PDG 52: 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.
PDG 52
Largest movements
- Cash +€106,998
up €106,998 (+194%), from €55,295 to €162,294
mainly Net result for the year (+€58,004) and Receivables within one year (+€49,614)
- Receivables within one year -€49,614
down €49,614 (-78.9%), from €62,915 to €13,301
of which Trade receivables: -€60,523
- Tangible fixed assets -€3,853
down €3,853 (-8.0%), from €48,210 to €44,357
of which Land and buildings: -€3,174
- Reserves +€29,400
up €29,400 (+20.5%), from €143,517 to €172,917
of which Distributable reserves: +€31,259
- Other debts +€26,179
up €26,179 (+2,642%), from €991 to €27,170
- Gross operating margin +€43,869
up €43,869 (+98.0%), from €44,787 to €88,656
- Taxes +€12,744
up €12,744 (+96.5%), from €13,208 to €25,952
- Financial income -€1,512
down €1,512 (-53.6%), from €2,824 to €1,311
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.
Derived cash bridge
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 | €166,849 | €220,254 | +€53,405 | +32.0% |
| Fixed assets | 21/28 | €48,248 | €44,357 | -€3,891 | -8.1% |
| Tangible fixed assets | 22/27 | €48,210 | €44,357 | -€3,853 | -8.0% |
| Land and buildings | 22 | €46,615 | €43,442 | -€3,174 | -6.8% |
| Plant, machinery and equipment | 23 | €1,595 | €915 | -€680 | -42.6% |
| Financial fixed assets | 28 | €37 | - | -€37 | |
| Current assets | 29/58 | €118,601 | €175,897 | +€57,296 | +48.3% |
| Amounts receivable within one year | 40/41 | €62,915 | €13,301 | -€49,614 | -78.9% |
| Trade receivables | 40 | €60,523 | - | -€60,523 | |
| Other amounts receivable | 41 | €2,392 | €13,301 | +€10,909 | +456% |
| Cash at bank and in hand | 54/58 | €55,295 | €162,294 | +€106,998 | +194% |
| Deferred charges and accrued income | 490/1 | €391 | €302 | -€89 | -22.7% |
| Total equity and liabilities | 10/49 | €166,849 | €220,254 | +€53,405 | +32.0% |
| Equity | 10/15 | €162,129 | €191,533 | +€29,404 | +18.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €143,517 | €172,917 | +€29,400 | +20.5% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €141,658 | €172,917 | +€31,259 | +22.1% |
| Profit (loss) carried forward | 14 | €20 | €24 | +€4 | +22.5% |
| Amounts payable | 17/49 | €4,720 | €28,721 | +€24,001 | +508% |
| Amounts payable within one year | 42/48 | €4,602 | €28,600 | +€23,998 | +521% |
| Trade debts | 44 | €67 | - | -€67 | |
| Suppliers | 440/4 | €67 | - | -€67 | |
| Taxes, remuneration and social security | 45 | €3,543 | €1,430 | -€2,113 | -59.6% |
| Taxes | 450/3 | €3,543 | €1,430 | -€2,113 | -59.6% |
| Other amounts payable | 47/48 | €991 | €27,170 | +€26,179 | +2,642% |
| Accrued charges and deferred income | 492/3 | €118 | €121 | +€2 | +2.0% |
| Non-recurring operating income | 76A | €1,750 | - | -€1,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,085 | €3,853 | -€231 | -5.7% |
| Other operating charges | 640/8 | €1,823 | €2,060 | +€237 | +13.0% |
| Gross operating margin | 9900 | €44,787 | €88,656 | +€43,869 | +98.0% |
| Operating profit (loss) | 9901 | €38,879 | €82,743 | +€43,864 | +113% |
| Financial income | 75/76B | €2,824 | €1,311 | -€1,512 | -53.6% |
| Recurring financial income | 75 | €2,824 | €1,311 | -€1,512 | -53.6% |
| Financial charges | 65/66B | €367 | €98 | -€269 | -73.4% |
| Recurring financial charges | 65 | €367 | €98 | -€269 | -73.4% |
| Profit (loss) for the period before taxes | 9903 | €41,336 | €83,956 | +€42,620 | +103% |
| Income taxes | 67/77 | €13,208 | €25,952 | +€12,744 | +96.5% |
| Profit (loss) for the period | 9904 | €28,128 | €58,004 | +€29,877 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €28,128 | €58,004 | +€29,877 | +106% |
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 19 October 2026 via checked.be.