PBN RENOV: what changed
PBN RENOV
Largest movements
- Tangible fixed assets +€162,826
up €162,826 (+85.5%), from €190,507 to €353,333
of which Land and buildings: +€164,280
- Receivables within one year +€141,595
up €141,595 (+109%), from €129,608 to €271,203
of which Trade receivables: +€84,391
- Cash +€100,701
up €100,701 (+253%), from €39,786 to €140,487
mainly Short-term financial debts (+€247,435) and Debts after one year (+€137,259)
- Stocks and contracts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Deferred charges and accrued income -€7,849
down €7,849 (-51.5%), from €15,231 to €7,382
- Short-term financial debts +€247,435
new in 2025: €247,435
- Debts after one year +€137,259
up €137,259 (+127%), from €107,830 to €245,089
- Trade debts -€74,559
down €74,559 (-41.6%), from €179,433 to €104,874
- Current portion of long-term debt +€17,520
up €17,520 (+94.9%), from €18,458 to €35,978
- Profit (loss) carried forward +€16,944
up €16,944 (+19.0%), from €89,230 to €106,174
- Gross operating margin +€25,366
up €25,366 (+20.9%), from €121,652 to €147,018
- Depreciation +€15,124
up €15,124 (+144%), from €10,518 to €25,643
- Staff costs +€10,859
up €10,859 (+20.6%), from €52,835 to €63,693
- Financial charges +€10,043
up €10,043 (+265%), from €3,795 to €13,838
- Taxes -€5,667
down €5,667 (-42.1%), from €13,451 to €7,784
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €428,634 | €779,430 | +€350,796 | +81.8% |
| Fixed assets | 21/28 | €194,008 | €360,357 | +€166,350 | +85.7% |
| Intangible fixed assets | 21 | €3,500 | €7,024 | +€3,524 | +101% |
| Tangible fixed assets | 22/27 | €190,507 | €353,333 | +€162,826 | +85.5% |
| Land and buildings | 22 | €152,712 | €316,992 | +€164,280 | +108% |
| Plant, machinery and equipment | 23 | €5,638 | €6,714 | +€1,076 | +19.1% |
| Furniture and vehicles | 24 | €32,157 | €29,627 | -€2,530 | -7.9% |
| Current assets | 29/58 | €234,626 | €419,073 | +€184,447 | +78.6% |
| Stocks and contracts in progress | 3 | €50,000 | €0 | -€50,000 | -100% |
| Contracts in progress | 37 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €129,608 | €271,203 | +€141,595 | +109% |
| Trade receivables | 40 | €71,450 | €155,841 | +€84,391 | +118% |
| Other amounts receivable | 41 | €58,158 | €115,362 | +€57,204 | +98.4% |
| Cash at bank and in hand | 54/58 | €39,786 | €140,487 | +€100,701 | +253% |
| Deferred charges and accrued income | 490/1 | €15,231 | €7,382 | -€7,849 | -51.5% |
| Total equity and liabilities | 10/49 | €428,634 | €779,430 | +€350,796 | +81.8% |
| Equity | 10/15 | €108,030 | €124,974 | +€16,944 | +15.7% |
| Contributions | 10/11 | €18,800 | €18,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,230 | €106,174 | +€16,944 | +19.0% |
| Amounts payable | 17/49 | €320,603 | €654,456 | +€333,853 | +104% |
| Amounts payable after more than one year | 17 | €107,830 | €245,089 | +€137,259 | +127% |
| Financial debts | 170/4 | €107,830 | €245,089 | +€137,259 | +127% |
| Amounts payable within one year | 42/48 | €212,773 | €409,367 | +€196,594 | +92.4% |
| Current portion of amounts payable after more than one year | 42 | €18,458 | €35,978 | +€17,520 | +94.9% |
| Financial debts | 43 | - | €247,435 | +€247,435 | |
| Credit institutions | 430/8 | - | €247,435 | +€247,435 | |
| Trade debts | 44 | €179,433 | €104,874 | -€74,559 | -41.6% |
| Suppliers | 440/4 | €179,433 | €104,874 | -€74,559 | -41.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,602 | €20,422 | +€5,820 | +39.9% |
| Taxes | 450/3 | €6,152 | €5,631 | -€521 | -8.5% |
| Remuneration and social security | 454/9 | €8,450 | €14,791 | +€6,341 | +75.0% |
| Other amounts payable | 47/48 | €281 | €658 | +€378 | +135% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €219 | €2,375 | +€2,156 | +986% |
| Remuneration, social security and pensions | 62 | €52,835 | €63,693 | +€10,859 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,518 | €25,643 | +€15,124 | +144% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €865 | €1,838 | +€973 | +112% |
| Non-recurring operating charges | 66A | - | €18,644 | +€18,644 | |
| Gross operating margin | 9900 | €121,652 | €147,018 | +€25,366 | +20.9% |
| Operating profit (loss) | 9901 | €57,434 | €37,200 | -€20,234 | -35.2% |
| Financial income | 75/76B | €964 | €1,366 | +€402 | +41.7% |
| Recurring financial income | 75 | €964 | €1,366 | +€402 | +41.7% |
| Financial charges | 65/66B | €3,795 | €13,838 | +€10,043 | +265% |
| Recurring financial charges | 65 | €3,795 | €13,838 | +€10,043 | +265% |
| Profit (loss) for the period before taxes | 9903 | €54,603 | €24,728 | -€29,875 | -54.7% |
| Income taxes | 67/77 | €13,451 | €7,784 | -€5,667 | -42.1% |
| Profit (loss) for the period | 9904 | €41,152 | €16,944 | -€24,208 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,152 | €16,944 | -€24,208 | -58.8% |
Next steps
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 6 November 2026 via checked.be.