P.C.C.: 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.
P.C.C.
Largest movements
- Receivables after one year -€1.2m
down €1.2m (-74.8%), from €1.7m to €415,953
of which Trade receivables: -€1.1m
- Current investments +€797,776
up €797,776 (+79.8%), from €1.0m to €1.8m
- Receivables within one year +€374,507
up €374,507 (+947.6%), from €39,524 to €414,030
of which Trade receivables: +€374,167
- Cash +€150,286
up €150,286 (+331.8%), from €45,298 to €195,584
mainly Receivables after one year (+€1.2m) and Net result for the year (+€501,483)
- Reserves +€501,483
up €501,483 (+25.2%), from €2.0m to €2.5m
of which Distributable reserves: +€501,483
- Debts after one year -€363,140
down €363,140 (-47.0%), from €772,028 to €408,888
of which Financial debts: -€363,140
- Trade debts -€72,206
down €72,206 (-74.5%), from €96,867 to €24,661
- Tax, wage and social debts +€53,788
up €53,788 (+39.1%), from €137,613 to €191,401
of which Taxes: +€53,788
- Financial income -€2.3m
down €2.3m (-98.1%), from €2.3m to €43,643
of which Non-recurring financial income: -€2.3m
- Financial charges -€1.6m
down €1.6m (-98.3%), from €1.6m to €27,860
of which Non-recurring financial charges: -€1.6m
- Write-downs +€563,683
up €563,683 (+79.5%), from -€709,449 to -€145,767
- Gross operating margin +€326,254
up €326,254 (+171.7%), from €190,011 to €516,264
- Taxes -€82,901
down €82,901 (-61.8%), from €134,108 to €51,207
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 | €4,794,965 | €4,857,756 | +€62,791 | +1.3% |
| Fixed assets | 21/28 | €2,044,543 | €2,026,641 | -€17,902 | -0.9% |
| Tangible fixed assets | 22/27 | €1,715,267 | €1,668,413 | -€46,855 | -2.7% |
| Land and buildings | 22 | €1,684,256 | €1,641,597 | -€42,659 | -2.5% |
| Plant, machinery and equipment | 23 | €1,736 | €697 | -€1,039 | -59.8% |
| Furniture and vehicles | 24 | €29,275 | €20,829 | -€8,446 | -28.8% |
| Other tangible fixed assets | 26 | €0 | €5,289 | +€5,289 | |
| Financial fixed assets | 28 | €329,276 | €358,228 | +€28,952 | +8.8% |
| Current assets | 29/58 | €2,750,422 | €2,831,115 | +€80,694 | +2.9% |
| Amounts receivable after more than one year | 29 | €1,650,741 | €415,953 | -€1.2m | -74.8% |
| Trade receivables | 290 | €1,085,272 | €0 | -€1.1m | -100.0% |
| Other amounts receivable | 291 | €565,469 | €415,953 | -€149,516 | -26.4% |
| Amounts receivable within one year | 40/41 | €39,524 | €414,030 | +€374,507 | +947.6% |
| Trade receivables | 40 | €35,841 | €410,008 | +€374,167 | +1044.0% |
| Other amounts receivable | 41 | €3,683 | €4,023 | +€340 | +9.2% |
| Current investments | 50/53 | €1,000,000 | €1,797,776 | +€797,776 | +79.8% |
| Cash at bank and in hand | 54/58 | €45,298 | €195,584 | +€150,286 | +331.8% |
| Deferred charges and accrued income | 490/1 | €14,860 | €7,773 | -€7,087 | -47.7% |
| Total equity and liabilities | 10/49 | €4,794,965 | €4,857,756 | +€62,791 | +1.3% |
| Equity | 10/15 | €3,630,333 | €4,131,817 | +€501,483 | +13.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,986,210 | €2,487,693 | +€501,483 | +25.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,980,060 | €2,481,543 | +€501,483 | +25.3% |
| Profit (loss) carried forward | 14 | €1,582,623 | €1,582,623 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,208 | €8,208 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €8,208 | €8,208 | = | 0.0% |
| Pensions and similar obligations | 160 | €8,208 | €8,208 | = | 0.0% |
| Amounts payable | 17/49 | €1,156,424 | €717,732 | -€438,692 | -37.9% |
| Amounts payable after more than one year | 17 | €772,028 | €408,888 | -€363,140 | -47.0% |
| Financial debts | 170/4 | €770,428 | €407,288 | -€363,140 | -47.1% |
| Other amounts payable | 178/9 | €1,600 | €1,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €384,396 | €308,844 | -€75,552 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €113,797 | €73,882 | -€39,916 | -35.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €96,867 | €24,661 | -€72,206 | -74.5% |
| Suppliers | 440/4 | €96,867 | €24,661 | -€72,206 | -74.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €137,613 | €191,401 | +€53,788 | +39.1% |
| Taxes | 450/3 | €137,613 | €191,401 | +€53,788 | +39.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €36,119 | €18,900 | -€17,219 | -47.7% |
| Non-recurring operating income | 76A | €50,644 | €0 | -€50,644 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,525 | €100,029 | +€11,504 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€709,449 | -€145,767 | +€563,683 | +79.5% |
| Other operating charges | 640/8 | €31,999 | €25,095 | -€6,904 | -21.6% |
| Gross operating margin | 9900 | €190,011 | €516,264 | +€326,254 | +171.7% |
| Operating profit (loss) | 9901 | €778,936 | €536,908 | -€242,028 | -31.1% |
| Financial income | 75/76B | €2,318,976 | €43,643 | -€2.3m | -98.1% |
| Recurring financial income | 75 | €12,320 | €14,690 | +€2,371 | +19.2% |
| Non-recurring financial income | 76B | €2,306,656 | €28,952 | -€2.3m | -98.7% |
| Financial charges | 65/66B | €1,637,594 | €27,860 | -€1.6m | -98.3% |
| Recurring financial charges | 65 | €66,237 | €22,820 | -€43,417 | -65.5% |
| Non-recurring financial charges | 66B | €1,571,357 | €5,040 | -€1.6m | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €1,460,318 | €552,690 | -€907,628 | -62.2% |
| Income taxes | 67/77 | €134,108 | €51,207 | -€82,901 | -61.8% |
| Profit (loss) for the period | 9904 | €1,326,210 | €501,483 | -€824,727 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,326,210 | €501,483 | -€824,727 | -62.2% |
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 3 October 2026 via checked.be.