PHSE Belgium: 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.
PHSE Belgium
Largest movements
- Cash +€37,375
up €37,375 (+1,055%), from €3,543 to €40,918
mainly Net result for the year (+€87,125) and Depreciation (+€61,313)
- Receivables within one year +€26,689
up €26,689 (+10.3%), from €259,599 to €286,288
of which Trade receivables: +€41,194
- Tangible fixed assets +€12,482
up €12,482 (+6.0%), from €206,709 to €219,191
of which Furniture and vehicles: +€11,836
- Profit (loss) carried forward +€87,125
up €87,125, from -€74,864 to €12,261
- Debts after one year -€41,823
down €41,823 (-36.9%), from €113,296 to €71,472
- Current portion of long-term debt -€35,480
down €35,480 (-32.1%), from €110,584 to €75,104
- Provisions +€35,000
new in 2025: €35,000
- Tax, wage and social debts +€25,824
up €25,824 (+66.3%), from €38,930 to €64,754
of which Remuneration and social security: +€25,109
- Staff costs +€60,661
up €60,661 (+13.5%), from €448,606 to €509,267
- Gross operating margin +€60,370
up €60,370 (+9.2%), from €657,627 to €717,997
- Financial charges +€24,085
up €24,085 (+108%), from €22,252 to €46,337
- Other operating charges +€8,018
up €8,018 (+144%), from €5,564 to €13,582
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 | €484,311 | €559,221 | +€74,910 | +15.5% |
| Fixed assets | 21/28 | €206,759 | €219,241 | +€12,482 | +6.0% |
| Tangible fixed assets | 22/27 | €206,709 | €219,191 | +€12,482 | +6.0% |
| Plant, machinery and equipment | 23 | €18,697 | €15,893 | -€2,804 | -15.0% |
| Furniture and vehicles | 24 | €33,288 | €45,124 | +€11,836 | +35.6% |
| Leasing and similar rights | 25 | €154,724 | €158,174 | +€3,450 | +2.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €277,552 | €339,980 | +€62,428 | +22.5% |
| Amounts receivable within one year | 40/41 | €259,599 | €286,288 | +€26,689 | +10.3% |
| Trade receivables | 40 | €230,549 | €271,743 | +€41,194 | +17.9% |
| Other amounts receivable | 41 | €29,050 | €14,545 | -€14,505 | -49.9% |
| Cash at bank and in hand | 54/58 | €3,543 | €40,918 | +€37,375 | +1,055% |
| Deferred charges and accrued income | 490/1 | €14,409 | €12,774 | -€1,635 | -11.3% |
| Total equity and liabilities | 10/49 | €484,311 | €559,221 | +€74,910 | +15.5% |
| Equity | 10/15 | €26,996 | €114,121 | +€87,125 | +323% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,864 | €12,261 | +€87,125 | |
| Provisions and deferred taxes | 16 | - | €35,000 | +€35,000 | |
| Provisions for liabilities and charges | 160/5 | - | €35,000 | +€35,000 | |
| Other liabilities and charges | 164/5 | - | €35,000 | +€35,000 | |
| Amounts payable | 17/49 | €457,315 | €410,100 | -€47,215 | -10.3% |
| Amounts payable after more than one year | 17 | €113,296 | €71,472 | -€41,823 | -36.9% |
| Financial debts | 170/4 | €113,296 | €71,472 | -€41,823 | -36.9% |
| Amounts payable within one year | 42/48 | €344,019 | €338,628 | -€5,392 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €110,584 | €75,104 | -€35,480 | -32.1% |
| Trade debts | 44 | €190,563 | €194,828 | +€4,265 | +2.2% |
| Suppliers | 440/4 | €190,563 | €194,828 | +€4,265 | +2.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €38,930 | €64,754 | +€25,824 | +66.3% |
| Taxes | 450/3 | €770 | €1,484 | +€715 | +92.8% |
| Remuneration and social security | 454/9 | €38,161 | €63,270 | +€25,109 | +65.8% |
| Other amounts payable | 47/48 | €3,942 | €3,942 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €448,606 | €509,267 | +€60,661 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,888 | €61,313 | -€1,575 | -2.5% |
| Other operating charges | 640/8 | €5,564 | €13,582 | +€8,018 | +144% |
| Non-recurring operating charges | 66A | €15,954 | - | -€15,954 | |
| Gross operating margin | 9900 | €657,627 | €717,997 | +€60,370 | +9.2% |
| Operating profit (loss) | 9901 | €124,615 | €133,835 | +€9,220 | +7.4% |
| Financial income | 75/76B | €116 | €0 | -€116 | -100% |
| Recurring financial income | 75 | €116 | €0 | -€116 | -100% |
| Financial charges | 65/66B | €22,252 | €46,337 | +€24,085 | +108% |
| Recurring financial charges | 65 | €22,252 | €46,337 | +€24,085 | +108% |
| Profit (loss) for the period before taxes | 9903 | €102,479 | €87,499 | -€14,980 | -14.6% |
| Income taxes | 67/77 | €360 | €373 | +€13 | +3.6% |
| Profit (loss) for the period | 9904 | €102,118 | €87,125 | -€14,993 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €102,118 | €87,125 | -€14,993 | -14.7% |
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 21 October 2026 via checked.be.