PERSY: 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.
PERSY
Largest movements
- Tangible fixed assets +€569,106
up €569,106 (+36.7%), from €1.6m to €2.1m
of which Assets under construction and advance payments: +€595,478
- Receivables within one year -€91,185
down €91,185 (-47.9%), from €190,507 to €99,322
of which Trade receivables: -€91,185
- Other debts +€436,364
up €436,364 (+44.7%), from €976,771 to €1.4m
- Trade debts +€101,539
up €101,539 (+90.2%), from €112,550 to €214,089
- Profit (loss) carried forward -€57,213
down €57,213 (-3621.6%), from -€1,580 to -€58,793
- Tax, wage and social debts +€25,818
up €25,818 (+60.3%), from €42,806 to €68,624
- Debts after one year -€24,659
down €24,659 (-6.4%), from €384,936 to €360,276
- Gross operating margin -€233,633
down €233,633 (-96.3%), from €242,669 to €9,036
- Taxes -€54,353
no longer reported in 2025 (was €54,353)
- Other operating charges -€25,866
no longer reported in 2025 (was €25,866)
- Financial charges +€5,923
up €5,923 (+69.0%), from €8,580 to €14,503
- Financial income -€3,750
no longer reported in 2025 (was €3,750)
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 | €1,781,439 | €2,262,963 | +€481,524 | +27.0% |
| Fixed assets | 21/28 | €1,552,175 | €2,121,280 | +€569,106 | +36.7% |
| Tangible fixed assets | 22/27 | €1,551,830 | €2,120,936 | +€569,106 | +36.7% |
| Land and buildings | 22 | €473,140 | €447,442 | -€25,698 | -5.4% |
| Plant, machinery and equipment | 23 | €2,888 | €2,888 | = | 0.0% |
| Furniture and vehicles | 24 | €29,827 | €29,152 | -€675 | -2.3% |
| Assets under construction and advance payments | 27 | €1,045,976 | €1,641,455 | +€595,478 | +56.9% |
| Financial fixed assets | 28 | €344 | €344 | = | 0.0% |
| Current assets | 29/58 | €229,264 | €141,683 | -€87,581 | -38.2% |
| Amounts receivable after more than one year | 29 | €32,543 | €31,693 | -€850 | -2.6% |
| Other amounts receivable | 291 | €32,543 | €31,693 | -€850 | -2.6% |
| Amounts receivable within one year | 40/41 | €190,507 | €99,322 | -€91,185 | -47.9% |
| Trade receivables | 40 | €183,393 | €92,208 | -€91,185 | -49.7% |
| Other amounts receivable | 41 | €7,114 | €7,114 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,441 | €9,889 | +€4,447 | +81.7% |
| Deferred charges and accrued income | 490/1 | €773 | €779 | +€6 | +0.8% |
| Total equity and liabilities | 10/49 | €1,781,439 | €2,262,963 | +€481,524 | +27.0% |
| Equity | 10/15 | €235,406 | €178,193 | -€57,213 | -24.3% |
| Contributions | 10/11 | €236,986 | €236,986 | = | 0.0% |
| Capital | 10 | €236,986 | €236,986 | = | 0.0% |
| Issued capital | 100 | €236,986 | €236,986 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,580 | -€58,793 | -€57,213 | -3621.6% |
| Amounts payable | 17/49 | €1,546,033 | €2,084,770 | +€538,738 | +34.8% |
| Amounts payable after more than one year | 17 | €384,936 | €360,276 | -€24,659 | -6.4% |
| Financial debts | 170/4 | €384,936 | €360,276 | -€24,659 | -6.4% |
| Amounts payable within one year | 42/48 | €1,156,937 | €1,721,310 | +€564,373 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €23,772 | €24,659 | +€887 | +3.7% |
| Trade debts | 44 | €112,550 | €214,089 | +€101,539 | +90.2% |
| Suppliers | 440/4 | €112,550 | €214,089 | +€101,539 | +90.2% |
| Advances received on contracts in progress | 46 | €1,038 | €802 | -€236 | -22.7% |
| Taxes, remuneration and social security | 45 | €42,806 | €68,624 | +€25,818 | +60.3% |
| Taxes | 450/3 | €42,806 | €68,624 | +€25,818 | +60.3% |
| Other amounts payable | 47/48 | €976,771 | €1,413,135 | +€436,364 | +44.7% |
| Accrued charges and deferred income | 492/3 | €4,160 | €3,184 | -€976 | -23.5% |
| Non-recurring operating income | 76A | €150,671 | - | -€150,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,747 | €51,747 | +€0 | 0.0% |
| Other operating charges | 640/8 | €25,866 | - | -€25,866 | |
| Non-recurring operating charges | 66A | €315,884 | - | -€315,884 | |
| Gross operating margin | 9900 | €242,669 | €9,036 | -€233,633 | -96.3% |
| Operating profit (loss) | 9901 | -€150,827 | -€42,710 | +€108,117 | +71.7% |
| Financial income | 75/76B | €3,750 | - | -€3,750 | |
| Recurring financial income | 75 | €3,750 | - | -€3,750 | |
| Financial charges | 65/66B | €8,580 | €14,503 | +€5,923 | +69.0% |
| Recurring financial charges | 65 | €8,580 | €14,503 | +€5,923 | +69.0% |
| Profit (loss) for the period before taxes | 9903 | -€155,657 | -€57,213 | +€98,443 | +63.2% |
| Transfer from deferred taxes | 780 | €69,717 | - | -€69,717 | |
| Income taxes | 67/77 | €54,353 | - | -€54,353 | |
| Profit (loss) for the period | 9904 | -€140,293 | -€57,213 | +€83,079 | +59.2% |
| Transfer from tax-exempt reserves | 789 | €135,394 | - | -€135,394 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,899 | -€57,213 | -€52,315 | -1067.9% |
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 11 October 2026 via checked.be.