PFR FORMATIONS: 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.
PFR FORMATIONS
Largest movements
- Cash +€263,603
up €263,603 (+44.9%), from €587,079 to €850,682
mainly Net result for the year (+€265,480) and Depreciation (+€177,763)
- Receivables within one year -€155,186
down €155,186 (-50.3%), from €308,755 to €153,569
of which Other amounts receivable: -€215,041
- Tangible fixed assets -€104,773
down €104,773 (-14.3%), from €730,137 to €625,364
of which Furniture and vehicles: -€86,377
- Reserves +€104,880
up €104,880 (+14.0%), from €750,502 to €855,382
- Debts after one year -€71,174
down €71,174 (-28.4%), from €250,401 to €179,227
- Profit (loss) carried forward -€37,400
down €37,400 (-35.5%), from €105,333 to €67,933
- Current portion of long-term debt +€23,641
up €23,641 (+20.7%), from €114,083 to €137,724
- Trade debts -€21,942
down €21,942 (-27.0%), from €81,330 to €59,388
- Gross operating margin +€225,606
up €225,606 (+12.9%), from €1.8m to €2.0m
- Staff costs +€69,317
up €69,317 (+5.3%), from €1.3m to €1.4m
- Depreciation +€43,306
up €43,306 (+32.2%), from €134,457 to €177,763
- Taxes +€40,713
up €40,713 (+46.1%), from €88,309 to €129,021
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 | €1,656,518 | €1,674,262 | +€17,744 | +1.1% |
| Fixed assets | 21/28 | €746,187 | €641,094 | -€105,093 | -14.1% |
| Intangible fixed assets | 21 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Tangible fixed assets | 22/27 | €730,137 | €625,364 | -€104,773 | -14.3% |
| Plant, machinery and equipment | 23 | €6,208 | €2,968 | -€3,239 | -52.2% |
| Furniture and vehicles | 24 | €478,481 | €392,104 | -€86,377 | -18.1% |
| Leasing and similar rights | 25 | €97,561 | €78,759 | -€18,802 | -19.3% |
| Other tangible fixed assets | 26 | €147,887 | €151,533 | +€3,646 | +2.5% |
| Financial fixed assets | 28 | €1,050 | €5,730 | +€4,680 | +446% |
| Current assets | 29/58 | €910,331 | €1,033,167 | +€122,837 | +13.5% |
| Amounts receivable within one year | 40/41 | €308,755 | €153,569 | -€155,186 | -50.3% |
| Trade receivables | 40 | €26,670 | €86,525 | +€59,854 | +224% |
| Other amounts receivable | 41 | €282,085 | €67,044 | -€215,041 | -76.2% |
| Cash at bank and in hand | 54/58 | €587,079 | €850,682 | +€263,603 | +44.9% |
| Deferred charges and accrued income | 490/1 | €14,497 | €28,917 | +€14,420 | +99.5% |
| Total equity and liabilities | 10/49 | €1,656,518 | €1,674,262 | +€17,744 | +1.1% |
| Equity | 10/15 | €874,435 | €941,915 | +€67,480 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €750,502 | €855,382 | +€104,880 | +14.0% |
| Distributable reserves | 133 | €750,502 | €855,382 | +€104,880 | +14.0% |
| Profit (loss) carried forward | 14 | €105,333 | €67,933 | -€37,400 | -35.5% |
| Amounts payable | 17/49 | €782,083 | €732,347 | -€49,736 | -6.4% |
| Amounts payable after more than one year | 17 | €250,401 | €179,227 | -€71,174 | -28.4% |
| Financial debts | 170/4 | €250,401 | €179,227 | -€71,174 | -28.4% |
| Amounts payable within one year | 42/48 | €531,682 | €547,260 | +€15,578 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €114,083 | €137,724 | +€23,641 | +20.7% |
| Trade debts | 44 | €81,330 | €59,388 | -€21,942 | -27.0% |
| Suppliers | 440/4 | €81,330 | €59,388 | -€21,942 | -27.0% |
| Taxes, remuneration and social security | 45 | €303,270 | €309,911 | +€6,642 | +2.2% |
| Taxes | 450/3 | €135,657 | €103,091 | -€32,566 | -24.0% |
| Remuneration and social security | 454/9 | €167,613 | €206,820 | +€39,207 | +23.4% |
| Other amounts payable | 47/48 | €33,000 | €40,238 | +€7,238 | +21.9% |
| Accrued charges and deferred income | 492/3 | - | €5,860 | +€5,860 | |
| Remuneration, social security and pensions | 62 | €1,297,345 | €1,366,662 | +€69,317 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,457 | €177,763 | +€43,306 | +32.2% |
| Other operating charges | 640/8 | €20,293 | €28,954 | +€8,661 | +42.7% |
| Gross operating margin | 9900 | €1,753,067 | €1,978,673 | +€225,606 | +12.9% |
| Operating profit (loss) | 9901 | €300,973 | €405,295 | +€104,322 | +34.7% |
| Financial income | 75/76B | €9,090 | €7,931 | -€1,158 | -12.7% |
| Recurring financial income | 75 | €9,090 | €7,931 | -€1,158 | -12.7% |
| Financial charges | 65/66B | €13,711 | €18,724 | +€5,013 | +36.6% |
| Recurring financial charges | 65 | €13,711 | €18,724 | +€5,013 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €296,351 | €394,501 | +€98,150 | +33.1% |
| Income taxes | 67/77 | €88,309 | €129,021 | +€40,713 | +46.1% |
| Profit (loss) for the period | 9904 | €208,042 | €265,480 | +€57,438 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €208,042 | €265,480 | +€57,438 | +27.6% |
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 15 October 2026 via checked.be.