PBCo: 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.
PBCo
Largest movements
- Stocks and contracts +€301,227
up €301,227 (+87.6%), from €343,773 to €645,000
- Receivables within one year +€16,685
up €16,685 (+34.6%), from €48,169 to €64,854
of which Other amounts receivable: +€49,410
- Cash -€13,131
down €13,131 (-4.5%), from €291,250 to €278,119
mainly Stocks and contracts (-€301,227) and Trade debts (-€59,510)
- Reserves +€375,000
up €375,000 (+146%), from €257,360 to €632,360
of which Distributable reserves: +€375,000
- Trade debts -€59,510
no longer reported in 2025 (was €59,510)
- Tax, wage and social debts -€58,023
down €58,023 (-50.1%), from €115,811 to €57,788
- Debts after one year +€20,000
new in 2025: €20,000
- Other debts +€13,700
up €13,700 (+6.3%), from €216,374 to €230,074
- Gross operating margin +€300,267
up €300,267 (+108%), from €278,242 to €578,509
- Taxes +€87,692
up €87,692 (+93.7%), from €93,598 to €181,290
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 | €694,650 | €989,568 | +€294,917 | +42.5% |
| Fixed assets | 21/28 | €1,766 | €346 | -€1,420 | -80.4% |
| Tangible fixed assets | 22/27 | €1,766 | €346 | -€1,420 | -80.4% |
| Plant, machinery and equipment | 23 | €658 | €152 | -€506 | -76.8% |
| Furniture and vehicles | 24 | €1,108 | €194 | -€914 | -82.5% |
| Current assets | 29/58 | €692,884 | €989,221 | +€296,337 | +42.8% |
| Stocks and contracts in progress | 3 | €343,773 | €645,000 | +€301,227 | +87.6% |
| Stocks | 30/36 | €343,773 | €645,000 | +€301,227 | +87.6% |
| Amounts receivable within one year | 40/41 | €48,169 | €64,854 | +€16,685 | +34.6% |
| Trade receivables | 40 | €48,169 | €15,443 | -€32,725 | -67.9% |
| Other amounts receivable | 41 | - | €49,410 | +€49,410 | |
| Cash at bank and in hand | 54/58 | €291,250 | €278,119 | -€13,131 | -4.5% |
| Deferred charges and accrued income | 490/1 | €9,692 | €1,248 | -€8,444 | -87.1% |
| Total equity and liabilities | 10/49 | €694,650 | €989,568 | +€294,917 | +42.5% |
| Equity | 10/15 | €302,955 | €681,706 | +€378,751 | +125% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €257,360 | €632,360 | +€375,000 | +146% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €255,500 | €630,500 | +€375,000 | +147% |
| Profit (loss) carried forward | 14 | €26,995 | €30,746 | +€3,751 | +13.9% |
| Amounts payable | 17/49 | €391,695 | €307,862 | -€83,833 | -21.4% |
| Amounts payable after more than one year | 17 | - | €20,000 | +€20,000 | |
| Financial debts | 170/4 | - | €20,000 | +€20,000 | |
| Amounts payable within one year | 42/48 | €391,695 | €287,862 | -€103,833 | -26.5% |
| Trade debts | 44 | €59,510 | - | -€59,510 | |
| Suppliers | 440/4 | €59,510 | - | -€59,510 | |
| Taxes, remuneration and social security | 45 | €115,811 | €57,788 | -€58,023 | -50.1% |
| Taxes | 450/3 | €115,811 | €57,788 | -€58,023 | -50.1% |
| Other amounts payable | 47/48 | €216,374 | €230,074 | +€13,700 | +6.3% |
| Remuneration, social security and pensions | 62 | - | €4,600 | +€4,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,755 | €1,420 | -€335 | -19.1% |
| Other operating charges | 640/8 | €1,708 | €1,631 | -€77 | -4.5% |
| Gross operating margin | 9900 | €278,242 | €578,509 | +€300,267 | +108% |
| Operating profit (loss) | 9901 | €274,779 | €570,858 | +€296,079 | +108% |
| Financial income | 75/76B | €47 | €254 | +€206 | +439% |
| Recurring financial income | 75 | €47 | €254 | +€206 | +439% |
| Financial charges | 65/66B | €9,426 | €11,071 | +€1,645 | +17.5% |
| Recurring financial charges | 65 | €9,426 | €11,071 | +€1,645 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €265,400 | €560,040 | +€294,640 | +111% |
| Income taxes | 67/77 | €93,598 | €181,290 | +€87,692 | +93.7% |
| Profit (loss) for the period | 9904 | €171,803 | €378,751 | +€206,948 | +120% |
| Profit (loss) for the period to be appropriated | 9905 | €171,803 | €378,751 | +€206,948 | +120% |
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 26 October 2026 via checked.be.