KSA PIF BPF: 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.
KSA PIF BPF
Largest movements
- Current investments -€1.3m
down €1.3m (-43.3%), from €3.1m to €1.7m
- Receivables after one year +€75,000
new in 2025: €75,000
- Cash -€67,840
down €67,840 (-90.7%), from €74,772 to €6,932
mainly Accrued charges and deferred income (-€655,000) and Other debts (-€522,662)
- Accrued charges and deferred income -€655,000
down €655,000 (-30.0%), from €2.2m to €1.5m
- Other debts -€522,662
down €522,662 (-87.8%), from €595,231 to €72,569
- Tax, wage and social debts -€154,702
down €154,702 (-61.1%), from €253,211 to €98,510
of which Taxes: -€162,135
- Gross operating margin -€1.4m
down €1.4m (-73.4%), from €1.9m to €508,901
- Taxes -€295,624
down €295,624 (-62.4%), from €473,648 to €178,024
- Financial income +€160,473
up €160,473 (+545%), from €29,455 to €189,928
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 | €3,176,336 | €1,849,309 | -€1.3m | -41.8% |
| Fixed assets | 21/28 | €34,067 | €25,696 | -€8,370 | -24.6% |
| Tangible fixed assets | 22/27 | €34,067 | €25,696 | -€8,370 | -24.6% |
| Furniture and vehicles | 24 | €12,895 | €8,613 | -€4,282 | -33.2% |
| Other tangible fixed assets | 26 | €21,171 | €17,083 | -€4,088 | -19.3% |
| Current assets | 29/58 | €3,142,270 | €1,823,612 | -€1.3m | -42.0% |
| Amounts receivable after more than one year | 29 | - | €75,000 | +€75,000 | |
| Other amounts receivable | 291 | - | €75,000 | +€75,000 | |
| Amounts receivable within one year | 40/41 | €3,798 | €5,500 | +€1,702 | +44.8% |
| Trade receivables | 40 | €549 | - | -€549 | |
| Other amounts receivable | 41 | €3,250 | €5,500 | +€2,250 | +69.2% |
| Current investments | 50/53 | €3,061,620 | €1,734,749 | -€1.3m | -43.3% |
| Cash at bank and in hand | 54/58 | €74,772 | €6,932 | -€67,840 | -90.7% |
| Deferred charges and accrued income | 490/1 | €2,079 | €1,431 | -€649 | -31.2% |
| Total equity and liabilities | 10/49 | €3,176,336 | €1,849,309 | -€1.3m | -41.8% |
| Equity | 10/15 | €143,854 | €144,053 | +€198 | +0.1% |
| Contributions | 10/11 | €143,000 | €143,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €854 | €1,053 | +€198 | +23.2% |
| Amounts payable | 17/49 | €3,032,482 | €1,705,256 | -€1.3m | -43.8% |
| Amounts payable within one year | 42/48 | €849,149 | €176,923 | -€672,226 | -79.2% |
| Trade debts | 44 | €707 | €5,844 | +€5,137 | +727% |
| Suppliers | 440/4 | €707 | €5,844 | +€5,137 | +727% |
| Taxes, remuneration and social security | 45 | €253,211 | €98,510 | -€154,702 | -61.1% |
| Taxes | 450/3 | €253,211 | €91,076 | -€162,135 | -64.0% |
| Remuneration and social security | 454/9 | - | €7,433 | +€7,433 | |
| Other amounts payable | 47/48 | €595,231 | €72,569 | -€522,662 | -87.8% |
| Accrued charges and deferred income | 492/3 | €2,183,333 | €1,528,333 | -€655,000 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,423 | €10,859 | +€1,436 | +15.2% |
| Other operating charges | 640/8 | €17,140 | €11,751 | -€5,389 | -31.4% |
| Non-recurring operating charges | 66A | - | €6,634 | +€6,634 | |
| Gross operating margin | 9900 | €1,915,883 | €508,901 | -€1.4m | -73.4% |
| Operating profit (loss) | 9901 | €1,889,320 | €479,656 | -€1.4m | -74.6% |
| Financial income | 75/76B | €29,455 | €189,928 | +€160,473 | +545% |
| Recurring financial income | 75 | €29,455 | €189,928 | +€160,473 | +545% |
| Financial charges | 65/66B | €15,056 | €2,361 | -€12,695 | -84.3% |
| Recurring financial charges | 65 | €15,056 | €2,361 | -€12,695 | -84.3% |
| Profit (loss) for the period before taxes | 9903 | €1,903,719 | €667,223 | -€1.2m | -65.0% |
| Income taxes | 67/77 | €473,648 | €178,024 | -€295,624 | -62.4% |
| Profit (loss) for the period | 9904 | €1,430,071 | €489,198 | -€940,872 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,430,071 | €489,198 | -€940,872 | -65.8% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.