PBL-X: what changed
Two fiscal 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-X
Largest movements
- Cash +€110,260
up €110,260 (+60.0%), from €183,767 to €294,026
mainly Net result for the year (+€142,438) and Receivables within one year (+€74,351)
- Receivables within one year -€74,351
down €74,351 (-26.0%), from €286,389 to €212,038
of which Trade receivables: -€70,822
- Trade debts +€68,399
up €68,399 (+65.0%), from €105,202 to €173,601
- Other debts -€38,269
down €38,269 (-12.5%), from €307,196 to €268,927
- Tax, wage and social debts +€10,956
up €10,956 (+34.0%), from €32,250 to €43,206
of which Remuneration and social security: +€10,718
- Gross operating margin +€24,419
up €24,419 (+7.3%), from €336,395 to €360,813
- Staff costs +€10,071
up €10,071 (+4.9%), from €204,770 to €214,841
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 | €495,601 | €535,503 | +€39,902 | +8.1% |
| Fixed assets | 21/28 | €9,259 | €11,564 | +€2,305 | +24.9% |
| Tangible fixed assets | 22/27 | €9,259 | €11,564 | +€2,305 | +24.9% |
| Furniture and vehicles | 24 | - | €3,348 | +€3,348 | |
| Other tangible fixed assets | 26 | €9,259 | €8,216 | -€1,044 | -11.3% |
| Current assets | 29/58 | €486,342 | €523,939 | +€37,597 | +7.7% |
| Amounts receivable within one year | 40/41 | €286,389 | €212,038 | -€74,351 | -26.0% |
| Trade receivables | 40 | €272,250 | €201,428 | -€70,822 | -26.0% |
| Other amounts receivable | 41 | €14,139 | €10,610 | -€3,529 | -25.0% |
| Cash at bank and in hand | 54/58 | €183,767 | €294,026 | +€110,260 | +60.0% |
| Deferred charges and accrued income | 490/1 | €16,186 | €17,875 | +€1,689 | +10.4% |
| Total equity and liabilities | 10/49 | €495,601 | €535,503 | +€39,902 | +8.1% |
| Equity | 10/15 | €48,210 | €48,648 | +€438 | +0.9% |
| Contributions | 10/11 | €7,650 | €7,650 | = | 0.0% |
| Reserves | 13 | €40,560 | €40,998 | +€438 | +1.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €40,560 | €40,998 | +€438 | +1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €447,391 | €486,855 | +€39,464 | +8.8% |
| Amounts payable within one year | 42/48 | €444,647 | €485,734 | +€41,086 | +9.2% |
| Trade debts | 44 | €105,202 | €173,601 | +€68,399 | +65.0% |
| Suppliers | 440/4 | €105,202 | €173,601 | +€68,399 | +65.0% |
| Taxes, remuneration and social security | 45 | €32,250 | €43,206 | +€10,956 | +34.0% |
| Taxes | 450/3 | €5,422 | €5,659 | +€238 | +4.4% |
| Remuneration and social security | 454/9 | €26,829 | €37,546 | +€10,718 | +39.9% |
| Other amounts payable | 47/48 | €307,196 | €268,927 | -€38,269 | -12.5% |
| Accrued charges and deferred income | 492/3 | €2,744 | €1,121 | -€1,622 | -59.1% |
| Remuneration, social security and pensions | 62 | €204,770 | €214,841 | +€10,071 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,044 | €1,447 | +€403 | +38.7% |
| Other operating charges | 640/8 | €2,499 | €528 | -€1,972 | -78.9% |
| Gross operating margin | 9900 | €336,395 | €360,813 | +€24,419 | +7.3% |
| Operating profit (loss) | 9901 | €128,082 | €143,998 | +€15,915 | +12.4% |
| Financial income | 75/76B | - | €68 | +€68 | |
| Recurring financial income | 75 | - | €68 | +€68 | |
| Financial charges | 65/66B | €4,145 | €1,628 | -€2,517 | -60.7% |
| Recurring financial charges | 65 | €4,145 | €1,628 | -€2,517 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €123,938 | €142,438 | +€18,500 | +14.9% |
| Profit (loss) for the period | 9904 | €123,938 | €142,438 | +€18,500 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,938 | €142,438 | +€18,500 | +14.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.