PDL CONNECT: 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 CONNECT
Largest movements
- Receivables within one year +€88,405
up €88,405 (+82.5%), from €107,126 to €195,531
of which Trade receivables: +€70,657
- Cash +€11,930
up €11,930 (+152.3%), from €7,832 to €19,762
mainly Trade debts (+€65,423) and Net result for the year (+€36,485)
- Stocks and contracts -€10,502
down €10,502 (-29.1%), from €36,114 to €25,612
of which Stocks: -€6,502
- Trade debts +€65,423
up €65,423 (+249.5%), from €26,222 to €91,645
- Debts after one year -€26,796
down €26,796 (-22.8%), from €117,304 to €90,507
- Other debts +€25,500
new in 2025: €25,500
- Profit (loss) carried forward +€23,185
up €23,185, from -€23,171 to €14
- Short-term financial debts +€19,575
up €19,575 (+48.9%), from €40,020 to €59,595
- Gross operating margin +€105,169
up €105,169 (+65.0%), from €161,796 to €266,965
- Staff costs +€30,196
up €30,196 (+20.3%), from €148,929 to €179,124
- Taxes +€4,406
up €4,406 (+2749.7%), from €160 to €4,567
- Financial charges +€3,663
up €3,663 (+52.5%), from €6,981 to €10,644
- Write-downs +€3,095
up €3,095 (+781.7%), from €396 to €3,491
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 | €386,414 | €480,015 | +€93,601 | +24.2% |
| Fixed assets | 21/28 | €228,800 | €232,589 | +€3,789 | +1.7% |
| Tangible fixed assets | 22/27 | €228,800 | €232,589 | +€3,789 | +1.7% |
| Land and buildings | 22 | €179,300 | €199,192 | +€19,892 | +11.1% |
| Plant, machinery and equipment | 23 | €14,637 | €10,817 | -€3,821 | -26.1% |
| Furniture and vehicles | 24 | €34,862 | €22,580 | -€12,282 | -35.2% |
| Current assets | 29/58 | €157,614 | €247,426 | +€89,812 | +57.0% |
| Stocks and contracts in progress | 3 | €36,114 | €25,612 | -€10,502 | -29.1% |
| Stocks | 30/36 | €32,114 | €25,612 | -€6,502 | -20.2% |
| Contracts in progress | 37 | €4,000 | - | -€4,000 | |
| Amounts receivable within one year | 40/41 | €107,126 | €195,531 | +€88,405 | +82.5% |
| Trade receivables | 40 | €84,086 | €154,743 | +€70,657 | +84.0% |
| Other amounts receivable | 41 | €23,040 | €40,787 | +€17,748 | +77.0% |
| Cash at bank and in hand | 54/58 | €7,832 | €19,762 | +€11,930 | +152.3% |
| Deferred charges and accrued income | 490/1 | €6,543 | €6,522 | -€21 | -0.3% |
| Total equity and liabilities | 10/49 | €386,414 | €480,015 | +€93,601 | +24.2% |
| Equity | 10/15 | €141,554 | €152,539 | +€10,985 | +7.8% |
| Reserves | 13 | €164,725 | €152,525 | -€12,200 | -7.4% |
| Distributable reserves | 133 | €164,725 | €152,525 | -€12,200 | -7.4% |
| Profit (loss) carried forward | 14 | -€23,171 | €14 | +€23,185 | |
| Amounts payable | 17/49 | €244,860 | €327,476 | +€82,616 | +33.7% |
| Amounts payable after more than one year | 17 | €117,304 | €90,507 | -€26,796 | -22.8% |
| Financial debts | 170/4 | €117,304 | €90,507 | -€26,796 | -22.8% |
| Amounts payable within one year | 42/48 | €125,521 | €233,834 | +€108,313 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €28,419 | €26,796 | -€1,622 | -5.7% |
| Financial debts | 43 | €40,020 | €59,595 | +€19,575 | +48.9% |
| Credit institutions | 430/8 | €40,020 | €59,595 | +€19,575 | +48.9% |
| Trade debts | 44 | €26,222 | €91,645 | +€65,423 | +249.5% |
| Suppliers | 440/4 | €26,222 | €91,645 | +€65,423 | +249.5% |
| Taxes, remuneration and social security | 45 | €30,860 | €30,297 | -€563 | -1.8% |
| Taxes | 450/3 | €15,879 | €3,000 | -€12,879 | -81.1% |
| Remuneration and social security | 454/9 | €14,982 | €27,297 | +€12,316 | +82.2% |
| Other amounts payable | 47/48 | - | €25,500 | +€25,500 | |
| Accrued charges and deferred income | 492/3 | €2,035 | €3,135 | +€1,100 | +54.1% |
| Remuneration, social security and pensions | 62 | €148,929 | €179,124 | +€30,196 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,426 | €26,670 | +€1,244 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €396 | €3,491 | +€3,095 | +781.7% |
| Other operating charges | 640/8 | €3,261 | €5,999 | +€2,738 | +84.0% |
| Gross operating margin | 9900 | €161,796 | €266,965 | +€105,169 | +65.0% |
| Operating profit (loss) | 9901 | -€16,216 | €51,680 | +€67,896 | |
| Financial income | 75/76B | €1 | €16 | +€15 | +1525.8% |
| Recurring financial income | 75 | €1 | €16 | +€15 | +1525.8% |
| Financial charges | 65/66B | €6,981 | €10,644 | +€3,663 | +52.5% |
| Recurring financial charges | 65 | €6,981 | €10,644 | +€3,663 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | -€23,196 | €41,052 | +€64,248 | |
| Income taxes | 67/77 | €160 | €4,567 | +€4,406 | +2749.7% |
| Profit (loss) for the period | 9904 | -€23,357 | €36,485 | +€59,842 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,357 | €36,485 | +€59,842 |
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 12 October 2026 via checked.be.