PHP Management: 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.
PHP Management
Largest movements
- Financial fixed assets -€212,016
down €212,016 (-26.4%), from €802,975 to €590,959
- Receivables after one year -€110,837
down €110,837 (-35.2%), from €314,502 to €203,665
of which Trade receivables: -€73,902
- Intangible fixed assets +€55,934
new in 2025: €55,934
- Tangible fixed assets -€13,089
down €13,089 (-31.3%), from €41,846 to €28,757
- Debts after one year -€395,000
down €395,000 (-31.6%), from €1.3m to €856,232
- Profit (loss) carried forward +€128,226
up €128,226, from -€8,307 to €119,919
- Financial income +€162,361
up €162,361 (+1,544%), from €10,513 to €172,874
- Gross operating margin -€23,730
down €23,730, from €5,456 to -€18,274
- Depreciation +€10,210
up €10,210 (+67.2%), from €15,199 to €25,409
- Other operating charges -€788
down €788 (-49.7%), from €1,584 to €796
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,297,803 | €1,018,112 | -€279,691 | -21.6% |
| Fixed assets | 21/28 | €844,821 | €675,650 | -€169,171 | -20.0% |
| Intangible fixed assets | 21 | - | €55,934 | +€55,934 | |
| Tangible fixed assets | 22/27 | €41,846 | €28,757 | -€13,089 | -31.3% |
| Furniture and vehicles | 24 | €41,846 | €28,757 | -€13,089 | -31.3% |
| Financial fixed assets | 28 | €802,975 | €590,959 | -€212,016 | -26.4% |
| Current assets | 29/58 | €452,982 | €342,462 | -€110,520 | -24.4% |
| Amounts receivable after more than one year | 29 | €314,502 | €203,665 | -€110,837 | -35.2% |
| Trade receivables | 290 | €272,792 | €198,890 | -€73,902 | -27.1% |
| Other amounts receivable | 291 | €41,710 | €4,775 | -€36,935 | -88.6% |
| Amounts receivable within one year | 40/41 | €99,810 | €102,917 | +€3,107 | +3.1% |
| Trade receivables | 40 | €15,100 | €23,705 | +€8,605 | +57.0% |
| Other amounts receivable | 41 | €84,710 | €79,212 | -€5,498 | -6.5% |
| Cash at bank and in hand | 54/58 | €30,937 | €27,912 | -€3,025 | -9.8% |
| Deferred charges and accrued income | 490/1 | €7,733 | €7,968 | +€235 | +3.0% |
| Total equity and liabilities | 10/49 | €1,297,803 | €1,018,112 | -€279,691 | -21.6% |
| Equity | 10/15 | €23,688 | €151,914 | +€128,226 | +541% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,395 | €13,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €11,535 | €11,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,307 | €119,919 | +€128,226 | |
| Amounts payable | 17/49 | €1,274,115 | €866,198 | -€407,917 | -32.0% |
| Amounts payable after more than one year | 17 | €1,251,232 | €856,232 | -€395,000 | -31.6% |
| Other amounts payable | 178/9 | €1,251,232 | €856,232 | -€395,000 | -31.6% |
| Amounts payable within one year | 42/48 | €22,883 | €7,880 | -€15,003 | -65.6% |
| Trade debts | 44 | €11,731 | €5,750 | -€5,981 | -51.0% |
| Suppliers | 440/4 | €11,731 | €5,750 | -€5,981 | -51.0% |
| Taxes, remuneration and social security | 45 | €11,152 | €2,130 | -€9,022 | -80.9% |
| Taxes | 450/3 | €1,871 | €169 | -€1,702 | -91.0% |
| Remuneration and social security | 454/9 | €9,281 | €1,961 | -€7,320 | -78.9% |
| Accrued charges and deferred income | 492/3 | - | €2,086 | +€2,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,199 | €25,409 | +€10,210 | +67.2% |
| Other operating charges | 640/8 | €1,584 | €796 | -€788 | -49.7% |
| Gross operating margin | 9900 | €5,456 | -€18,274 | -€23,730 | |
| Operating profit (loss) | 9901 | -€11,327 | -€44,479 | -€33,152 | -293% |
| Financial income | 75/76B | €10,513 | €172,874 | +€162,361 | +1,544% |
| Recurring financial income | 75 | €10,513 | €172,874 | +€162,361 | +1,544% |
| Financial charges | 65/66B | - | €1 | +€1 | |
| Recurring financial charges | 65 | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | -€814 | €128,394 | +€129,208 | |
| Income taxes | 67/77 | €91 | €168 | +€77 | +84.6% |
| Profit (loss) for the period | 9904 | -€905 | €128,226 | +€129,131 | |
| Profit (loss) for the period to be appropriated | 9905 | -€905 | €128,226 | +€129,131 |
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 14 October 2026 via checked.be.