PBL: 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.
PBL
Largest movements
- Receivables within one year +€38,432
up €38,432 (+24.0%), from €160,159 to €198,592
of which Other amounts receivable: +€38,176
- Tangible fixed assets -€31,468
down €31,468 (-3.4%), from €937,634 to €906,166
of which Land and buildings: -€25,571
- Debts after one year -€186,614
down €186,614 (-14.0%), from €1.3m to €1.1m
- Other debts +€98,499
up €98,499 (+10.9%), from €903,713 to €1.0m
- Reserves +€37,154
up €37,154 (+1,998%), from €1,860 to €39,014
- Profit (loss) carried forward +€32,007
up €32,007, from -€32,007 to €0
- Gross operating margin +€157,260
up €157,260 (+152%), from €103,771 to €261,031
- Taxes +€50,954
up €50,954 (+6,176%), from €825 to €51,779
- Depreciation +€11,371
up €11,371 (+34.2%), from €33,263 to €44,635
- Financial charges -€5,701
down €5,701 (-6.1%), from €93,571 to €87,870
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 | €3,007,996 | €2,997,117 | -€10,879 | -0.4% |
| Fixed assets | 21/28 | €2,777,375 | €2,737,373 | -€40,002 | -1.4% |
| Intangible fixed assets | 21 | €34,534 | €25,901 | -€8,634 | -25.0% |
| Tangible fixed assets | 22/27 | €937,634 | €906,166 | -€31,468 | -3.4% |
| Land and buildings | 22 | €913,700 | €888,129 | -€25,571 | -2.8% |
| Plant, machinery and equipment | 23 | €1,333 | €805 | -€528 | -39.6% |
| Furniture and vehicles | 24 | €22,601 | €17,232 | -€5,369 | -23.8% |
| Financial fixed assets | 28 | €1,805,207 | €1,805,307 | +€100 | 0.0% |
| Current assets | 29/58 | €230,621 | €259,744 | +€29,123 | +12.6% |
| Amounts receivable within one year | 40/41 | €160,159 | €198,592 | +€38,432 | +24.0% |
| Trade receivables | 40 | €4,620 | €4,876 | +€257 | +5.6% |
| Other amounts receivable | 41 | €155,540 | €193,715 | +€38,176 | +24.5% |
| Cash at bank and in hand | 54/58 | €16,231 | €15,760 | -€471 | -2.9% |
| Deferred charges and accrued income | 490/1 | €54,230 | €45,393 | -€8,837 | -16.3% |
| Total equity and liabilities | 10/49 | €3,007,996 | €2,997,117 | -€10,879 | -0.4% |
| Equity | 10/15 | €504,253 | €573,414 | +€69,161 | +13.7% |
| Contributions | 10/11 | €534,400 | €534,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €39,014 | +€37,154 | +1,998% |
| Distributable reserves | 133 | €1,860 | €39,014 | +€37,154 | +1,998% |
| Profit (loss) carried forward | 14 | -€32,007 | €0 | +€32,007 | |
| Amounts payable | 17/49 | €2,503,743 | €2,423,703 | -€80,039 | -3.2% |
| Amounts payable after more than one year | 17 | €1,329,892 | €1,143,278 | -€186,614 | -14.0% |
| Financial debts | 170/4 | €1,329,892 | €1,143,278 | -€186,614 | -14.0% |
| Amounts payable within one year | 42/48 | €1,152,489 | €1,261,362 | +€108,873 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €206,021 | €198,151 | -€7,869 | -3.8% |
| Financial debts | 43 | - | €11,767 | +€11,767 | |
| Credit institutions | 430/8 | - | €11,767 | +€11,767 | |
| Trade debts | 44 | €8,484 | €12,187 | +€3,703 | +43.7% |
| Suppliers | 440/4 | €8,484 | €12,187 | +€3,703 | +43.7% |
| Taxes, remuneration and social security | 45 | €34,272 | €37,045 | +€2,773 | +8.1% |
| Taxes | 450/3 | €34,272 | €37,045 | +€2,773 | +8.1% |
| Other amounts payable | 47/48 | €903,713 | €1,002,212 | +€98,499 | +10.9% |
| Accrued charges and deferred income | 492/3 | €21,362 | €19,063 | -€2,299 | -10.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,263 | €44,635 | +€11,371 | +34.2% |
| Other operating charges | 640/8 | €10,557 | €11,846 | +€1,289 | +12.2% |
| Non-recurring operating charges | 66A | €1,306 | €0 | -€1,306 | -100% |
| Gross operating margin | 9900 | €103,771 | €261,031 | +€157,260 | +152% |
| Operating profit (loss) | 9901 | €58,645 | €204,550 | +€145,906 | +249% |
| Financial income | 75/76B | €2,070 | €4,260 | +€2,190 | +106% |
| Recurring financial income | 75 | €2,070 | €4,260 | +€2,190 | +106% |
| Financial charges | 65/66B | €93,571 | €87,870 | -€5,701 | -6.1% |
| Recurring financial charges | 65 | €93,571 | €87,870 | -€5,701 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€32,857 | €120,940 | +€153,797 | |
| Income taxes | 67/77 | €825 | €51,779 | +€50,954 | +6,176% |
| Profit (loss) for the period | 9904 | -€33,682 | €69,161 | +€102,843 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,682 | €69,161 | +€102,843 |
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 28 October 2026 via checked.be.