PF CAR: 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.
PF CAR
Largest movements
- Cash +€26,344
up €26,344 (+174%), from €15,103 to €41,448
mainly Net result for the year (+€29,731) and Depreciation (+€23,863)
- Tangible fixed assets +€14,986
up €14,986 (+28.0%), from €53,544 to €68,530
of which Leasing and similar rights: +€18,333
- Receivables within one year -€14,195
down €14,195 (-24.0%), from €59,216 to €45,021
of which Other amounts receivable: -€14,135
- Intangible fixed assets -€7,500
down €7,500 (-66.7%), from €11,250 to €3,750
- Stocks and contracts +€4,373
up €4,373 (+51.0%), from €8,566 to €12,939
- Trade debts -€25,905
down €25,905 (-90.3%), from €28,673 to €2,768
- Other debts +€17,538
new in 2025: €17,538
- Tax, wage and social debts +€12,397
up €12,397 (+97.9%), from €12,661 to €25,058
of which Taxes: +€11,639
- Debts after one year +€7,947
up €7,947 (+34.4%), from €23,128 to €31,075
- Current portion of long-term debt +€7,540
up €7,540 (+76.2%), from €9,899 to €17,439
- Gross operating margin +€29,486
up €29,486 (+29.0%), from €101,692 to €131,179
- Depreciation +€5,444
up €5,444 (+29.6%), from €18,419 to €23,863
- Taxes +€5,333
up €5,333 (+244%), from €2,183 to €7,517
- Other operating charges -€1,573
down €1,573 (-26.8%), from €5,879 to €4,306
- Financial charges +€1,462
up €1,462 (+23.2%), from €6,298 to €7,760
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 | €149,183 | €173,377 | +€24,194 | +16.2% |
| Fixed assets | 21/28 | €64,794 | €72,280 | +€7,486 | +11.6% |
| Intangible fixed assets | 21 | €11,250 | €3,750 | -€7,500 | -66.7% |
| Tangible fixed assets | 22/27 | €53,544 | €68,530 | +€14,986 | +28.0% |
| Plant, machinery and equipment | 23 | €47,148 | €48,806 | +€1,658 | +3.5% |
| Furniture and vehicles | 24 | €6,397 | €1,391 | -€5,006 | -78.3% |
| Leasing and similar rights | 25 | - | €18,333 | +€18,333 | |
| Current assets | 29/58 | €84,388 | €101,097 | +€16,708 | +19.8% |
| Stocks and contracts in progress | 3 | €8,566 | €12,939 | +€4,373 | +51.0% |
| Stocks | 30/36 | €8,566 | €12,939 | +€4,373 | +51.0% |
| Amounts receivable within one year | 40/41 | €59,216 | €45,021 | -€14,195 | -24.0% |
| Trade receivables | 40 | €25,809 | €25,749 | -€60 | -0.2% |
| Other amounts receivable | 41 | €33,407 | €19,272 | -€14,135 | -42.3% |
| Cash at bank and in hand | 54/58 | €15,103 | €41,448 | +€26,344 | +174% |
| Deferred charges and accrued income | 490/1 | €1,503 | €1,689 | +€186 | +12.4% |
| Total equity and liabilities | 10/49 | €149,183 | €173,377 | +€24,194 | +16.2% |
| Equity | 10/15 | €74,822 | €79,499 | +€4,676 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,362 | €59,039 | +€4,676 | +8.6% |
| Amounts payable | 17/49 | €74,360 | €93,878 | +€19,518 | +26.2% |
| Amounts payable after more than one year | 17 | €23,128 | €31,075 | +€7,947 | +34.4% |
| Financial debts | 170/4 | €23,128 | €31,075 | +€7,947 | +34.4% |
| Amounts payable within one year | 42/48 | €51,233 | €62,803 | +€11,571 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €9,899 | €17,439 | +€7,540 | +76.2% |
| Trade debts | 44 | €28,673 | €2,768 | -€25,905 | -90.3% |
| Suppliers | 440/4 | €28,673 | €2,768 | -€25,905 | -90.3% |
| Taxes, remuneration and social security | 45 | €12,661 | €25,058 | +€12,397 | +97.9% |
| Taxes | 450/3 | €11,359 | €22,999 | +€11,639 | +102% |
| Remuneration and social security | 454/9 | €1,302 | €2,060 | +€758 | +58.2% |
| Other amounts payable | 47/48 | - | €17,538 | +€17,538 | |
| Remuneration, social security and pensions | 62 | €59,665 | €58,662 | -€1,003 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,419 | €23,863 | +€5,444 | +29.6% |
| Other operating charges | 640/8 | €5,879 | €4,306 | -€1,573 | -26.8% |
| Non-recurring operating charges | 66A | €5,400 | - | -€5,400 | |
| Gross operating margin | 9900 | €101,692 | €131,179 | +€29,486 | +29.0% |
| Operating profit (loss) | 9901 | €12,329 | €44,348 | +€32,018 | +260% |
| Financial income | 75/76B | €1,133 | €659 | -€474 | -41.8% |
| Recurring financial income | 75 | €1,133 | €659 | -€474 | -41.8% |
| Financial charges | 65/66B | €6,298 | €7,760 | +€1,462 | +23.2% |
| Recurring financial charges | 65 | €6,298 | €7,760 | +€1,462 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €7,164 | €37,247 | +€30,083 | +420% |
| Income taxes | 67/77 | €2,183 | €7,517 | +€5,333 | +244% |
| Profit (loss) for the period | 9904 | €4,981 | €29,731 | +€24,750 | +497% |
| Profit (loss) for the period to be appropriated | 9905 | €4,981 | €29,731 | +€24,750 | +497% |
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 20 October 2026 via checked.be.