P.S. MANAGEMENT: 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. MANAGEMENT
Largest movements
- Tangible fixed assets -€41,550
down €41,550 (-2.6%), from €1.6m to €1.5m
of which Land and buildings: -€41,482
- Receivables within one year +€25,604
up €25,604 (+26.4%), from €96,923 to €122,527
of which Other amounts receivable: +€25,525
- Cash +€18,832
up €18,832 (+72.2%), from €26,074 to €44,906
mainly Net result for the year (+€78,858) and Depreciation (+€41,550)
- Debts after one year -€119,500
down €119,500 (-22.2%), from €537,866 to €418,366
- Reserves +€78,858
up €78,858 (+138%), from €57,273 to €136,130
- Accrued charges and deferred income +€19,500
new in 2025: €19,500
- Depreciation -€165,074
down €165,074 (-79.9%), from €206,624 to €41,550
- Gross operating margin -€10,260
down €10,260 (-5.1%), from €203,000 to €192,740
- Taxes +€6,087
up €6,087 (+2,338%), from €260 to €6,347
- Staff costs +€2,254
up €2,254 (+3.9%), from €57,928 to €60,182
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 | €1,712,185 | €1,715,175 | +€2,990 | +0.2% |
| Fixed assets | 21/28 | €1,589,188 | €1,547,637 | -€41,550 | -2.6% |
| Tangible fixed assets | 22/27 | €1,587,588 | €1,546,037 | -€41,550 | -2.6% |
| Land and buildings | 22 | €1,587,519 | €1,546,037 | -€41,482 | -2.6% |
| Furniture and vehicles | 24 | €69 | €0 | -€69 | -100% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €122,997 | €167,538 | +€44,540 | +36.2% |
| Amounts receivable within one year | 40/41 | €96,923 | €122,527 | +€25,604 | +26.4% |
| Trade receivables | 40 | €6,500 | €6,579 | +€79 | +1.2% |
| Other amounts receivable | 41 | €90,423 | €115,948 | +€25,525 | +28.2% |
| Cash at bank and in hand | 54/58 | €26,074 | €44,906 | +€18,832 | +72.2% |
| Deferred charges and accrued income | 490/1 | - | €105 | +€105 | |
| Total equity and liabilities | 10/49 | €1,712,185 | €1,715,175 | +€2,990 | +0.2% |
| Equity | 10/15 | €337,273 | €416,130 | +€78,858 | +23.4% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €57,273 | €136,130 | +€78,858 | +138% |
| Distributable reserves | 133 | €57,273 | €136,130 | +€78,858 | +138% |
| Amounts payable | 17/49 | €1,374,912 | €1,299,044 | -€75,868 | -5.5% |
| Amounts payable after more than one year | 17 | €537,866 | €418,366 | -€119,500 | -22.2% |
| Other amounts payable | 178/9 | €537,866 | €418,366 | -€119,500 | -22.2% |
| Amounts payable within one year | 42/48 | €837,046 | €861,178 | +€24,132 | +2.9% |
| Trade debts | 44 | €4,666 | €9,845 | +€5,179 | +111% |
| Suppliers | 440/4 | €4,666 | €9,845 | +€5,179 | +111% |
| Taxes, remuneration and social security | 45 | €12,956 | €18,840 | +€5,884 | +45.4% |
| Taxes | 450/3 | €906 | €6,433 | +€5,526 | +610% |
| Remuneration and social security | 454/9 | €12,049 | €12,407 | +€358 | +3.0% |
| Other amounts payable | 47/48 | €819,424 | €832,493 | +€13,068 | +1.6% |
| Accrued charges and deferred income | 492/3 | - | €19,500 | +€19,500 | |
| Non-recurring operating income | 76A | - | €1,800 | +€1,800 | |
| Remuneration, social security and pensions | 62 | €57,928 | €60,182 | +€2,254 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,624 | €41,550 | -€165,074 | -79.9% |
| Other operating charges | 640/8 | €12,332 | €11,181 | -€1,151 | -9.3% |
| Gross operating margin | 9900 | €203,000 | €192,740 | -€10,260 | -5.1% |
| Operating profit (loss) | 9901 | -€73,884 | €79,826 | +€153,710 | |
| Financial income | 75/76B | €7,363 | €5,559 | -€1,804 | -24.5% |
| Recurring financial income | 75 | €7,363 | €5,559 | -€1,804 | -24.5% |
| Financial charges | 65/66B | €150 | €180 | +€30 | +20.0% |
| Recurring financial charges | 65 | €150 | €180 | +€30 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€66,671 | €85,205 | +€151,876 | |
| Income taxes | 67/77 | €260 | €6,347 | +€6,087 | +2,338% |
| Profit (loss) for the period | 9904 | -€66,932 | €78,858 | +€145,789 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,932 | €78,858 | +€145,789 |
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 24 October 2026 via checked.be.