PARTICIBEL: 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.
PARTICIBEL
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+3725.6%), from €52,813 to €2.0m
of which Other amounts receivable: +€2.0m
- Cash +€211,871
up €211,871 (+52.7%), from €401,836 to €613,707
mainly Net result for the year (+€2.0m) and Investment in fixed assets (net) (+€173,814)
- Financial fixed assets -€176,089
down €176,089 (-3.7%), from €4.8m to €4.6m
- Reserves +€2.0m
up €2.0m (+44.1%), from €4.6m to €6.7m
of which Distributable reserves: +€2.0m
- Financial income +€1.0m
up €1.0m (+101.6%), from €1.0m to €2.0m
- Gross operating margin +€53,634
up €53,634 (+47.8%), from €112,191 to €165,825
- Staff costs +€37,113
up €37,113 (+39.0%), from €95,074 to €132,187
- Financial charges -€2,189
down €2,189 (-51.3%), from €4,267 to €2,079
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 | €5,404,398 | €7,387,865 | +€2.0m | +36.7% |
| Fixed assets | 21/28 | €4,949,597 | €4,753,752 | -€195,846 | -4.0% |
| Tangible fixed assets | 22/27 | €143,482 | €123,725 | -€19,757 | -13.8% |
| Plant, machinery and equipment | 23 | €143,482 | €121,542 | -€21,940 | -15.3% |
| Furniture and vehicles | 24 | - | €2,183 | +€2,183 | |
| Financial fixed assets | 28 | €4,806,116 | €4,630,027 | -€176,089 | -3.7% |
| Current assets | 29/58 | €454,801 | €2,634,114 | +€2.2m | +479.2% |
| Amounts receivable within one year | 40/41 | €52,813 | €2,020,407 | +€2.0m | +3725.6% |
| Trade receivables | 40 | €45,000 | €46,950 | +€1,950 | +4.3% |
| Other amounts receivable | 41 | €7,813 | €1,973,456 | +€2.0m | +25157.6% |
| Cash at bank and in hand | 54/58 | €401,836 | €613,707 | +€211,871 | +52.7% |
| Deferred charges and accrued income | 490/1 | €151 | - | -€151 | |
| Total equity and liabilities | 10/49 | €5,404,398 | €7,387,865 | +€2.0m | +36.7% |
| Equity | 10/15 | €5,235,106 | €7,279,065 | +€2.0m | +39.0% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €4,635,106 | €6,679,065 | +€2.0m | +44.1% |
| Non-distributable reserves | 130/1 | €116,674 | €116,674 | = | 0.0% |
| Reserves not available under the articles | 1311 | €116,674 | €116,674 | = | 0.0% |
| Distributable reserves | 133 | €4,518,433 | €6,562,391 | +€2.0m | +45.2% |
| Amounts payable | 17/49 | €169,292 | €108,800 | -€60,491 | -35.7% |
| Amounts payable after more than one year | 17 | €87,590 | €53,366 | -€34,224 | -39.1% |
| Financial debts | 170/4 | €87,590 | €53,366 | -€34,224 | -39.1% |
| Amounts payable within one year | 42/48 | €80,838 | €54,546 | -€26,292 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €28,676 | €31,604 | +€2,928 | +10.2% |
| Trade debts | 44 | €6,037 | €476 | -€5,561 | -92.1% |
| Suppliers | 440/4 | €6,037 | €476 | -€5,561 | -92.1% |
| Taxes, remuneration and social security | 45 | €17,679 | €22,465 | +€4,787 | +27.1% |
| Taxes | 450/3 | - | €2,438 | +€2,438 | |
| Remuneration and social security | 454/9 | €17,679 | €20,028 | +€2,349 | +13.3% |
| Other amounts payable | 47/48 | €28,446 | - | -€28,446 | |
| Accrued charges and deferred income | 492/3 | €863 | €888 | +€25 | +2.9% |
| Remuneration, social security and pensions | 62 | €95,074 | €132,187 | +€37,113 | +39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,940 | €22,032 | +€92 | +0.4% |
| Other operating charges | 640/8 | €224 | €275 | +€51 | +22.9% |
| Gross operating margin | 9900 | €112,191 | €165,825 | +€53,634 | +47.8% |
| Operating profit (loss) | 9901 | -€5,047 | €11,332 | +€16,378 | |
| Financial income | 75/76B | €1,009,183 | €2,034,706 | +€1.0m | +101.6% |
| Recurring financial income | 75 | €1,009,183 | €2,034,706 | +€1.0m | +101.6% |
| Financial charges | 65/66B | €4,267 | €2,079 | -€2,189 | -51.3% |
| Recurring financial charges | 65 | €4,267 | €2,079 | -€2,189 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €999,869 | €2,043,959 | +€1.0m | +104.4% |
| Profit (loss) for the period | 9904 | €999,869 | €2,043,959 | +€1.0m | +104.4% |
| Profit (loss) for the period to be appropriated | 9905 | €999,869 | €2,043,959 | +€1.0m | +104.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.