P.C.F.: what changed
P.C.F.
Largest movements
- Financial fixed assets +€245,000
new in 2025: €245,000
- Current investments -€102,000
down €102,000 (-52.3%), from €195,000 to €93,000
- Receivables within one year +€64,467
up €64,467 (+158%), from €40,775 to €105,242
- Tangible fixed assets -€63,108
down €63,108 (-7.0%), from €903,090 to €839,982
- Cash -€56,664
down €56,664 (-76.6%), from €73,987 to €17,323
mainly Investment in fixed assets (net) (-€245,000) and Receivables within one year (-€64,467)
- Profit (loss) carried forward +€83,480
up €83,480 (+9.4%), from €890,616 to €974,096
- Other debts +€51,780
up €51,780 (+112%), from €46,220 to €98,000
- Debts after one year -€48,291
down €48,291 (-42.6%), from €113,451 to €65,160
- Gross operating margin -€18,333
down €18,333 (-7.5%), from €244,585 to €226,252
- Other operating charges -€9,480
down €9,480 (-16.5%), from €57,580 to €48,100
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,212,852 | €1,300,547 | +€87,695 | +7.2% |
| Fixed assets | 21/28 | €903,090 | €1,084,982 | +€181,892 | +20.1% |
| Tangible fixed assets | 22/27 | €903,090 | €839,982 | -€63,108 | -7.0% |
| Land and buildings | 22 | €903,090 | €839,982 | -€63,108 | -7.0% |
| Financial fixed assets | 28 | - | €245,000 | +€245,000 | |
| Current assets | 29/58 | €309,762 | €215,565 | -€94,197 | -30.4% |
| Amounts receivable within one year | 40/41 | €40,775 | €105,242 | +€64,467 | +158% |
| Other amounts receivable | 41 | €40,775 | €105,242 | +€64,467 | +158% |
| Current investments | 50/53 | €195,000 | €93,000 | -€102,000 | -52.3% |
| Cash at bank and in hand | 54/58 | €73,987 | €17,323 | -€56,664 | -76.6% |
| Total equity and liabilities | 10/49 | €1,212,852 | €1,300,547 | +€87,695 | +7.2% |
| Equity | 10/15 | €1,005,616 | €1,089,096 | +€83,480 | +8.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €890,616 | €974,096 | +€83,480 | +9.4% |
| Amounts payable | 17/49 | €207,236 | €211,451 | +€4,215 | +2.0% |
| Amounts payable after more than one year | 17 | €113,451 | €65,160 | -€48,291 | -42.6% |
| Financial debts | 170/4 | €113,451 | €65,160 | -€48,291 | -42.6% |
| Amounts payable within one year | 42/48 | €93,785 | €146,291 | +€52,506 | +56.0% |
| Current portion of amounts payable after more than one year | 42 | €47,565 | €48,291 | +€726 | +1.5% |
| Other amounts payable | 47/48 | €46,220 | €98,000 | +€51,780 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,008 | €63,108 | -€1,900 | -2.9% |
| Other operating charges | 640/8 | €57,580 | €48,100 | -€9,480 | -16.5% |
| Gross operating margin | 9900 | €244,585 | €226,252 | -€18,333 | -7.5% |
| Operating profit (loss) | 9901 | €121,997 | €115,044 | -€6,953 | -5.7% |
| Financial income | 75/76B | - | €678 | +€678 | |
| Recurring financial income | 75 | - | €678 | +€678 | |
| Financial charges | 65/66B | €3,440 | €2,603 | -€837 | -24.3% |
| Recurring financial charges | 65 | €3,440 | €2,603 | -€837 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €118,557 | €113,119 | -€5,438 | -4.6% |
| Income taxes | 67/77 | €30,494 | €29,639 | -€855 | -2.8% |
| Profit (loss) for the period | 9904 | €88,063 | €83,480 | -€4,583 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,063 | €83,480 | -€4,583 | -5.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.