PG-INVESTMENT: 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-INVESTMENT
Largest movements
- Tangible fixed assets -€190,793
down €190,793 (-38.3%), from €498,210 to €307,417
of which Land and buildings: -€190,793
- Cash -€10,878
down €10,878 (-77.7%), from €13,997 to €3,119
mainly Other debts (-€124,828) and Debts after one year (-€120,000)
- Receivables after one year +€9,117
up €9,117 (+11.9%), from €76,623 to €85,739
- Receivables within one year +€7,146
up €7,146 (+184%), from €3,876 to €11,022
- Other debts -€124,828
down €124,828 (-89.1%), from €140,047 to €15,219
- Debts after one year -€120,000
no longer reported in 2025 (was €120,000)
- Reserves +€49,000
up €49,000 (+180%), from €27,175 to €76,175
- Tax, wage and social debts +€6,703
up €6,703 (+154%), from €4,358 to €11,061
of which Taxes: +€6,166
- Gross operating margin +€78,638
up €78,638 (+18,371%), from €428 to €79,066
- Depreciation -€34,660
down €34,660 (-93.1%), from €37,243 to €2,583
- Other operating charges +€15,639
up €15,639 (+1,109%), from €1,410 to €17,049
- Taxes +€4,955
up €4,955 (+893%), from €555 to €5,510
- Staff costs +€1,772
up €1,772 (+458%), from €387 to €2,160
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 | €608,524 | €422,014 | -€186,510 | -30.6% |
| Fixed assets | 21/28 | €512,210 | €321,417 | -€190,793 | -37.2% |
| Tangible fixed assets | 22/27 | €498,210 | €307,417 | -€190,793 | -38.3% |
| Land and buildings | 22 | €498,210 | €307,417 | -€190,793 | -38.3% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €14,000 | €14,000 | = | 0.0% |
| Current assets | 29/58 | €96,314 | €100,597 | +€4,283 | +4.4% |
| Amounts receivable after more than one year | 29 | €76,623 | €85,739 | +€9,117 | +11.9% |
| Other amounts receivable | 291 | €76,623 | €85,739 | +€9,117 | +11.9% |
| Amounts receivable within one year | 40/41 | €3,876 | €11,022 | +€7,146 | +184% |
| Trade receivables | 40 | €3,876 | €11,022 | +€7,146 | +184% |
| Cash at bank and in hand | 54/58 | €13,997 | €3,119 | -€10,878 | -77.7% |
| Deferred charges and accrued income | 490/1 | €1,819 | €716 | -€1,103 | -60.6% |
| Total equity and liabilities | 10/49 | €608,524 | €422,014 | -€186,510 | -30.6% |
| Equity | 10/15 | €344,120 | €394,158 | +€50,038 | +14.5% |
| Contributions | 10/11 | €22,859 | €22,859 | = | 0.0% |
| Reserves | 13 | €27,175 | €76,175 | +€49,000 | +180% |
| Distributable reserves | 133 | €27,175 | €76,175 | +€49,000 | +180% |
| Profit (loss) carried forward | 14 | €294,085 | €295,123 | +€1,038 | +0.4% |
| Amounts payable | 17/49 | €264,405 | €27,856 | -€236,548 | -89.5% |
| Amounts payable after more than one year | 17 | €120,000 | - | -€120,000 | |
| Financial debts | 170/4 | €120,000 | - | -€120,000 | |
| Amounts payable within one year | 42/48 | €144,405 | €27,856 | -€116,548 | -80.7% |
| Trade debts | 44 | €0 | €1,577 | +€1,577 | |
| Suppliers | 440/4 | €0 | €1,577 | +€1,577 | |
| Taxes, remuneration and social security | 45 | €4,358 | €11,061 | +€6,703 | +154% |
| Taxes | 450/3 | €2,608 | €8,774 | +€6,166 | +236% |
| Remuneration and social security | 454/9 | €1,750 | €2,287 | +€537 | +30.7% |
| Other amounts payable | 47/48 | €140,047 | €15,219 | -€124,828 | -89.1% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €387 | €2,160 | +€1,772 | +458% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,243 | €2,583 | -€34,660 | -93.1% |
| Other operating charges | 640/8 | €1,410 | €17,049 | +€15,639 | +1,109% |
| Gross operating margin | 9900 | €428 | €79,066 | +€78,638 | +18,371% |
| Operating profit (loss) | 9901 | -€38,613 | €57,274 | +€95,887 | |
| Financial income | 75/76B | €1,180 | €585 | -€594 | -50.4% |
| Recurring financial income | 75 | €1,180 | €585 | -€594 | -50.4% |
| Financial charges | 65/66B | €2,965 | €2,312 | -€653 | -22.0% |
| Recurring financial charges | 65 | €2,965 | €2,312 | -€653 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,398 | €55,548 | +€95,946 | |
| Income taxes | 67/77 | €555 | €5,510 | +€4,955 | +893% |
| Profit (loss) for the period | 9904 | -€40,953 | €50,038 | +€90,991 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,953 | €50,038 | +€90,991 |
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 30 October 2026 via checked.be.