PFA-Trade: 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-Trade
Largest movements
- Cash -€20,380
down €20,380 (-29.3%), from €69,588 to €49,208
mainly Contributions, distributions and other (-€100,000) and Investment in fixed assets (net) (-€44,833)
- Receivables within one year +€20,124
up €20,124 (+10.9%), from €184,418 to €204,542
of which Trade receivables: +€18,425
- Tangible fixed assets -€10,688
down €10,688 (-5.5%), from €193,565 to €182,877
of which Other tangible fixed assets: -€11,915
- Intangible fixed assets -€7,500
down €7,500 (-38.7%), from €19,375 to €11,875
- Reserves -€59,696
down €59,696 (-28.7%), from €208,164 to €148,467
- Other debts +€50,788
up €50,788 (+53.3%), from €95,250 to €146,038
- Debts after one year -€7,541
down €7,541 (-10.4%), from €72,755 to €65,214
- Tax, wage and social debts -€6,885
down €6,885 (-11.6%), from €59,143 to €52,258
of which Taxes: -€4,534
- Gross operating margin -€22,208
down €22,208 (-6.5%), from €342,203 to €319,995
- Staff costs -€17,413
down €17,413 (-9.5%), from €183,124 to €165,712
- Taxes -€7,399
down €7,399 (-42.6%), from €17,353 to €9,954
- Financial income -€6,986
down €6,986 (-92.3%), from €7,566 to €580
of which Financial income: -€7,173
- Depreciation +€6,327
up €6,327 (+11.2%), from €56,693 to €63,021
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 | €556,360 | €536,386 | -€19,974 | -3.6% |
| Fixed assets | 21/28 | €216,915 | €198,727 | -€18,188 | -8.4% |
| Intangible fixed assets | 21 | €19,375 | €11,875 | -€7,500 | -38.7% |
| Tangible fixed assets | 22/27 | €193,565 | €182,877 | -€10,688 | -5.5% |
| Plant, machinery and equipment | 23 | €37,444 | €35,256 | -€2,188 | -5.8% |
| Furniture and vehicles | 24 | €8,098 | €9,884 | +€1,786 | +22.1% |
| Leasing and similar rights | 25 | €60,203 | €61,832 | +€1,629 | +2.7% |
| Other tangible fixed assets | 26 | €87,819 | €75,905 | -€11,915 | -13.6% |
| Financial fixed assets | 28 | €3,975 | €3,975 | = | 0.0% |
| Current assets | 29/58 | €339,445 | €337,660 | -€1,786 | -0.5% |
| Stocks and contracts in progress | 3 | €81,986 | €79,994 | -€1,993 | -2.4% |
| Stocks | 30/36 | €81,986 | €79,994 | -€1,993 | -2.4% |
| Amounts receivable within one year | 40/41 | €184,418 | €204,542 | +€20,124 | +10.9% |
| Trade receivables | 40 | €181,071 | €199,496 | +€18,425 | +10.2% |
| Other amounts receivable | 41 | €3,347 | €5,046 | +€1,699 | +50.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €69,588 | €49,208 | -€20,380 | -29.3% |
| Deferred charges and accrued income | 490/1 | €3,453 | €3,916 | +€463 | +13.4% |
| Total equity and liabilities | 10/49 | €556,360 | €536,386 | -€19,974 | -3.6% |
| Equity | 10/15 | €228,916 | €168,467 | -€60,448 | -26.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €208,164 | €148,467 | -€59,696 | -28.7% |
| Distributable reserves | 133 | €208,164 | €148,467 | -€59,696 | -28.7% |
| Profit (loss) carried forward | 14 | €752 | €0 | -€752 | -100% |
| Amounts payable | 17/49 | €327,444 | €367,919 | +€40,475 | +12.4% |
| Amounts payable after more than one year | 17 | €72,755 | €65,214 | -€7,541 | -10.4% |
| Financial debts | 170/4 | €72,755 | €65,214 | -€7,541 | -10.4% |
| Amounts payable within one year | 42/48 | €254,689 | €300,705 | +€46,016 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €29,921 | €30,134 | +€212 | +0.7% |
| Financial debts | 43 | €3,384 | €5,061 | +€1,677 | +49.6% |
| Credit institutions | 430/8 | €3,384 | €5,061 | +€1,677 | +49.6% |
| Trade debts | 44 | €66,991 | €67,215 | +€224 | +0.3% |
| Suppliers | 440/4 | €66,991 | €67,215 | +€224 | +0.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €59,143 | €52,258 | -€6,885 | -11.6% |
| Taxes | 450/3 | €26,343 | €21,809 | -€4,534 | -17.2% |
| Remuneration and social security | 454/9 | €32,800 | €30,449 | -€2,351 | -7.2% |
| Other amounts payable | 47/48 | €95,250 | €146,038 | +€50,788 | +53.3% |
| Accrued charges and deferred income | 492/3 | €0 | €2,000 | +€2,000 | |
| Non-recurring operating income | 76A | - | €13,143 | +€13,143 | |
| Remuneration, social security and pensions | 62 | €183,124 | €165,712 | -€17,413 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,693 | €63,021 | +€6,327 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,086 | +€2,086 | |
| Other operating charges | 640/8 | €5,891 | €9,436 | +€3,545 | +60.2% |
| Non-recurring operating charges | 66A | - | €3,787 | +€3,787 | |
| Gross operating margin | 9900 | €342,203 | €319,995 | -€22,208 | -6.5% |
| Operating profit (loss) | 9901 | €96,495 | €75,954 | -€20,540 | -21.3% |
| Financial income | 75/76B | €7,566 | €580 | -€6,986 | -92.3% |
| Recurring financial income | 75 | €7,566 | €393 | -€7,173 | -94.8% |
| Non-recurring financial income | 76B | - | €187 | +€187 | |
| Financial charges | 65/66B | €28,544 | €27,028 | -€1,515 | -5.3% |
| Recurring financial charges | 65 | €28,544 | €27,028 | -€1,515 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €75,517 | €49,506 | -€26,011 | -34.4% |
| Income taxes | 67/77 | €17,353 | €9,954 | -€7,399 | -42.6% |
| Profit (loss) for the period | 9904 | €58,164 | €39,552 | -€18,612 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,164 | €39,552 | -€18,612 | -32.0% |
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 16 October 2026 via checked.be.