AG PNEU: 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.
AG PNEU
Largest movements
- Cash +€34,473
up €34,473 (+21.3%), from €162,042 to €196,516
mainly Net result for the year (+€60,406) and Trade debts (+€18,638)
- Receivables within one year +€29,553
up €29,553 (+126.3%), from €23,401 to €52,954
of which Trade receivables: +€28,705
- Intangible fixed assets -€7,000
down €7,000 (-26.1%), from €26,833 to €19,833
- Tangible fixed assets +€6,409
up €6,409 (+27.0%), from €23,718 to €30,127
of which Plant, machinery and equipment: +€6,031
- Deferred charges and accrued income +€5,057
up €5,057 (+42.2%), from €11,984 to €17,041
- Reserves +€60,000
up €60,000 (+33.5%), from €179,292 to €239,292
- Other debts -€23,362
no longer reported in 2025 (was €23,362)
- Trade debts +€18,638
up €18,638 (+114.7%), from €16,245 to €34,883
- Debts after one year +€5,013
up €5,013 (+67.3%), from €7,454 to €12,467
- Staff costs +€12,743
up €12,743 (+31.7%), from €40,255 to €52,998
- Gross operating margin +€3,212
up €3,212 (+2.1%), from €154,667 to €157,879
- Taxes +€2,858
up €2,858 (+14.0%), from €20,465 to €23,323
- Depreciation +€2,676
up €2,676 (+23.7%), from €11,281 to €13,957
- Financial charges +€1,711
up €1,711 (+25.1%), from €6,810 to €8,521
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 | €297,931 | €361,726 | +€63,795 | +21.4% |
| Fixed assets | 21/28 | €51,971 | €51,380 | -€591 | -1.1% |
| Intangible fixed assets | 21 | €26,833 | €19,833 | -€7,000 | -26.1% |
| Tangible fixed assets | 22/27 | €23,718 | €30,127 | +€6,409 | +27.0% |
| Plant, machinery and equipment | 23 | €20,353 | €26,384 | +€6,031 | +29.6% |
| Furniture and vehicles | 24 | €3,365 | €3,743 | +€379 | +11.3% |
| Financial fixed assets | 28 | €1,420 | €1,420 | = | 0.0% |
| Current assets | 29/58 | €245,960 | €310,345 | +€64,385 | +26.2% |
| Stocks and contracts in progress | 3 | €48,533 | €43,834 | -€4,698 | -9.7% |
| Stocks | 30/36 | €48,533 | €43,834 | -€4,698 | -9.7% |
| Amounts receivable within one year | 40/41 | €23,401 | €52,954 | +€29,553 | +126.3% |
| Trade receivables | 40 | €23,093 | €51,798 | +€28,705 | +124.3% |
| Other amounts receivable | 41 | €308 | €1,157 | +€848 | +275.3% |
| Cash at bank and in hand | 54/58 | €162,042 | €196,516 | +€34,473 | +21.3% |
| Deferred charges and accrued income | 490/1 | €11,984 | €17,041 | +€5,057 | +42.2% |
| Total equity and liabilities | 10/49 | €297,931 | €361,726 | +€63,795 | +21.4% |
| Equity | 10/15 | €198,189 | €258,595 | +€60,406 | +30.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,292 | €239,292 | +€60,000 | +33.5% |
| Distributable reserves | 133 | €179,292 | €239,292 | +€60,000 | +33.5% |
| Profit (loss) carried forward | 14 | €297 | €703 | +€406 | +136.8% |
| Amounts payable | 17/49 | €99,742 | €103,131 | +€3,389 | +3.4% |
| Amounts payable after more than one year | 17 | €7,454 | €12,467 | +€5,013 | +67.3% |
| Financial debts | 170/4 | €7,454 | €12,467 | +€5,013 | +67.3% |
| Amounts payable within one year | 42/48 | €92,288 | €89,917 | -€2,371 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €2,283 | €4,744 | +€2,461 | +107.8% |
| Trade debts | 44 | €16,245 | €34,883 | +€18,638 | +114.7% |
| Suppliers | 440/4 | €16,245 | €34,883 | +€18,638 | +114.7% |
| Taxes, remuneration and social security | 45 | €50,399 | €50,291 | -€108 | -0.2% |
| Taxes | 450/3 | €44,673 | €42,222 | -€2,451 | -5.5% |
| Remuneration and social security | 454/9 | €5,726 | €8,069 | +€2,342 | +40.9% |
| Other amounts payable | 47/48 | €23,362 | - | -€23,362 | |
| Accrued charges and deferred income | 492/3 | - | €746 | +€746 | |
| Remuneration, social security and pensions | 62 | €40,255 | €52,998 | +€12,743 | +31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,281 | €13,957 | +€2,676 | +23.7% |
| Other operating charges | 640/8 | €1,080 | €981 | -€98 | -9.1% |
| Gross operating margin | 9900 | €154,667 | €157,879 | +€3,212 | +2.1% |
| Operating profit (loss) | 9901 | €102,052 | €89,943 | -€12,109 | -11.9% |
| Financial income | 75/76B | €2,374 | €2,308 | -€66 | -2.8% |
| Recurring financial income | 75 | €2,374 | €2,308 | -€66 | -2.8% |
| Financial charges | 65/66B | €6,810 | €8,521 | +€1,711 | +25.1% |
| Recurring financial charges | 65 | €6,810 | €8,521 | +€1,711 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €97,615 | €83,729 | -€13,886 | -14.2% |
| Income taxes | 67/77 | €20,465 | €23,323 | +€2,858 | +14.0% |
| Profit (loss) for the period | 9904 | €77,151 | €60,406 | -€16,744 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,151 | €60,406 | -€16,744 | -21.7% |
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.