€70,863
Equity
€8.3m
2024 · €7.1m+€1.3m
Cash
€57,049
2024 · €27,422+€29,627
Balance sheet total
€14.8m
2024 · €13.3m+€1.5m
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+93.9%), from €1.6m to €3.1m
of which Other amounts receivable: +€1.4m
Equity and liabilities
- Profit (loss) carried forward +€1.2m
up €1.2m (+47.4%), from €2.6m to €3.8m
- Other debts +€315,922
up €315,922 (+6.9%), from €4.6m to €4.9m
Income statement
- Financial income +€96,078
up €96,078 (+6.9%), from €1.4m to €1.5m
- Financial charges +€38,028
up €38,028 (+24.3%), from €156,796 to €194,824
- Gross operating margin +€9,758
up €9,758 (+3.9%), from €249,586 to €259,344
- Staff costs -€5,393
down €5,393 (-2.0%), from €274,178 to €268,785
- Depreciation +€2,989
up €2,989 (+137%), from €2,184 to €5,173
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.
Result 2024
€1.2m
Gross operating margin
+€9,758
Staff costs
+€5,393
Depreciation
-€2,989
Other operating charges
+€524
Financial income
+€96,078
Financial charges
-€38,028
Taxes
+€127
Result 2025
€1.3m
raises the resultlowers the result
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.
From operations
+€112,437
Investment
-€3,508
Financing
-€79,302
Cash 2024
€27,422
From operations (derived)
+€112,437
Net result for the year
+€1.3m
Depreciation
+€5,173
Stocks and contracts
-€6,058
Receivables within one year
-€1.5m
Smaller working-capital items
-€1,237
Trade debts
+€3,797
Tax, wage and social debts
-€3,817
Other debts
+€315,922
Accrued charges and deferred income
+€12,283
Investment (derived)
-€3,508
Investment in fixed assets (net)
-€3,508
Financing
-€79,302
Debts after one year
-€89,740
Current portion of long-term debt
+€10,438
Cash 2025
€57,049
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,327,781 | €14,847,774 | +€1.5m | +11.4% |
| Fixed assets | 21/28 | €11,094,336 | €11,092,671 | -€1,665 | 0.0% |
| Tangible fixed assets | 22/27 | €23,043 | €21,379 | -€1,665 | -7.2% |
| Furniture and vehicles | 24 | €22,572 | €18,065 | -€4,507 | -20.0% |
| Other tangible fixed assets | 26 | €472 | €3,314 | +€2,842 | +602% |
| Financial fixed assets | 28 | €11,071,293 | €11,071,293 | = | 0.0% |
| Current assets | 29/58 | €2,233,445 | €3,755,103 | +€1.5m | +68.1% |
| Stocks and contracts in progress | 3 | €222,275 | €228,333 | +€6,058 | +2.7% |
| Stocks | 30/36 | €222,275 | €228,333 | +€6,058 | +2.7% |
| Amounts receivable within one year | 40/41 | €1,581,868 | €3,067,286 | +€1.5m | +93.9% |
| Trade receivables | 40 | €107,210 | €151,132 | +€43,922 | +41.0% |
| Other amounts receivable | 41 | €1,474,658 | €2,916,154 | +€1.4m | +97.8% |
| Current investments | 50/53 | €400,637 | €400,637 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,422 | €57,049 | +€29,627 | +108% |
| Deferred charges and accrued income | 490/1 | €1,243 | €1,798 | +€555 | +44.7% |
| Total equity and liabilities | 10/49 | €13,327,781 | €14,847,774 | +€1.5m | +11.4% |
| Equity | 10/15 | €7,068,473 | €8,340,265 | +€1.3m | +18.0% |
| Contributions | 10/11 | €3,400,000 | €3,400,000 | = | 0.0% |
| Capital | 10 | €3,400,000 | €3,400,000 | = | 0.0% |
| Issued capital | 100 | €3,400,000 | €3,400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €544,712 | €544,712 | = | 0.0% |
| Reserves | 13 | €573,657 | €637,257 | +€63,600 | +11.1% |
| Non-distributable reserves | 130/1 | €573,657 | €637,257 | +€63,600 | +11.1% |
| Legal reserve | 130 | €173,020 | €236,620 | +€63,600 | +36.8% |
| Own shares acquired | 1312 | €400,637 | €400,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,550,104 | €3,758,296 | +€1.2m | +47.4% |
| Amounts payable | 17/49 | €6,259,307 | €6,507,509 | +€248,202 | +4.0% |
| Amounts payable after more than one year | 17 | €406,362 | €316,623 | -€89,740 | -22.1% |
| Financial debts | 170/4 | €406,362 | €316,623 | -€89,740 | -22.1% |
| Amounts payable within one year | 42/48 | €5,844,067 | €6,169,725 | +€325,658 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €86,171 | €96,609 | +€10,438 | +12.1% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €84,258 | €88,055 | +€3,797 | +4.5% |
| Suppliers | 440/4 | €84,258 | €88,055 | +€3,797 | +4.5% |
| Advances received on contracts in progress | 46 | €5,906 | €5,224 | -€682 | -11.5% |
| Taxes, remuneration and social security | 45 | €105,066 | €101,250 | -€3,817 | -3.6% |
| Taxes | 450/3 | €51,674 | €57,491 | +€5,817 | +11.3% |
| Remuneration and social security | 454/9 | €53,392 | €43,758 | -€9,634 | -18.0% |
| Other amounts payable | 47/48 | €4,562,665 | €4,878,587 | +€315,922 | +6.9% |
| Accrued charges and deferred income | 492/3 | €8,878 | €21,161 | +€12,283 | +138% |
| Remuneration, social security and pensions | 62 | €274,178 | €268,785 | -€5,393 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,184 | €5,173 | +€2,989 | +137% |
| Other operating charges | 640/8 | €1,165 | €640 | -€524 | -45.0% |
| Gross operating margin | 9900 | €249,586 | €259,344 | +€9,758 | +3.9% |
| Operating profit (loss) | 9901 | -€27,940 | -€15,254 | +€12,686 | +45.4% |
| Financial income | 75/76B | €1,386,485 | €1,482,564 | +€96,078 | +6.9% |
| Recurring financial income | 75 | €1,386,485 | €1,482,564 | +€96,078 | +6.9% |
| Financial charges | 65/66B | €156,796 | €194,824 | +€38,028 | +24.3% |
| Recurring financial charges | 65 | €156,796 | €194,824 | +€38,028 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €1,201,749 | €1,272,485 | +€70,736 | +5.9% |
| Income taxes | 67/77 | €821 | €694 | -€127 | -15.5% |
| Profit (loss) for the period | 9904 | €1,200,928 | €1,271,792 | +€70,863 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,200,928 | €1,271,792 | +€70,863 | +5.9% |
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 24 October 2026 via checked.be.