PCDN: 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.
PCDN
Largest movements
- Receivables within one year -€556,293
down €556,293 (-77.7%), from €715,615 to €159,322
of which Other amounts receivable: -€556,293
- Current investments -€197,837
down €197,837 (-12.6%), from €1.6m to €1.4m
- Cash +€173,406
up €173,406 (+536.3%), from €32,331 to €205,737
mainly Receivables within one year (+€556,293) and Current investments (+€197,837)
- Financial fixed assets +€141,317
up €141,317 (+4.3%), from €3.3m to €3.4m
- Reserves -€607,496
down €607,496 (-18.1%), from €3.4m to €2.7m
of which Distributable reserves: -€607,496
- Other debts +€196,949
up €196,949 (+203.5%), from €96,797 to €293,746
- Financial charges +€210,436
up €210,436 (+42.6%), from €493,445 to €703,881
of which Non-recurring financial charges: +€223,153
- Financial income +€8,467
up €8,467 (+8.3%), from €101,951 to €110,418
of which Financial income: +€8,467
- Gross operating margin -€2,816
down €2,816 (-38.2%), from -€7,362 to -€10,178
- Other operating charges +€2,482
up €2,482 (+180.8%), from €1,373 to €3,855
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 | €5,851,214 | €5,414,387 | -€436,827 | -7.5% |
| Fixed assets | 21/28 | €3,273,470 | €3,414,787 | +€141,317 | +4.3% |
| Financial fixed assets | 28 | €3,273,470 | €3,414,787 | +€141,317 | +4.3% |
| Current assets | 29/58 | €2,577,745 | €1,999,600 | -€578,145 | -22.4% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €715,615 | €159,322 | -€556,293 | -77.7% |
| Trade receivables | 40 | €43,000 | €43,000 | = | 0.0% |
| Other amounts receivable | 41 | €672,615 | €116,322 | -€556,293 | -82.7% |
| Current investments | 50/53 | €1,574,847 | €1,377,010 | -€197,837 | -12.6% |
| Cash at bank and in hand | 54/58 | €32,331 | €205,737 | +€173,406 | +536.3% |
| Deferred charges and accrued income | 490/1 | €4,952 | €7,531 | +€2,579 | +52.1% |
| Total equity and liabilities | 10/49 | €5,851,214 | €5,414,387 | -€436,827 | -7.5% |
| Equity | 10/15 | €3,552,509 | €2,945,013 | -€607,496 | -17.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €3,352,509 | €2,745,013 | -€607,496 | -18.1% |
| Non-distributable reserves | 130/1 | €171,000 | €171,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Own shares acquired | 1312 | €151,000 | €151,000 | = | 0.0% |
| Distributable reserves | 133 | €3,181,509 | €2,574,013 | -€607,496 | -19.1% |
| Amounts payable | 17/49 | €2,298,705 | €2,469,374 | +€170,669 | +7.4% |
| Amounts payable after more than one year | 17 | €878,902 | €865,694 | -€13,208 | -1.5% |
| Financial debts | 170/4 | €878,902 | €865,694 | -€13,208 | -1.5% |
| Amounts payable within one year | 42/48 | €1,406,735 | €1,592,321 | +€185,586 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €12,987 | €13,208 | +€221 | +1.7% |
| Financial debts | 43 | €1,246,511 | €1,276,669 | +€30,157 | +2.4% |
| Credit institutions | 430/8 | €1,246,511 | €1,276,669 | +€30,157 | +2.4% |
| Trade debts | 44 | €6,781 | €8,698 | +€1,917 | +28.3% |
| Suppliers | 440/4 | €6,781 | €8,698 | +€1,917 | +28.3% |
| Taxes, remuneration and social security | 45 | €43,659 | €0 | -€43,659 | -100.0% |
| Taxes | 450/3 | €43,659 | €0 | -€43,659 | -100.0% |
| Other amounts payable | 47/48 | €96,797 | €293,746 | +€196,949 | +203.5% |
| Accrued charges and deferred income | 492/3 | €13,068 | €11,360 | -€1,708 | -13.1% |
| Other operating charges | 640/8 | €1,373 | €3,855 | +€2,482 | +180.8% |
| Gross operating margin | 9900 | -€7,362 | -€10,178 | -€2,816 | -38.2% |
| Operating profit (loss) | 9901 | -€8,735 | -€14,033 | -€5,298 | -60.6% |
| Financial income | 75/76B | €101,951 | €110,418 | +€8,467 | +8.3% |
| Recurring financial income | 75 | €101,951 | €110,418 | +€8,467 | +8.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €493,445 | €703,881 | +€210,436 | +42.6% |
| Recurring financial charges | 65 | €218,446 | €205,730 | -€12,716 | -5.8% |
| Non-recurring financial charges | 66B | €274,998 | €498,151 | +€223,153 | +81.1% |
| Profit (loss) for the period before taxes | 9903 | -€400,229 | -€607,496 | -€207,267 | -51.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€400,229 | -€607,496 | -€207,267 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€400,229 | -€607,496 | -€207,267 | -51.8% |
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 10 October 2026 via checked.be.