PHV: 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.
PHV
Largest movements
- Cash -€225,701
down €225,701 (-48.2%), from €468,319 to €242,618
mainly Debts after one year (-€146,583) and Receivables within one year (-€141,014)
- Tangible fixed assets -€145,922
down €145,922 (-3.9%), from €3.7m to €3.6m
of which Land and buildings: -€156,212
- Receivables within one year +€141,014
up €141,014 (+84.2%), from €167,433 to €308,447
of which Trade receivables: +€102,776
- Debts after one year -€146,583
down €146,583 (-11.3%), from €1.3m to €1.1m
- Trade debts +€123,349
up €123,349 (+110.3%), from €111,789 to €235,138
- Other debts -€99,706
down €99,706 (-15.4%), from €646,974 to €547,268
- Profit (loss) carried forward -€73,765
down €73,765 (-5.5%), from €1.3m to €1.3m
- Gross operating margin -€255,661
down €255,661 (-45.1%), from €567,312 to €311,651
- Depreciation -€73,173
down €73,173 (-21.3%), from €344,287 to €271,114
- Financial charges -€15,825
down €15,825 (-22.5%), from €70,340 to €54,515
- Taxes -€13,890
down €13,890 (-31.2%), from €44,560 to €30,670
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 | €4,646,218 | €4,415,219 | -€230,999 | -5.0% |
| Fixed assets | 21/28 | €4,005,695 | €3,859,774 | -€145,922 | -3.6% |
| Tangible fixed assets | 22/27 | €3,741,682 | €3,595,761 | -€145,922 | -3.9% |
| Land and buildings | 22 | €3,244,056 | €3,087,845 | -€156,212 | -4.8% |
| Plant, machinery and equipment | 23 | €423,724 | €350,338 | -€73,386 | -17.3% |
| Furniture and vehicles | 24 | €73,902 | €36,578 | -€37,324 | -50.5% |
| Assets under construction and advance payments | 27 | - | €121,000 | +€121,000 | |
| Financial fixed assets | 28 | €264,013 | €264,013 | = | 0.0% |
| Current assets | 29/58 | €640,523 | €555,445 | -€85,078 | -13.3% |
| Amounts receivable within one year | 40/41 | €167,433 | €308,447 | +€141,014 | +84.2% |
| Trade receivables | 40 | €37,811 | €140,588 | +€102,776 | +271.8% |
| Other amounts receivable | 41 | €129,622 | €167,860 | +€38,237 | +29.5% |
| Cash at bank and in hand | 54/58 | €468,319 | €242,618 | -€225,701 | -48.2% |
| Deferred charges and accrued income | 490/1 | €4,770 | €4,380 | -€390 | -8.2% |
| Total equity and liabilities | 10/49 | €4,646,218 | €4,415,219 | -€230,999 | -5.0% |
| Equity | 10/15 | €2,230,778 | €2,138,875 | -€91,903 | -4.1% |
| Contributions | 10/11 | €185,500 | €185,500 | = | 0.0% |
| Capital | 10 | €185,500 | €185,500 | = | 0.0% |
| Issued capital | 100 | €185,500 | €185,500 | = | 0.0% |
| Reserves | 13 | €708,336 | €690,198 | -€18,139 | -2.6% |
| Non-distributable reserves | 130/1 | €18,550 | €18,550 | = | 0.0% |
| Legal reserve | 130 | €18,550 | €18,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €379,870 | €361,731 | -€18,139 | -4.8% |
| Distributable reserves | 133 | €309,917 | €309,917 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,336,942 | €1,263,177 | -€73,765 | -5.5% |
| Provisions and deferred taxes | 16 | €123,020 | €113,146 | -€9,874 | -8.0% |
| Deferred taxes | 168 | €123,020 | €113,146 | -€9,874 | -8.0% |
| Amounts payable | 17/49 | €2,292,420 | €2,163,198 | -€129,222 | -5.6% |
| Amounts payable after more than one year | 17 | €1,296,140 | €1,149,557 | -€146,583 | -11.3% |
| Financial debts | 170/4 | €1,296,140 | €1,149,557 | -€146,583 | -11.3% |
| Amounts payable within one year | 42/48 | €951,543 | €981,679 | +€30,136 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €147,813 | €159,010 | +€11,197 | +7.6% |
| Trade debts | 44 | €111,789 | €235,138 | +€123,349 | +110.3% |
| Suppliers | 440/4 | €111,789 | €235,138 | +€123,349 | +110.3% |
| Advances received on contracts in progress | 46 | - | €15,680 | +€15,680 | |
| Taxes, remuneration and social security | 45 | €44,968 | €24,583 | -€20,384 | -45.3% |
| Taxes | 450/3 | €36,181 | €17,578 | -€18,604 | -51.4% |
| Remuneration and social security | 454/9 | €8,786 | €7,006 | -€1,781 | -20.3% |
| Other amounts payable | 47/48 | €646,974 | €547,268 | -€99,706 | -15.4% |
| Accrued charges and deferred income | 492/3 | €44,737 | €31,962 | -€12,775 | -28.6% |
| Remuneration, social security and pensions | 62 | €37,398 | €32,335 | -€5,064 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344,287 | €271,114 | -€73,173 | -21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €24,855 | €27,076 | +€2,221 | +8.9% |
| Gross operating margin | 9900 | €567,312 | €311,651 | -€255,661 | -45.1% |
| Operating profit (loss) | 9901 | €160,772 | -€18,873 | -€179,645 | |
| Financial income | 75/76B | €5,240 | €2,280 | -€2,960 | -56.5% |
| Recurring financial income | 75 | €5,240 | €2,280 | -€2,960 | -56.5% |
| Financial charges | 65/66B | €70,340 | €54,515 | -€15,825 | -22.5% |
| Recurring financial charges | 65 | €70,340 | €54,515 | -€15,825 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €95,673 | -€71,107 | -€166,780 | |
| Transfer from deferred taxes | 780 | €30,420 | €21,009 | -€9,410 | -30.9% |
| Income taxes | 67/77 | €44,560 | €30,670 | -€13,890 | -31.2% |
| Profit (loss) for the period | 9904 | €81,533 | -€80,768 | -€162,301 | |
| Transfer from tax-exempt reserves | 789 | €10,140 | €7,003 | -€3,137 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €91,673 | -€73,765 | -€165,438 |
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 11 October 2026 via checked.be.