P.B.G.: 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.
P.B.G.
Largest movements
- Stocks and contracts -€60,849
down €60,849 (-80.8%), from €75,342 to €14,493
of which Stocks: -€42,093
- Tangible fixed assets -€36,152
down €36,152 (-65.1%), from €55,523 to €19,371
of which Furniture and vehicles: -€26,537
- Cash -€16,944
down €16,944 (-86.2%), from €19,659 to €2,715
mainly Net result for the year (-€64,485) and Trade debts (-€25,533)
- Receivables after one year -€11,182
down €11,182 (-50.8%), from €22,004 to €10,822
- Receivables within one year +€2,799
up €2,799 (+7.5%), from €37,354 to €40,153
of which Other amounts receivable: +€4,745
- Reserves -€64,485
down €64,485 (-54.3%), from €118,820 to €54,335
- Trade debts -€25,533
down €25,533 (-74.7%), from €34,166 to €8,633
of which Suppliers: -€27,380
- Other debts -€14,581
down €14,581 (-89.3%), from €16,331 to €1,750
- Tax, wage and social debts -€9,362
down €9,362 (-72.3%), from €12,946 to €3,584
of which Taxes: -€8,182
- Debts after one year -€4,469
down €4,469 (-35.7%), from €12,515 to €8,046
- Gross operating margin -€87,807
down €87,807, from €43,138 to -€44,669
- Depreciation -€7,710
down €7,710 (-42.1%), from €18,304 to €10,594
- Taxes -€7,561
no longer reported in 2025 (was €7,561)
- Write-downs +€4,014
new in 2025: €4,014
- Financial income +€3,112
up €3,112 (+2,255%), from €138 to €3,250
of which Non-recurring financial income: +€3,226
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 | €212,002 | €91,817 | -€120,185 | -56.7% |
| Fixed assets | 21/28 | €55,545 | €19,393 | -€36,152 | -65.1% |
| Tangible fixed assets | 22/27 | €55,523 | €19,371 | -€36,152 | -65.1% |
| Plant, machinery and equipment | 23 | €11,409 | €7,498 | -€3,911 | -34.3% |
| Furniture and vehicles | 24 | €28,900 | €2,363 | -€26,537 | -91.8% |
| Leasing and similar rights | 25 | €15,214 | €9,510 | -€5,704 | -37.5% |
| Financial fixed assets | 28 | €22 | €22 | = | 0.0% |
| Current assets | 29/58 | €156,457 | €72,424 | -€84,033 | -53.7% |
| Amounts receivable after more than one year | 29 | €22,004 | €10,822 | -€11,182 | -50.8% |
| Trade receivables | 290 | €22,004 | €10,822 | -€11,182 | -50.8% |
| Stocks and contracts in progress | 3 | €75,342 | €14,493 | -€60,849 | -80.8% |
| Stocks | 30/36 | €53,921 | €11,828 | -€42,093 | -78.1% |
| Contracts in progress | 37 | €21,421 | €2,665 | -€18,756 | -87.6% |
| Amounts receivable within one year | 40/41 | €37,354 | €40,153 | +€2,799 | +7.5% |
| Trade receivables | 40 | €25,792 | €23,846 | -€1,946 | -7.5% |
| Other amounts receivable | 41 | €11,562 | €16,307 | +€4,745 | +41.0% |
| Cash at bank and in hand | 54/58 | €19,659 | €2,715 | -€16,944 | -86.2% |
| Deferred charges and accrued income | 490/1 | €2,098 | €4,241 | +€2,143 | +102% |
| Total equity and liabilities | 10/49 | €212,002 | €91,817 | -€120,185 | -56.7% |
| Equity | 10/15 | €118,820 | €54,335 | -€64,485 | -54.3% |
| Reserves | 13 | €118,820 | €54,335 | -€64,485 | -54.3% |
| Distributable reserves | 133 | €118,820 | €54,335 | -€64,485 | -54.3% |
| Amounts payable | 17/49 | €93,182 | €37,482 | -€55,700 | -59.8% |
| Amounts payable after more than one year | 17 | €12,515 | €8,046 | -€4,469 | -35.7% |
| Financial debts | 170/4 | €12,515 | €8,046 | -€4,469 | -35.7% |
| Amounts payable within one year | 42/48 | €80,667 | €29,436 | -€51,231 | -63.5% |
| Current portion of amounts payable after more than one year | 42 | €5,224 | €4,469 | -€755 | -14.5% |
| Financial debts | 43 | €12,000 | €11,000 | -€1,000 | -8.3% |
| Credit institutions | 430/8 | €12,000 | €11,000 | -€1,000 | -8.3% |
| Trade debts | 44 | €34,166 | €8,633 | -€25,533 | -74.7% |
| Suppliers | 440/4 | €34,166 | €6,786 | -€27,380 | -80.1% |
| Bills of exchange payable | 441 | - | €1,847 | +€1,847 | |
| Taxes, remuneration and social security | 45 | €12,946 | €3,584 | -€9,362 | -72.3% |
| Taxes | 450/3 | €11,766 | €3,584 | -€8,182 | -69.5% |
| Remuneration and social security | 454/9 | €1,180 | - | -€1,180 | |
| Other amounts payable | 47/48 | €16,331 | €1,750 | -€14,581 | -89.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,304 | €10,594 | -€7,710 | -42.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,014 | +€4,014 | |
| Other operating charges | 640/8 | €1,084 | €2,425 | +€1,341 | +124% |
| Gross operating margin | 9900 | €43,138 | -€44,669 | -€87,807 | |
| Operating profit (loss) | 9901 | €23,750 | -€61,702 | -€85,452 | |
| Financial income | 75/76B | €138 | €3,250 | +€3,112 | +2,255% |
| Recurring financial income | 75 | €138 | €24 | -€114 | -82.6% |
| Non-recurring financial income | 76B | - | €3,226 | +€3,226 | |
| Financial charges | 65/66B | €5,278 | €6,033 | +€755 | +14.3% |
| Recurring financial charges | 65 | €5,278 | €6,033 | +€755 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €18,610 | -€64,485 | -€83,095 | |
| Income taxes | 67/77 | €7,561 | - | -€7,561 | |
| Profit (loss) for the period | 9904 | €11,049 | -€64,485 | -€75,534 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,049 | -€64,485 | -€75,534 |
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 20 October 2026 via checked.be.