PCD: 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.
PCD
Largest movements
- Tangible fixed assets +€125,106
up €125,106 (+880.9%), from €14,201 to €139,307
of which Land and buildings: +€126,654
- Receivables within one year +€14,362
up €14,362 (+39.8%), from €36,123 to €50,485
of which Other amounts receivable: +€13,055
- Current investments +€10,500
new in 2025: €10,500
- Cash -€8,517
down €8,517 (-54.3%), from €15,683 to €7,166
mainly Investment in fixed assets (net) (-€130,576) and Receivables within one year (-€14,362)
- Debts after one year +€115,611
new in 2025: €115,611
- Reserves +€17,357
up €17,357 (+40.5%), from €42,853 to €60,210
- Current portion of long-term debt +€6,613
new in 2025: €6,613
- Tax, wage and social debts +€4,588
up €4,588 (+37.0%), from €12,396 to €16,984
- Other debts -€4,102
down €4,102 (-47.0%), from €8,721 to €4,618
- Other operating charges +€15,723
up €15,723 (+2165.1%), from €726 to €16,450
- Gross operating margin +€7,260
up €7,260 (+15.4%), from €47,107 to €54,367
- Taxes -€2,994
down €2,994 (-32.7%), from €9,156 to €6,162
- Depreciation +€2,328
up €2,328 (+74.1%), from €3,143 to €5,471
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 | €67,773 | €209,605 | +€141,833 | +209.3% |
| Fixed assets | 21/28 | €14,201 | €139,307 | +€125,106 | +880.9% |
| Tangible fixed assets | 22/27 | €14,201 | €139,307 | +€125,106 | +880.9% |
| Land and buildings | 22 | - | €126,654 | +€126,654 | |
| Furniture and vehicles | 24 | €8,707 | €8,916 | +€209 | +2.4% |
| Other tangible fixed assets | 26 | €5,495 | €3,737 | -€1,757 | -32.0% |
| Current assets | 29/58 | €53,571 | €70,299 | +€16,727 | +31.2% |
| Amounts receivable within one year | 40/41 | €36,123 | €50,485 | +€14,362 | +39.8% |
| Trade receivables | 40 | €15,887 | €17,194 | +€1,307 | +8.2% |
| Other amounts receivable | 41 | €20,237 | €33,292 | +€13,055 | +64.5% |
| Current investments | 50/53 | - | €10,500 | +€10,500 | |
| Cash at bank and in hand | 54/58 | €15,683 | €7,166 | -€8,517 | -54.3% |
| Deferred charges and accrued income | 490/1 | €1,765 | €2,148 | +€382 | +21.6% |
| Total equity and liabilities | 10/49 | €67,773 | €209,605 | +€141,833 | +209.3% |
| Equity | 10/15 | €45,853 | €63,210 | +€17,357 | +37.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €42,853 | €60,210 | +€17,357 | +40.5% |
| Distributable reserves | 133 | €42,853 | €60,210 | +€17,357 | +40.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,919 | €146,395 | +€124,476 | +567.9% |
| Amounts payable after more than one year | 17 | - | €115,611 | +€115,611 | |
| Financial debts | 170/4 | - | €115,611 | +€115,611 | |
| Amounts payable within one year | 42/48 | €21,360 | €29,031 | +€7,671 | +35.9% |
| Current portion of amounts payable after more than one year | 42 | - | €6,613 | +€6,613 | |
| Trade debts | 44 | €243 | €815 | +€573 | +235.7% |
| Suppliers | 440/4 | €243 | €815 | +€573 | +235.7% |
| Taxes, remuneration and social security | 45 | €12,396 | €16,984 | +€4,588 | +37.0% |
| Taxes | 450/3 | €12,396 | €16,984 | +€4,588 | +37.0% |
| Other amounts payable | 47/48 | €8,721 | €4,618 | -€4,102 | -47.0% |
| Accrued charges and deferred income | 492/3 | €560 | €1,754 | +€1,194 | +213.4% |
| Non-recurring operating income | 76A | - | €7,778 | +€7,778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,143 | €5,471 | +€2,328 | +74.1% |
| Other operating charges | 640/8 | €726 | €16,450 | +€15,723 | +2165.1% |
| Non-recurring operating charges | 66A | - | €2,135 | +€2,135 | |
| Gross operating margin | 9900 | €47,107 | €54,367 | +€7,260 | +15.4% |
| Operating profit (loss) | 9901 | €43,238 | €30,311 | -€12,928 | -29.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €7,197 | €6,792 | -€405 | -5.6% |
| Recurring financial charges | 65 | €7,197 | €6,792 | -€405 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €36,041 | €23,519 | -€12,522 | -34.7% |
| Income taxes | 67/77 | €9,156 | €6,162 | -€2,994 | -32.7% |
| Profit (loss) for the period | 9904 | €26,885 | €17,357 | -€9,528 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,885 | €17,357 | -€9,528 | -35.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.