PFA MANAGEMENT: 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.
PFA MANAGEMENT
Largest movements
- Tangible fixed assets -€45,005
down €45,005 (-6.5%), from €695,223 to €650,218
of which Land and buildings: -€44,495
- Receivables within one year +€21,335
up €21,335 (+46.7%), from €45,660 to €66,995
of which Other amounts receivable: +€21,657
- Debts after one year -€24,244
down €24,244 (-20.0%), from €121,188 to €96,944
- Gross operating margin -€27,220
down €27,220 (-32.5%), from €83,732 to €56,511
- Taxes -€8,505
down €8,505 (-79.7%), from €10,672 to €2,167
- Depreciation +€1,130
up €1,130 (+2.6%), from €43,875 to €45,005
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 | €761,397 | €739,215 | -€22,182 | -2.9% |
| Fixed assets | 21/28 | €695,223 | €650,218 | -€45,005 | -6.5% |
| Tangible fixed assets | 22/27 | €695,223 | €650,218 | -€45,005 | -6.5% |
| Land and buildings | 22 | €656,214 | €611,718 | -€44,495 | -6.8% |
| Furniture and vehicles | 24 | €509 | €0 | -€509 | -100.0% |
| Other tangible fixed assets | 26 | €38,500 | €38,500 | = | 0.0% |
| Current assets | 29/58 | €66,173 | €88,996 | +€22,823 | +34.5% |
| Amounts receivable within one year | 40/41 | €45,660 | €66,995 | +€21,335 | +46.7% |
| Trade receivables | 40 | €322 | €0 | -€322 | -100.0% |
| Other amounts receivable | 41 | €45,338 | €66,995 | +€21,657 | +47.8% |
| Cash at bank and in hand | 54/58 | €20,513 | €22,001 | +€1,488 | +7.3% |
| Total equity and liabilities | 10/49 | €761,397 | €739,215 | -€22,182 | -2.9% |
| Equity | 10/15 | €600,702 | €605,331 | +€4,629 | +0.8% |
| Contributions | 10/11 | €509,489 | €509,489 | = | 0.0% |
| Reserves | 13 | €91,213 | €95,842 | +€4,629 | +5.1% |
| Tax-exempt reserves | 132 | €37 | €37 | = | 0.0% |
| Distributable reserves | 133 | €91,175 | €95,805 | +€4,629 | +5.1% |
| Amounts payable | 17/49 | €160,695 | €133,884 | -€26,811 | -16.7% |
| Amounts payable after more than one year | 17 | €121,188 | €96,944 | -€24,244 | -20.0% |
| Financial debts | 170/4 | €121,188 | €96,944 | -€24,244 | -20.0% |
| Amounts payable within one year | 42/48 | €38,623 | €35,942 | -€2,681 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €23,367 | €24,244 | +€877 | +3.8% |
| Trade debts | 44 | €630 | €946 | +€316 | +50.1% |
| Suppliers | 440/4 | €630 | €946 | +€316 | +50.1% |
| Taxes, remuneration and social security | 45 | €9,672 | €7,167 | -€2,505 | -25.9% |
| Taxes | 450/3 | €9,672 | €7,167 | -€2,505 | -25.9% |
| Other amounts payable | 47/48 | €4,953 | €3,585 | -€1,369 | -27.6% |
| Accrued charges and deferred income | 492/3 | €884 | €998 | +€114 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,875 | €45,005 | +€1,130 | +2.6% |
| Other operating charges | 640/8 | €513 | €527 | +€14 | +2.8% |
| Gross operating margin | 9900 | €83,732 | €56,511 | -€27,220 | -32.5% |
| Operating profit (loss) | 9901 | €39,344 | €10,979 | -€28,365 | -72.1% |
| Financial income | 75/76B | €706 | €1,261 | +€555 | +78.7% |
| Recurring financial income | 75 | €706 | €1,261 | +€555 | +78.7% |
| Financial charges | 65/66B | €5,883 | €5,444 | -€439 | -7.5% |
| Recurring financial charges | 65 | €5,883 | €5,444 | -€439 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €34,167 | €6,796 | -€27,371 | -80.1% |
| Income taxes | 67/77 | €10,672 | €2,167 | -€8,505 | -79.7% |
| Profit (loss) for the period | 9904 | €23,495 | €4,629 | -€18,866 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,495 | €4,629 | -€18,866 | -80.3% |
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 11 October 2026 via checked.be.