PHT 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.
PHT Management
Largest movements
- Current investments -€251,405
down €251,405 (-62.9%), from €400,000 to €148,595
- Financial fixed assets +€114,224
up €114,224 (+8.9%), from €1.3m to €1.4m
- Cash -€40,691
down €40,691 (-55.2%), from €73,741 to €33,050
mainly Contributions, distributions and other (-€383,262) and Investment in fixed assets (net) (-€114,224)
- Reserves -€193,804
down €193,804 (-50.6%), from €383,262 to €189,458
- Tax, wage and social debts +€78,360
up €78,360 (+424%), from €18,486 to €96,846
- Debts after one year -€78,191
down €78,191 (-7.5%), from €1.0m to €967,631
- Financial income +€114,915
up €114,915 (+2,674%), from €4,298 to €119,213
- Financial charges +€38,096
up €38,096 (+431%), from €8,849 to €46,945
- Taxes -€7,952
down €7,952 (-23.5%), from €33,797 to €25,845
- Gross operating margin +€2,433
up €2,433 (+1.7%), from €141,821 to €144,254
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 | €1,895,438 | €1,722,337 | -€173,101 | -9.1% |
| Fixed assets | 21/28 | €1,308,642 | €1,422,260 | +€113,618 | +8.7% |
| Tangible fixed assets | 22/27 | €28,516 | €27,910 | -€606 | -2.1% |
| Land and buildings | 22 | €28,516 | €27,910 | -€606 | -2.1% |
| Financial fixed assets | 28 | €1,280,126 | €1,394,350 | +€114,224 | +8.9% |
| Current assets | 29/58 | €586,796 | €300,077 | -€286,719 | -48.9% |
| Amounts receivable within one year | 40/41 | €110,168 | €116,220 | +€6,052 | +5.5% |
| Trade receivables | 40 | €110,164 | €110,164 | = | 0.0% |
| Other amounts receivable | 41 | €4 | €6,056 | +€6,052 | +166,732% |
| Current investments | 50/53 | €400,000 | €148,595 | -€251,405 | -62.9% |
| Cash at bank and in hand | 54/58 | €73,741 | €33,050 | -€40,691 | -55.2% |
| Deferred charges and accrued income | 490/1 | €2,888 | €2,212 | -€676 | -23.4% |
| Total equity and liabilities | 10/49 | €1,895,438 | €1,722,337 | -€173,101 | -9.1% |
| Equity | 10/15 | €401,862 | €208,058 | -€193,804 | -48.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €383,262 | €189,458 | -€193,804 | -50.6% |
| Distributable reserves | 133 | €383,262 | €189,458 | -€193,804 | -50.6% |
| Amounts payable | 17/49 | €1,493,576 | €1,514,279 | +€20,703 | +1.4% |
| Amounts payable after more than one year | 17 | €1,045,822 | €967,631 | -€78,191 | -7.5% |
| Financial debts | 170/4 | €1,045,822 | €967,631 | -€78,191 | -7.5% |
| Amounts payable within one year | 42/48 | €447,754 | €546,588 | +€98,834 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €69,526 | €84,338 | +€14,812 | +21.3% |
| Trade debts | 44 | €1,801 | €3,043 | +€1,242 | +69.0% |
| Suppliers | 440/4 | €1,801 | €3,043 | +€1,242 | +69.0% |
| Taxes, remuneration and social security | 45 | €18,486 | €96,846 | +€78,360 | +424% |
| Taxes | 450/3 | €18,486 | €96,846 | +€78,360 | +424% |
| Other amounts payable | 47/48 | €357,942 | €362,361 | +€4,419 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €60 | +€60 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €606 | €606 | -€0 | 0.0% |
| Other operating charges | 640/8 | €596 | €613 | +€17 | +2.8% |
| Gross operating margin | 9900 | €141,821 | €144,254 | +€2,433 | +1.7% |
| Operating profit (loss) | 9901 | €140,619 | €143,035 | +€2,417 | +1.7% |
| Financial income | 75/76B | €4,298 | €119,213 | +€114,915 | +2,674% |
| Recurring financial income | 75 | €4,298 | €119,213 | +€114,915 | +2,674% |
| Financial charges | 65/66B | €8,849 | €46,945 | +€38,096 | +431% |
| Recurring financial charges | 65 | €8,849 | €46,945 | +€38,096 | +431% |
| Profit (loss) for the period before taxes | 9903 | €136,067 | €215,303 | +€79,236 | +58.2% |
| Income taxes | 67/77 | €33,797 | €25,845 | -€7,952 | -23.5% |
| Profit (loss) for the period | 9904 | €102,270 | €189,458 | +€87,188 | +85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €102,270 | €189,458 | +€87,188 | +85.3% |
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 28 October 2026 via checked.be.