C-PNR: 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.
C-PNR
Largest movements
- Receivables within one year +€37,635
up €37,635 (+29.2%), from €129,036 to €166,671
of which Other amounts receivable: +€46,193
- Cash -€20,961
down €20,961 (-79.2%), from €26,461 to €5,500
mainly Receivables within one year (-€37,635) and Accrued charges and deferred income (-€11,808)
- Tangible fixed assets -€2,256
down €2,256 (-27.9%), from €8,079 to €5,823
- Reserves +€26,388
up €26,388 (+20.7%), from €127,476 to €153,864
- Accrued charges and deferred income -€11,808
down €11,808 (-100.0%), from €11,808 to €1
- Tax, wage and social debts -€2,251
down €2,251 (-15.5%), from €14,500 to €12,249
- Short-term financial debts +€2,088
up €2,088 (+25.2%), from €8,292 to €10,380
- Gross operating margin -€38,212
down €38,212 (-48.9%), from €78,087 to €39,875
- Taxes -€6,348
down €6,348 (-40.7%), from €15,597 to €9,249
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 | €163,576 | €177,994 | +€14,418 | +8.8% |
| Fixed assets | 21/28 | €8,079 | €5,823 | -€2,256 | -27.9% |
| Tangible fixed assets | 22/27 | €8,079 | €5,823 | -€2,256 | -27.9% |
| Furniture and vehicles | 24 | €8,079 | €5,823 | -€2,256 | -27.9% |
| Current assets | 29/58 | €155,497 | €172,171 | +€16,674 | +10.7% |
| Amounts receivable within one year | 40/41 | €129,036 | €166,671 | +€37,635 | +29.2% |
| Trade receivables | 40 | €26,606 | €18,049 | -€8,558 | -32.2% |
| Other amounts receivable | 41 | €102,430 | €148,622 | +€46,193 | +45.1% |
| Cash at bank and in hand | 54/58 | €26,461 | €5,500 | -€20,961 | -79.2% |
| Total equity and liabilities | 10/49 | €163,576 | €177,994 | +€14,418 | +8.8% |
| Equity | 10/15 | €128,976 | €155,364 | +€26,388 | +20.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €127,476 | €153,864 | +€26,388 | +20.7% |
| Distributable reserves | 133 | €127,476 | €153,864 | +€26,388 | +20.7% |
| Amounts payable | 17/49 | €34,600 | €22,630 | -€11,971 | -34.6% |
| Amounts payable within one year | 42/48 | €22,792 | €22,629 | -€163 | -0.7% |
| Financial debts | 43 | €8,292 | €10,380 | +€2,088 | +25.2% |
| Credit institutions | 430/8 | €8,292 | €10,380 | +€2,088 | +25.2% |
| Taxes, remuneration and social security | 45 | €14,500 | €12,249 | -€2,251 | -15.5% |
| Taxes | 450/3 | €14,500 | €12,249 | -€2,251 | -15.5% |
| Accrued charges and deferred income | 492/3 | €11,808 | €1 | -€11,808 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,851 | €2,256 | +€406 | +21.9% |
| Other operating charges | 640/8 | €1,027 | €733 | -€294 | -28.6% |
| Gross operating margin | 9900 | €78,087 | €39,875 | -€38,212 | -48.9% |
| Operating profit (loss) | 9901 | €75,209 | €36,885 | -€38,324 | -51.0% |
| Financial charges | 65/66B | €1,272 | €1,248 | -€24 | -1.9% |
| Recurring financial charges | 65 | €1,272 | €1,248 | -€24 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €73,937 | €35,638 | -€38,300 | -51.8% |
| Income taxes | 67/77 | €15,597 | €9,249 | -€6,348 | -40.7% |
| Profit (loss) for the period | 9904 | €58,340 | €26,388 | -€31,952 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,340 | €26,388 | -€31,952 | -54.8% |
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 4 October 2026 via checked.be.