PF INVEST: 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 INVEST
Largest movements
- Cash +€14,994
up €14,994 (+14.0%), from €106,892 to €121,886
mainly Net result for the year (+€14,662) and Depreciation (+€9,612)
- Tangible fixed assets -€9,612
down €9,612 (-16.4%), from €58,709 to €49,096
- Other debts -€14,971
down €14,971 (-18.4%), from €81,454 to €66,483
- Reserves +€14,662
up €14,662 (+40.8%), from €35,977 to €50,639
of which Distributable reserves: +€14,662
- Trade debts +€5,764
up €5,764 (+259%), from €2,222 to €7,986
- Gross operating margin -€14,316
down €14,316 (-28.9%), from €49,489 to €35,173
- Depreciation -€11,293
down €11,293 (-54.0%), from €20,905 to €9,612
- Financial charges -€4,006
down €4,006 (-41.1%), from €9,748 to €5,743
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 | €237,268 | €243,439 | +€6,171 | +2.6% |
| Fixed assets | 21/28 | €58,727 | €49,115 | -€9,612 | -16.4% |
| Tangible fixed assets | 22/27 | €58,709 | €49,096 | -€9,612 | -16.4% |
| Land and buildings | 22 | €58,709 | €49,096 | -€9,612 | -16.4% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €178,541 | €194,324 | +€15,783 | +8.8% |
| Amounts receivable within one year | 40/41 | €63,246 | €63,246 | = | 0.0% |
| Other amounts receivable | 41 | €63,246 | €63,246 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €106,892 | €121,886 | +€14,994 | +14.0% |
| Deferred charges and accrued income | 490/1 | €8,403 | €9,192 | +€789 | +9.4% |
| Total equity and liabilities | 10/49 | €237,268 | €243,439 | +€6,171 | +2.6% |
| Equity | 10/15 | €140,892 | €155,554 | +€14,662 | +10.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €35,977 | €50,639 | +€14,662 | +40.8% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €25,977 | €40,639 | +€14,662 | +56.4% |
| Profit (loss) carried forward | 14 | €4,915 | €4,915 | = | 0.0% |
| Amounts payable | 17/49 | €96,376 | €87,885 | -€8,492 | -8.8% |
| Amounts payable within one year | 42/48 | €87,899 | €78,955 | -€8,944 | -10.2% |
| Trade debts | 44 | €2,222 | €7,986 | +€5,764 | +259% |
| Suppliers | 440/4 | €2,222 | €7,986 | +€5,764 | +259% |
| Taxes, remuneration and social security | 45 | €4,223 | €4,486 | +€263 | +6.2% |
| Taxes | 450/3 | €4,223 | €4,486 | +€263 | +6.2% |
| Other amounts payable | 47/48 | €81,454 | €66,483 | -€14,971 | -18.4% |
| Accrued charges and deferred income | 492/3 | €8,477 | €8,929 | +€452 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,905 | €9,612 | -€11,293 | -54.0% |
| Other operating charges | 640/8 | €3,577 | €3,689 | +€112 | +3.1% |
| Gross operating margin | 9900 | €49,489 | €35,173 | -€14,316 | -28.9% |
| Operating profit (loss) | 9901 | €25,007 | €21,871 | -€3,135 | -12.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -99.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -99.0% |
| Financial charges | 65/66B | €9,748 | €5,743 | -€4,006 | -41.1% |
| Recurring financial charges | 65 | €9,748 | €5,743 | -€4,006 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €15,260 | €16,129 | +€869 | +5.7% |
| Income taxes | 67/77 | €1,387 | €1,466 | +€79 | +5.7% |
| Profit (loss) for the period | 9904 | €13,872 | €14,662 | +€790 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,872 | €14,662 | +€790 | +5.7% |
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 30 October 2026 via checked.be.