P.S.I.: 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.
What changed
P.S.I.
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€783,558
2024 · €362,172+€421,385
Equity
€7.3m
2024 · €7.3m+€83,558
Cash
€24,375
2024 · €6,969+€17,406
Balance sheet total
€12.3m
2024 · €10.8m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.8m
up €1.8m (+44.6%), from €4.1m to €5.9m
of which Land and buildings: +€1.8m
- Stocks and contracts -€1.2m
down €1.2m (-34.8%), from €3.4m to €2.2m
- Current investments +€679,627
up €679,627 (+271%), from €250,683 to €930,310
Equity and liabilities
- Short-term financial debts +€700,000
new in 2025: €700,000
- Other debts +€283,286
up €283,286 (+27.1%), from €1.0m to €1.3m
- Debts after one year +€253,725
up €253,725 (+15.6%), from €1.6m to €1.9m
Income statement
- Financial income +€505,238
up €505,238 (+4,188%), from €12,065 to €517,304
- Taxes -€112,025
down €112,025 (-33.1%), from €338,630 to €226,605
- Depreciation +€100,366
up €100,366 (+76.2%), from €131,721 to €232,088
- Gross operating margin -€58,680
down €58,680 (-7.0%), from €840,784 to €782,104
- Financial charges -€45,427
down €45,427 (-44.7%), from €101,601 to €56,173
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.
Result 2024
€362,172
Gross operating margin
-€58,680
Depreciation
-€100,366
Other operating charges
+€16,080
Other operating items
+€551
Financial income
+€505,238
Financial charges
+€45,427
Taxes
+€112,025
Deferred taxes and other
-€98,890
Result 2025
€783,558
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.5m
Investment
-€2.7m
Financing
+€293,636
Cash 2024
€6,969
From operations (derived)
+€2.5m
Net result for the year
+€783,558
Depreciation
+€232,088
Stocks and contracts
+€1.2m
Receivables within one year
-€75,191
Deferred charges and accrued income
-€97
Provisions
-€17,368
Trade debts
-€14,841
Tax, wage and social debts
+€71,413
Other debts
+€283,286
Accrued charges and deferred income
+€8,044
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.1m
Current investments
-€679,627
Financing
+€293,636
Debts after one year
+€253,725
Current portion of long-term debt
+€39,911
Short-term financial debts
+€700,000
Contributions, distributions and other
-€700,000
Cash 2025
€24,375
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,849,842 | €12,257,569 | +€1.4m | +13.0% |
| Fixed assets | 21/28 | €7,153,510 | €8,977,203 | +€1.8m | +25.5% |
| Tangible fixed assets | 22/27 | €4,093,522 | €5,917,214 | +€1.8m | +44.6% |
| Land and buildings | 22 | €4,091,784 | €5,916,087 | +€1.8m | +44.6% |
| Plant, machinery and equipment | 23 | €1,738 | €1,127 | -€611 | -35.2% |
| Financial fixed assets | 28 | €3,059,988 | €3,059,988 | = | 0.0% |
| Current assets | 29/58 | €3,696,332 | €3,280,366 | -€415,965 | -11.3% |
| Stocks and contracts in progress | 3 | €3,414,238 | €2,225,952 | -€1.2m | -34.8% |
| Stocks | 30/36 | €3,414,238 | €2,225,952 | -€1.2m | -34.8% |
| Amounts receivable within one year | 40/41 | €20,966 | €96,157 | +€75,191 | +359% |
| Trade receivables | 40 | - | €83,244 | +€83,244 | |
| Other amounts receivable | 41 | €20,966 | €12,913 | -€8,053 | -38.4% |
| Current investments | 50/53 | €250,683 | €930,310 | +€679,627 | +271% |
| Cash at bank and in hand | 54/58 | €6,969 | €24,375 | +€17,406 | +250% |
| Deferred charges and accrued income | 490/1 | €3,475 | €3,572 | +€97 | +2.8% |
| Total equity and liabilities | 10/49 | €10,849,842 | €12,257,569 | +€1.4m | +13.0% |
| Equity | 10/15 | €7,251,828 | €7,335,385 | +€83,558 | +1.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €7,201,828 | €7,285,385 | +€83,558 | +1.2% |
| Tax-exempt reserves | 132 | €1,447,119 | €1,395,014 | -€52,105 | -3.6% |
| Distributable reserves | 133 | €5,754,708 | €5,890,371 | +€135,663 | +2.4% |
| Profit (loss) carried forward | 14 | €0 | - | -€0 | |
| Provisions and deferred taxes | 16 | €482,373 | €465,005 | -€17,368 | -3.6% |
| Deferred taxes | 168 | €482,373 | €465,005 | -€17,368 | -3.6% |
| Amounts payable | 17/49 | €3,115,641 | €4,457,179 | +€1.3m | +43.1% |
| Amounts payable after more than one year | 17 | €1,630,629 | €1,884,354 | +€253,725 | +15.6% |
| Financial debts | 170/4 | €1,630,629 | €1,884,354 | +€253,725 | +15.6% |
| Amounts payable within one year | 42/48 | €1,482,512 | €2,562,281 | +€1.1m | +72.8% |
| Current portion of amounts payable after more than one year | 42 | €313,181 | €353,093 | +€39,911 | +12.7% |
| Financial debts | 43 | - | €700,000 | +€700,000 | |
| Credit institutions | 430/8 | - | €700,000 | +€700,000 | |
| Trade debts | 44 | €15,035 | €194 | -€14,841 | -98.7% |
| Suppliers | 440/4 | €15,035 | €194 | -€14,841 | -98.7% |
| Taxes, remuneration and social security | 45 | €110,014 | €181,427 | +€71,413 | +64.9% |
| Taxes | 450/3 | €110,014 | €181,427 | +€71,413 | +64.9% |
| Other amounts payable | 47/48 | €1,044,282 | €1,327,567 | +€283,286 | +27.1% |
| Accrued charges and deferred income | 492/3 | €2,500 | €10,544 | +€8,044 | +322% |
| Non-recurring operating income | 76A | €509,825 | €27,000 | -€482,825 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,721 | €232,088 | +€100,366 | +76.2% |
| Other operating charges | 640/8 | €34,433 | €18,353 | -€16,080 | -46.7% |
| Non-recurring operating charges | 66A | €551 | - | -€551 | |
| Gross operating margin | 9900 | €840,784 | €782,104 | -€58,680 | -7.0% |
| Operating profit (loss) | 9901 | €674,079 | €531,664 | -€142,415 | -21.1% |
| Financial income | 75/76B | €12,065 | €517,304 | +€505,238 | +4,188% |
| Recurring financial income | 75 | €12,065 | €517,304 | +€505,238 | +4,188% |
| Financial charges | 65/66B | €101,601 | €56,173 | -€45,427 | -44.7% |
| Recurring financial charges | 65 | €101,601 | €56,173 | -€45,427 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €584,544 | €992,795 | +€408,251 | +69.8% |
| Transfer from deferred taxes | 780 | €116,259 | €17,368 | -€98,890 | -85.1% |
| Income taxes | 67/77 | €338,630 | €226,605 | -€112,025 | -33.1% |
| Profit (loss) for the period | 9904 | €362,172 | €783,558 | +€421,385 | +116% |
| Transfer from tax-exempt reserves | 789 | €348,776 | €52,105 | -€296,670 | -85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €710,948 | €835,663 | +€124,715 | +17.5% |
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 18 October 2026 via checked.be.