PHD IMMO: what changed
What changed
PHD IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€5,343
31-03-2025 · €2,185+€3,157
Equity
€49,108
31-03-2025 · €43,765+€5,343
Cash
€12,252
31-03-2025 · €12,553-€301
Balance sheet total
€357,866
31-03-2025 · €383,942-€26,076
Largest movements
Assets
- Tangible fixed assets -€16,536
down €16,536 (-4.6%), from €356,197 to €339,661
of which Land and buildings: -€13,147
- Receivables within one year -€7,400
no longer reported in 2025 (was €7,400)
Equity and liabilities
- Debts after one year -€23,943
down €23,943 (-9.9%), from €242,776 to €218,833
- Other debts -€12,723
down €12,723 (-17.4%), from €72,943 to €60,220
- Profit (loss) carried forward +€5,343
up €5,343 (+244%), from €2,185 to €7,528
Income statement
- Gross operating margin +€16,593
up €16,593 (+86.7%), from €19,131 to €35,724
- Depreciation +€11,934
up €11,934 (+185%), from €6,441 to €18,375
- Financial charges +€1,307
up €1,307 (+12.4%), from €10,505 to €11,812
Change in the result, 31-03-2025 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-03-2025
€2,185
Gross operating margin
+€16,593
Depreciation
-€11,934
Other operating charges
-€194
Financial charges
-€1,307
Result 31-12-2025
€5,343
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€22,646
Investment
€0
Financing
-€22,947
Cash 31-03-2025
€12,553
From operations (derived)
+€22,646
Net result for the year
+€5,343
Depreciation
+€18,375
Receivables within one year
+€7,400
Trade debts
+€1,593
Tax, wage and social debts
+€2,658
Other debts
-€12,723
Financing
-€22,947
Debts after one year
-€23,943
Current portion of long-term debt
+€996
Cash 31-12-2025
€12,252
brings cash intakes cash out
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €383,942 | €357,866 | -€26,076 | -6.8% |
| Formation expenses | 20 | €7,792 | €5,952 | -€1,839 | -23.6% |
| Fixed assets | 21/28 | €356,197 | €339,661 | -€16,536 | -4.6% |
| Tangible fixed assets | 22/27 | €356,197 | €339,661 | -€16,536 | -4.6% |
| Land and buildings | 22 | €322,967 | €309,820 | -€13,147 | -4.1% |
| Plant, machinery and equipment | 23 | €33,230 | €29,842 | -€3,388 | -10.2% |
| Current assets | 29/58 | €19,953 | €12,252 | -€7,701 | -38.6% |
| Amounts receivable within one year | 40/41 | €7,400 | - | -€7,400 | |
| Trade receivables | 40 | €7,400 | - | -€7,400 | |
| Cash at bank and in hand | 54/58 | €12,553 | €12,252 | -€301 | -2.4% |
| Total equity and liabilities | 10/49 | €383,942 | €357,866 | -€26,076 | -6.8% |
| Equity | 10/15 | €43,765 | €49,108 | +€5,343 | +12.2% |
| Contributions | 10/11 | €41,580 | €41,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,185 | €7,528 | +€5,343 | +244% |
| Amounts payable | 17/49 | €340,176 | €308,757 | -€31,419 | -9.2% |
| Amounts payable after more than one year | 17 | €242,776 | €218,833 | -€23,943 | -9.9% |
| Financial debts | 170/4 | €242,776 | €218,833 | -€23,943 | -9.9% |
| Amounts payable within one year | 42/48 | €97,400 | €89,924 | -€7,476 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €22,947 | €23,943 | +€996 | +4.3% |
| Trade debts | 44 | €1,500 | €3,093 | +€1,593 | +106% |
| Suppliers | 440/4 | €1,500 | €3,093 | +€1,593 | +106% |
| Taxes, remuneration and social security | 45 | €10 | €2,668 | +€2,658 | +25,858% |
| Taxes | 450/3 | €10 | €2,668 | +€2,658 | +25,858% |
| Other amounts payable | 47/48 | €72,943 | €60,220 | -€12,723 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,441 | €18,375 | +€11,934 | +185% |
| Other operating charges | 640/8 | - | €194 | +€194 | |
| Gross operating margin | 9900 | €19,131 | €35,724 | +€16,593 | +86.7% |
| Operating profit (loss) | 9901 | €12,690 | €17,155 | +€4,465 | +35.2% |
| Financial charges | 65/66B | €10,505 | €11,812 | +€1,307 | +12.4% |
| Recurring financial charges | 65 | €10,505 | €11,812 | +€1,307 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €2,185 | €5,343 | +€3,157 | +144% |
| Profit (loss) for the period | 9904 | €2,185 | €5,343 | +€3,157 | +144% |
| Profit (loss) for the period to be appropriated | 9905 | €2,185 | €5,343 | +€3,157 | +144% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.