PHEMAR: 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.
PHEMAR
Largest movements
- Tangible fixed assets -€4,600
no longer reported in 2025 (was €4,600)
- Receivables within one year +€2,481
up €2,481 (+40.7%), from €6,097 to €8,578
of which Trade receivables: +€2,584
- Cash -€150
down €150 (-93.7%), from €160 to €10
mainly Other debts (-€25,534) and Receivables within one year (-€2,481)
- Deferred charges and accrued income -€140
no longer reported in 2025 (was €140)
- Other debts -€25,534
down €25,534 (-59.5%), from €42,929 to €17,395
- Profit (loss) carried forward +€25,378
up €25,378 (+43.6%), from -€58,197 to -€32,819
- Trade debts -€2,253
down €2,253 (-36.9%), from €6,101 to €3,848
- Gross operating margin +€12,409
up €12,409 (+556.1%), from €2,231 to €14,640
- Financial income +€11,400
new in 2025: €11,400
of which Financial income: +€11,400
- Depreciation -€4,600
no longer reported in 2025 (was €4,600)
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 | €10,997 | €8,588 | -€2,409 | -21.9% |
| Fixed assets | 21/28 | €4,600 | - | -€4,600 | |
| Tangible fixed assets | 22/27 | €4,600 | - | -€4,600 | |
| Furniture and vehicles | 24 | €4,600 | - | -€4,600 | |
| Current assets | 29/58 | €6,397 | €8,588 | +€2,191 | +34.2% |
| Amounts receivable within one year | 40/41 | €6,097 | €8,578 | +€2,481 | +40.7% |
| Trade receivables | 40 | €5,846 | €8,430 | +€2,584 | +44.2% |
| Other amounts receivable | 41 | €251 | €148 | -€103 | -41.0% |
| Cash at bank and in hand | 54/58 | €160 | €10 | -€150 | -93.7% |
| Deferred charges and accrued income | 490/1 | €140 | - | -€140 | |
| Total equity and liabilities | 10/49 | €10,997 | €8,588 | -€2,409 | -21.9% |
| Equity | 10/15 | -€38,033 | -€12,655 | +€25,378 | +66.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €164 | €164 | = | 0.0% |
| Non-distributable reserves | 130/1 | €164 | €164 | = | 0.0% |
| Reserves not available under the articles | 1311 | €164 | €164 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,197 | -€32,819 | +€25,378 | +43.6% |
| Amounts payable | 17/49 | €49,031 | €21,244 | -€27,787 | -56.7% |
| Amounts payable within one year | 42/48 | €49,031 | €21,244 | -€27,787 | -56.7% |
| Trade debts | 44 | €6,101 | €3,848 | -€2,253 | -36.9% |
| Suppliers | 440/4 | €6,101 | €3,848 | -€2,253 | -36.9% |
| Other amounts payable | 47/48 | €42,929 | €17,395 | -€25,534 | -59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,600 | - | -€4,600 | |
| Other operating charges | 640/8 | €472 | €602 | +€130 | +27.5% |
| Gross operating margin | 9900 | €2,231 | €14,640 | +€12,409 | +556.1% |
| Operating profit (loss) | 9901 | -€2,841 | €14,038 | +€16,879 | |
| Financial income | 75/76B | - | €11,400 | +€11,400 | |
| Recurring financial income | 75 | - | €11,400 | +€11,400 | |
| Non-recurring financial income | 76B | - | €11,400 | +€11,400 | |
| Financial charges | 65/66B | €60 | €60 | = | 0.0% |
| Recurring financial charges | 65 | €60 | €60 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,901 | €25,378 | +€28,279 | |
| Profit (loss) for the period | 9904 | -€2,901 | €25,378 | +€28,279 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,901 | €25,378 | +€28,279 |
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 9 October 2026 via checked.be.