PDN: 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.
PDN
Largest movements
- Cash -€147,392
down €147,392 (-85.5%), from €172,481 to €25,089
mainly Contributions, distributions and other (-€254,522) and Tax, wage and social debts (-€25,441)
- Current investments -€85,403
down €85,403 (-9.7%), from €879,929 to €794,526
- Reserves -€224,119
down €224,119 (-19.4%), from €1.2m to €929,146
- Tax, wage and social debts -€25,441
down €25,441 (-90.4%), from €28,128 to €2,688
- Gross operating margin -€257,647
down €257,647 (-85.1%), from €302,731 to €45,084
- Taxes -€84,475
down €84,475 (-85.5%), from €98,770 to €14,295
- Financial income +€6,569
up €6,569 (+39.1%), from €16,819 to €23,388
- Financial charges +€4,642
up €4,642 (+239.9%), from €1,935 to €6,576
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 | €1,211,891 | €967,395 | -€244,496 | -20.2% |
| Fixed assets | 21/28 | €111,512 | €101,085 | -€10,427 | -9.4% |
| Tangible fixed assets | 22/27 | €111,512 | €101,085 | -€10,427 | -9.4% |
| Furniture and vehicles | 24 | €42,369 | €31,181 | -€11,187 | -26.4% |
| Other tangible fixed assets | 26 | €69,143 | €69,903 | +€760 | +1.1% |
| Current assets | 29/58 | €1,100,379 | €866,310 | -€234,069 | -21.3% |
| Amounts receivable within one year | 40/41 | €41,523 | €41,566 | +€44 | +0.1% |
| Trade receivables | 40 | €40,792 | €21,003 | -€19,789 | -48.5% |
| Other amounts receivable | 41 | €731 | €20,563 | +€19,833 | +2713.8% |
| Current investments | 50/53 | €879,929 | €794,526 | -€85,403 | -9.7% |
| Cash at bank and in hand | 54/58 | €172,481 | €25,089 | -€147,392 | -85.5% |
| Deferred charges and accrued income | 490/1 | €6,446 | €5,129 | -€1,317 | -20.4% |
| Total equity and liabilities | 10/49 | €1,211,891 | €967,395 | -€244,496 | -20.2% |
| Equity | 10/15 | €1,171,865 | €947,746 | -€224,119 | -19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,153,265 | €929,146 | -€224,119 | -19.4% |
| Distributable reserves | 133 | €1,153,265 | €929,146 | -€224,119 | -19.4% |
| Amounts payable | 17/49 | €40,026 | €19,648 | -€20,377 | -50.9% |
| Amounts payable within one year | 42/48 | €39,980 | €15,482 | -€24,498 | -61.3% |
| Trade debts | 44 | €4,549 | €3,952 | -€597 | -13.1% |
| Suppliers | 440/4 | €4,549 | €3,952 | -€597 | -13.1% |
| Taxes, remuneration and social security | 45 | €28,128 | €2,688 | -€25,441 | -90.4% |
| Taxes | 450/3 | €28,128 | €2,688 | -€25,441 | -90.4% |
| Other amounts payable | 47/48 | €7,302 | €8,842 | +€1,540 | +21.1% |
| Accrued charges and deferred income | 492/3 | €46 | €4,167 | +€4,121 | +8958.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,997 | €15,225 | +€228 | +1.5% |
| Other operating charges | 640/8 | €2,005 | €1,972 | -€33 | -1.6% |
| Gross operating margin | 9900 | €302,731 | €45,084 | -€257,647 | -85.1% |
| Operating profit (loss) | 9901 | €285,729 | €27,887 | -€257,842 | -90.2% |
| Financial income | 75/76B | €16,819 | €23,388 | +€6,569 | +39.1% |
| Recurring financial income | 75 | €16,819 | €23,388 | +€6,569 | +39.1% |
| Financial charges | 65/66B | €1,935 | €6,576 | +€4,642 | +239.9% |
| Recurring financial charges | 65 | €1,935 | €6,576 | +€4,642 | +239.9% |
| Profit (loss) for the period before taxes | 9903 | €300,614 | €44,699 | -€255,915 | -85.1% |
| Income taxes | 67/77 | €98,770 | €14,295 | -€84,475 | -85.5% |
| Profit (loss) for the period | 9904 | €201,843 | €30,403 | -€171,440 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €201,843 | €30,403 | -€171,440 | -84.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.