PF Finco: 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 Finco
Largest movements
- Financial fixed assets +€77.4m
up €77.4m (+54.1%), from €143.1m to €220.5m
- Debts after one year +€77.9m
up €77.9m (+65.3%), from €119.3m to €197.2m
- Short-term financial debts +€4.0m
up €4.0m (+24.7%), from €16.0m to €20.0m
- Profit (loss) carried forward -€3.7m
down €3.7m (-58.7%), from -€6.3m to -€9.9m
- Financial charges +€11.8m
up €11.8m (+98.6%), from €12.0m to €23.8m
- Financial income +€9.6m
up €9.6m (+89.2%), from €10.8m to €20.3m
- Taxes +€101,549
up €101,549 (+338%), from €30,000 to €131,549
- Other operating charges +€70,123
up €70,123 (+22,114%), from €317 to €70,440
- Gross operating margin -€11,872
down €11,872 (-22.3%), from -€53,227 to -€65,099
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 | €151,644,301 | €227,784,805 | +€76.1m | +50.2% |
| Fixed assets | 21/28 | €143,076,775 | €220,472,576 | +€77.4m | +54.1% |
| Financial fixed assets | 28 | €143,076,775 | €220,472,576 | +€77.4m | +54.1% |
| Current assets | 29/58 | €8,567,527 | €7,312,229 | -€1.3m | -14.7% |
| Amounts receivable within one year | 40/41 | €116,136 | €65,184 | -€50,953 | -43.9% |
| Other amounts receivable | 41 | €116,136 | €65,184 | -€50,953 | -43.9% |
| Cash at bank and in hand | 54/58 | €3,946,118 | €3,260,473 | -€685,646 | -17.4% |
| Deferred charges and accrued income | 490/1 | €4,505,272 | €3,986,573 | -€518,699 | -11.5% |
| Total equity and liabilities | 10/49 | €151,644,301 | €227,784,805 | +€76.1m | +50.2% |
| Equity | 10/15 | €13,738,733 | €10,062,610 | -€3.7m | -26.8% |
| Contributions | 10/11 | €20,000,000 | €20,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,261,267 | -€9,937,390 | -€3.7m | -58.7% |
| Amounts payable | 17/49 | €137,905,569 | €217,722,194 | +€79.8m | +57.9% |
| Amounts payable after more than one year | 17 | €119,295,123 | €197,186,921 | +€77.9m | +65.3% |
| Financial debts | 170/4 | €119,295,123 | €197,186,921 | +€77.9m | +65.3% |
| Amounts payable within one year | 42/48 | €16,027,465 | €20,095,730 | +€4.1m | +25.4% |
| Financial debts | 43 | €16,005,269 | €19,966,156 | +€4.0m | +24.7% |
| Other loans | 439 | €16,005,269 | €19,966,156 | +€4.0m | +24.7% |
| Trade debts | 44 | €22,196 | €79,574 | +€57,378 | +259% |
| Suppliers | 440/4 | €22,196 | €79,574 | +€57,378 | +259% |
| Taxes, remuneration and social security | 45 | - | €50,000 | +€50,000 | |
| Taxes | 450/3 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €2,582,981 | €439,543 | -€2.1m | -83.0% |
| Other operating charges | 640/8 | €317 | €70,440 | +€70,123 | +22,114% |
| Gross operating margin | 9900 | -€53,227 | -€65,099 | -€11,872 | -22.3% |
| Operating profit (loss) | 9901 | -€53,544 | -€135,539 | -€81,995 | -153% |
| Financial income | 75/76B | €10,756,561 | €20,346,904 | +€9.6m | +89.2% |
| Recurring financial income | 75 | €10,756,561 | €20,346,904 | +€9.6m | +89.2% |
| Financial charges | 65/66B | €11,961,005 | €23,755,939 | +€11.8m | +98.6% |
| Recurring financial charges | 65 | €11,961,005 | €23,755,939 | +€11.8m | +98.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,257,988 | -€3,544,573 | -€2.3m | -182% |
| Income taxes | 67/77 | €30,000 | €131,549 | +€101,549 | +338% |
| Profit (loss) for the period | 9904 | -€1,287,988 | -€3,676,122 | -€2.4m | -185% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,287,988 | -€3,676,122 | -€2.4m | -185% |
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 13 October 2026 via checked.be.