P.S.H.: 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.H.
Largest movements
- Cash +€51,988
up €51,988 (+59.9%), from €86,841 to €138,828
mainly Net result for the year (+€232,542) and Depreciation (+€7,008)
- Tangible fixed assets +€10,643
up €10,643 (+32.2%), from €33,102 to €43,745
of which Plant, machinery and equipment: +€9,385
- Profit (loss) carried forward +€232,542
new in 2025: €232,542
- Other debts -€131,832
down €131,832 (-97.1%), from €135,798 to €3,966
- Tax, wage and social debts -€36,151
no longer reported in 2025 (was €36,151)
- Financial income +€179,341
up €179,341 (+3,383,791%), from €5 to €179,346
- Gross operating margin -€138,399
down €138,399 (-62.7%), from €220,759 to €82,360
- Taxes -€37,142
down €37,142 (-64.9%), from €57,259 to €20,117
- Depreciation +€4,263
up €4,263 (+155%), from €2,746 to €7,008
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 | €195,603 | €258,422 | +€62,820 | +32.1% |
| Fixed assets | 21/28 | €83,102 | €93,745 | +€10,643 | +12.8% |
| Tangible fixed assets | 22/27 | €33,102 | €43,745 | +€10,643 | +32.2% |
| Land and buildings | 22 | €417 | €347 | -€69 | -16.7% |
| Plant, machinery and equipment | 23 | €815 | €10,199 | +€9,385 | +1,152% |
| Furniture and vehicles | 24 | €31,870 | €33,198 | +€1,328 | +4.2% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €112,501 | €164,677 | +€52,176 | +46.4% |
| Amounts receivable within one year | 40/41 | €20,338 | €19,716 | -€622 | -3.1% |
| Trade receivables | 40 | €20,332 | €1,679 | -€18,653 | -91.7% |
| Other amounts receivable | 41 | €6 | €18,036 | +€18,031 | +306,641% |
| Cash at bank and in hand | 54/58 | €86,841 | €138,828 | +€51,988 | +59.9% |
| Deferred charges and accrued income | 490/1 | €5,322 | €6,133 | +€811 | +15.2% |
| Total equity and liabilities | 10/49 | €195,603 | €258,422 | +€62,820 | +32.1% |
| Equity | 10/15 | €20,460 | €253,002 | +€232,542 | +1,137% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €232,542 | +€232,542 | |
| Amounts payable | 17/49 | €175,143 | €5,420 | -€169,722 | -96.9% |
| Amounts payable within one year | 42/48 | €175,143 | €5,420 | -€169,722 | -96.9% |
| Trade debts | 44 | €3,194 | €1,454 | -€1,740 | -54.5% |
| Suppliers | 440/4 | €3,194 | €1,454 | -€1,740 | -54.5% |
| Taxes, remuneration and social security | 45 | €36,151 | - | -€36,151 | |
| Taxes | 450/3 | €36,151 | - | -€36,151 | |
| Other amounts payable | 47/48 | €135,798 | €3,966 | -€131,832 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,746 | €7,008 | +€4,263 | +155% |
| Other operating charges | 640/8 | €1,537 | €1,743 | +€206 | +13.4% |
| Gross operating margin | 9900 | €220,759 | €82,360 | -€138,399 | -62.7% |
| Operating profit (loss) | 9901 | €216,476 | €73,610 | -€142,867 | -66.0% |
| Financial income | 75/76B | €5 | €179,346 | +€179,341 | +3,383,791% |
| Recurring financial income | 75 | €5 | €179,346 | +€179,341 | +3,383,791% |
| Financial charges | 65/66B | €176 | €297 | +€121 | +69.1% |
| Recurring financial charges | 65 | €176 | €297 | +€121 | +69.1% |
| Profit (loss) for the period before taxes | 9903 | €216,306 | €252,659 | +€36,353 | +16.8% |
| Income taxes | 67/77 | €57,259 | €20,117 | -€37,142 | -64.9% |
| Profit (loss) for the period | 9904 | €159,047 | €232,542 | +€73,495 | +46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €159,047 | €232,542 | +€73,495 | +46.2% |
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 25 October 2026 via checked.be.