PHERLA: 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.
PHERLA
Largest movements
- Tangible fixed assets -€87,984
down €87,984 (-3.4%), from €2.6m to €2.5m
of which Land and buildings: -€83,737
- Debts after one year -€135,883
down €135,883 (-13.3%), from €1.0m to €882,278
- Current portion of long-term debt +€75,959
up €75,959 (+126.8%), from €59,924 to €135,883
- Revaluation surpluses -€26,467
down €26,467 (-2.6%), from €1.0m to €975,470
- Reserves +€26,467
up €26,467 (+171.4%), from €15,439 to €41,906
- Depreciation +€11,338
up €11,338 (+13.5%), from €84,148 to €95,486
- Financial charges -€8,497
down €8,497 (-25.3%), from €33,530 to €25,033
- Gross operating margin -€4,442
down €4,442 (-3.9%), from €114,222 to €109,780
- Other operating charges +€3,815
up €3,815 (+43.7%), from €8,736 to €12,550
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 | €2,567,203 | €2,488,734 | -€78,469 | -3.1% |
| Fixed assets | 21/28 | €2,550,686 | €2,462,702 | -€87,984 | -3.4% |
| Tangible fixed assets | 22/27 | €2,550,686 | €2,462,702 | -€87,984 | -3.4% |
| Land and buildings | 22 | €2,524,638 | €2,440,901 | -€83,737 | -3.3% |
| Other tangible fixed assets | 26 | €26,047 | €21,800 | -€4,247 | -16.3% |
| Current assets | 29/58 | €16,517 | €26,033 | +€9,515 | +57.6% |
| Cash at bank and in hand | 54/58 | €14,564 | €24,261 | +€9,697 | +66.6% |
| Deferred charges and accrued income | 490/1 | €1,954 | €1,771 | -€182 | -9.3% |
| Total equity and liabilities | 10/49 | €2,567,203 | €2,488,734 | -€78,469 | -3.1% |
| Equity | 10/15 | €895,510 | €872,221 | -€23,289 | -2.6% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,001,937 | €975,470 | -€26,467 | -2.6% |
| Reserves | 13 | €15,439 | €41,906 | +€26,467 | +171.4% |
| Distributable reserves | 133 | €15,439 | €41,906 | +€26,467 | +171.4% |
| Profit (loss) carried forward | 14 | -€166,866 | -€190,155 | -€23,289 | -14.0% |
| Amounts payable | 17/49 | €1,671,693 | €1,616,513 | -€55,180 | -3.3% |
| Amounts payable after more than one year | 17 | €1,018,161 | €882,278 | -€135,883 | -13.3% |
| Financial debts | 170/4 | €1,018,161 | €882,278 | -€135,883 | -13.3% |
| Amounts payable within one year | 42/48 | €648,235 | €728,373 | +€80,138 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €59,924 | €135,883 | +€75,959 | +126.8% |
| Trade debts | 44 | €2,723 | €8,417 | +€5,694 | +209.1% |
| Suppliers | 440/4 | €2,723 | €8,417 | +€5,694 | +209.1% |
| Other amounts payable | 47/48 | €585,588 | €584,073 | -€1,515 | -0.3% |
| Accrued charges and deferred income | 492/3 | €5,298 | €5,863 | +€565 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,148 | €95,486 | +€11,338 | +13.5% |
| Other operating charges | 640/8 | €8,736 | €12,550 | +€3,815 | +43.7% |
| Gross operating margin | 9900 | €114,222 | €109,780 | -€4,442 | -3.9% |
| Operating profit (loss) | 9901 | €21,338 | €1,744 | -€19,594 | -91.8% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €33,530 | €25,033 | -€8,497 | -25.3% |
| Recurring financial charges | 65 | €33,530 | €25,033 | -€8,497 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,187 | -€23,289 | -€11,102 | -91.1% |
| Profit (loss) for the period | 9904 | -€12,187 | -€23,289 | -€11,102 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,187 | -€23,289 | -€11,102 | -91.1% |
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 28 September 2026 via checked.be.