PEXCO: 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.
PEXCO
Largest movements
- Cash +€33,305
up €33,305 (+40.5%), from €82,179 to €115,484
mainly Net result for the year (+€48,089) and Other debts (+€32,427)
- Receivables within one year +€4,485
up €4,485 (+25.2%), from €17,776 to €22,261
of which Other amounts receivable: +€2,859
- Tangible fixed assets -€1,718
down €1,718 (-6.3%), from €27,164 to €25,446
of which Plant, machinery and equipment: -€1,139
- Other debts +€32,427
up €32,427 (+36.1%), from €89,724 to €122,150
- Tax, wage and social debts +€4,754
up €4,754 (+30.6%), from €15,556 to €20,310
of which Remuneration and social security: +€2,400
- Profit (loss) carried forward -€1,826
no longer reported in 2025 (was €1,826)
- Gross operating margin +€19,994
up €19,994 (+42.2%), from €47,331 to €67,325
- Taxes +€4,549
up €4,549 (+55.4%), from €8,208 to €12,757
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 | €127,289 | €163,252 | +€35,964 | +28.3% |
| Fixed assets | 21/28 | €27,164 | €25,446 | -€1,718 | -6.3% |
| Tangible fixed assets | 22/27 | €27,164 | €25,446 | -€1,718 | -6.3% |
| Plant, machinery and equipment | 23 | €26,064 | €24,925 | -€1,139 | -4.4% |
| Furniture and vehicles | 24 | €1,101 | €521 | -€580 | -52.7% |
| Current assets | 29/58 | €100,124 | €137,807 | +€37,682 | +37.6% |
| Amounts receivable within one year | 40/41 | €17,776 | €22,261 | +€4,485 | +25.2% |
| Trade receivables | 40 | €14,641 | €16,267 | +€1,626 | +11.1% |
| Other amounts receivable | 41 | €3,135 | €5,994 | +€2,859 | +91.2% |
| Cash at bank and in hand | 54/58 | €82,179 | €115,484 | +€33,305 | +40.5% |
| Deferred charges and accrued income | 490/1 | €169 | €62 | -€108 | -63.6% |
| Total equity and liabilities | 10/49 | €127,289 | €163,252 | +€35,964 | +28.3% |
| Equity | 10/15 | €20,426 | €18,600 | -€1,826 | -8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,826 | - | -€1,826 | |
| Amounts payable | 17/49 | €106,863 | €144,652 | +€37,789 | +35.4% |
| Amounts payable within one year | 42/48 | €106,863 | €144,652 | +€37,789 | +35.4% |
| Financial debts | 43 | €191 | - | -€191 | |
| Credit institutions | 430/8 | €191 | - | -€191 | |
| Trade debts | 44 | €1,394 | €2,192 | +€799 | +57.3% |
| Suppliers | 440/4 | €1,394 | €2,192 | +€799 | +57.3% |
| Taxes, remuneration and social security | 45 | €15,556 | €20,310 | +€4,754 | +30.6% |
| Taxes | 450/3 | €15,556 | €17,910 | +€2,354 | +15.1% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €89,724 | €122,150 | +€32,427 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,367 | €5,752 | +€385 | +7.2% |
| Other operating charges | 640/8 | €480 | €656 | +€175 | +36.4% |
| Gross operating margin | 9900 | €47,331 | €67,325 | +€19,994 | +42.2% |
| Operating profit (loss) | 9901 | €41,484 | €60,918 | +€19,434 | +46.8% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €58 | €72 | +€14 | +24.0% |
| Recurring financial charges | 65 | €58 | €72 | +€14 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €41,427 | €60,846 | +€19,419 | +46.9% |
| Income taxes | 67/77 | €8,208 | €12,757 | +€4,549 | +55.4% |
| Profit (loss) for the period | 9904 | €33,219 | €48,089 | +€14,870 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,219 | €48,089 | +€14,870 | +44.8% |
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 1 October 2026 via checked.be.