PCA-INVEST: what changed
PCA-INVEST
Largest movements
- Tangible fixed assets -€21,523
down €21,523 (-3.4%), from €640,542 to €619,019
of which Land and buildings: -€17,057
- Receivables within one year +€14,520
up €14,520 (+92.3%), from €15,733 to €30,253
of which Trade receivables: +€14,520
- Cash +€8,230
up €8,230 (+8.2%), from €100,449 to €108,678
mainly Net result for the year (+€48,415) and Depreciation (+€21,523)
- Debts after one year -€51,185
down €51,185 (-27.2%), from €188,290 to €137,105
- Reserves +€48,415
up €48,415 (+11.1%), from €436,800 to €485,215
- Gross operating margin +€31,080
up €31,080 (+48.5%), from €64,104 to €95,183
- Taxes +€10,066
up €10,066 (+115%), from €8,787 to €18,853
- Depreciation -€2,629
down €2,629 (-10.9%), from €24,152 to €21,523
- Financial charges -€2,577
down €2,577 (-40.0%), from €6,445 to €3,868
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 | €757,065 | €758,291 | +€1,226 | +0.2% |
| Fixed assets | 21/28 | €640,542 | €619,019 | -€21,523 | -3.4% |
| Tangible fixed assets | 22/27 | €640,542 | €619,019 | -€21,523 | -3.4% |
| Land and buildings | 22 | €627,531 | €610,474 | -€17,057 | -2.7% |
| Plant, machinery and equipment | 23 | €12,074 | €8,545 | -€3,529 | -29.2% |
| Furniture and vehicles | 24 | €937 | - | -€937 | |
| Current assets | 29/58 | €116,523 | €139,272 | +€22,748 | +19.5% |
| Amounts receivable within one year | 40/41 | €15,733 | €30,253 | +€14,520 | +92.3% |
| Trade receivables | 40 | €14,520 | €29,040 | +€14,520 | +100% |
| Other amounts receivable | 41 | €1,213 | €1,213 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,449 | €108,678 | +€8,230 | +8.2% |
| Deferred charges and accrued income | 490/1 | €342 | €340 | -€1 | -0.3% |
| Total equity and liabilities | 10/49 | €757,065 | €758,291 | +€1,226 | +0.2% |
| Equity | 10/15 | €457,775 | €506,190 | +€48,415 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,800 | €485,215 | +€48,415 | +11.1% |
| Distributable reserves | 133 | €436,800 | €485,215 | +€48,415 | +11.1% |
| Profit (loss) carried forward | 14 | €2,375 | €2,375 | +€0 | 0.0% |
| Amounts payable | 17/49 | €299,290 | €252,101 | -€47,190 | -15.8% |
| Amounts payable after more than one year | 17 | €188,290 | €137,105 | -€51,185 | -27.2% |
| Financial debts | 170/4 | €188,290 | €137,105 | -€51,185 | -27.2% |
| Amounts payable within one year | 42/48 | €111,001 | €114,821 | +€3,821 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €50,566 | €55,422 | +€4,857 | +9.6% |
| Trade debts | 44 | €1,598 | €949 | -€649 | -40.6% |
| Suppliers | 440/4 | €1,598 | €949 | -€649 | -40.6% |
| Taxes, remuneration and social security | 45 | €10,937 | €10,451 | -€486 | -4.4% |
| Taxes | 450/3 | €10,937 | €10,451 | -€486 | -4.4% |
| Other amounts payable | 47/48 | €47,900 | €47,998 | +€98 | +0.2% |
| Accrued charges and deferred income | 492/3 | - | €175 | +€175 | |
| Non-recurring operating income | 76A | €2,479 | - | -€2,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,152 | €21,523 | -€2,629 | -10.9% |
| Other operating charges | 640/8 | €2,471 | €2,524 | +€53 | +2.1% |
| Gross operating margin | 9900 | €64,104 | €95,183 | +€31,080 | +48.5% |
| Operating profit (loss) | 9901 | €37,480 | €71,136 | +€33,656 | +89.8% |
| Financial charges | 65/66B | €6,445 | €3,868 | -€2,577 | -40.0% |
| Recurring financial charges | 65 | €6,445 | €3,868 | -€2,577 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €31,035 | €67,268 | +€36,233 | +117% |
| Income taxes | 67/77 | €8,787 | €18,853 | +€10,066 | +115% |
| Profit (loss) for the period | 9904 | €22,248 | €48,415 | +€26,167 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €22,248 | €48,415 | +€26,167 | +118% |
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 7 November 2026 via checked.be.