PG & DC: 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.
PG & DC
Largest movements
- Tangible fixed assets +€332,225
up €332,225 (+130.5%), from €254,599 to €586,825
of which Land and buildings: +€255,971
- Intangible fixed assets -€13,126
down €13,126 (-19.7%), from €66,724 to €53,598
- Deferred charges and accrued income -€10,525
down €10,525 (-86.3%), from €12,202 to €1,676
- Cash -€7,606
down €7,606 (-21.1%), from €36,011 to €28,404
mainly Investment in fixed assets (net) (-€354,565) and Net result for the year (-€114,873)
- Debts after one year +€353,043
up €353,043 (+235.3%), from €150,062 to €503,106
- Profit (loss) carried forward -€122,243
down €122,243, from €51,201 to -€71,043
- Trade debts +€25,265
up €25,265 (+88.9%), from €28,423 to €53,688
- Current portion of long-term debt +€24,213
up €24,213 (+106.5%), from €22,744 to €46,957
- Tax, wage and social debts +€8,553
up €8,553 (+103.7%), from €8,250 to €16,804
of which Taxes: +€8,812
- Gross operating margin -€44,604
down €44,604 (-20.1%), from €221,779 to €177,175
- Staff costs -€8,753
down €8,753 (-6.4%), from €137,402 to €128,649
- Financial charges +€6,618
up €6,618 (+44.5%), from €14,862 to €21,480
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 | €383,619 | €679,995 | +€296,375 | +77.3% |
| Fixed assets | 21/28 | €321,523 | €640,623 | +€319,099 | +99.2% |
| Intangible fixed assets | 21 | €66,724 | €53,598 | -€13,126 | -19.7% |
| Tangible fixed assets | 22/27 | €254,599 | €586,825 | +€332,225 | +130.5% |
| Land and buildings | 22 | €128,108 | €384,079 | +€255,971 | +199.8% |
| Plant, machinery and equipment | 23 | €119,439 | €201,964 | +€82,525 | +69.1% |
| Furniture and vehicles | 24 | €7,052 | €782 | -€6,270 | -88.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €62,096 | €39,372 | -€22,724 | -36.6% |
| Stocks and contracts in progress | 3 | €8,651 | €8,861 | +€210 | +2.4% |
| Stocks | 30/36 | €8,651 | €8,861 | +€210 | +2.4% |
| Amounts receivable within one year | 40/41 | €5,233 | €430 | -€4,802 | -91.8% |
| Trade receivables | 40 | €4,720 | - | -€4,720 | |
| Other amounts receivable | 41 | €513 | €430 | -€83 | -16.1% |
| Cash at bank and in hand | 54/58 | €36,011 | €28,404 | -€7,606 | -21.1% |
| Deferred charges and accrued income | 490/1 | €12,202 | €1,676 | -€10,525 | -86.3% |
| Total equity and liabilities | 10/49 | €383,619 | €679,995 | +€296,375 | +77.3% |
| Equity | 10/15 | €53,701 | -€68,543 | -€122,243 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,201 | -€71,043 | -€122,243 | |
| Amounts payable | 17/49 | €329,919 | €748,537 | +€418,619 | +126.9% |
| Amounts payable after more than one year | 17 | €150,062 | €503,106 | +€353,043 | +235.3% |
| Financial debts | 170/4 | €150,062 | €503,106 | +€353,043 | +235.3% |
| Amounts payable within one year | 42/48 | €177,665 | €243,240 | +€65,575 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €22,744 | €46,957 | +€24,213 | +106.5% |
| Trade debts | 44 | €28,423 | €53,688 | +€25,265 | +88.9% |
| Suppliers | 440/4 | €28,423 | €53,688 | +€25,265 | +88.9% |
| Advances received on contracts in progress | 46 | - | €559 | +€559 | |
| Taxes, remuneration and social security | 45 | €8,250 | €16,804 | +€8,553 | +103.7% |
| Taxes | 450/3 | - | €8,812 | +€8,812 | |
| Remuneration and social security | 454/9 | €8,250 | €7,991 | -€259 | -3.1% |
| Other amounts payable | 47/48 | €118,249 | €125,234 | +€6,985 | +5.9% |
| Accrued charges and deferred income | 492/3 | €2,191 | €2,191 | = | 0.0% |
| Non-recurring operating income | 76A | - | €35,353 | +€35,353 | |
| Remuneration, social security and pensions | 62 | €137,402 | €128,649 | -€8,753 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,335 | €35,466 | -€870 | -2.4% |
| Other operating charges | 640/8 | €2,576 | €3,008 | +€432 | +16.8% |
| Non-recurring operating charges | 66A | - | €104,842 | +€104,842 | |
| Gross operating margin | 9900 | €221,779 | €177,175 | -€44,604 | -20.1% |
| Operating profit (loss) | 9901 | €45,466 | -€94,790 | -€140,256 | |
| Financial income | 75/76B | €23 | €1,397 | +€1,374 | +5913.4% |
| Recurring financial income | 75 | €23 | €1,397 | +€1,374 | +5913.4% |
| Financial charges | 65/66B | €14,862 | €21,480 | +€6,618 | +44.5% |
| Recurring financial charges | 65 | €14,862 | €21,480 | +€6,618 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €30,627 | -€114,873 | -€145,500 | |
| Profit (loss) for the period | 9904 | €30,627 | -€114,873 | -€145,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,627 | -€114,873 | -€145,500 |
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 12 October 2026 via checked.be.