PHW Projets: what changed
Two fiscal 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.
PHW Projets
Largest movements
- Tangible fixed assets +€216,945
up €216,945 (+1235.9%), from €17,553 to €234,498
of which Land and buildings: +€221,542
- Cash +€42,050
up €42,050 (+31.7%), from €132,797 to €174,847
mainly Debts after one year (+€196,553) and Other debts (+€35,190)
- Receivables within one year -€15,557
down €15,557 (-29.4%), from €52,936 to €37,378
of which Trade receivables: -€15,073
- Debts after one year +€196,553
new in 2025: €196,553
of which Financial debts: +€193,553
- Profit (loss) carried forward -€49,976
down €49,976 (-32.5%), from €153,833 to €103,858
- Other debts +€35,190
up €35,190 (+125.4%), from €28,055 to €63,245
- Reserves +€29,250
new in 2025: €29,250
- Current portion of long-term debt +€17,206
up €17,206 (+400.1%), from €4,300 to €21,506
- Other operating charges +€30,816
up €30,816 (+3764.9%), from €819 to €31,634
- Gross operating margin +€19,642
up €19,642 (+25.1%), from €78,193 to €97,834
- Depreciation +€8,816
up €8,816 (+136.8%), from €6,446 to €15,263
- Financial charges +€8,004
up €8,004 (+609.7%), from €1,313 to €9,317
- Taxes -€3,132
down €3,132 (-20.1%), from €15,551 to €12,418
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 | €203,913 | €447,495 | +€243,582 | +119.5% |
| Fixed assets | 21/28 | €17,553 | €234,498 | +€216,945 | +1235.9% |
| Tangible fixed assets | 22/27 | €17,553 | €234,498 | +€216,945 | +1235.9% |
| Land and buildings | 22 | - | €221,542 | +€221,542 | |
| Furniture and vehicles | 24 | €17,553 | €12,957 | -€4,597 | -26.2% |
| Current assets | 29/58 | €186,360 | €212,996 | +€26,637 | +14.3% |
| Amounts receivable within one year | 40/41 | €52,936 | €37,378 | -€15,557 | -29.4% |
| Trade receivables | 40 | €36,466 | €21,393 | -€15,073 | -41.3% |
| Other amounts receivable | 41 | €16,470 | €15,986 | -€484 | -2.9% |
| Cash at bank and in hand | 54/58 | €132,797 | €174,847 | +€42,050 | +31.7% |
| Deferred charges and accrued income | 490/1 | €627 | €771 | +€143 | +22.9% |
| Total equity and liabilities | 10/49 | €203,913 | €447,495 | +€243,582 | +119.5% |
| Equity | 10/15 | €158,833 | €138,108 | -€20,726 | -13.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €29,250 | +€29,250 | |
| Distributable reserves | 133 | - | €29,250 | +€29,250 | |
| Profit (loss) carried forward | 14 | €153,833 | €103,858 | -€49,976 | -32.5% |
| Amounts payable | 17/49 | €45,079 | €309,387 | +€264,308 | +586.3% |
| Amounts payable after more than one year | 17 | - | €196,553 | +€196,553 | |
| Financial debts | 170/4 | - | €193,553 | +€193,553 | |
| Other amounts payable | 178/9 | - | €3,000 | +€3,000 | |
| Amounts payable within one year | 42/48 | €45,079 | €112,834 | +€67,755 | +150.3% |
| Current portion of amounts payable after more than one year | 42 | €4,300 | €21,506 | +€17,206 | +400.1% |
| Trade debts | 44 | €983 | €3,475 | +€2,493 | +253.6% |
| Suppliers | 440/4 | €983 | €3,475 | +€2,493 | +253.6% |
| Taxes, remuneration and social security | 45 | €11,742 | €24,608 | +€12,867 | +109.6% |
| Taxes | 450/3 | €9,522 | €14,168 | +€4,647 | +48.8% |
| Remuneration and social security | 454/9 | €2,220 | €10,440 | +€8,220 | +370.3% |
| Other amounts payable | 47/48 | €28,055 | €63,245 | +€35,190 | +125.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,446 | €15,263 | +€8,816 | +136.8% |
| Other operating charges | 640/8 | €819 | €31,634 | +€30,816 | +3764.9% |
| Gross operating margin | 9900 | €78,193 | €97,834 | +€19,642 | +25.1% |
| Operating profit (loss) | 9901 | €70,928 | €50,937 | -€19,991 | -28.2% |
| Financial income | 75/76B | €135 | €72 | -€63 | -46.6% |
| Recurring financial income | 75 | €135 | €72 | -€63 | -46.6% |
| Financial charges | 65/66B | €1,313 | €9,317 | +€8,004 | +609.7% |
| Recurring financial charges | 65 | €1,313 | €9,317 | +€8,004 | +609.7% |
| Profit (loss) for the period before taxes | 9903 | €69,750 | €41,692 | -€28,058 | -40.2% |
| Income taxes | 67/77 | €15,551 | €12,418 | -€3,132 | -20.1% |
| Profit (loss) for the period | 9904 | €54,199 | €29,274 | -€24,925 | -46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,199 | €29,274 | -€24,925 | -46.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.