PHARUS: 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.
PHARUS
Largest movements
- Tangible fixed assets -€382,627
down €382,627 (-37.9%), from €1.0m to €627,077
of which Other tangible fixed assets: -€352,945
- Cash +€184,681
up €184,681 (+927%), from €19,917 to €204,598
mainly Investment in fixed assets (net) (+€332,486) and Depreciation (+€50,142)
- Current investments -€45,532
down €45,532 (-100%), from €45,532 to €0
- Receivables within one year +€32,927
up €32,927 (+57.4%), from €57,320 to €90,246
of which Trade receivables: +€19,332
- Other debts -€126,522
down €126,522 (-100%), from €126,522 to €0
- Profit (loss) carried forward +€112,297
up €112,297, from -€112,297 to €0
- Reserves -€110,628
down €110,628 (-16.0%), from €690,783 to €580,154
of which Distributable reserves: -€110,628
- Tax, wage and social debts -€55,552
down €55,552 (-92.9%), from €59,794 to €4,242
of which Taxes: -€47,451
- Debts after one year -€38,008
down €38,008 (-12.0%), from €317,968 to €279,959
- Taxes -€55,128
down €55,128 (-99.6%), from €55,349 to €221
- Other operating charges -€22,029
down €22,029 (-79.8%), from €27,621 to €5,592
- Staff costs -€20,321
down €20,321 (-100%), from €20,321 to €0
- Depreciation -€12,671
down €12,671 (-20.2%), from €62,813 to €50,142
- Financial charges -€12,624
down €12,624 (-66.4%), from €19,002 to €6,378
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 | €1,142,473 | €931,986 | -€210,487 | -18.4% |
| Fixed assets | 21/28 | €1,019,705 | €637,077 | -€382,627 | -37.5% |
| Tangible fixed assets | 22/27 | €1,009,705 | €627,077 | -€382,627 | -37.9% |
| Land and buildings | 22 | €383,843 | €363,843 | -€20,000 | -5.2% |
| Furniture and vehicles | 24 | €26,047 | €16,365 | -€9,682 | -37.2% |
| Other tangible fixed assets | 26 | €599,815 | €246,869 | -€352,945 | -58.8% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €122,768 | €294,908 | +€172,140 | +140% |
| Amounts receivable within one year | 40/41 | €57,320 | €90,246 | +€32,927 | +57.4% |
| Trade receivables | 40 | €45,182 | €64,514 | +€19,332 | +42.8% |
| Other amounts receivable | 41 | €12,138 | €25,733 | +€13,595 | +112% |
| Current investments | 50/53 | €45,532 | €0 | -€45,532 | -100% |
| Cash at bank and in hand | 54/58 | €19,917 | €204,598 | +€184,681 | +927% |
| Deferred charges and accrued income | 490/1 | - | €64 | +€64 | |
| Total equity and liabilities | 10/49 | €1,142,473 | €931,986 | -€210,487 | -18.4% |
| Equity | 10/15 | €597,085 | €598,754 | +€1,669 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €690,783 | €580,154 | -€110,628 | -16.0% |
| Tax-exempt reserves | 132 | €10,078 | €10,078 | = | 0.0% |
| Distributable reserves | 133 | €680,704 | €570,076 | -€110,628 | -16.3% |
| Profit (loss) carried forward | 14 | -€112,297 | €0 | +€112,297 | |
| Amounts payable | 17/49 | €545,388 | €333,232 | -€212,156 | -38.9% |
| Amounts payable after more than one year | 17 | €317,968 | €279,959 | -€38,008 | -12.0% |
| Financial debts | 170/4 | €317,968 | €279,959 | -€38,008 | -12.0% |
| Amounts payable within one year | 42/48 | €227,420 | €53,272 | -€174,147 | -76.6% |
| Current portion of amounts payable after more than one year | 42 | €39,952 | €39,952 | = | 0.0% |
| Trade debts | 44 | €1,152 | €9,078 | +€7,926 | +688% |
| Suppliers | 440/4 | €1,152 | €9,078 | +€7,926 | +688% |
| Taxes, remuneration and social security | 45 | €59,794 | €4,242 | -€55,552 | -92.9% |
| Taxes | 450/3 | €51,693 | €4,242 | -€47,451 | -91.8% |
| Remuneration and social security | 454/9 | €8,100 | €0 | -€8,100 | -100% |
| Other amounts payable | 47/48 | €126,522 | €0 | -€126,522 | -100% |
| Non-recurring operating income | 76A | €0 | €59,297 | +€59,297 | |
| Remuneration, social security and pensions | 62 | €20,321 | €0 | -€20,321 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,813 | €50,142 | -€12,671 | -20.2% |
| Other operating charges | 640/8 | €27,621 | €5,592 | -€22,029 | -79.8% |
| Gross operating margin | 9900 | €72,807 | €62,828 | -€9,979 | -13.7% |
| Operating profit (loss) | 9901 | -€37,947 | €7,094 | +€45,041 | |
| Financial income | 75/76B | €0 | €1,173 | +€1,173 | |
| Recurring financial income | 75 | €0 | €1,173 | +€1,173 | |
| Financial charges | 65/66B | €19,002 | €6,378 | -€12,624 | -66.4% |
| Recurring financial charges | 65 | €19,002 | €6,378 | -€12,624 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | -€56,949 | €1,890 | +€58,838 | |
| Income taxes | 67/77 | €55,349 | €221 | -€55,128 | -99.6% |
| Profit (loss) for the period | 9904 | -€112,297 | €1,669 | +€113,966 | |
| Profit (loss) for the period to be appropriated | 9905 | -€112,297 | €1,669 | +€113,966 |
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.