PCA: 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.
PCA
Largest movements
- Cash -€857,778
down €857,778 (-71.5%), from €1.2m to €341,807
mainly Advances received (-€2.1m) and Investment in fixed assets (net) (-€121,018)
- Stocks and contracts -€568,958
down €568,958 (-36.1%), from €1.6m to €1.0m
of which Contracts in progress: -€500,000
- Receivables within one year -€335,869
down €335,869 (-13.6%), from €2.5m to €2.1m
of which Trade receivables: -€586,591
- Tangible fixed assets +€90,859
up €90,859 (+176.5%), from €51,465 to €142,324
- Advances received -€2.1m
down €2.1m (-53.2%), from €3.9m to €1.8m
- Trade debts +€96,699
up €96,699 (+13.4%), from €723,604 to €820,303
- Tax, wage and social debts +€79,244
up €79,244 (+71.4%), from €110,930 to €190,174
of which Remuneration and social security: +€40,805
- Debts after one year +€75,019
new in 2025: €75,019
- Other debts +€60,000
up €60,000, from €0 to €60,000
- Gross operating margin +€205,617
up €205,617 (+17.2%), from €1.2m to €1.4m
- Staff costs +€93,231
up €93,231 (+8.0%), from €1.2m to €1.3m
- Depreciation +€29,286
up €29,286 (+3357.4%), from €872 to €30,158
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 | €5,714,402 | €4,042,683 | -€1.7m | -29.3% |
| Fixed assets | 21/28 | €51,465 | €142,324 | +€90,859 | +176.5% |
| Tangible fixed assets | 22/27 | €51,465 | €142,324 | +€90,859 | +176.5% |
| Furniture and vehicles | 24 | €51,465 | €142,324 | +€90,859 | +176.5% |
| Current assets | 29/58 | €5,662,938 | €3,900,359 | -€1.8m | -31.1% |
| Stocks and contracts in progress | 3 | €1,576,008 | €1,007,050 | -€568,958 | -36.1% |
| Stocks | 30/36 | €228,008 | €159,050 | -€68,958 | -30.2% |
| Contracts in progress | 37 | €1,348,000 | €848,000 | -€500,000 | -37.1% |
| Amounts receivable within one year | 40/41 | €2,467,879 | €2,132,011 | -€335,869 | -13.6% |
| Trade receivables | 40 | €1,338,129 | €751,539 | -€586,591 | -43.8% |
| Other amounts receivable | 41 | €1,129,750 | €1,380,472 | +€250,722 | +22.2% |
| Current investments | 50/53 | €419,465 | €419,492 | +€26 | 0.0% |
| Cash at bank and in hand | 54/58 | €1,199,585 | €341,807 | -€857,778 | -71.5% |
| Deferred charges and accrued income | 490/1 | €0 | €0 | -€0 | -100.0% |
| Total equity and liabilities | 10/49 | €5,714,402 | €4,042,683 | -€1.7m | -29.3% |
| Equity | 10/15 | €1,018,246 | €1,066,135 | +€47,889 | +4.7% |
| Contributions | 10/11 | €110,109 | €110,109 | = | 0.0% |
| Capital | 10 | €110,109 | €110,109 | = | 0.0% |
| Issued capital | 100 | €110,109 | €110,109 | = | 0.0% |
| Reserves | 13 | €908,137 | €956,026 | +€47,889 | +5.3% |
| Non-distributable reserves | 130/1 | €17,617 | €17,617 | = | 0.0% |
| Legal reserve | 130 | €17,617 | €17,617 | = | 0.0% |
| Distributable reserves | 133 | €890,519 | €938,408 | +€47,889 | +5.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,696,156 | €2,976,548 | -€1.7m | -36.6% |
| Amounts payable after more than one year | 17 | - | €75,019 | +€75,019 | |
| Financial debts | 170/4 | - | €75,019 | +€75,019 | |
| Amounts payable within one year | 42/48 | €4,696,156 | €2,901,529 | -€1.8m | -38.2% |
| Current portion of amounts payable after more than one year | 42 | - | €22,295 | +€22,295 | |
| Trade debts | 44 | €723,604 | €820,303 | +€96,699 | +13.4% |
| Suppliers | 440/4 | €723,604 | €820,303 | +€96,699 | +13.4% |
| Advances received on contracts in progress | 46 | €3,861,622 | €1,808,757 | -€2.1m | -53.2% |
| Taxes, remuneration and social security | 45 | €110,930 | €190,174 | +€79,244 | +71.4% |
| Taxes | 450/3 | €0 | €38,440 | +€38,440 | |
| Remuneration and social security | 454/9 | €110,930 | €151,734 | +€40,805 | +36.8% |
| Other amounts payable | 47/48 | €0 | €60,000 | +€60,000 | |
| Non-recurring operating income | 76A | €2,500 | €0 | -€2,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,158,945 | €1,252,176 | +€93,231 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €872 | €30,158 | +€29,286 | +3357.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€10,911 | -€10,911 | |
| Other operating charges | 640/8 | €4,521 | €15,884 | +€11,363 | +251.3% |
| Gross operating margin | 9900 | €1,197,924 | €1,403,541 | +€205,617 | +17.2% |
| Operating profit (loss) | 9901 | €33,585 | €116,233 | +€82,648 | +246.1% |
| Financial income | 75/76B | €37,438 | €28,677 | -€8,762 | -23.4% |
| Recurring financial income | 75 | €37,438 | €28,677 | -€8,762 | -23.4% |
| Financial charges | 65/66B | €9,599 | €7,140 | -€2,459 | -25.6% |
| Recurring financial charges | 65 | €9,599 | €7,140 | -€2,459 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €61,425 | €137,770 | +€76,345 | +124.3% |
| Income taxes | 67/77 | €25,755 | €29,881 | +€4,126 | +16.0% |
| Profit (loss) for the period | 9904 | €35,669 | €107,889 | +€72,220 | +202.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,669 | €107,889 | +€72,220 | +202.5% |
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 30 September 2026 via checked.be.