PBX MANAGEMENT: 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.
PBX MANAGEMENT
Largest movements
- Receivables within one year -€51,919
down €51,919 (-9.3%), from €560,338 to €508,419
of which Trade receivables: -€30,656
- Cash -€38,748
down €38,748 (-70.2%), from €55,170 to €16,422
mainly Debts after one year (-€320,329) and Investment in fixed assets (net) (-€43,802)
- Tangible fixed assets +€35,537
up €35,537 (+44.3%), from €80,143 to €115,680
of which Land and buildings: +€24,434
- Debts after one year -€320,329
down €320,329 (-17.7%), from €1.8m to €1.5m
- Reserves +€125,604
up €125,604 (+22.8%), from €551,709 to €677,312
of which Distributable reserves: +€125,604
- Current portion of long-term debt +€70,528
up €70,528 (+48.1%), from €146,662 to €217,190
- Other debts +€59,925
up €59,925 (+1171.1%), from €5,117 to €65,041
- Gross operating margin +€90,602
up €90,602 (+441.4%), from €20,524 to €111,126
- Financial charges +€38,258
up €38,258 (+166.5%), from €22,975 to €61,233
- Financial income +€18,423
up €18,423 (+25.5%), from €72,194 to €90,617
of which Financial income: +€18,075
- Taxes +€2,423
up €2,423 (+682.5%), from €355 to €2,778
- Other operating charges -€1,996
down €1,996 (-49.7%), from €4,019 to €2,024
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 | €2,541,913 | €2,486,951 | -€54,963 | -2.2% |
| Fixed assets | 21/28 | €1,926,406 | €1,961,942 | +€35,537 | +1.8% |
| Tangible fixed assets | 22/27 | €80,143 | €115,680 | +€35,537 | +44.3% |
| Land and buildings | 22 | €77,404 | €101,838 | +€24,434 | +31.6% |
| Furniture and vehicles | 24 | €2,739 | €13,841 | +€11,102 | +405.3% |
| Financial fixed assets | 28 | €1,846,263 | €1,846,263 | = | 0.0% |
| Current assets | 29/58 | €615,508 | €525,008 | -€90,499 | -14.7% |
| Amounts receivable within one year | 40/41 | €560,338 | €508,419 | -€51,919 | -9.3% |
| Trade receivables | 40 | €30,656 | €0 | -€30,656 | -100.0% |
| Other amounts receivable | 41 | €529,682 | €508,419 | -€21,263 | -4.0% |
| Cash at bank and in hand | 54/58 | €55,170 | €16,422 | -€38,748 | -70.2% |
| Deferred charges and accrued income | 490/1 | €0 | €168 | +€168 | |
| Total equity and liabilities | 10/49 | €2,541,913 | €2,486,951 | -€54,963 | -2.2% |
| Equity | 10/15 | €570,309 | €695,912 | +€125,604 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €551,709 | €677,312 | +€125,604 | +22.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €549,849 | €675,452 | +€125,604 | +22.8% |
| Amounts payable | 17/49 | €1,971,605 | €1,791,039 | -€180,566 | -9.2% |
| Amounts payable after more than one year | 17 | €1,812,566 | €1,492,237 | -€320,329 | -17.7% |
| Financial debts | 170/4 | €1,812,566 | €1,492,237 | -€320,329 | -17.7% |
| Amounts payable within one year | 42/48 | €158,887 | €298,802 | +€139,915 | +88.1% |
| Current portion of amounts payable after more than one year | 42 | €146,662 | €217,190 | +€70,528 | +48.1% |
| Financial debts | 43 | €686 | €6,775 | +€6,089 | +887.9% |
| Credit institutions | 430/8 | €686 | €6,775 | +€6,089 | +887.9% |
| Trade debts | 44 | €2,567 | €944 | -€1,624 | -63.2% |
| Suppliers | 440/4 | €2,567 | €944 | -€1,624 | -63.2% |
| Advances received on contracts in progress | 46 | - | €448 | +€448 | |
| Taxes, remuneration and social security | 45 | €3,855 | €8,405 | +€4,549 | +118.0% |
| Taxes | 450/3 | €2,430 | €6,980 | +€4,549 | +187.2% |
| Remuneration and social security | 454/9 | €1,425 | €1,425 | = | 0.0% |
| Other amounts payable | 47/48 | €5,117 | €65,041 | +€59,925 | +1171.1% |
| Accrued charges and deferred income | 492/3 | €152 | €0 | -€152 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,840 | €1,840 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,690 | €8,265 | -€1,425 | -14.7% |
| Other operating charges | 640/8 | €4,019 | €2,024 | -€1,996 | -49.7% |
| Gross operating margin | 9900 | €20,524 | €111,126 | +€90,602 | +441.4% |
| Operating profit (loss) | 9901 | €4,976 | €98,998 | +€94,022 | +1889.6% |
| Financial income | 75/76B | €72,194 | €90,617 | +€18,423 | +25.5% |
| Recurring financial income | 75 | €72,194 | €90,269 | +€18,075 | +25.0% |
| Non-recurring financial income | 76B | - | €348 | +€348 | |
| Financial charges | 65/66B | €22,975 | €61,233 | +€38,258 | +166.5% |
| Recurring financial charges | 65 | €22,975 | €61,233 | +€38,258 | +166.5% |
| Profit (loss) for the period before taxes | 9903 | €54,195 | €128,382 | +€74,187 | +136.9% |
| Income taxes | 67/77 | €355 | €2,778 | +€2,423 | +682.5% |
| Profit (loss) for the period | 9904 | €53,840 | €125,604 | +€71,764 | +133.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,840 | €125,604 | +€71,764 | +133.3% |
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 7 October 2026 via checked.be.