PDL: 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.
PDL
Largest movements
- Deferred charges and accrued income -€12,477
no longer reported in 2025 (was €12,477)
- Tangible fixed assets -€11,539
down €11,539 (-5.3%), from €216,108 to €204,569
of which Land and buildings: -€11,432
- Stocks and contracts +€8,640
up €8,640 (+11.9%), from €72,610 to €81,250
- Debts after one year -€15,175
down €15,175 (-11.2%), from €136,024 to €120,849
- Current portion of long-term debt -€10,884
down €10,884 (-41.8%), from €26,060 to €15,176
- Trade debts -€10,673
down €10,673 (-9.0%), from €118,723 to €108,050
- Other debts +€10,017
up €10,017 (+20.0%), from €50,108 to €60,125
- Profit (loss) carried forward +€5,674
up €5,674 (+6.6%), from €85,705 to €91,379
- Gross operating margin -€12,512
down €12,512 (-4.2%), from €297,365 to €284,853
- Staff costs +€7,710
up €7,710 (+4.6%), from €166,906 to €174,616
- Taxes -€4,882
down €4,882 (-16.2%), from €30,216 to €25,334
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 | €464,813 | €446,753 | -€18,060 | -3.9% |
| Fixed assets | 21/28 | €216,108 | €204,569 | -€11,539 | -5.3% |
| Tangible fixed assets | 22/27 | €216,108 | €204,569 | -€11,539 | -5.3% |
| Land and buildings | 22 | €215,893 | €204,461 | -€11,432 | -5.3% |
| Other tangible fixed assets | 26 | €215 | €108 | -€107 | -49.8% |
| Current assets | 29/58 | €248,705 | €242,184 | -€6,521 | -2.6% |
| Stocks and contracts in progress | 3 | €72,610 | €81,250 | +€8,640 | +11.9% |
| Stocks | 30/36 | €72,610 | €81,250 | +€8,640 | +11.9% |
| Amounts receivable within one year | 40/41 | €27,521 | €24,182 | -€3,339 | -12.1% |
| Trade receivables | 40 | €11,281 | €7,415 | -€3,866 | -34.3% |
| Other amounts receivable | 41 | €16,240 | €16,767 | +€527 | +3.2% |
| Cash at bank and in hand | 54/58 | €136,097 | €136,752 | +€655 | +0.5% |
| Deferred charges and accrued income | 490/1 | €12,477 | - | -€12,477 | |
| Total equity and liabilities | 10/49 | €464,813 | €446,753 | -€18,060 | -3.9% |
| Equity | 10/15 | €93,765 | €99,439 | +€5,674 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €85,705 | €91,379 | +€5,674 | +6.6% |
| Amounts payable | 17/49 | €371,048 | €347,314 | -€23,734 | -6.4% |
| Amounts payable after more than one year | 17 | €136,024 | €120,849 | -€15,175 | -11.2% |
| Financial debts | 170/4 | €136,024 | €120,849 | -€15,175 | -11.2% |
| Amounts payable within one year | 42/48 | €235,024 | €226,465 | -€8,559 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €26,060 | €15,176 | -€10,884 | -41.8% |
| Trade debts | 44 | €118,723 | €108,050 | -€10,673 | -9.0% |
| Suppliers | 440/4 | €118,723 | €108,050 | -€10,673 | -9.0% |
| Taxes, remuneration and social security | 45 | €40,133 | €43,114 | +€2,981 | +7.4% |
| Taxes | 450/3 | €17,271 | €14,203 | -€3,068 | -17.8% |
| Remuneration and social security | 454/9 | €22,862 | €28,911 | +€6,049 | +26.5% |
| Other amounts payable | 47/48 | €50,108 | €60,125 | +€10,017 | +20.0% |
| Remuneration, social security and pensions | 62 | €166,906 | €174,616 | +€7,710 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,539 | €11,539 | = | 0.0% |
| Other operating charges | 640/8 | €2,866 | €2,354 | -€512 | -17.9% |
| Gross operating margin | 9900 | €297,365 | €284,853 | -€12,512 | -4.2% |
| Operating profit (loss) | 9901 | €116,054 | €96,344 | -€19,710 | -17.0% |
| Financial income | 75/76B | €687 | €748 | +€61 | +8.9% |
| Recurring financial income | 75 | €687 | €748 | +€61 | +8.9% |
| Financial charges | 65/66B | €7,399 | €6,084 | -€1,315 | -17.8% |
| Recurring financial charges | 65 | €7,399 | €6,084 | -€1,315 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €109,342 | €91,008 | -€18,334 | -16.8% |
| Income taxes | 67/77 | €30,216 | €25,334 | -€4,882 | -16.2% |
| Profit (loss) for the period | 9904 | €79,126 | €65,674 | -€13,452 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,126 | €65,674 | -€13,452 | -17.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.