PCG: 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.
PCG
Largest movements
- Cash -€37,350
down €37,350 (-32.8%), from €113,883 to €76,533
mainly Contributions, distributions and other (-€70,000) and Trade debts (-€61,596)
- Tangible fixed assets -€20,791
down €20,791 (-28.7%), from €72,346 to €51,555
of which Furniture and vehicles: -€20,455
- Receivables within one year +€6,425
new in 2025: €6,425
- Deferred charges and accrued income -€5,051
no longer reported in 2025 (was €5,051)
- Trade debts -€61,596
down €61,596 (-94.2%), from €65,371 to €3,775
- Other debts +€39,030
up €39,030 (+113.6%), from €34,360 to €73,390
- Profit (loss) carried forward -€24,288
down €24,288 (-85.8%), from €28,310 to €4,022
- Debts after one year -€9,449
down €9,449 (-30.4%), from €31,087 to €21,638
- Current portion of long-term debt -€4,102
down €4,102 (-30.3%), from €13,552 to €9,450
- Gross operating margin +€32,264
up €32,264 (+68.6%), from €47,062 to €79,326
- Depreciation +€7,631
up €7,631 (+58.0%), from €13,161 to €20,792
- Taxes -€2,870
down €2,870 (-19.8%), from €14,518 to €11,648
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 | €191,280 | €134,513 | -€56,767 | -29.7% |
| Fixed assets | 21/28 | €72,346 | €51,555 | -€20,791 | -28.7% |
| Tangible fixed assets | 22/27 | €72,346 | €51,555 | -€20,791 | -28.7% |
| Plant, machinery and equipment | 23 | €1,055 | €719 | -€336 | -31.8% |
| Furniture and vehicles | 24 | €71,291 | €50,836 | -€20,455 | -28.7% |
| Current assets | 29/58 | €118,934 | €82,958 | -€35,976 | -30.2% |
| Amounts receivable within one year | 40/41 | - | €6,425 | +€6,425 | |
| Trade receivables | 40 | - | €6,425 | +€6,425 | |
| Cash at bank and in hand | 54/58 | €113,883 | €76,533 | -€37,350 | -32.8% |
| Deferred charges and accrued income | 490/1 | €5,051 | - | -€5,051 | |
| Total equity and liabilities | 10/49 | €191,280 | €134,513 | -€56,767 | -29.7% |
| Equity | 10/15 | €46,910 | €22,622 | -€24,288 | -51.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,310 | €4,022 | -€24,288 | -85.8% |
| Amounts payable | 17/49 | €144,370 | €111,891 | -€32,479 | -22.5% |
| Amounts payable after more than one year | 17 | €31,087 | €21,638 | -€9,449 | -30.4% |
| Financial debts | 170/4 | €31,087 | €21,638 | -€9,449 | -30.4% |
| Amounts payable within one year | 42/48 | €113,283 | €90,253 | -€23,030 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €13,552 | €9,450 | -€4,102 | -30.3% |
| Trade debts | 44 | €65,371 | €3,775 | -€61,596 | -94.2% |
| Suppliers | 440/4 | €65,371 | €3,775 | -€61,596 | -94.2% |
| Taxes, remuneration and social security | 45 | - | €3,638 | +€3,638 | |
| Taxes | 450/3 | - | €3,638 | +€3,638 | |
| Other amounts payable | 47/48 | €34,360 | €73,390 | +€39,030 | +113.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,161 | €20,792 | +€7,631 | +58.0% |
| Gross operating margin | 9900 | €47,062 | €79,326 | +€32,264 | +68.6% |
| Operating profit (loss) | 9901 | €33,901 | €58,534 | +€24,633 | +72.7% |
| Financial income | 75/76B | €32 | - | -€32 | |
| Recurring financial income | 75 | €32 | - | -€32 | |
| Financial charges | 65/66B | €455 | €1,174 | +€719 | +158.0% |
| Recurring financial charges | 65 | €455 | €1,174 | +€719 | +158.0% |
| Profit (loss) for the period before taxes | 9903 | €33,478 | €57,360 | +€23,882 | +71.3% |
| Income taxes | 67/77 | €14,518 | €11,648 | -€2,870 | -19.8% |
| Profit (loss) for the period | 9904 | €18,960 | €45,712 | +€26,752 | +141.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,960 | €45,712 | +€26,752 | +141.1% |
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 9 October 2026 via checked.be.