PBO: 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.
PBO
Largest movements
- Cash +€29,472
up €29,472 (+179.8%), from €16,392 to €45,864
mainly Net result for the year (+€27,855) and Depreciation (+€15,114)
- Tangible fixed assets -€15,114
down €15,114 (-10.8%), from €139,943 to €124,828
- Reserves +€27,855
up €27,855 (+306.0%), from €9,103 to €36,958
- Debts after one year -€13,010
down €13,010 (-10.0%), from €130,201 to €117,191
- Other debts -€3,942
down €3,942 (-18.1%), from €21,721 to €17,779
- Tax, wage and social debts +€3,079
up €3,079 (+31.2%), from €9,855 to €12,934
- Gross operating margin +€25,924
up €25,924 (+72.6%), from €35,715 to €61,639
- Taxes +€7,209
up €7,209 (+87.5%), from €8,238 to €15,448
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 | €156,615 | €170,775 | +€14,160 | +9.0% |
| Fixed assets | 21/28 | €139,943 | €124,828 | -€15,114 | -10.8% |
| Tangible fixed assets | 22/27 | €139,943 | €124,828 | -€15,114 | -10.8% |
| Land and buildings | 22 | €139,943 | €124,828 | -€15,114 | -10.8% |
| Current assets | 29/58 | €16,672 | €45,946 | +€29,274 | +175.6% |
| Amounts receivable within one year | 40/41 | €255 | - | -€255 | |
| Other amounts receivable | 41 | €255 | - | -€255 | |
| Cash at bank and in hand | 54/58 | €16,392 | €45,864 | +€29,472 | +179.8% |
| Deferred charges and accrued income | 490/1 | €26 | €82 | +€56 | +218.5% |
| Total equity and liabilities | 10/49 | €156,615 | €170,775 | +€14,160 | +9.0% |
| Equity | 10/15 | -€21,544 | €6,311 | +€27,855 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,103 | €36,958 | +€27,855 | +306.0% |
| Distributable reserves | 133 | €9,103 | €36,958 | +€27,855 | +306.0% |
| Profit (loss) carried forward | 14 | -€35,647 | -€35,647 | = | 0.0% |
| Amounts payable | 17/49 | €178,159 | €164,464 | -€13,695 | -7.7% |
| Amounts payable after more than one year | 17 | €130,201 | €117,191 | -€13,010 | -10.0% |
| Financial debts | 170/4 | €130,201 | €117,191 | -€13,010 | -10.0% |
| Amounts payable within one year | 42/48 | €47,958 | €47,272 | -€685 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €12,797 | €13,010 | +€213 | +1.7% |
| Trade debts | 44 | €3,585 | €3,550 | -€35 | -1.0% |
| Suppliers | 440/4 | €3,585 | €3,550 | -€35 | -1.0% |
| Taxes, remuneration and social security | 45 | €9,855 | €12,934 | +€3,079 | +31.2% |
| Taxes | 450/3 | €9,855 | €12,934 | +€3,079 | +31.2% |
| Other amounts payable | 47/48 | €21,721 | €17,779 | -€3,942 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,114 | €15,114 | = | 0.0% |
| Other operating charges | 640/8 | €553 | €520 | -€33 | -6.0% |
| Gross operating margin | 9900 | €35,715 | €61,639 | +€25,924 | +72.6% |
| Operating profit (loss) | 9901 | €20,048 | €46,005 | +€25,957 | +129.5% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €2,706 | €2,707 | +€1 | 0.0% |
| Recurring financial charges | 65 | €2,706 | €2,707 | +€1 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €17,341 | €43,302 | +€25,961 | +149.7% |
| Income taxes | 67/77 | €8,238 | €15,448 | +€7,209 | +87.5% |
| Profit (loss) for the period | 9904 | €9,103 | €27,855 | +€18,752 | +206.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,103 | €27,855 | +€18,752 | +206.0% |
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 6 October 2026 via checked.be.