PDL CONCEPT: 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.
PDL CONCEPT
Largest movements
- Receivables within one year +€65,398
up €65,398 (+42.9%), from €152,387 to €217,785
of which Trade receivables: +€85,061
- Cash -€56,600
down €56,600 (-11.2%), from €506,156 to €449,556
mainly Advances received (-€95,430) and Receivables within one year (-€65,398)
- Reserves +€127,176
up €127,176 (+48.2%), from €263,830 to €391,006
- Advances received -€95,430
down €95,430 (-28.9%), from €330,348 to €234,918
- Trade debts -€50,954
down €50,954 (-17.7%), from €288,611 to €237,657
- Other debts +€36,565
up €36,565, from €0 to €36,565
- Debts after one year -€34,655
down €34,655 (-4.3%), from €814,623 to €779,968
- Gross operating margin +€279,069
up €279,069 (+260%), from €107,391 to €386,460
- Taxes +€83,815
up €83,815 (+6,938%), from €1,208 to €85,023
- Staff costs +€25,150
up €25,150 (+1,551%), from €1,621 to €26,771
- Financial charges +€12,323
up €12,323 (+82.2%), from €14,992 to €27,315
- Depreciation -€9,225
down €9,225 (-13.8%), from €66,777 to €57,552
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 | €2,201,105 | €2,226,498 | +€25,392 | +1.2% |
| Fixed assets | 21/28 | €959,144 | €965,078 | +€5,934 | +0.6% |
| Intangible fixed assets | 21 | €6,102 | €4,477 | -€1,625 | -26.6% |
| Tangible fixed assets | 22/27 | €953,042 | €960,601 | +€7,559 | +0.8% |
| Land and buildings | 22 | €898,445 | €885,206 | -€13,238 | -1.5% |
| Plant, machinery and equipment | 23 | €1,393 | €1,092 | -€301 | -21.6% |
| Furniture and vehicles | 24 | €35,019 | €62,617 | +€27,598 | +78.8% |
| Other tangible fixed assets | 26 | €18,185 | €11,685 | -€6,500 | -35.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,241,962 | €1,261,420 | +€19,458 | +1.6% |
| Stocks and contracts in progress | 3 | €583,074 | €592,229 | +€9,155 | +1.6% |
| Stocks | 30/36 | €583,074 | €592,229 | +€9,155 | +1.6% |
| Amounts receivable within one year | 40/41 | €152,387 | €217,785 | +€65,398 | +42.9% |
| Trade receivables | 40 | €66,321 | €151,381 | +€85,061 | +128% |
| Other amounts receivable | 41 | €86,066 | €66,404 | -€19,662 | -22.8% |
| Cash at bank and in hand | 54/58 | €506,156 | €449,556 | -€56,600 | -11.2% |
| Deferred charges and accrued income | 490/1 | €344 | €1,849 | +€1,505 | +437% |
| Total equity and liabilities | 10/49 | €2,201,105 | €2,226,498 | +€25,392 | +1.2% |
| Equity | 10/15 | €264,830 | €392,006 | +€127,176 | +48.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €263,830 | €391,006 | +€127,176 | +48.2% |
| Distributable reserves | 133 | €263,830 | €391,006 | +€127,176 | +48.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,936,276 | €1,834,492 | -€101,784 | -5.3% |
| Amounts payable after more than one year | 17 | €814,623 | €779,968 | -€34,655 | -4.3% |
| Financial debts | 170/4 | €814,623 | €779,968 | -€34,655 | -4.3% |
| Amounts payable within one year | 42/48 | €1,121,653 | €1,054,524 | -€67,129 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €67,585 | €80,355 | +€12,770 | +18.9% |
| Financial debts | 43 | €394,442 | €395,045 | +€603 | +0.2% |
| Credit institutions | 430/8 | €379,731 | €373,919 | -€5,813 | -1.5% |
| Other loans | 439 | €14,711 | €21,127 | +€6,416 | +43.6% |
| Trade debts | 44 | €288,611 | €237,657 | -€50,954 | -17.7% |
| Suppliers | 440/4 | €288,611 | €237,657 | -€50,954 | -17.7% |
| Advances received on contracts in progress | 46 | €330,348 | €234,918 | -€95,430 | -28.9% |
| Taxes, remuneration and social security | 45 | €40,667 | €69,984 | +€29,317 | +72.1% |
| Taxes | 450/3 | €39,865 | €63,741 | +€23,876 | +59.9% |
| Remuneration and social security | 454/9 | €802 | €6,243 | +€5,441 | +679% |
| Other amounts payable | 47/48 | €0 | €36,565 | +€36,565 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,621 | €26,771 | +€25,150 | +1,551% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,777 | €57,552 | -€9,225 | -13.8% |
| Other operating charges | 640/8 | €11,213 | €16,307 | +€5,094 | +45.4% |
| Gross operating margin | 9900 | €107,391 | €386,460 | +€279,069 | +260% |
| Operating profit (loss) | 9901 | €27,779 | €285,830 | +€258,051 | +929% |
| Financial income | 75/76B | €501 | €1,399 | +€897 | +179% |
| Recurring financial income | 75 | €501 | €1,399 | +€897 | +179% |
| Financial charges | 65/66B | €14,992 | €27,315 | +€12,323 | +82.2% |
| Recurring financial charges | 65 | €14,992 | €27,315 | +€12,323 | +82.2% |
| Profit (loss) for the period before taxes | 9903 | €13,289 | €259,913 | +€246,625 | +1,856% |
| Income taxes | 67/77 | €1,208 | €85,023 | +€83,815 | +6,938% |
| Profit (loss) for the period | 9904 | €12,081 | €174,890 | +€162,810 | +1,348% |
| Profit (loss) for the period to be appropriated | 9905 | €12,081 | €174,890 | +€162,810 | +1,348% |
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 14 October 2026 via checked.be.