P.C.S.: 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.C.S.
Largest movements
- Deferred charges and accrued income +€301,884
up €301,884 (+13,930%), from €2,167 to €304,052
- Tangible fixed assets -€77,757
down €77,757 (-70.2%), from €110,818 to €33,061
of which Land and buildings: -€69,944
- Receivables within one year -€27,855
down €27,855 (-52.8%), from €52,765 to €24,910
of which Trade receivables: -€27,855
- Cash -€23,560
down €23,560 (-51.4%), from €45,817 to €22,257
mainly Deferred charges and accrued income (-€301,884) and Debts after one year (-€23,152)
- Stocks and contracts +€5,144
up €5,144 (+6.0%), from €85,718 to €90,862
- Profit (loss) carried forward +€108,166
up €108,166 (+52.1%), from -€207,495 to -€99,329
- Reserves +€44,794
up €44,794 (+2,358%), from €1,900 to €46,694
of which Tax-exempt reserves: +€44,794
- Debts after one year -€23,152
down €23,152 (-9.3%), from €249,568 to €226,416
of which Other amounts payable: -€15,000
- Trade debts +€17,698
up €17,698 (+31.1%), from €56,945 to €74,643
- Accrued charges and deferred income +€16,199
up €16,199 (+11.0%), from €146,719 to €162,919
- Gross operating margin +€177,805
up €177,805 (+147%), from €120,962 to €298,766
- Financial income +€47,433
up €47,433 (+66,826%), from €71 to €47,504
- Financial charges +€11,511
up €11,511 (+383%), from €3,006 to €14,517
- Write-downs -€4,262
new in 2025: -€4,262
- Depreciation -€3,430
down €3,430 (-13.4%), from €25,513 to €22,082
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 | €299,386 | €477,243 | +€177,857 | +59.4% |
| Fixed assets | 21/28 | €112,918 | €35,161 | -€77,757 | -68.9% |
| Tangible fixed assets | 22/27 | €110,818 | €33,061 | -€77,757 | -70.2% |
| Land and buildings | 22 | €69,944 | - | -€69,944 | |
| Plant, machinery and equipment | 23 | €30,790 | €30,941 | +€151 | +0.5% |
| Furniture and vehicles | 24 | - | €1,657 | +€1,657 | |
| Other tangible fixed assets | 26 | €10,084 | €463 | -€9,622 | -95.4% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €186,468 | €442,082 | +€255,614 | +137% |
| Stocks and contracts in progress | 3 | €85,718 | €90,862 | +€5,144 | +6.0% |
| Stocks | 30/36 | €85,718 | €90,862 | +€5,144 | +6.0% |
| Amounts receivable within one year | 40/41 | €52,765 | €24,910 | -€27,855 | -52.8% |
| Trade receivables | 40 | €52,597 | €24,742 | -€27,855 | -53.0% |
| Other amounts receivable | 41 | €168 | €168 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €45,817 | €22,257 | -€23,560 | -51.4% |
| Deferred charges and accrued income | 490/1 | €2,167 | €304,052 | +€301,884 | +13,930% |
| Total equity and liabilities | 10/49 | €299,386 | €477,243 | +€177,857 | +59.4% |
| Equity | 10/15 | -€186,595 | -€33,635 | +€152,961 | +82.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €46,694 | +€44,794 | +2,358% |
| Tax-exempt reserves | 132 | - | €44,794 | +€44,794 | |
| Distributable reserves | 133 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€207,495 | -€99,329 | +€108,166 | +52.1% |
| Provisions and deferred taxes | 16 | - | €11,199 | +€11,199 | |
| Deferred taxes | 168 | - | €11,199 | +€11,199 | |
| Amounts payable | 17/49 | €485,981 | €499,679 | +€13,698 | +2.8% |
| Amounts payable after more than one year | 17 | €249,568 | €226,416 | -€23,152 | -9.3% |
| Financial debts | 170/4 | €70,068 | €61,916 | -€8,152 | -11.6% |
| Other amounts payable | 178/9 | €179,500 | €164,500 | -€15,000 | -8.4% |
| Amounts payable within one year | 42/48 | €89,694 | €110,344 | +€20,650 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €7,938 | €8,152 | +€214 | +2.7% |
| Trade debts | 44 | €56,945 | €74,643 | +€17,698 | +31.1% |
| Suppliers | 440/4 | €56,945 | €74,643 | +€17,698 | +31.1% |
| Advances received on contracts in progress | 46 | - | €2,667 | +€2,667 | |
| Taxes, remuneration and social security | 45 | €24,128 | €19,167 | -€4,960 | -20.6% |
| Taxes | 450/3 | €13,543 | €5,952 | -€7,590 | -56.0% |
| Remuneration and social security | 454/9 | €10,585 | €13,215 | +€2,630 | +24.8% |
| Other amounts payable | 47/48 | €683 | €5,715 | +€5,032 | +736% |
| Accrued charges and deferred income | 492/3 | €146,719 | €162,919 | +€16,199 | +11.0% |
| Non-recurring operating income | 76A | - | €254,541 | +€254,541 | |
| Remuneration, social security and pensions | 62 | €74,986 | €76,637 | +€1,651 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,513 | €22,082 | -€3,430 | -13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,262 | -€4,262 | |
| Other operating charges | 640/8 | €640 | €693 | +€53 | +8.3% |
| Non-recurring operating charges | 66A | - | €72,444 | +€72,444 | |
| Gross operating margin | 9900 | €120,962 | €298,766 | +€177,805 | +147% |
| Operating profit (loss) | 9901 | €19,824 | €131,172 | +€111,348 | +562% |
| Financial income | 75/76B | €71 | €47,504 | +€47,433 | +66,826% |
| Recurring financial income | 75 | €71 | €47,504 | +€47,433 | +66,826% |
| Financial charges | 65/66B | €3,006 | €14,517 | +€11,511 | +383% |
| Recurring financial charges | 65 | €3,006 | €14,517 | +€11,511 | +383% |
| Profit (loss) for the period before taxes | 9903 | €16,889 | €164,159 | +€147,270 | +872% |
| Transfer to deferred taxes | 680 | - | €11,199 | +€11,199 | |
| Profit (loss) for the period | 9904 | €16,889 | €152,961 | +€136,072 | +806% |
| Transfer to tax-exempt reserves | 689 | - | €44,794 | +€44,794 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,889 | €108,166 | +€91,277 | +540% |
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 16 October 2026 via checked.be.