PHF INVEST: 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.
PHF INVEST
Largest movements
- Financial fixed assets -€686,578
down €686,578 (-99.6%), from €689,128 to €2,550
- Receivables within one year +€247,299
up €247,299 (+224%), from €110,421 to €357,720
of which Other amounts receivable: +€247,055
- Tangible fixed assets +€233,973
up €233,973 (+68.6%), from €340,888 to €574,861
of which Land and buildings: +€225,085
- Cash +€102,721
new in 2025: €102,721
mainly Investment in fixed assets (net) (+€438,227) and Net result for the year (+€300,492)
- Debts after one year -€269,509
down €269,509 (-69.7%), from €386,446 to €116,937
of which Other amounts payable: -€218,637
- Profit (loss) carried forward +€209,153
new in 2025: €209,153
- Reserves +€91,339
up €91,339 (+17.6%), from €518,342 to €609,681
of which Tax-exempt reserves: +€91,339
- Tax, wage and social debts -€60,765
down €60,765 (-100.0%), from €60,783 to €18
of which Taxes: -€33,612
- Current portion of long-term debt -€32,876
down €32,876 (-58.3%), from €56,351 to €23,475
- Financial income +€234,046
up €234,046 (+23,404,600%), from €1 to €234,047
of which Non-recurring financial income: +€213,041
- Staff costs -€55,213
down €55,213 (-84.8%), from €65,084 to €9,871
- Gross operating margin -€54,063
down €54,063 (-33.7%), from €160,264 to €106,201
- Taxes -€18,955
down €18,955 (-99.9%), from €18,973 to €18
- Financial charges +€9,023
up €9,023 (+245%), from €3,680 to €12,703
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,144,512 | €1,039,674 | -€104,838 | -9.2% |
| Fixed assets | 21/28 | €1,031,186 | €578,581 | -€452,605 | -43.9% |
| Intangible fixed assets | 21 | €1,170 | €1,170 | = | 0.0% |
| Tangible fixed assets | 22/27 | €340,888 | €574,861 | +€233,973 | +68.6% |
| Land and buildings | 22 | €329,503 | €554,588 | +€225,085 | +68.3% |
| Furniture and vehicles | 24 | €4,019 | €13,353 | +€9,334 | +232% |
| Other tangible fixed assets | 26 | €7,366 | €6,920 | -€446 | -6.1% |
| Financial fixed assets | 28 | €689,128 | €2,550 | -€686,578 | -99.6% |
| Current assets | 29/58 | €113,326 | €461,093 | +€347,767 | +307% |
| Stocks and contracts in progress | 3 | €500 | €652 | +€152 | +30.4% |
| Stocks | 30/36 | €500 | €652 | +€152 | +30.4% |
| Amounts receivable within one year | 40/41 | €110,421 | €357,720 | +€247,299 | +224% |
| Trade receivables | 40 | - | €244 | +€244 | |
| Other amounts receivable | 41 | €110,421 | €357,476 | +€247,055 | +224% |
| Cash at bank and in hand | 54/58 | - | €102,721 | +€102,721 | |
| Deferred charges and accrued income | 490/1 | €2,405 | - | -€2,405 | |
| Total equity and liabilities | 10/49 | €1,144,512 | €1,039,674 | -€104,838 | -9.2% |
| Equity | 10/15 | €530,742 | €831,234 | +€300,492 | +56.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €518,342 | €609,681 | +€91,339 | +17.6% |
| 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 | - | €91,339 | +€91,339 | |
| Distributable reserves | 133 | €516,482 | €516,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €209,153 | +€209,153 | |
| Amounts payable | 17/49 | €613,770 | €208,440 | -€405,330 | -66.0% |
| Amounts payable after more than one year | 17 | €386,446 | €116,937 | -€269,509 | -69.7% |
| Financial debts | 170/4 | €167,809 | €116,937 | -€50,872 | -30.3% |
| Other amounts payable | 178/9 | €218,637 | - | -€218,637 | |
| Amounts payable within one year | 42/48 | €227,324 | €91,503 | -€135,821 | -59.7% |
| Current portion of amounts payable after more than one year | 42 | €56,351 | €23,475 | -€32,876 | -58.3% |
| Financial debts | 43 | €7,257 | - | -€7,257 | |
| Credit institutions | 430/8 | €7,257 | - | -€7,257 | |
| Trade debts | 44 | €16,854 | €3,010 | -€13,844 | -82.1% |
| Suppliers | 440/4 | €16,854 | €3,010 | -€13,844 | -82.1% |
| Taxes, remuneration and social security | 45 | €60,783 | €18 | -€60,765 | -100.0% |
| Taxes | 450/3 | €33,630 | €18 | -€33,612 | -99.9% |
| Remuneration and social security | 454/9 | €27,153 | - | -€27,153 | |
| Other amounts payable | 47/48 | €86,079 | €65,000 | -€21,079 | -24.5% |
| Remuneration, social security and pensions | 62 | €65,084 | €9,871 | -€55,213 | -84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,423 | €14,378 | -€4,045 | -22.0% |
| Other operating charges | 640/8 | €1,574 | €2,786 | +€1,212 | +77.0% |
| Gross operating margin | 9900 | €160,264 | €106,201 | -€54,063 | -33.7% |
| Operating profit (loss) | 9901 | €75,183 | €79,166 | +€3,983 | +5.3% |
| Financial income | 75/76B | €1 | €234,047 | +€234,046 | +23,404,600% |
| Recurring financial income | 75 | €1 | €21,006 | +€21,005 | +2,100,500% |
| Non-recurring financial income | 76B | - | €213,041 | +€213,041 | |
| Financial charges | 65/66B | €3,680 | €12,703 | +€9,023 | +245% |
| Recurring financial charges | 65 | €3,680 | €12,703 | +€9,023 | +245% |
| Profit (loss) for the period before taxes | 9903 | €71,504 | €300,510 | +€229,006 | +320% |
| Income taxes | 67/77 | €18,973 | €18 | -€18,955 | -99.9% |
| Profit (loss) for the period | 9904 | €52,531 | €300,492 | +€247,961 | +472% |
| Transfer from tax-exempt reserves | 789 | - | €1,603 | +€1,603 | |
| Transfer to tax-exempt reserves | 689 | - | €92,942 | +€92,942 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,531 | €209,153 | +€156,622 | +298% |
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 1 November 2026 via checked.be.