PBR MANAGEMENT: 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.
PBR MANAGEMENT
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+60.0%), from €2.5m to €4.0m
of which Land and buildings: +€1.5m
- Debts after one year +€1.4m
up €1.4m (+74.9%), from €1.9m to €3.4m
of which Financial debts: +€1.4m
- Profit (loss) carried forward +€97,017
up €97,017 (+18.2%), from €534,332 to €631,349
- Gross operating margin -€152,856
down €152,856 (-30.9%), from €494,665 to €341,809
- Taxes -€50,961
down €50,961 (-64.7%), from €78,751 to €27,790
- Financial charges +€23,066
up €23,066 (+60.1%), from €38,378 to €61,444
- Depreciation +€13,050
up €13,050 (+15.0%), from €86,801 to €99,851
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 | €2,497,274 | €4,016,627 | +€1.5m | +60.8% |
| Fixed assets | 21/28 | €2,481,266 | €3,969,094 | +€1.5m | +60.0% |
| Tangible fixed assets | 22/27 | €2,481,266 | €3,969,094 | +€1.5m | +60.0% |
| Land and buildings | 22 | €2,413,705 | €3,917,748 | +€1.5m | +62.3% |
| Furniture and vehicles | 24 | €67,561 | €51,346 | -€16,215 | -24.0% |
| Current assets | 29/58 | €16,008 | €47,533 | +€31,525 | +196.9% |
| Amounts receivable within one year | 40/41 | - | €30,749 | +€30,749 | |
| Other amounts receivable | 41 | - | €30,749 | +€30,749 | |
| Cash at bank and in hand | 54/58 | €16,008 | €16,784 | +€776 | +4.8% |
| Total equity and liabilities | 10/49 | €2,497,274 | €4,016,627 | +€1.5m | +60.8% |
| Equity | 10/15 | €554,332 | €651,349 | +€97,017 | +17.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €534,332 | €631,349 | +€97,017 | +18.2% |
| Amounts payable | 17/49 | €1,942,942 | €3,365,278 | +€1.4m | +73.2% |
| Amounts payable after more than one year | 17 | €1,921,994 | €3,360,879 | +€1.4m | +74.9% |
| Financial debts | 170/4 | €1,919,264 | €3,358,149 | +€1.4m | +75.0% |
| Other amounts payable | 178/9 | €2,730 | €2,730 | = | 0.0% |
| Amounts payable within one year | 42/48 | €20,948 | €4,399 | -€16,549 | -79.0% |
| Advances received on contracts in progress | 46 | €4,010 | €3,310 | -€700 | -17.5% |
| Taxes, remuneration and social security | 45 | €16,938 | €1,089 | -€15,849 | -93.6% |
| Taxes | 450/3 | €14,882 | - | -€14,882 | |
| Remuneration and social security | 454/9 | €2,056 | €1,089 | -€967 | -47.0% |
| Remuneration, social security and pensions | 62 | €55,382 | €55,707 | +€325 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,801 | €99,851 | +€13,050 | +15.0% |
| Gross operating margin | 9900 | €494,665 | €341,809 | -€152,856 | -30.9% |
| Operating profit (loss) | 9901 | €352,482 | €186,251 | -€166,231 | -47.2% |
| Financial charges | 65/66B | €38,378 | €61,444 | +€23,066 | +60.1% |
| Recurring financial charges | 65 | €38,378 | €61,444 | +€23,066 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €314,104 | €124,807 | -€189,297 | -60.3% |
| Income taxes | 67/77 | €78,751 | €27,790 | -€50,961 | -64.7% |
| Profit (loss) for the period | 9904 | €235,353 | €97,017 | -€138,336 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €235,353 | €97,017 | -€138,336 | -58.8% |
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 9 October 2026 via checked.be.