PHEDRE: 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.
PHEDRE
Largest movements
- Tangible fixed assets +€30,190
up €30,190 (+6.3%), from €480,418 to €510,608
of which Land and buildings: +€34,414
- Receivables within one year -€20,565
down €20,565 (-13.7%), from €149,654 to €129,089
of which Trade receivables: -€14,070
- Other debts +€172,558
up €172,558 (+46.7%), from €369,293 to €541,851
- Profit (loss) carried forward -€88,048
down €88,048, from €77,229 to -€10,819
- Trade debts -€28,604
down €28,604 (-35.1%), from €81,564 to €52,960
- Provisions -€21,157
down €21,157 (-79.9%), from €26,474 to €5,317
of which Provisions for liabilities and charges: -€18,000
- Reserves -€9,471
down €9,471 (-13.2%), from €71,882 to €62,411
of which Tax-exempt reserves: -€9,471
- Depreciation +€19,481
up €19,481 (+33.4%), from €58,334 to €77,815
- Provisions -€18,000
new in 2025: -€18,000
- Gross operating margin -€14,979
down €14,979 (-67.8%), from -€22,082 to -€37,060
- Financial charges -€8,127
down €8,127 (-99.2%), from €8,189 to €63
- Other operating charges +€1,539
up €1,539 (+52.9%), from €2,908 to €4,448
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €719,880 | €728,136 | +€8,256 | +1.1% |
| Fixed assets | 21/28 | €565,637 | €594,608 | +€28,971 | +5.1% |
| Intangible fixed assets | 21 | €1,219 | - | -€1,219 | |
| Tangible fixed assets | 22/27 | €480,418 | €510,608 | +€30,190 | +6.3% |
| Land and buildings | 22 | €359,023 | €393,437 | +€34,414 | +9.6% |
| Plant, machinery and equipment | 23 | €98,668 | €67,982 | -€30,686 | -31.1% |
| Furniture and vehicles | 24 | €22,727 | €49,189 | +€26,462 | +116.4% |
| Financial fixed assets | 28 | €84,000 | €84,000 | = | 0.0% |
| Current assets | 29/58 | €154,243 | €133,528 | -€20,715 | -13.4% |
| Amounts receivable within one year | 40/41 | €149,654 | €129,089 | -€20,565 | -13.7% |
| Trade receivables | 40 | €133,853 | €119,782 | -€14,070 | -10.5% |
| Other amounts receivable | 41 | €15,801 | €9,307 | -€6,494 | -41.1% |
| Current investments | 50/53 | €3,765 | €3,536 | -€228 | -6.1% |
| Deferred charges and accrued income | 490/1 | €825 | €902 | +€78 | +9.4% |
| Total equity and liabilities | 10/49 | €719,880 | €728,136 | +€8,256 | +1.1% |
| Equity | 10/15 | €183,450 | €85,225 | -€98,224 | -53.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,882 | €62,411 | -€9,471 | -13.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,422 | €15,951 | -€9,471 | -37.3% |
| Distributable reserves | 133 | €44,600 | €44,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,229 | -€10,819 | -€88,048 | |
| Investment grants | 15 | €15,738 | €15,034 | -€705 | -4.5% |
| Provisions and deferred taxes | 16 | €26,474 | €5,317 | -€21,157 | -79.9% |
| Provisions for liabilities and charges | 160/5 | €18,000 | - | -€18,000 | |
| Major repairs and maintenance | 162 | €18,000 | - | -€18,000 | |
| Deferred taxes | 168 | €8,474 | €5,317 | -€3,157 | -37.3% |
| Amounts payable | 17/49 | €509,957 | €637,593 | +€127,637 | +25.0% |
| Amounts payable after more than one year | 17 | €38,000 | €38,000 | = | 0.0% |
| Other amounts payable | 178/9 | €38,000 | €38,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €463,820 | €599,593 | +€135,773 | +29.3% |
| Trade debts | 44 | €81,564 | €52,960 | -€28,604 | -35.1% |
| Suppliers | 440/4 | €81,564 | €52,960 | -€28,604 | -35.1% |
| Advances received on contracts in progress | 46 | €8,500 | - | -€8,500 | |
| Taxes, remuneration and social security | 45 | €4,462 | €4,782 | +€319 | +7.2% |
| Taxes | 450/3 | €4,462 | €4,782 | +€319 | +7.2% |
| Other amounts payable | 47/48 | €369,293 | €541,851 | +€172,558 | +46.7% |
| Accrued charges and deferred income | 492/3 | €8,136 | - | -€8,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,334 | €77,815 | +€19,481 | +33.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€18,000 | -€18,000 | |
| Other operating charges | 640/8 | €2,908 | €4,448 | +€1,539 | +52.9% |
| Gross operating margin | 9900 | -€22,082 | -€37,060 | -€14,979 | -67.8% |
| Operating profit (loss) | 9901 | -€83,324 | -€101,323 | -€17,999 | -21.6% |
| Financial income | 75/76B | €705 | €709 | +€4 | +0.6% |
| Recurring financial income | 75 | €705 | €709 | +€4 | +0.6% |
| Financial charges | 65/66B | €8,189 | €63 | -€8,127 | -99.2% |
| Recurring financial charges | 65 | €8,189 | €63 | -€8,127 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | -€90,809 | -€100,677 | -€9,868 | -10.9% |
| Transfer from deferred taxes | 780 | €3,630 | €3,157 | -€473 | -13.0% |
| Income taxes | 67/77 | €231 | - | -€231 | |
| Profit (loss) for the period | 9904 | -€87,410 | -€97,520 | -€10,110 | -11.6% |
| Transfer from tax-exempt reserves | 789 | €10,890 | €9,471 | -€1,419 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,520 | -€88,048 | -€11,528 | -15.1% |
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 2 October 2026 via checked.be.