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
- Stocks and contracts +€30,030
up €30,030 (+7.0%), from €430,951 to €460,981
- Cash +€8,783
up €8,783 (+57.1%), from €15,395 to €24,178
mainly Other debts (+€22,570) and Trade debts (+€7,960)
- Other debts +€22,570
up €22,570 (+7.0%), from €321,006 to €343,576
- Trade debts +€7,960
up €7,960 (+14.7%), from €54,284 to €62,245
- Staff costs +€9,717
up €9,717 (+708.8%), from €1,371 to €11,088
- Depreciation -€3,748
down €3,748 (-56.7%), from €6,615 to €2,867
- Gross operating margin +€2,429
up €2,429 (+6.1%), from €39,808 to €42,238
- Other operating charges +€2,050
up €2,050 (+17.2%), from €11,941 to €13,990
- Taxes -€1,429
down €1,429 (-34.7%), from €4,115 to €2,686
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 | €457,468 | €493,728 | +€36,260 | +7.9% |
| Fixed assets | 21/28 | €11,122 | €8,404 | -€2,718 | -24.4% |
| Tangible fixed assets | 22/27 | €11,122 | €8,255 | -€2,867 | -25.8% |
| Plant, machinery and equipment | 23 | €4,919 | €2,987 | -€1,932 | -39.3% |
| Furniture and vehicles | 24 | €863 | €595 | -€268 | -31.0% |
| Other tangible fixed assets | 26 | €5,341 | €4,673 | -€668 | -12.5% |
| Financial fixed assets | 28 | - | €149 | +€149 | |
| Current assets | 29/58 | €446,346 | €485,324 | +€38,978 | +8.7% |
| Stocks and contracts in progress | 3 | €430,951 | €460,981 | +€30,030 | +7.0% |
| Stocks | 30/36 | €430,951 | €460,981 | +€30,030 | +7.0% |
| Amounts receivable within one year | 40/41 | €0 | €165 | +€165 | |
| Other amounts receivable | 41 | €0 | €165 | +€165 | |
| Cash at bank and in hand | 54/58 | €15,395 | €24,178 | +€8,783 | +57.1% |
| Total equity and liabilities | 10/49 | €457,468 | €493,728 | +€36,260 | +7.9% |
| Equity | 10/15 | €73,335 | €76,735 | +€3,400 | +4.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €53,335 | €56,735 | +€3,400 | +6.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €53,335 | €56,735 | +€3,400 | +6.4% |
| Amounts payable | 17/49 | €384,133 | €416,993 | +€32,860 | +8.6% |
| Amounts payable within one year | 42/48 | €384,133 | €416,993 | +€32,860 | +8.6% |
| Trade debts | 44 | €54,284 | €62,245 | +€7,960 | +14.7% |
| Suppliers | 440/4 | €54,284 | €62,245 | +€7,960 | +14.7% |
| Taxes, remuneration and social security | 45 | €8,844 | €11,173 | +€2,329 | +26.3% |
| Taxes | 450/3 | €8,844 | €11,173 | +€2,329 | +26.3% |
| Other amounts payable | 47/48 | €321,006 | €343,576 | +€22,570 | +7.0% |
| Remuneration, social security and pensions | 62 | €1,371 | €11,088 | +€9,717 | +708.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,615 | €2,867 | -€3,748 | -56.7% |
| Other operating charges | 640/8 | €11,941 | €13,990 | +€2,050 | +17.2% |
| Gross operating margin | 9900 | €39,808 | €42,238 | +€2,429 | +6.1% |
| Operating profit (loss) | 9901 | €19,881 | €14,292 | -€5,590 | -28.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -21.1% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -21.1% |
| Financial charges | 65/66B | €8,618 | €8,206 | -€412 | -4.8% |
| Recurring financial charges | 65 | €8,618 | €8,206 | -€412 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €11,264 | €6,087 | -€5,177 | -46.0% |
| Income taxes | 67/77 | €4,115 | €2,686 | -€1,429 | -34.7% |
| Profit (loss) for the period | 9904 | €7,149 | €3,400 | -€3,749 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,149 | €3,400 | -€3,749 | -52.4% |
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 10 October 2026 via checked.be.