PHL: 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.
PHL
Largest movements
- Receivables within one year +€45,994
up €45,994 (+95.8%), from €48,030 to €94,024
of which Trade receivables: +€23,520
- Cash -€40,303
down €40,303 (-96.9%), from €41,580 to €1,277
mainly Receivables within one year (-€45,994) and Debts after one year (-€17,971)
- Profit (loss) carried forward +€21,641
up €21,641 (+8.9%), from €243,560 to €265,201
- Debts after one year -€17,971
down €17,971 (-89.0%), from €20,201 to €2,230
of which Financial debts: -€16,241
- Tax, wage and social debts -€8,507
down €8,507 (-22.0%), from €38,712 to €30,204
of which Taxes: -€7,923
- Accrued charges and deferred income +€5,198
up €5,198 (+432.8%), from €1,201 to €6,399
- Gross operating margin -€67,421
down €67,421 (-39.9%), from €169,137 to €101,716
- Turnover -€25,550
down €25,550 (-11.0%), from €232,847 to €207,297
- Purchases and services -€24,166
down €24,166 (-18.6%), from €129,746 to €105,581
- Financial charges +€3,120
up €3,120 (+286.2%), from €1,090 to €4,209
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 | €376,876 | €378,901 | +€2,024 | +0.5% |
| Fixed assets | 21/28 | €7,334 | €3,667 | -€3,667 | -50.0% |
| Tangible fixed assets | 22/27 | €7,334 | €3,667 | -€3,667 | -50.0% |
| Furniture and vehicles | 24 | €7,334 | €3,667 | -€3,667 | -50.0% |
| Current assets | 29/58 | €369,543 | €375,234 | +€5,691 | +1.5% |
| Stocks and contracts in progress | 3 | €279,933 | €279,933 | = | 0.0% |
| Stocks | 30/36 | €17,732 | €17,732 | = | 0.0% |
| Contracts in progress | 37 | €262,201 | €262,201 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,030 | €94,024 | +€45,994 | +95.8% |
| Trade receivables | 40 | €36,980 | €60,500 | +€23,520 | +63.6% |
| Other amounts receivable | 41 | €11,050 | €33,524 | +€22,474 | +203.4% |
| Cash at bank and in hand | 54/58 | €41,580 | €1,277 | -€40,303 | -96.9% |
| Total equity and liabilities | 10/49 | €376,876 | €378,901 | +€2,024 | +0.5% |
| Equity | 10/15 | €300,824 | €322,464 | +€21,641 | +7.2% |
| Contributions | 10/11 | €52,058 | €52,058 | = | 0.0% |
| Reserves | 13 | €5,206 | €5,206 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,206 | €5,206 | = | 0.0% |
| Other | 1319 | €5,206 | €5,206 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,560 | €265,201 | +€21,641 | +8.9% |
| Amounts payable | 17/49 | €76,053 | €56,436 | -€19,616 | -25.8% |
| Amounts payable after more than one year | 17 | €20,201 | €2,230 | -€17,971 | -89.0% |
| Financial debts | 170/4 | €16,241 | - | -€16,241 | |
| Other amounts payable | 178/9 | €3,960 | €2,230 | -€1,730 | -43.7% |
| Amounts payable within one year | 42/48 | €54,650 | €47,808 | -€6,843 | -12.5% |
| Financial debts | 43 | €14,027 | €16,241 | +€2,214 | +15.8% |
| Credit institutions | 430/8 | €14,027 | €16,241 | +€2,214 | +15.8% |
| Trade debts | 44 | €913 | €1,362 | +€448 | +49.1% |
| Suppliers | 440/4 | €913 | €1,362 | +€448 | +49.1% |
| Taxes, remuneration and social security | 45 | €38,712 | €30,204 | -€8,507 | -22.0% |
| Taxes | 450/3 | €21,472 | €13,549 | -€7,923 | -36.9% |
| Remuneration and social security | 454/9 | €17,240 | €16,656 | -€584 | -3.4% |
| Other amounts payable | 47/48 | €998 | - | -€998 | |
| Accrued charges and deferred income | 492/3 | €1,201 | €6,399 | +€5,198 | +432.8% |
| Turnover | 70 | €232,847 | €207,297 | -€25,550 | -11.0% |
| Non-recurring operating income | 76A | €66,037 | - | -€66,037 | |
| Goods, raw materials, services and sundry goods | 60/61 | €129,746 | €105,581 | -€24,166 | -18.6% |
| Remuneration, social security and pensions | 62 | €56,401 | €57,473 | +€1,072 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,667 | €3,667 | = | 0.0% |
| Other operating charges | 640/8 | €5,963 | €6,175 | +€212 | +3.6% |
| Non-recurring operating charges | 66A | €34,873 | - | -€34,873 | |
| Gross operating margin | 9900 | €169,137 | €101,716 | -€67,421 | -39.9% |
| Operating profit (loss) | 9901 | €68,234 | €34,402 | -€33,832 | -49.6% |
| Financial income | 75/76B | €1 | €0 | -€1 | -94.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -94.3% |
| Financial charges | 65/66B | €1,090 | €4,209 | +€3,120 | +286.2% |
| Recurring financial charges | 65 | €1,090 | €4,209 | +€3,120 | +286.2% |
| Profit (loss) for the period before taxes | 9903 | €67,145 | €30,192 | -€36,953 | -55.0% |
| Income taxes | 67/77 | €10,000 | €8,552 | -€1,448 | -14.5% |
| Profit (loss) for the period | 9904 | €57,145 | €21,641 | -€35,504 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,145 | €21,641 | -€35,504 | -62.1% |
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 8 October 2026 via checked.be.