P.S.E.: 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.S.E.
Largest movements
- Cash +€517,401
up €517,401 (+2280.3%), from €22,690 to €540,091
mainly Net result for the year (+€431,306) and Investment in fixed assets (net) (+€109,672)
- Tangible fixed assets -€112,988
down €112,988 (-79.6%), from €141,931 to €28,943
of which Other tangible fixed assets: -€84,095
- Reserves +€431,306
up €431,306 (+790.6%), from €54,554 to €485,860
- Debts after one year -€60,000
down €60,000 (-66.7%), from €90,000 to €30,000
- Tax, wage and social debts +€36,225
new in 2025: €36,225
- Gross operating margin +€623,307
up €623,307 (+5887.2%), from €10,588 to €633,895
- Taxes +€196,225
new in 2025: €196,225
- Depreciation -€19,518
down €19,518 (-85.5%), from €22,834 to €3,316
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 | €167,913 | €570,766 | +€402,853 | +239.9% |
| Fixed assets | 21/28 | €141,931 | €28,943 | -€112,988 | -79.6% |
| Tangible fixed assets | 22/27 | €141,931 | €28,943 | -€112,988 | -79.6% |
| Land and buildings | 22 | €41,901 | €13,007 | -€28,894 | -69.0% |
| Other tangible fixed assets | 26 | €100,030 | €15,936 | -€84,095 | -84.1% |
| Current assets | 29/58 | €25,981 | €541,823 | +€515,842 | +1985.4% |
| Amounts receivable within one year | 40/41 | €2,977 | - | -€2,977 | |
| Trade receivables | 40 | €477 | - | -€477 | |
| Other amounts receivable | 41 | €2,500 | - | -€2,500 | |
| Cash at bank and in hand | 54/58 | €22,690 | €540,091 | +€517,401 | +2280.3% |
| Deferred charges and accrued income | 490/1 | €314 | €1,732 | +€1,418 | +452.3% |
| Total equity and liabilities | 10/49 | €167,913 | €570,766 | +€402,853 | +239.9% |
| Equity | 10/15 | €73,146 | €504,452 | +€431,306 | +589.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €54,554 | €485,860 | +€431,306 | +790.6% |
| Distributable reserves | 133 | €54,554 | €485,860 | +€431,306 | +790.6% |
| Amounts payable | 17/49 | €94,766 | €66,314 | -€28,453 | -30.0% |
| Amounts payable after more than one year | 17 | €90,000 | €30,000 | -€60,000 | -66.7% |
| Other amounts payable | 178/9 | €90,000 | €30,000 | -€60,000 | -66.7% |
| Amounts payable within one year | 42/48 | €4,186 | €36,314 | +€32,128 | +767.6% |
| Taxes, remuneration and social security | 45 | - | €36,225 | +€36,225 | |
| Taxes | 450/3 | - | €36,225 | +€36,225 | |
| Other amounts payable | 47/48 | €4,186 | €88 | -€4,097 | -97.9% |
| Accrued charges and deferred income | 492/3 | €581 | - | -€581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,834 | €3,316 | -€19,518 | -85.5% |
| Other operating charges | 640/8 | €2,731 | €3,002 | +€271 | +9.9% |
| Gross operating margin | 9900 | €10,588 | €633,895 | +€623,307 | +5887.2% |
| Operating profit (loss) | 9901 | -€14,978 | €627,576 | +€642,554 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €174 | €45 | -€129 | -74.2% |
| Recurring financial charges | 65 | €174 | €45 | -€129 | -74.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,152 | €627,531 | +€642,683 | |
| Income taxes | 67/77 | - | €196,225 | +€196,225 | |
| Profit (loss) for the period | 9904 | -€15,152 | €431,306 | +€446,458 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,152 | €431,306 | +€446,458 |
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 10 October 2026 via checked.be.