PHG ASSET MANAGEMENT: what changed
What changed
PHG ASSET MANAGEMENT
NACE 69.209, Other tax advisory services
filed annual accounts (NBB)
Net result for the year
-€2.1m
2024 · -€657,373-€1.4m
Equity
-€297,644
2024 · €1.8m-€2.1m
Cash
€166,029
2024 · €27,731+€138,298
Balance sheet total
€38.2m
2024 · €37.0m+€1.2m
Largest movements
Assets
- Financial fixed assets +€754,806
up €754,806 (+2.5%), from €30.6m to €31.4m
of which Affiliated companies: +€754,806
- Receivables within one year +€477,458
up €477,458 (+57.9%), from €824,596 to €1.3m
of which Trade receivables: +€431,105
Equity and liabilities
- Debts after one year +€3.0m
up €3.0m (+8.7%), from €34.2m to €37.2m
of which Financial debts: +€2.1m
- Profit (loss) carried forward -€2.1m
down €2.1m (-51.5%), from -€4.1m to -€6.1m
Income statement
- Financial charges +€1.8m
up €1.8m (+398%), from €456,945 to €2.3m
of which Non-recurring financial charges: +€1.6m
- Financial income +€155,254
up €155,254 (+52.3%), from €297,113 to €452,367
of which Financial income: +€160,551
- Other operating income +€115,979
up €115,979 (+54.9%), from €211,403 to €327,382
- Provisions +€88,899
up €88,899 (+86.4%), from -€102,929 to -€14,030
- Services and other goods -€67,928
down €67,928 (-13.4%), from €506,315 to €438,388
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€657,373
Other operating income
+€115,979
Services and other goods
+€67,928
Staff costs
+€991
Depreciation
-€24
Write-downs
+€5,042
Provisions
-€88,899
Other operating charges
+€12,075
Other operating items
+€100,040
Financial income
+€155,254
Financial charges
-€1.8m
Taxes
+€18,179
Result 2025
-€2.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€2.4m
Investment
-€754,721
Financing
+€3.3m
Cash 2024
€27,731
From operations (derived)
-€2.4m
Net result for the year
-€2.1m
Depreciation
+€202,970
Receivables within one year
-€477,458
Smaller working-capital items
+€5,183
Provisions
-€14,030
Tax, wage and social debts
-€7,947
Investment (derived)
-€754,721
Investment in fixed assets (net)
-€754,806
Current investments
+€85
Financing
+€3.3m
Debts after one year
+€3.0m
Current portion of long-term debt
+€304,824
Short-term financial debts
+€481
Cash 2025
€166,029
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,986,249 | €38,159,385 | +€1.2m | +3.2% |
| Fixed assets | 21/28 | €36,121,407 | €36,673,243 | +€551,836 | +1.5% |
| Tangible fixed assets | 22/27 | €5,480,934 | €5,277,964 | -€202,970 | -3.7% |
| Land and buildings | 22 | €5,426,349 | €5,225,800 | -€200,549 | -3.7% |
| Furniture and vehicles | 24 | €8,354 | €5,933 | -€2,421 | -29.0% |
| Other tangible fixed assets | 26 | €46,231 | €46,231 | = | 0.0% |
| Financial fixed assets | 28 | €30,640,473 | €31,395,279 | +€754,806 | +2.5% |
| Affiliated companies | 280/1 | €30,376,727 | €31,131,533 | +€754,806 | +2.5% |
| Participating interests | 280 | €18,076,127 | €16,436,127 | -€1.6m | -9.1% |
| Amounts receivable | 281 | €12,300,600 | €14,695,406 | +€2.4m | +19.5% |
| Companies linked by participating interests | 282/3 | €0 | €0 | = | |
| Amounts receivable | 283 | €0 | €0 | = | |
| Other financial fixed assets | 284/8 | €263,746 | €263,746 | = | 0.0% |
| Shares | 284 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €138,746 | €138,746 | = | 0.0% |
| Current assets | 29/58 | €864,842 | €1,486,141 | +€621,299 | +71.8% |
| Amounts receivable within one year | 40/41 | €824,596 | €1,302,053 | +€477,458 | +57.9% |
| Trade receivables | 40 | €532,641 | €963,747 | +€431,105 | +80.9% |
| Other amounts receivable | 41 | €291,954 | €338,306 | +€46,352 | +15.9% |
| Current investments | 50/53 | €806 | €721 | -€85 | -10.6% |
| Other investments | 51/53 | €806 | €721 | -€85 | -10.6% |
| Cash at bank and in hand | 54/58 | €27,731 | €166,029 | +€138,298 | +499% |
| Deferred charges and accrued income | 490/1 | €11,710 | €17,338 | +€5,628 | +48.1% |
| Total equity and liabilities | 10/49 | €36,986,249 | €38,159,385 | +€1.2m | +3.2% |
| Equity | 10/15 | €1,789,571 | -€297,644 | -€2.1m | |
| Contributions | 10/11 | €5,750,000 | €5,750,000 | = | 0.0% |
| Reserves | 13 | €93,750 | €93,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,054,179 | -€6,141,394 | -€2.1m | -51.5% |
| Provisions and deferred taxes | 16 | €14,030 | - | -€14,030 | |
| Provisions for liabilities and charges | 160/5 | €14,030 | - | -€14,030 | |
| Taxes | 161 | €6,968 | - | -€6,968 | |
| Other liabilities and charges | 164/5 | €7,062 | - | -€7,062 | |
| Amounts payable | 17/49 | €35,182,648 | €38,457,029 | +€3.3m | +9.3% |
| Amounts payable after more than one year | 17 | €34,218,944 | €37,185,156 | +€3.0m | +8.7% |
| Financial debts | 170/4 | €12,266,573 | €14,317,337 | +€2.1m | +16.7% |
| Subordinated loans | 170 | €3,000,000 | €3,000,000 | = | 0.0% |
| Credit institutions | 173 | €9,266,573 | €11,317,337 | +€2.1m | +22.1% |
| Other amounts payable | 178/9 | €21,952,371 | €22,867,819 | +€915,448 | +4.2% |
| Amounts payable within one year | 42/48 | €949,082 | €1,253,081 | +€303,999 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €369,413 | €674,237 | +€304,824 | +82.5% |
| Financial debts | 43 | €352,695 | €353,176 | +€481 | +0.1% |
| Credit institutions | 430/8 | €352,695 | €353,176 | +€481 | +0.1% |
| Trade debts | 44 | €157,567 | €164,208 | +€6,641 | +4.2% |
| Suppliers | 440/4 | €157,567 | €164,208 | +€6,641 | +4.2% |
| Taxes, remuneration and social security | 45 | €67,970 | €60,023 | -€7,947 | -11.7% |
| Taxes | 450/3 | €67,970 | €60,023 | -€7,947 | -11.7% |
| Other amounts payable | 47/48 | €1,437 | €1,437 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,623 | €18,793 | +€4,170 | +28.5% |
| Operating income | 70/76A | €283,403 | €399,382 | +€115,979 | +40.9% |
| Turnover | 70 | €72,000 | €72,000 | = | 0.0% |
| Other operating income | 74 | €211,403 | €327,382 | +€115,979 | +54.9% |
| Operating charges | 60/66A | €754,135 | €656,983 | -€97,152 | -12.9% |
| Services and other goods | 61 | €506,315 | €438,388 | -€67,928 | -13.4% |
| Remuneration, social security and pensions | 62 | €1,059 | €68 | -€991 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,946 | €202,970 | +€24 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,042 | - | -€5,042 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€102,929 | -€14,030 | +€88,899 | +86.4% |
| Other operating charges | 640/8 | €38,162 | €26,087 | -€12,075 | -31.6% |
| Non-recurring operating charges | 66A | €103,540 | €3,500 | -€100,040 | -96.6% |
| Operating profit (loss) | 9901 | -€470,732 | -€257,601 | +€213,131 | +45.3% |
| Financial income | 75/76B | €297,113 | €452,367 | +€155,254 | +52.3% |
| Recurring financial income | 75 | €291,816 | €452,367 | +€160,551 | +55.0% |
| Income from financial fixed assets | 750 | €281,631 | €444,806 | +€163,175 | +57.9% |
| Income from current assets | 751 | €9,033 | - | -€9,033 | |
| Other financial income | 752/9 | €1,152 | €7,561 | +€6,409 | +556% |
| Non-recurring financial income | 76B | €5,297 | - | -€5,297 | |
| Financial charges | 65/66B | €456,945 | €2,273,351 | +€1.8m | +398% |
| Recurring financial charges | 65 | €418,260 | €633,351 | +€215,091 | +51.4% |
| Debt charges | 650 | €406,192 | €621,190 | +€214,998 | +52.9% |
| Other financial charges | 652/9 | €12,068 | €12,161 | +€93 | +0.8% |
| Non-recurring financial charges | 66B | €38,685 | €1,640,000 | +€1.6m | +4,139% |
| Profit (loss) for the period before taxes | 9903 | -€630,564 | -€2,078,585 | -€1.4m | -230% |
| Income taxes | 67/77 | €26,810 | €8,631 | -€18,179 | -67.8% |
| Taxes | 670/3 | €40,746 | €10,365 | -€30,381 | -74.6% |
| Tax adjustments and reversals of tax provisions | 77 | €13,937 | €1,735 | -€12,202 | -87.6% |
| Profit (loss) for the period | 9904 | -€657,373 | -€2,087,216 | -€1.4m | -218% |
| Profit (loss) for the period to be appropriated | 9905 | -€657,373 | -€2,087,216 | -€1.4m | -218% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.