PD: 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.
PD
Largest movements
- Receivables within one year -€99,809
down €99,809 (-41.9%), from €238,390 to €138,581
of which Trade receivables: -€101,230
- Financial fixed assets -€42,000
down €42,000 (-100.0%), from €42,000 to €0
- Cash -€12,182
down €12,182 (-34.2%), from €35,571 to €23,389
mainly Contributions, distributions and other (-€366,971) and Tax, wage and social debts (-€28,935)
- Intangible fixed assets -€9,600
down €9,600 (-16.3%), from €58,821 to €49,221
- Tangible fixed assets -€4,775
down €4,775 (-10.8%), from €44,298 to €39,523
of which Other tangible fixed assets: -€2,924
- Reserves -€271,294
down €271,294 (-100.0%), from €271,294 to €0
- Other debts +€142,754
up €142,754, from €0 to €142,754
- Tax, wage and social debts -€28,935
down €28,935 (-39.4%), from €73,519 to €44,584
of which Taxes: -€28,935
- Debts after one year -€17,013
down €17,013 (-31.3%), from €54,298 to €37,285
- Current portion of long-term debt +€6,669
up €6,669 (+40.0%), from €16,679 to €23,348
- Gross operating margin +€11,806
up €11,806 (+8.6%), from €137,229 to €149,035
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 | €421,489 | €253,409 | -€168,081 | -39.9% |
| Fixed assets | 21/28 | €145,119 | €88,743 | -€56,375 | -38.8% |
| Intangible fixed assets | 21 | €58,821 | €49,221 | -€9,600 | -16.3% |
| Tangible fixed assets | 22/27 | €44,298 | €39,523 | -€4,775 | -10.8% |
| Land and buildings | 22 | €30,000 | €30,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,226 | €4,480 | +€253 | +6.0% |
| Furniture and vehicles | 24 | €4,381 | €2,277 | -€2,104 | -48.0% |
| Other tangible fixed assets | 26 | €5,691 | €2,766 | -€2,924 | -51.4% |
| Financial fixed assets | 28 | €42,000 | €0 | -€42,000 | -100.0% |
| Current assets | 29/58 | €276,371 | €164,665 | -€111,705 | -40.4% |
| Amounts receivable within one year | 40/41 | €238,390 | €138,581 | -€99,809 | -41.9% |
| Trade receivables | 40 | €135,079 | €33,848 | -€101,230 | -74.9% |
| Other amounts receivable | 41 | €103,312 | €104,733 | +€1,421 | +1.4% |
| Cash at bank and in hand | 54/58 | €35,571 | €23,389 | -€12,182 | -34.2% |
| Deferred charges and accrued income | 490/1 | €2,409 | €2,695 | +€286 | +11.9% |
| Total equity and liabilities | 10/49 | €421,489 | €253,409 | -€168,081 | -39.9% |
| Equity | 10/15 | €276,294 | €5,000 | -€271,294 | -98.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €271,294 | €0 | -€271,294 | -100.0% |
| Distributable reserves | 133 | €271,294 | €0 | -€271,294 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €145,195 | €248,409 | +€103,213 | +71.1% |
| Amounts payable after more than one year | 17 | €54,298 | €37,285 | -€17,013 | -31.3% |
| Financial debts | 170/4 | €54,298 | €37,285 | -€17,013 | -31.3% |
| Amounts payable within one year | 42/48 | €90,898 | €211,035 | +€120,138 | +132.2% |
| Current portion of amounts payable after more than one year | 42 | €16,679 | €23,348 | +€6,669 | +40.0% |
| Trade debts | 44 | €700 | €350 | -€350 | -50.0% |
| Suppliers | 440/4 | €700 | €350 | -€350 | -50.0% |
| Taxes, remuneration and social security | 45 | €73,519 | €44,584 | -€28,935 | -39.4% |
| Taxes | 450/3 | €72,019 | €43,084 | -€28,935 | -40.2% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €142,754 | +€142,754 | |
| Accrued charges and deferred income | 492/3 | €0 | €89 | +€89 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,768 | €17,389 | +€621 | +3.7% |
| Other operating charges | 640/8 | €687 | €705 | +€18 | +2.7% |
| Gross operating margin | 9900 | €137,229 | €149,035 | +€11,806 | +8.6% |
| Operating profit (loss) | 9901 | €119,773 | €130,940 | +€11,167 | +9.3% |
| Financial income | 75/76B | €5,771 | €5,030 | -€741 | -12.8% |
| Recurring financial income | 75 | €5,771 | €5,030 | -€741 | -12.8% |
| Financial charges | 65/66B | €6,310 | €6,964 | +€654 | +10.4% |
| Recurring financial charges | 65 | €6,310 | €6,964 | +€654 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €119,235 | €129,007 | +€9,772 | +8.2% |
| Income taxes | 67/77 | €33,166 | €33,330 | +€164 | +0.5% |
| Profit (loss) for the period | 9904 | €86,069 | €95,677 | +€9,608 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,069 | €95,677 | +€9,608 | +11.2% |
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.