PhLM: 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.
PhLM
Largest movements
- Tangible fixed assets -€29,738
down €29,738 (-11.2%), from €266,186 to €236,448
of which Land and buildings: -€16,254
- Cash +€4,336
up €4,336 (+9.6%), from €44,971 to €49,306
mainly Depreciation (+€33,018) and Short-term financial debts (+€19,839)
- Other debts -€37,570
down €37,570 (-30.2%), from €124,303 to €86,734
- Short-term financial debts +€19,839
up €19,839 (+23.3%), from €85,117 to €104,956
- Profit (loss) carried forward -€10,877
down €10,877 (-23.4%), from €46,441 to €35,564
- Advances received +€3,884
new in 2025: €3,884
- Gross operating margin -€11,919
down €11,919 (-27.1%), from €43,968 to €32,050
- Other operating charges +€2,174
up €2,174 (+164.5%), from €1,322 to €3,496
- Taxes -€1,494
down €1,494 (-82.7%), from €1,806 to €312
- Depreciation +€1,474
up €1,474 (+4.7%), from €31,545 to €33,018
- Financial charges +€555
up €555 (+8.5%), from €6,549 to €7,104
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 | €319,693 | €294,396 | -€25,297 | -7.9% |
| Fixed assets | 21/28 | €266,186 | €236,448 | -€29,738 | -11.2% |
| Tangible fixed assets | 22/27 | €266,186 | €236,448 | -€29,738 | -11.2% |
| Land and buildings | 22 | €215,274 | €199,019 | -€16,254 | -7.6% |
| Plant, machinery and equipment | 23 | €28,241 | €24,620 | -€3,621 | -12.8% |
| Furniture and vehicles | 24 | €22,671 | €12,808 | -€9,863 | -43.5% |
| Current assets | 29/58 | €53,508 | €57,948 | +€4,440 | +8.3% |
| Stocks and contracts in progress | 3 | €599 | €1,515 | +€917 | +153.1% |
| Stocks | 30/36 | €599 | €1,515 | +€917 | +153.1% |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €6,609 | €5,554 | -€1,055 | -16.0% |
| Trade receivables | 40 | €1,156 | €748 | -€408 | -35.3% |
| Other amounts receivable | 41 | €5,453 | €4,806 | -€647 | -11.9% |
| Cash at bank and in hand | 54/58 | €44,971 | €49,306 | +€4,336 | +9.6% |
| Deferred charges and accrued income | 490/1 | €1,329 | €1,572 | +€243 | +18.3% |
| Total equity and liabilities | 10/49 | €319,693 | €294,396 | -€25,297 | -7.9% |
| Equity | 10/15 | €102,529 | €90,769 | -€11,759 | -11.5% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €30,346 | €30,346 | = | 0.0% |
| Distributable reserves | 133 | €30,346 | €30,346 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,441 | €35,564 | -€10,877 | -23.4% |
| Investment grants | 15 | €11,482 | €10,599 | -€883 | -7.7% |
| Amounts payable | 17/49 | €217,165 | €203,627 | -€13,538 | -6.2% |
| Amounts payable within one year | 42/48 | €217,165 | €203,627 | -€13,538 | -6.2% |
| Financial debts | 43 | €85,117 | €104,956 | +€19,839 | +23.3% |
| Credit institutions | 430/8 | €85,117 | €104,956 | +€19,839 | +23.3% |
| Trade debts | 44 | €5,555 | €5,679 | +€124 | +2.2% |
| Suppliers | 440/4 | €5,555 | €5,679 | +€124 | +2.2% |
| Advances received on contracts in progress | 46 | - | €3,884 | +€3,884 | |
| Taxes, remuneration and social security | 45 | €2,189 | €2,374 | +€185 | +8.4% |
| Taxes | 450/3 | €2,189 | €2,374 | +€185 | +8.4% |
| Other amounts payable | 47/48 | €124,303 | €86,734 | -€37,570 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,545 | €33,018 | +€1,474 | +4.7% |
| Other operating charges | 640/8 | €1,322 | €3,496 | +€2,174 | +164.5% |
| Gross operating margin | 9900 | €43,968 | €32,050 | -€11,919 | -27.1% |
| Operating profit (loss) | 9901 | €11,102 | -€4,465 | -€15,567 | |
| Financial income | 75/76B | €1,382 | €1,837 | +€454 | +32.9% |
| Recurring financial income | 75 | €1,382 | €1,837 | +€454 | +32.9% |
| Financial charges | 65/66B | €6,549 | €7,104 | +€555 | +8.5% |
| Recurring financial charges | 65 | €6,549 | €7,104 | +€555 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €5,935 | -€9,732 | -€15,667 | |
| Income taxes | 67/77 | €1,806 | €312 | -€1,494 | -82.7% |
| Profit (loss) for the period | 9904 | €4,129 | -€10,044 | -€14,173 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,129 | -€10,044 | -€14,173 |
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 29 September 2026 via checked.be.