PHG: 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
PHG
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €755,451+€748,008
Equity
€2.9m
2024 · €1.4m+€1.5m
Cash
€440
2024 · €8,730-€8,290
Balance sheet total
€14.6m
2024 · €13.9m+€726,379
Largest movements
Assets
- Receivables within one year +€454,873
up €454,873 (+47.4%), from €959,037 to €1.4m
of which Other amounts receivable: +€432,461
- Financial fixed assets +€381,000
up €381,000 (+4.0%), from €9.6m to €10.0m
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+108%), from €1.4m to €2.9m
- Debts after one year -€1.1m
down €1.1m (-11.9%), from €9.5m to €8.4m
of which Financial debts: -€801,315
- Other debts +€376,359
up €376,359 (+18.8%), from €2.0m to €2.4m
Income statement
- Financial income +€811,652
up €811,652 (+116%), from €697,773 to €1.5m
of which Financial income: +€579,652
- Financial charges +€64,913
up €64,913 (+17.5%), from €370,386 to €435,299
- Gross operating margin -€11,380
down €11,380 (-1.8%), from €637,063 to €625,683
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
€755,451
Gross operating margin
-€11,380
Depreciation
+€4,132
Other operating charges
+€3,027
Financial income
+€811,652
Financial charges
-€64,913
Taxes
+€5,489
Result 2025
€1.5m
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
+€1.5m
Investment
-€381,000
Financing
-€1.2m
Cash 2024
€8,730
From operations (derived)
+€1.5m
Net result for the year
+€1.5m
Depreciation
+€110,058
Receivables after one year
-€32,799
Stocks and contracts
+€23,945
Receivables within one year
-€454,873
Trade debts
-€14,029
Tax, wage and social debts
-€85,758
Advances received
+€112,500
Other debts
+€376,359
Accrued charges and deferred income
-€1,083
Investment (derived)
-€381,000
Investment in fixed assets (net)
-€381,000
Financing
-€1.2m
Debts after one year
-€1.1m
Current portion of long-term debt
-€33,333
Cash 2025
€440
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,889,624 | €14,616,003 | +€726,379 | +5.2% |
| Fixed assets | 21/28 | €12,169,048 | €12,439,990 | +€270,942 | +2.2% |
| Tangible fixed assets | 22/27 | €2,542,012 | €2,431,954 | -€110,058 | -4.3% |
| Land and buildings | 22 | €2,542,012 | €2,431,954 | -€110,058 | -4.3% |
| Financial fixed assets | 28 | €9,627,035 | €10,008,035 | +€381,000 | +4.0% |
| Current assets | 29/58 | €1,720,577 | €2,176,013 | +€455,437 | +26.5% |
| Amounts receivable after more than one year | 29 | €728,864 | €761,663 | +€32,799 | +4.5% |
| Other amounts receivable | 291 | €728,864 | €761,663 | +€32,799 | +4.5% |
| Stocks and contracts in progress | 3 | €23,945 | €0 | -€23,945 | -100% |
| Stocks | 30/36 | €23,945 | €0 | -€23,945 | -100% |
| Amounts receivable within one year | 40/41 | €959,037 | €1,413,911 | +€454,873 | +47.4% |
| Trade receivables | 40 | €4,686 | €27,098 | +€22,412 | +478% |
| Other amounts receivable | 41 | €954,352 | €1,386,813 | +€432,461 | +45.3% |
| Cash at bank and in hand | 54/58 | €8,730 | €440 | -€8,290 | -95.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €13,889,624 | €14,616,003 | +€726,379 | +5.2% |
| Equity | 10/15 | €1,390,809 | €2,894,268 | +€1.5m | +108% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €1,390,809 | €2,894,268 | +€1.5m | +108% |
| Distributable reserves | 133 | €1,390,809 | €2,894,268 | +€1.5m | +108% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,498,815 | €11,721,736 | -€777,080 | -6.2% |
| Amounts payable after more than one year | 17 | €9,516,335 | €8,384,600 | -€1.1m | -11.9% |
| Financial debts | 170/4 | €6,391,837 | €5,590,522 | -€801,315 | -12.5% |
| Other amounts payable | 178/9 | €3,124,498 | €2,794,078 | -€330,420 | -10.6% |
| Amounts payable within one year | 42/48 | €2,962,822 | €3,318,561 | +€355,739 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €834,649 | €801,315 | -€33,333 | -4.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €15,079 | €1,050 | -€14,029 | -93.0% |
| Suppliers | 440/4 | €15,079 | €1,050 | -€14,029 | -93.0% |
| Advances received on contracts in progress | 46 | - | €112,500 | +€112,500 | |
| Taxes, remuneration and social security | 45 | €108,758 | €23,000 | -€85,758 | -78.9% |
| Taxes | 450/3 | €108,758 | €23,000 | -€85,758 | -78.9% |
| Other amounts payable | 47/48 | €2,004,336 | €2,380,696 | +€376,359 | +18.8% |
| Accrued charges and deferred income | 492/3 | €19,658 | €18,575 | -€1,083 | -5.5% |
| Non-recurring operating income | 76A | €7,500 | €0 | -€7,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,190 | €110,058 | -€4,132 | -3.6% |
| Other operating charges | 640/8 | €66,301 | €63,274 | -€3,027 | -4.6% |
| Gross operating margin | 9900 | €637,063 | €625,683 | -€11,380 | -1.8% |
| Operating profit (loss) | 9901 | €456,572 | €452,352 | -€4,220 | -0.9% |
| Financial income | 75/76B | €697,773 | €1,509,425 | +€811,652 | +116% |
| Recurring financial income | 75 | €337,773 | €917,425 | +€579,652 | +172% |
| Non-recurring financial income | 76B | €360,000 | €592,000 | +€232,000 | +64.4% |
| Financial charges | 65/66B | €370,386 | €435,299 | +€64,913 | +17.5% |
| Recurring financial charges | 65 | €370,386 | €435,299 | +€64,913 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €783,960 | €1,526,478 | +€742,518 | +94.7% |
| Income taxes | 67/77 | €28,508 | €23,019 | -€5,489 | -19.3% |
| Profit (loss) for the period | 9904 | €755,451 | €1,503,459 | +€748,008 | +99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €755,451 | €1,503,459 | +€748,008 | +99.0% |
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 22 October 2026 via checked.be.