PB INVEST: what changed
What changed
PB INVEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€168,735
2024 · €167,249-€335,983
Equity
€25,036
2024 · €193,771-€168,735
Cash
€307,250
2024 · €440,234-€132,983
Balance sheet total
€27.0m
2024 · €29.0m-€2.0m
Largest movements
Assets
- Receivables within one year -€5.5m
down €5.5m (-93.8%), from €5.8m to €364,817
of which Other amounts receivable: -€5.2m
- Stocks and contracts +€3.7m
up €3.7m (+39.3%), from €9.5m to €13.2m
of which Stocks: +€3.5m
- Receivables after one year -€436,329
down €436,329 (-5.8%), from €7.5m to €7.0m
- Tangible fixed assets +€312,017
up €312,017 (+6.3%), from €4.9m to €5.2m
of which Leasing and similar rights: +€4.1m
Equity and liabilities
- Other debts -€4.2m
down €4.2m (-66.0%), from €6.4m to €2.2m
- Short-term financial debts +€845,890
up €845,890 (+6.1%), from €13.9m to €14.8m
- Debts after one year +€753,031
up €753,031 (+11.9%), from €6.3m to €7.1m
of which Financial debts: +€753,031
- Trade debts +€441,590
up €441,590 (+101%), from €436,764 to €878,354
- Advances received +€354,941
up €354,941 (+26.2%), from €1.4m to €1.7m
Income statement
- Financial charges +€239,877
up €239,877 (+155%), from €154,671 to €394,549
- Depreciation +€144,438
up €144,438 (+12,314%), from €1,173 to €145,611
- Taxes -€56,040
down €56,040 (-100%), from €56,040 to €0
- Gross operating margin -€32,525
down €32,525 (-8.3%), from €389,627 to €357,102
- Financial income +€15,192
up €15,192 (+7,930%), from €192 to €15,383
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€167,249
Gross operating margin
-€32,525
Depreciation
-€144,438
Other operating charges
+€9,626
Financial income
+€15,192
Financial charges
-€239,877
Taxes
+€56,040
Result 2025
-€168,735
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1.3m
Investment
-€457,628
Financing
+€1.6m
Cash 2024
€440,234
From operations (derived)
-€1.3m
Net result for the year
-€168,735
Depreciation
+€145,611
Receivables after one year
+€436,329
Stocks and contracts
-€3.7m
Receivables within one year
+€5.5m
Trade debts
+€441,590
Tax, wage and social debts
-€72,518
Advances received
+€354,941
Other debts
-€4.2m
Investment (derived)
-€457,628
Investment in fixed assets (net)
-€457,628
Financing
+€1.6m
Debts after one year
+€753,031
Current portion of long-term debt
+€48,734
Short-term financial debts
+€845,890
Cash 2025
€307,250
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,025,748 | €27,005,236 | -€2.0m | -7.0% |
| Fixed assets | 21/28 | €5,819,577 | €6,131,594 | +€312,017 | +5.4% |
| Tangible fixed assets | 22/27 | €4,919,577 | €5,231,594 | +€312,017 | +6.3% |
| Land and buildings | 22 | €4,919,577 | €1,045,221 | -€3.9m | -78.8% |
| Leasing and similar rights | 25 | - | €4,075,248 | +€4.1m | |
| Other tangible fixed assets | 26 | - | €111,125 | +€111,125 | |
| Financial fixed assets | 28 | €900,000 | €900,000 | = | 0.0% |
| Current assets | 29/58 | €23,206,171 | €20,873,642 | -€2.3m | -10.1% |
| Amounts receivable after more than one year | 29 | €7,460,934 | €7,024,605 | -€436,329 | -5.8% |
| Other amounts receivable | 291 | €7,460,934 | €7,024,605 | -€436,329 | -5.8% |
| Stocks and contracts in progress | 3 | €9,456,575 | €13,176,971 | +€3.7m | +39.3% |
| Stocks | 30/36 | €9,456,575 | €12,928,348 | +€3.5m | +36.7% |
| Contracts in progress | 37 | €0 | €248,623 | +€248,623 | |
| Amounts receivable within one year | 40/41 | €5,848,428 | €364,817 | -€5.5m | -93.8% |
| Trade receivables | 40 | €426,775 | €150,948 | -€275,827 | -64.6% |
| Other amounts receivable | 41 | €5,421,654 | €213,869 | -€5.2m | -96.1% |
| Cash at bank and in hand | 54/58 | €440,234 | €307,250 | -€132,983 | -30.2% |
| Total equity and liabilities | 10/49 | €29,025,748 | €27,005,236 | -€2.0m | -7.0% |
| Equity | 10/15 | €193,771 | €25,036 | -€168,735 | -87.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €168,771 | €36 | -€168,735 | -100.0% |
| Distributable reserves | 133 | €168,771 | €36 | -€168,735 | -100.0% |
| Amounts payable | 17/49 | €28,831,977 | €26,980,200 | -€1.9m | -6.4% |
| Amounts payable after more than one year | 17 | €6,322,377 | €7,075,409 | +€753,031 | +11.9% |
| Financial debts | 170/4 | €6,319,707 | €7,072,739 | +€753,031 | +11.9% |
| Other amounts payable | 178/9 | €2,670 | €2,670 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,509,599 | €19,904,791 | -€2.6m | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €261,493 | €310,228 | +€48,734 | +18.6% |
| Financial debts | 43 | €13,931,315 | €14,777,205 | +€845,890 | +6.1% |
| Credit institutions | 430/8 | €13,931,315 | €14,777,205 | +€845,890 | +6.1% |
| Trade debts | 44 | €436,764 | €878,354 | +€441,590 | +101% |
| Suppliers | 440/4 | €436,764 | €878,354 | +€441,590 | +101% |
| Advances received on contracts in progress | 46 | €1,355,014 | €1,709,955 | +€354,941 | +26.2% |
| Taxes, remuneration and social security | 45 | €128,558 | €56,040 | -€72,518 | -56.4% |
| Taxes | 450/3 | €128,558 | €56,040 | -€72,518 | -56.4% |
| Other amounts payable | 47/48 | €6,396,455 | €2,173,011 | -€4.2m | -66.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,173 | €145,611 | +€144,438 | +12,314% |
| Other operating charges | 640/8 | €10,686 | €1,060 | -€9,626 | -90.1% |
| Gross operating margin | 9900 | €389,627 | €357,102 | -€32,525 | -8.3% |
| Operating profit (loss) | 9901 | €377,768 | €210,431 | -€167,337 | -44.3% |
| Financial income | 75/76B | €192 | €15,383 | +€15,192 | +7,930% |
| Recurring financial income | 75 | €192 | €15,383 | +€15,192 | +7,930% |
| Financial charges | 65/66B | €154,671 | €394,549 | +€239,877 | +155% |
| Recurring financial charges | 65 | €154,671 | €394,549 | +€239,877 | +155% |
| Profit (loss) for the period before taxes | 9903 | €223,288 | -€168,735 | -€392,023 | |
| Income taxes | 67/77 | €56,040 | €0 | -€56,040 | -100% |
| Profit (loss) for the period | 9904 | €167,249 | -€168,735 | -€335,983 | |
| Profit (loss) for the period to be appropriated | 9905 | €167,249 | -€168,735 | -€335,983 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.