PFL: 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.
PFL
Largest movements
- Tangible fixed assets -€9,156
down €9,156 (-28.2%), from €32,450 to €23,294
of which Furniture and vehicles: -€10,001
- Receivables within one year +€7,213
up €7,213 (+15.5%), from €46,590 to €53,803
of which Trade receivables: +€3,630
- Cash +€5,355
up €5,355 (+10.1%), from €53,023 to €58,378
mainly Other debts (+€11,012) and Trade debts (+€10,206)
- Other debts +€11,012
up €11,012 (+16.0%), from €68,959 to €79,971
- Trade debts +€10,206
up €10,206 (+203%), from €5,039 to €15,245
- Profit (loss) carried forward -€9,804
down €9,804 (-24.5%), from €40,001 to €30,197
- Debts after one year -€4,631
down €4,631 (-33.1%), from €13,975 to €9,344
- Tax, wage and social debts -€2,354
down €2,354 (-44.1%), from €5,335 to €2,981
- Gross operating margin -€17,885
down €17,885 (-70.2%), from €25,485 to €7,600
- Financial income -€4,814
down €4,814 (-89.9%), from €5,353 to €539
of which Non-recurring financial income: -€4,959
- Depreciation -€2,469
down €2,469 (-19.8%), from €12,475 to €10,006
- Taxes -€2,112
no longer reported in 2025 (was €2,112)
- Staff costs -€852
down €852 (-13.2%), from €6,454 to €5,602
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 | €141,946 | €144,814 | +€2,868 | +2.0% |
| Fixed assets | 21/28 | €32,625 | €23,469 | -€9,156 | -28.1% |
| Tangible fixed assets | 22/27 | €32,450 | €23,294 | -€9,156 | -28.2% |
| Plant, machinery and equipment | 23 | - | €845 | +€845 | |
| Furniture and vehicles | 24 | €32,450 | €22,449 | -€10,001 | -30.8% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €109,321 | €121,345 | +€12,024 | +11.0% |
| Stocks and contracts in progress | 3 | €9,708 | €9,164 | -€544 | -5.6% |
| Stocks | 30/36 | €9,708 | €9,164 | -€544 | -5.6% |
| Amounts receivable within one year | 40/41 | €46,590 | €53,803 | +€7,213 | +15.5% |
| Trade receivables | 40 | €35,580 | €39,210 | +€3,630 | +10.2% |
| Other amounts receivable | 41 | €11,010 | €14,593 | +€3,583 | +32.5% |
| Cash at bank and in hand | 54/58 | €53,023 | €58,378 | +€5,355 | +10.1% |
| Total equity and liabilities | 10/49 | €141,946 | €144,814 | +€2,868 | +2.0% |
| Equity | 10/15 | €43,492 | €33,688 | -€9,804 | -22.5% |
| Contributions | 10/11 | €2,600 | €2,600 | = | 0.0% |
| Capital | 10 | €2,600 | €2,600 | = | 0.0% |
| Issued capital | 100 | €2,600 | €2,600 | = | 0.0% |
| Reserves | 13 | €891 | €891 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €891 | €891 | -€0 | 0.0% |
| Legal reserve | 130 | €891 | €891 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €40,001 | €30,197 | -€9,804 | -24.5% |
| Amounts payable | 17/49 | €98,454 | €111,127 | +€12,673 | +12.9% |
| Amounts payable after more than one year | 17 | €13,975 | €9,344 | -€4,631 | -33.1% |
| Financial debts | 170/4 | €13,975 | €9,344 | -€4,631 | -33.1% |
| Amounts payable within one year | 42/48 | €84,479 | €101,782 | +€17,303 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €5,146 | €3,585 | -€1,561 | -30.3% |
| Trade debts | 44 | €5,039 | €15,245 | +€10,206 | +203% |
| Suppliers | 440/4 | €5,039 | €15,245 | +€10,206 | +203% |
| Taxes, remuneration and social security | 45 | €5,335 | €2,981 | -€2,354 | -44.1% |
| Remuneration and social security | 454/9 | €5,335 | €2,981 | -€2,354 | -44.1% |
| Other amounts payable | 47/48 | €68,959 | €79,971 | +€11,012 | +16.0% |
| Remuneration, social security and pensions | 62 | €6,454 | €5,602 | -€852 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,475 | €10,006 | -€2,469 | -19.8% |
| Other operating charges | 640/8 | €1,521 | €730 | -€791 | -52.0% |
| Gross operating margin | 9900 | €25,485 | €7,600 | -€17,885 | -70.2% |
| Operating profit (loss) | 9901 | €5,035 | -€8,739 | -€13,774 | |
| Financial income | 75/76B | €5,353 | €539 | -€4,814 | -89.9% |
| Recurring financial income | 75 | €394 | €539 | +€145 | +36.9% |
| Non-recurring financial income | 76B | €4,959 | - | -€4,959 | |
| Financial charges | 65/66B | €1,016 | €1,604 | +€588 | +57.9% |
| Recurring financial charges | 65 | €1,016 | €1,604 | +€588 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €9,372 | -€9,804 | -€19,176 | |
| Income taxes | 67/77 | €2,112 | - | -€2,112 | |
| Profit (loss) for the period | 9904 | €7,260 | -€9,804 | -€17,064 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,260 | -€9,804 | -€17,064 |
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 25 October 2026 via checked.be.