PHR: 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.
PHR
Largest movements
- Cash -€159,101
down €159,101 (-91.9%), from €173,175 to €14,074
mainly Contributions, distributions and other (-€141,007) and Investment in fixed assets (net) (-€74,100)
- Tangible fixed assets +€65,529
up €65,529 (+352.7%), from €18,578 to €84,107
of which Leasing and similar rights: +€67,727
- Receivables within one year -€33,612
down €33,612 (-7.4%), from €454,548 to €420,936
of which Trade receivables: -€28,774
- Accrued charges and deferred income -€66,975
down €66,975 (-100.0%), from €66,975 to €0
- Other debts -€59,003
down €59,003 (-29.5%), from €200,000 to €140,997
- Debts after one year +€53,119
new in 2025: €53,119
- Trade debts -€51,022
down €51,022 (-35.6%), from €143,276 to €92,254
- Tax, wage and social debts -€46,131
down €46,131 (-22.2%), from €207,510 to €161,380
of which Taxes: -€55,250
- Gross operating margin -€181,622
down €181,622 (-11.6%), from €1.6m to €1.4m
- Staff costs -€99,817
down €99,817 (-8.1%), from €1.2m to €1.1m
- Taxes -€21,937
down €21,937 (-24.5%), from €89,410 to €67,473
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 | €687,504 | €551,777 | -€135,726 | -19.7% |
| Fixed assets | 21/28 | €29,214 | €91,725 | +€62,511 | +214.0% |
| Intangible fixed assets | 21 | €10,596 | €7,578 | -€3,018 | -28.5% |
| Tangible fixed assets | 22/27 | €18,578 | €84,107 | +€65,529 | +352.7% |
| Plant, machinery and equipment | 23 | €15,991 | €16,380 | +€388 | +2.4% |
| Furniture and vehicles | 24 | €2,587 | €0 | -€2,587 | -100.0% |
| Leasing and similar rights | 25 | - | €67,727 | +€67,727 | |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €658,289 | €460,052 | -€198,237 | -30.1% |
| Amounts receivable within one year | 40/41 | €454,548 | €420,936 | -€33,612 | -7.4% |
| Trade receivables | 40 | €433,093 | €404,319 | -€28,774 | -6.6% |
| Other amounts receivable | 41 | €21,455 | €16,617 | -€4,838 | -22.5% |
| Cash at bank and in hand | 54/58 | €173,175 | €14,074 | -€159,101 | -91.9% |
| Deferred charges and accrued income | 490/1 | €30,566 | €25,042 | -€5,524 | -18.1% |
| Total equity and liabilities | 10/49 | €687,504 | €551,777 | -€135,726 | -19.7% |
| Equity | 10/15 | €69,742 | €90,473 | +€20,731 | +29.7% |
| Contributions | 10/11 | €1,113 | €1,113 | = | 0.0% |
| Reserves | 13 | €68,629 | €89,360 | +€20,731 | +30.2% |
| Distributable reserves | 133 | €68,629 | €89,360 | +€20,731 | +30.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €617,761 | €461,304 | -€156,457 | -25.3% |
| Amounts payable after more than one year | 17 | - | €53,119 | +€53,119 | |
| Financial debts | 170/4 | - | €53,119 | +€53,119 | |
| Amounts payable within one year | 42/48 | €550,786 | €408,186 | -€142,601 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | - | €13,555 | +€13,555 | |
| Trade debts | 44 | €143,276 | €92,254 | -€51,022 | -35.6% |
| Suppliers | 440/4 | €143,276 | €92,254 | -€51,022 | -35.6% |
| Taxes, remuneration and social security | 45 | €207,510 | €161,380 | -€46,131 | -22.2% |
| Taxes | 450/3 | €94,941 | €39,692 | -€55,250 | -58.2% |
| Remuneration and social security | 454/9 | €112,569 | €121,688 | +€9,119 | +8.1% |
| Other amounts payable | 47/48 | €200,000 | €140,997 | -€59,003 | -29.5% |
| Accrued charges and deferred income | 492/3 | €66,975 | €0 | -€66,975 | -100.0% |
| Non-recurring operating income | 76A | €11,147 | €11,033 | -€114 | -1.0% |
| Remuneration, social security and pensions | 62 | €1,231,074 | €1,131,257 | -€99,817 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,954 | €11,589 | +€1,635 | +16.4% |
| Other operating charges | 640/8 | €598 | €1,831 | +€1,232 | +205.9% |
| Non-recurring operating charges | 66A | €947 | €274 | -€673 | -71.1% |
| Gross operating margin | 9900 | €1,570,259 | €1,388,637 | -€181,622 | -11.6% |
| Operating profit (loss) | 9901 | €327,686 | €243,687 | -€83,999 | -25.6% |
| Financial income | 75/76B | €0 | €131 | +€131 | |
| Recurring financial income | 75 | €0 | €131 | +€131 | |
| Financial charges | 65/66B | €21,263 | €14,607 | -€6,656 | -31.3% |
| Recurring financial charges | 65 | €12,346 | €14,607 | +€2,261 | +18.3% |
| Non-recurring financial charges | 66B | €8,917 | €0 | -€8,917 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €306,423 | €229,211 | -€77,212 | -25.2% |
| Income taxes | 67/77 | €89,410 | €67,473 | -€21,937 | -24.5% |
| Profit (loss) for the period | 9904 | €217,013 | €161,738 | -€55,275 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €217,013 | €161,738 | -€55,275 | -25.5% |
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 10 October 2026 via checked.be.