Pho Saigon: 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.
Pho Saigon
Largest movements
- Receivables within one year -€107,617
down €107,617 (-73.3%), from €146,743 to €39,126
of which Other amounts receivable: -€108,462
- Cash -€9,669
down €9,669 (-15.6%), from €62,010 to €52,341
mainly Contributions, distributions and other (-€150,000) and Tax, wage and social debts (-€14,977)
- Reserves -€98,254
down €98,254 (-62.4%), from €157,524 to €59,270
of which Distributable reserves: -€98,254
- Tax, wage and social debts -€14,977
down €14,977 (-61.6%), from €24,296 to €9,319
of which Taxes: -€12,834
- Other debts -€7,500
down €7,500 (-100.0%), from €7,500 to €0
- Gross operating margin -€11,881
down €11,881 (-8.8%), from €135,322 to €123,441
- Staff costs +€6,063
up €6,063 (+11.6%), from €52,329 to €58,392
- Depreciation -€3,750
down €3,750 (-65.0%), from €5,768 to €2,018
- Financial income +€2,626
up €2,626 (+44.6%), from €5,893 to €8,519
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 | €217,527 | €97,852 | -€119,675 | -55.0% |
| Fixed assets | 21/28 | €3,949 | €1,931 | -€2,018 | -51.1% |
| Tangible fixed assets | 22/27 | €3,949 | €1,931 | -€2,018 | -51.1% |
| Plant, machinery and equipment | 23 | €3,949 | €1,931 | -€2,018 | -51.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €213,578 | €95,921 | -€117,657 | -55.1% |
| Stocks and contracts in progress | 3 | €2,259 | €1,691 | -€568 | -25.1% |
| Stocks | 30/36 | €2,259 | €1,691 | -€568 | -25.1% |
| Amounts receivable within one year | 40/41 | €146,743 | €39,126 | -€107,617 | -73.3% |
| Trade receivables | 40 | €2,284 | €3,130 | +€846 | +37.0% |
| Other amounts receivable | 41 | €144,458 | €35,996 | -€108,462 | -75.1% |
| Cash at bank and in hand | 54/58 | €62,010 | €52,341 | -€9,669 | -15.6% |
| Deferred charges and accrued income | 490/1 | €2,566 | €2,764 | +€198 | +7.7% |
| Total equity and liabilities | 10/49 | €217,527 | €97,852 | -€119,675 | -55.0% |
| Equity | 10/15 | €176,124 | €77,870 | -€98,254 | -55.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,524 | €59,270 | -€98,254 | -62.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €157,524 | €59,270 | -€98,254 | -62.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,403 | €19,982 | -€21,421 | -51.7% |
| Amounts payable within one year | 42/48 | €41,403 | €19,982 | -€21,421 | -51.7% |
| Trade debts | 44 | €8,710 | €10,663 | +€1,952 | +22.4% |
| Suppliers | 440/4 | €8,710 | €10,663 | +€1,952 | +22.4% |
| Advances received on contracts in progress | 46 | €897 | €0 | -€897 | -100.0% |
| Taxes, remuneration and social security | 45 | €24,296 | €9,319 | -€14,977 | -61.6% |
| Taxes | 450/3 | €21,884 | €9,049 | -€12,834 | -58.6% |
| Remuneration and social security | 454/9 | €2,412 | €270 | -€2,142 | -88.8% |
| Other amounts payable | 47/48 | €7,500 | €0 | -€7,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €52,329 | €58,392 | +€6,063 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,768 | €2,018 | -€3,750 | -65.0% |
| Other operating charges | 640/8 | €1,711 | €1,946 | +€236 | +13.8% |
| Gross operating margin | 9900 | €135,322 | €123,441 | -€11,881 | -8.8% |
| Operating profit (loss) | 9901 | €75,514 | €61,085 | -€14,429 | -19.1% |
| Financial income | 75/76B | €5,893 | €8,519 | +€2,626 | +44.6% |
| Recurring financial income | 75 | €5,893 | €8,519 | +€2,626 | +44.6% |
| Financial charges | 65/66B | €4,560 | €3,920 | -€640 | -14.0% |
| Recurring financial charges | 65 | €4,560 | €3,920 | -€640 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €76,847 | €65,683 | -€11,164 | -14.5% |
| Income taxes | 67/77 | €14,886 | €13,937 | -€948 | -6.4% |
| Profit (loss) for the period | 9904 | €61,961 | €51,746 | -€10,215 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,961 | €51,746 | -€10,215 | -16.5% |
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.