PFS GROUP: 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.
What changed
PFS GROUP
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2023not consecutivefiled annual accounts (NBB)
Net result for the year
€18.2m
2023 · €8.6m+€9.6m
Equity
€56.5m
2023 · €33.4m+€23.1m
Cash
€74,434
2023 · €249,648-€175,214
Balance sheet total
€78.6m
2023 · €46.8m+€31.7m
Largest movements
Assets
- Financial fixed assets +€30.4m
up €30.4m (+76.3%), from €39.9m to €70.3m
- Receivables within one year +€1.9m
up €1.9m (+52.3%), from €3.6m to €5.5m
of which Other amounts receivable: +€1.9m
- Receivables after one year -€860,992
down €860,992 (-36.2%), from €2.4m to €1.5m
Equity and liabilities
- Profit (loss) carried forward +€18.5m
up €18.5m (+63.3%), from €29.2m to €47.7m
- Other debts +€12.5m
up €12.5m (+230%), from €5.4m to €17.9m
- Contributions +€3.8m
up €3.8m (+140%), from €2.7m to €6.5m
- Short-term financial debts -€3.0m
no longer reported in 2025 (was €3.0m)
- Debts after one year -€2.1m
down €2.1m (-86.3%), from €2.4m to €331,722
Income statement
- Financial income +€11.1m
up €11.1m (+126%), from €8.8m to €20.0m
- Financial charges +€1.7m
up €1.7m (+465%), from €366,921 to €2.1m
of which Financial charges: +€1.7m
- Turnover +€756,162
up €756,162 (+11.4%), from €6.7m to €7.4m
- Services and other goods +€642,432
up €642,432 (+29.5%), from €2.2m to €2.8m
- Staff costs +€452,707
up €452,707 (+10.5%), from €4.3m to €4.8m
From the 2023 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.
Result 2023
€8.6m
Turnover
+€756,162
Other operating income
-€85,933
Services and other goods
-€642,432
Staff costs
-€452,707
Depreciation
-€65,788
Other operating charges
-€14,594
Other operating items
+€638,766
Financial income
+€11.1m
Financial charges
-€1.7m
Taxes
+€20,066
Result 2025
€18.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,846,692 | €78,577,257 | +€31.7m | +67.7% |
| Fixed assets | 21/28 | €40,452,631 | €71,036,903 | +€30.6m | +75.6% |
| Tangible fixed assets | 22/27 | €568,600 | €707,164 | +€138,564 | +24.4% |
| Land and buildings | 22 | - | €6,438 | +€6,438 | |
| Plant, machinery and equipment | 23 | €11,251 | €94 | -€11,157 | -99.2% |
| Furniture and vehicles | 24 | €483,629 | €208,296 | -€275,333 | -56.9% |
| Leasing and similar rights | 25 | €73,719 | €492,335 | +€418,616 | +568% |
| Financial fixed assets | 28 | €39,884,031 | €70,329,739 | +€30.4m | +76.3% |
| Affiliated companies | 280/1 | €39,884,031 | €70,329,739 | +€30.4m | +76.3% |
| Participating interests | 280 | €39,884,031 | €70,329,739 | +€30.4m | +76.3% |
| Current assets | 29/58 | €6,394,061 | €7,540,354 | +€1.1m | +17.9% |
| Amounts receivable after more than one year | 29 | €2,378,052 | €1,517,060 | -€860,992 | -36.2% |
| Other amounts receivable | 291 | €2,378,052 | €1,517,060 | -€860,992 | -36.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,620,986 | €5,514,505 | +€1.9m | +52.3% |
| Trade receivables | 40 | €306,257 | €297,231 | -€9,026 | -2.9% |
| Other amounts receivable | 41 | €3,314,729 | €5,217,274 | +€1.9m | +57.4% |
| Cash at bank and in hand | 54/58 | €249,648 | €74,434 | -€175,214 | -70.2% |
| Deferred charges and accrued income | 490/1 | €145,375 | €434,356 | +€288,981 | +199% |
| Total equity and liabilities | 10/49 | €46,846,692 | €78,577,257 | +€31.7m | +67.7% |
| Equity | 10/15 | €33,421,530 | €56,497,245 | +€23.1m | +69.0% |
| Contributions | 10/11 | €2,707,644 | €6,490,488 | +€3.8m | +140% |
| Capital | 10 | €2,707,644 | €6,490,488 | +€3.8m | +140% |
| Issued capital | 100 | €2,707,644 | €8,490,488 | +€5.8m | +214% |
| Uncalled capital | 101 | - | €2,000,000 | +€2.0m | |
| Reserves | 13 | €1,484,584 | €2,262,869 | +€778,285 | +52.4% |
| Non-distributable reserves | 130/1 | €270,764 | €1,049,049 | +€778,285 | +287% |
| Legal reserve | 130 | €270,764 | €1,049,049 | +€778,285 | +287% |
| Tax-exempt reserves | 132 | €320 | €320 | -€0 | -0.1% |
| Distributable reserves | 133 | €1,213,500 | €1,213,500 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €29,229,302 | €47,743,889 | +€18.5m | +63.3% |
| Amounts payable | 17/49 | €13,425,162 | €22,080,012 | +€8.7m | +64.5% |
| Amounts payable after more than one year | 17 | €2,413,242 | €331,722 | -€2.1m | -86.3% |
| Financial debts | 170/4 | €2,413,242 | €331,722 | -€2.1m | -86.3% |
| Leasing and similar obligations | 172 | €55,932 | €312,386 | +€256,454 | +459% |
| Credit institutions | 173 | €2,357,310 | €19,336 | -€2.3m | -99.2% |
| Amounts payable within one year | 42/48 | €10,984,444 | €19,776,750 | +€8.8m | +80.0% |
| Current portion of amounts payable after more than one year | 42 | €862,098 | €177,596 | -€684,502 | -79.4% |
| Financial debts | 43 | €3,000,000 | - | -€3.0m | |
| Credit institutions | 430/8 | €3,000,000 | - | -€3.0m | |
| Trade debts | 44 | €858,710 | €986,069 | +€127,359 | +14.8% |
| Suppliers | 440/4 | €858,710 | €986,069 | +€127,359 | +14.8% |
| Taxes, remuneration and social security | 45 | €831,692 | €688,085 | -€143,607 | -17.3% |
| Taxes | 450/3 | €95,381 | €54,240 | -€41,141 | -43.1% |
| Remuneration and social security | 454/9 | €736,311 | €633,845 | -€102,466 | -13.9% |
| Other amounts payable | 47/48 | €5,431,944 | €17,925,000 | +€12.5m | +230% |
| Accrued charges and deferred income | 492/3 | €27,476 | €1,971,540 | +€1.9m | +7,075% |
| Operating income | 70/76A | €6,888,501 | €8,174,691 | +€1.3m | +18.7% |
| Turnover | 70 | €6,661,565 | €7,417,727 | +€756,162 | +11.4% |
| Other operating income | 74 | €217,186 | €131,253 | -€85,933 | -39.6% |
| Non-recurring operating income | 76A | €9,750 | €625,711 | +€615,961 | +6,317% |
| Operating charges | 60/66A | €6,736,825 | €7,889,540 | +€1.2m | +17.1% |
| Services and other goods | 61 | €2,177,591 | €2,820,023 | +€642,432 | +29.5% |
| Remuneration, social security and pensions | 62 | €4,318,564 | €4,771,271 | +€452,707 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,948 | €274,736 | +€65,788 | +31.5% |
| Other operating charges | 640/8 | €8,735 | €23,329 | +€14,594 | +167% |
| Non-recurring operating charges | 66A | €22,986 | €181 | -€22,805 | -99.2% |
| Operating profit (loss) | 9901 | €151,675 | €285,151 | +€133,476 | +88.0% |
| Financial income | 75/76B | €8,829,721 | €19,978,627 | +€11.1m | +126% |
| Recurring financial income | 75 | €8,829,721 | €19,978,627 | +€11.1m | +126% |
| Income from financial fixed assets | 750 | €8,555,713 | €19,559,946 | +€11.0m | +129% |
| Income from current assets | 751 | - | €94,049 | +€94,049 | |
| Other financial income | 752/9 | €274,008 | €324,631 | +€50,623 | +18.5% |
| Financial charges | 65/66B | €366,921 | €2,071,429 | +€1.7m | +465% |
| Recurring financial charges | 65 | €366,921 | €2,071,429 | +€1.7m | +465% |
| Debt charges | 650 | €356,634 | €2,066,125 | +€1.7m | +479% |
| Other financial charges | 652/9 | €10,287 | €5,304 | -€4,983 | -48.4% |
| Non-recurring financial charges | 66B | €0 | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €8,614,476 | €18,192,349 | +€9.6m | +111% |
| Income taxes | 67/77 | €27,792 | €7,726 | -€20,066 | -72.2% |
| Taxes | 670/3 | €27,792 | €7,726 | -€20,066 | -72.2% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €8,586,684 | €18,184,623 | +€9.6m | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €8,586,684 | €18,184,623 | +€9.6m | +112% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.