P.B.BRUSSEL: 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.
What changed
P.B.BRUSSEL
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€851
2024 · €58,855-€58,004
Equity
€6.6m
2024 · €6.6m+€851
Cash
€38,715
2024 · €20,887+€17,828
Balance sheet total
€17.5m
2024 · €12.2m+€5.3m
Largest movements
Assets
- Financial fixed assets +€4.8m
up €4.8m (+81.8%), from €5.8m to €10.6m
- Receivables within one year +€634,748
up €634,748 (+59.5%), from €1.1m to €1.7m
Equity and liabilities
- Other debts +€3.9m
up €3.9m (+116%), from €3.4m to €7.3m
- Short-term financial debts +€2.2m
up €2.2m (+391%), from €565,833 to €2.8m
- Debts after one year -€815,122
no longer reported in 2025 (was €815,122)
Income statement
- Financial charges +€122,950
up €122,950 (+39.8%), from €308,537 to €431,488
- Financial income +€35,347
new in 2025: €35,347
of which Financial income: +€35,347
- Gross operating margin +€26,798
up €26,798 (+5.9%), from €450,419 to €477,217
- Other operating charges -€12,442
down €12,442 (-69.6%), from €17,865 to €5,424
- Depreciation +€9,863
up €9,863 (+15.3%), from €64,612 to €74,475
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.
Result 2024
€58,855
Gross operating margin
+€26,798
Depreciation
-€9,863
Other operating charges
+€12,442
Financial income
+€35,347
Financial charges
-€122,950
Taxes
+€224
Result 2025
€851
raises the resultlowers the result
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.
From operations
+€3.4m
Investment
-€4.8m
Financing
+€1.4m
Cash 2024
€20,887
From operations (derived)
+€3.4m
Net result for the year
+€851
Depreciation
+€74,475
Receivables after one year
+€63,500
Receivables within one year
-€634,748
Smaller working-capital items
+€2,767
Trade debts
-€46,127
Other debts
+€3.9m
Investment (derived)
-€4.8m
Investment in fixed assets (net)
-€4.8m
Financing
+€1.4m
Debts after one year
-€815,122
Short-term financial debts
+€2.2m
Cash 2025
€38,715
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,202,447 | €17,481,617 | +€5.3m | +43.3% |
| Fixed assets | 21/28 | €6,741,718 | €11,434,830 | +€4.7m | +69.6% |
| Tangible fixed assets | 22/27 | €908,718 | €832,409 | -€76,310 | -8.4% |
| Leasing and similar rights | 25 | €200,663 | €142,810 | -€57,854 | -28.8% |
| Other tangible fixed assets | 26 | €708,055 | €689,599 | -€18,456 | -2.6% |
| Financial fixed assets | 28 | €5,833,000 | €10,602,421 | +€4.8m | +81.8% |
| Current assets | 29/58 | €5,460,728 | €6,046,787 | +€586,059 | +10.7% |
| Amounts receivable after more than one year | 29 | €4,369,726 | €4,306,226 | -€63,500 | -1.5% |
| Other amounts receivable | 291 | €4,369,726 | €4,306,226 | -€63,500 | -1.5% |
| Amounts receivable within one year | 40/41 | €1,066,672 | €1,701,420 | +€634,748 | +59.5% |
| Trade receivables | 40 | €1,066,672 | €1,701,420 | +€634,748 | +59.5% |
| Cash at bank and in hand | 54/58 | €20,887 | €38,715 | +€17,828 | +85.4% |
| Deferred charges and accrued income | 490/1 | €3,442 | €426 | -€3,017 | -87.6% |
| Total equity and liabilities | 10/49 | €12,202,447 | €17,481,617 | +€5.3m | +43.3% |
| Equity | 10/15 | €6,565,531 | €6,566,382 | +€851 | 0.0% |
| Contributions | 10/11 | €1,407,575 | €1,407,575 | = | 0.0% |
| Capital | 10 | €1,407,575 | €1,407,575 | = | 0.0% |
| Issued capital | 100 | €1,407,575 | €1,407,575 | = | 0.0% |
| Reserves | 13 | €5,128,000 | €5,128,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €128,000 | €128,000 | = | 0.0% |
| Legal reserve | 130 | €128,000 | €128,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000,000 | €5,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,956 | €30,807 | +€851 | +2.8% |
| Amounts payable | 17/49 | €5,636,916 | €10,915,236 | +€5.3m | +93.6% |
| Amounts payable after more than one year | 17 | €815,122 | - | -€815,122 | |
| Other amounts payable | 178/9 | €815,122 | - | -€815,122 | |
| Amounts payable within one year | 42/48 | €4,821,074 | €10,914,516 | +€6.1m | +126% |
| Financial debts | 43 | €565,833 | €2,778,153 | +€2.2m | +391% |
| Credit institutions | 430/8 | €565,833 | €2,778,153 | +€2.2m | +391% |
| Trade debts | 44 | €878,736 | €832,609 | -€46,127 | -5.2% |
| Suppliers | 440/4 | €878,736 | €832,609 | -€46,127 | -5.2% |
| Taxes, remuneration and social security | 45 | €550 | €300 | -€250 | -45.5% |
| Taxes | 450/3 | €550 | €300 | -€250 | -45.5% |
| Other amounts payable | 47/48 | €3,375,954 | €7,303,453 | +€3.9m | +116% |
| Accrued charges and deferred income | 492/3 | €720 | €720 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,612 | €74,475 | +€9,863 | +15.3% |
| Other operating charges | 640/8 | €17,865 | €5,424 | -€12,442 | -69.6% |
| Gross operating margin | 9900 | €450,419 | €477,217 | +€26,798 | +5.9% |
| Operating profit (loss) | 9901 | €367,942 | €397,318 | +€29,376 | +8.0% |
| Financial income | 75/76B | - | €35,347 | +€35,347 | |
| Recurring financial income | 75 | - | €35,347 | +€35,347 | |
| Non-recurring financial income | 76B | - | €35,347 | +€35,347 | |
| Financial charges | 65/66B | €308,537 | €431,488 | +€122,950 | +39.8% |
| Recurring financial charges | 65 | €308,537 | €431,488 | +€122,950 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €59,405 | €1,177 | -€58,227 | -98.0% |
| Income taxes | 67/77 | €550 | €326 | -€224 | -40.7% |
| Profit (loss) for the period | 9904 | €58,855 | €851 | -€58,004 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,855 | €851 | -€58,004 | -98.6% |
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 22 October 2026 via checked.be.