P.S.W.C.: 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.W.C.
Largest movements
- Tangible fixed assets +€139,387
up €139,387 (+144%), from €97,008 to €236,395
of which Assets under construction and advance payments: +€145,200
- Cash -€6,276
down €6,276 (-8.2%), from €76,266 to €69,991
mainly Investment in fixed assets (net) (-€145,200) and Contributions, distributions and other (-€94,286)
- Debts after one year +€145,200
new in 2025: €145,200
- Tax, wage and social debts -€9,046
down €9,046 (-98.1%), from €9,225 to €179
- Reserves -€3,748
down €3,748 (-8.4%), from €44,691 to €40,944
- Depreciation -€3,936
down €3,936 (-40.4%), from €9,750 to €5,813
- Gross operating margin +€1,545
up €1,545 (+1.2%), from €131,221 to €132,765
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 | €173,274 | €306,386 | +€133,111 | +76.8% |
| Fixed assets | 21/28 | €97,008 | €236,395 | +€139,387 | +144% |
| Tangible fixed assets | 22/27 | €97,008 | €236,395 | +€139,387 | +144% |
| Land and buildings | 22 | €97,008 | €91,195 | -€5,813 | -6.0% |
| Assets under construction and advance payments | 27 | - | €145,200 | +€145,200 | |
| Current assets | 29/58 | €76,266 | €69,991 | -€6,276 | -8.2% |
| Cash at bank and in hand | 54/58 | €76,266 | €69,991 | -€6,276 | -8.2% |
| Total equity and liabilities | 10/49 | €173,274 | €306,386 | +€133,111 | +76.8% |
| Equity | 10/15 | €69,691 | €65,944 | -€3,748 | -5.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €44,691 | €40,944 | -€3,748 | -8.4% |
| Distributable reserves | 133 | €44,691 | €40,944 | -€3,748 | -8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,583 | €240,442 | +€136,859 | +132% |
| Amounts payable after more than one year | 17 | - | €145,200 | +€145,200 | |
| Financial debts | 170/4 | - | €145,200 | +€145,200 | |
| Amounts payable within one year | 42/48 | €103,583 | €95,053 | -€8,530 | -8.2% |
| Trade debts | 44 | €73 | €588 | +€515 | +710% |
| Suppliers | 440/4 | €73 | €588 | +€515 | +710% |
| Taxes, remuneration and social security | 45 | €9,225 | €179 | -€9,046 | -98.1% |
| Taxes | 450/3 | €9,225 | €179 | -€9,046 | -98.1% |
| Other amounts payable | 47/48 | €94,285 | €94,286 | +€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €189 | +€189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,750 | €5,813 | -€3,936 | -40.4% |
| Other operating charges | 640/8 | €5,609 | €5,846 | +€237 | +4.2% |
| Gross operating margin | 9900 | €131,221 | €132,765 | +€1,545 | +1.2% |
| Operating profit (loss) | 9901 | €115,862 | €121,106 | +€5,244 | +4.5% |
| Financial charges | 65/66B | €169 | €388 | +€219 | +129% |
| Recurring financial charges | 65 | €169 | €388 | +€219 | +129% |
| Profit (loss) for the period before taxes | 9903 | €115,693 | €120,718 | +€5,025 | +4.3% |
| Income taxes | 67/77 | €29,126 | €30,179 | +€1,053 | +3.6% |
| Profit (loss) for the period | 9904 | €86,566 | €90,538 | +€3,972 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €86,566 | €90,538 | +€3,972 | +4.6% |
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 19 October 2026 via checked.be.