PF Group: 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.
What changed
PF Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€812,258
2024 · €995,615-€1.8m
Equity
€93.0m
2024 · €79.5m+€13.5m
Cash
€27,905
2024 · €37,652-€9,747
Balance sheet total
€181.6m
2024 · €168.6m+€13.0m
Largest movements
Assets
- Financial fixed assets +€14.5m
up €14.5m (+8.8%), from €164.8m to €179.3m
of which Affiliated companies: +€14.5m
Equity and liabilities
- Contributions +€14.3m
up €14.3m (+17.1%), from €83.8m to €98.1m
- Accrued charges and deferred income -€2.2m
down €2.2m (-85.2%), from €2.5m to €377,272
Income statement
- Services and other goods +€1.9m
up €1.9m (+124%), from €1.5m to €3.4m
- Financial income +€70,234
up €70,234 (+1.4%), from €5.1m to €5.1m
- Financial charges +€59,703
up €59,703 (+1.4%), from €4.4m to €4.4m
- Turnover +€57,777
up €57,777 (+3.2%), from €1.8m to €1.9m
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.
Result 2024
€995,615
Turnover
+€57,777
Services and other goods
-€1.9m
Other operating charges
-€130
Financial income
+€70,234
Financial charges
-€59,703
Result 2025
-€812,258
raises the resultlowers the result
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.
From operations
+€166,767
Investment
-€14.5m
Financing
+€14.3m
Cash 2024
€37,652
From operations (derived)
+€166,767
Net result for the year
-€812,258
Receivables within one year
+€1.5m
Smaller working-capital items
+€19,079
Trade debts
+€1.7m
Accrued charges and deferred income
-€2.2m
Investment (derived)
-€14.5m
Investment in fixed assets (net)
-€14.5m
Financing
+€14.3m
Contributions, distributions and other
+€14.3m
Cash 2025
€27,905
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €168,578,142 | €181,581,634 | +€13.0m | +7.7% |
| Fixed assets | 21/28 | €164,832,045 | €179,326,059 | +€14.5m | +8.8% |
| Financial fixed assets | 28 | €164,832,045 | €179,326,059 | +€14.5m | +8.8% |
| Affiliated companies | 280/1 | €164,814,545 | €179,308,559 | +€14.5m | +8.8% |
| Participating interests | 280 | €164,814,545 | €179,308,559 | +€14.5m | +8.8% |
| Other financial fixed assets | 284/8 | €17,500 | €17,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €17,500 | €17,500 | = | 0.0% |
| Current assets | 29/58 | €3,746,097 | €2,255,574 | -€1.5m | -39.8% |
| Amounts receivable within one year | 40/41 | €3,652,322 | €2,199,983 | -€1.5m | -39.8% |
| Trade receivables | 40 | - | €191,574 | +€191,574 | |
| Other amounts receivable | 41 | €3,652,322 | €2,008,410 | -€1.6m | -45.0% |
| Cash at bank and in hand | 54/58 | €37,652 | €27,905 | -€9,747 | -25.9% |
| Deferred charges and accrued income | 490/1 | €56,123 | €27,686 | -€28,437 | -50.7% |
| Total equity and liabilities | 10/49 | €168,578,142 | €181,581,634 | +€13.0m | +7.7% |
| Equity | 10/15 | €79,479,141 | €92,984,383 | +€13.5m | +17.0% |
| Contributions | 10/11 | €83,778,675 | €98,096,175 | +€14.3m | +17.1% |
| Profit (loss) carried forward | 14 | -€4,299,534 | -€5,111,792 | -€812,258 | -18.9% |
| Amounts payable | 17/49 | €89,099,001 | €88,597,251 | -€501,750 | -0.6% |
| Amounts payable after more than one year | 17 | €86,353,500 | €86,353,500 | = | 0.0% |
| Financial debts | 170/4 | €86,353,500 | €86,353,500 | = | 0.0% |
| Other loans | 174 | €86,353,500 | €86,353,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €195,932 | €1,866,479 | +€1.7m | +853% |
| Trade debts | 44 | €159,679 | €1,839,584 | +€1.7m | +1,052% |
| Suppliers | 440/4 | €159,679 | €1,839,584 | +€1.7m | +1,052% |
| Taxes, remuneration and social security | 45 | €36,253 | €26,895 | -€9,358 | -25.8% |
| Taxes | 450/3 | €36,253 | €26,895 | -€9,358 | -25.8% |
| Accrued charges and deferred income | 492/3 | €2,549,569 | €377,272 | -€2.2m | -85.2% |
| Operating income | 70/76A | €1,828,674 | €1,886,451 | +€57,777 | +3.2% |
| Turnover | 70 | €1,828,674 | €1,886,451 | +€57,777 | +3.2% |
| Operating charges | 60/66A | €1,517,439 | €3,393,620 | +€1.9m | +124% |
| Services and other goods | 61 | €1,516,846 | €3,392,897 | +€1.9m | +124% |
| Other operating charges | 640/8 | €593 | €723 | +€130 | +22.0% |
| Operating profit (loss) | 9901 | €311,236 | -€1,507,168 | -€1.8m | |
| Financial income | 75/76B | €5,055,087 | €5,125,321 | +€70,234 | +1.4% |
| Recurring financial income | 75 | €5,055,087 | €5,125,321 | +€70,234 | +1.4% |
| Income from financial fixed assets | 750 | €5,051,641 | €5,125,321 | +€73,680 | +1.5% |
| Other financial income | 752/9 | €3,447 | - | -€3,447 | |
| Financial charges | 65/66B | €4,370,708 | €4,430,411 | +€59,703 | +1.4% |
| Recurring financial charges | 65 | €4,370,708 | €4,430,411 | +€59,703 | +1.4% |
| Debt charges | 650 | €4,368,130 | €4,428,798 | +€60,669 | +1.4% |
| Other financial charges | 652/9 | €2,579 | €1,613 | -€966 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €995,615 | -€812,258 | -€1.8m | |
| Profit (loss) for the period | 9904 | €995,615 | -€812,258 | -€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €995,615 | -€812,258 | -€1.8m |
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 14 October 2026 via checked.be.