PHZ GROUP: 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.
PHZ GROUP
Largest movements
- Stocks and contracts +€309,756
up €309,756 (+157%), from €197,837 to €507,593
- Financial fixed assets +€79,998
up €79,998 (+24.2%), from €329,967 to €409,965
- Short-term financial debts +€350,000
new in 2025: €350,000
- Current portion of long-term debt -€112,804
down €112,804 (-82.6%), from €136,509 to €23,706
- Reserves +€55,000
up €55,000 (+24.5%), from €224,700 to €279,700
- Debts after one year +€54,946
up €54,946 (+437%), from €12,569 to €67,515
- Trade debts +€49,979
up €49,979 (+106%), from €46,938 to €96,917
- Financial income +€50,552
new in 2025: €50,552
- Financial charges +€11,766
up €11,766 (+235%), from €5,005 to €16,771
- Gross operating margin -€10,450
down €10,450 (-9.5%), from €109,775 to €99,325
- Taxes -€3,044
down €3,044 (-22.5%), from €13,547 to €10,503
- Staff costs +€2,859
up €2,859 (+5.0%), from €57,551 to €60,410
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 | €550,001 | €937,763 | +€387,763 | +70.5% |
| Fixed assets | 21/28 | €329,967 | €409,965 | +€79,998 | +24.2% |
| Financial fixed assets | 28 | €329,967 | €409,965 | +€79,998 | +24.2% |
| Current assets | 29/58 | €220,033 | €527,798 | +€307,765 | +140% |
| Stocks and contracts in progress | 3 | €197,837 | €507,593 | +€309,756 | +157% |
| Stocks | 30/36 | €197,837 | €507,593 | +€309,756 | +157% |
| Amounts receivable within one year | 40/41 | €154 | €4,776 | +€4,622 | +2,998% |
| Other amounts receivable | 41 | €154 | €4,776 | +€4,622 | +2,998% |
| Cash at bank and in hand | 54/58 | €20,185 | €14,256 | -€5,929 | -29.4% |
| Deferred charges and accrued income | 490/1 | €1,857 | €1,173 | -€684 | -36.8% |
| Total equity and liabilities | 10/49 | €550,001 | €937,763 | +€387,763 | +70.5% |
| Equity | 10/15 | €316,737 | €378,530 | +€61,793 | +19.5% |
| Contributions | 10/11 | €89,460 | €89,460 | = | 0.0% |
| Reserves | 13 | €224,700 | €279,700 | +€55,000 | +24.5% |
| Distributable reserves | 133 | €224,700 | €279,700 | +€55,000 | +24.5% |
| Profit (loss) carried forward | 14 | €2,577 | €9,370 | +€6,793 | +264% |
| Amounts payable | 17/49 | €233,264 | €559,234 | +€325,970 | +140% |
| Amounts payable after more than one year | 17 | €12,569 | €67,515 | +€54,946 | +437% |
| Financial debts | 170/4 | €12,569 | €67,515 | +€54,946 | +437% |
| Amounts payable within one year | 42/48 | €220,694 | €490,942 | +€270,247 | +122% |
| Current portion of amounts payable after more than one year | 42 | €136,509 | €23,706 | -€112,804 | -82.6% |
| Financial debts | 43 | - | €350,000 | +€350,000 | |
| Credit institutions | 430/8 | - | €350,000 | +€350,000 | |
| Trade debts | 44 | €46,938 | €96,917 | +€49,979 | +106% |
| Suppliers | 440/4 | €46,938 | €96,917 | +€49,979 | +106% |
| Taxes, remuneration and social security | 45 | €17,448 | €20,319 | +€2,871 | +16.5% |
| Taxes | 450/3 | €9,157 | €12,323 | +€3,167 | +34.6% |
| Remuneration and social security | 454/9 | €8,291 | €7,996 | -€296 | -3.6% |
| Other amounts payable | 47/48 | €19,800 | - | -€19,800 | |
| Accrued charges and deferred income | 492/3 | - | €777 | +€777 | |
| Remuneration, social security and pensions | 62 | €57,551 | €60,410 | +€2,859 | +5.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €109,775 | €99,325 | -€10,450 | -9.5% |
| Operating profit (loss) | 9901 | €51,837 | €38,515 | -€13,322 | -25.7% |
| Financial income | 75/76B | - | €50,552 | +€50,552 | |
| Recurring financial income | 75 | - | €50,552 | +€50,552 | |
| Financial charges | 65/66B | €5,005 | €16,771 | +€11,766 | +235% |
| Recurring financial charges | 65 | €5,005 | €16,771 | +€11,766 | +235% |
| Profit (loss) for the period before taxes | 9903 | €46,832 | €72,296 | +€25,464 | +54.4% |
| Income taxes | 67/77 | €13,547 | €10,503 | -€3,044 | -22.5% |
| Profit (loss) for the period | 9904 | €33,285 | €61,793 | +€28,508 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,285 | €61,793 | +€28,508 | +85.6% |
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 25 October 2026 via checked.be.