pgb-International: 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.
pgb-International
Largest movements
- Financial fixed assets +€13.2m
up €13.2m (+84.8%), from €15.6m to €28.7m
of which Affiliated companies: +€13.2m
- Receivables within one year -€8.7m
down €8.7m (-94.5%), from €9.2m to €502,748
of which Other amounts receivable: -€8.7m
- Tangible fixed assets -€4.8m
down €4.8m (-100%), from €4.8m to €0
of which Land and buildings: -€4.8m
- Cash -€511,281
down €511,281 (-56.5%), from €905,517 to €394,236
mainly Investment in fixed assets (net) (-€8.5m) and Contributions, distributions and other (-€6.5m)
- Reserves -€4.9m
down €4.9m (-24.6%), from €20.0m to €15.1m
of which Distributable reserves: -€4.8m
- Debts after one year +€4.2m
new in 2025: €4.2m
- Profit (loss) carried forward +€821,572
up €821,572 (+10.3%), from €8.0m to €8.8m
- Contributions -€474,477
down €474,477 (-24.6%), from €1.9m to €1.5m
- Financial income -€5.2m
down €5.2m (-72.6%), from €7.2m to €2.0m
- Services and other goods +€763,357
up €763,357 (+282%), from €270,368 to €1.0m
- Turnover +€442,420
up €442,420 (+25.3%), from €1.7m to €2.2m
- Other operating income -€297,372
down €297,372 (-90.8%), from €327,450 to €30,078
- Other operating charges +€174,292
up €174,292 (+3,448%), from €5,055 to €179,347
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 | €30,418,011 | €29,747,197 | -€670,814 | -2.2% |
| Fixed assets | 21/28 | €20,320,390 | €28,837,634 | +€8.5m | +41.9% |
| Intangible fixed assets | 21 | - | €94,575 | +€94,575 | |
| Tangible fixed assets | 22/27 | €4,762,881 | €0 | -€4.8m | -100% |
| Land and buildings | 22 | €4,762,881 | €0 | -€4.8m | -100% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €15,557,509 | €28,743,058 | +€13.2m | +84.8% |
| Affiliated companies | 280/1 | €15,557,509 | €28,743,058 | +€13.2m | +84.8% |
| Participating interests | 280 | €15,557,509 | €18,547,295 | +€3.0m | +19.2% |
| Amounts receivable | 281 | - | €10,195,763 | +€10.2m | |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Shares | 284 | €0 | - | = | |
| Current assets | 29/58 | €10,097,621 | €909,564 | -€9.2m | -91.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €9,181,257 | €502,748 | -€8.7m | -94.5% |
| Trade receivables | 40 | €492,616 | €494,057 | +€1,441 | +0.3% |
| Other amounts receivable | 41 | €8,688,640 | €8,691 | -€8.7m | -99.9% |
| Cash at bank and in hand | 54/58 | €905,517 | €394,236 | -€511,281 | -56.5% |
| Deferred charges and accrued income | 490/1 | €10,848 | €12,580 | +€1,732 | +16.0% |
| Total equity and liabilities | 10/49 | €30,418,011 | €29,747,197 | -€670,814 | -2.2% |
| Equity | 10/15 | €29,939,419 | €25,361,465 | -€4.6m | -15.3% |
| Contributions | 10/11 | €1,930,000 | €1,455,523 | -€474,477 | -24.6% |
| Capital | 10 | €1,930,000 | €1,455,523 | -€474,477 | -24.6% |
| Issued capital | 100 | €1,930,000 | €1,455,523 | -€474,477 | -24.6% |
| Reserves | 13 | €20,033,300 | €15,108,252 | -€4.9m | -24.6% |
| Non-distributable reserves | 130/1 | €443,000 | €334,092 | -€108,908 | -24.6% |
| Legal reserve | 130 | €443,000 | €334,092 | -€108,908 | -24.6% |
| Distributable reserves | 133 | €19,590,300 | €14,774,160 | -€4.8m | -24.6% |
| Profit (loss) carried forward | 14 | €7,976,119 | €8,797,691 | +€821,572 | +10.3% |
| Amounts payable | 17/49 | €478,592 | €4,385,732 | +€3.9m | +816% |
| Amounts payable after more than one year | 17 | - | €4,200,000 | +€4.2m | |
| Financial debts | 170/4 | - | €4,200,000 | +€4.2m | |
| Other loans | 174 | - | €4,200,000 | +€4.2m | |
| Amounts payable within one year | 42/48 | €475,009 | €180,993 | -€294,016 | -61.9% |
| Trade debts | 44 | €44,221 | €45,362 | +€1,141 | +2.6% |
| Suppliers | 440/4 | €44,221 | €45,362 | +€1,141 | +2.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €430,788 | €135,632 | -€295,156 | -68.5% |
| Taxes | 450/3 | €311,166 | €27,587 | -€283,579 | -91.1% |
| Remuneration and social security | 454/9 | €119,622 | €108,045 | -€11,577 | -9.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,583 | €4,739 | +€1,155 | +32.2% |
| Operating income | 70/76A | €2,076,185 | €2,221,233 | +€145,048 | +7.0% |
| Turnover | 70 | €1,748,735 | €2,191,155 | +€442,420 | +25.3% |
| Other operating income | 74 | €327,450 | €30,078 | -€297,372 | -90.8% |
| Operating charges | 60/66A | €1,192,053 | €2,113,515 | +€921,462 | +77.3% |
| Services and other goods | 61 | €270,368 | €1,033,726 | +€763,357 | +282% |
| Remuneration, social security and pensions | 62 | €868,006 | €895,018 | +€27,012 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,624 | €5,425 | -€43,200 | -88.8% |
| Other operating charges | 640/8 | €5,055 | €179,347 | +€174,292 | +3,448% |
| Operating profit (loss) | 9901 | €884,132 | €107,718 | -€776,414 | -87.8% |
| Financial income | 75/76B | €7,177,565 | €1,964,997 | -€5.2m | -72.6% |
| Recurring financial income | 75 | €7,177,565 | €1,964,997 | -€5.2m | -72.6% |
| Income from financial fixed assets | 750 | €6,960,000 | €1,962,584 | -€5.0m | -71.8% |
| Income from current assets | 751 | €216,178 | €0 | -€216,178 | -100% |
| Other financial income | 752/9 | €1,387 | €2,413 | +€1,026 | +74.0% |
| Financial charges | 65/66B | €7,654 | €61,023 | +€53,369 | +697% |
| Recurring financial charges | 65 | €7,654 | €61,023 | +€53,369 | +697% |
| Debt charges | 650 | €4,996 | €52,998 | +€48,002 | +961% |
| Other financial charges | 652/9 | €2,658 | €8,025 | +€5,367 | +202% |
| Profit (loss) for the period before taxes | 9903 | €8,054,042 | €2,011,692 | -€6.0m | -75.0% |
| Income taxes | 67/77 | €296,005 | €131,455 | -€164,550 | -55.6% |
| Taxes | 670/3 | €296,005 | €131,455 | -€164,550 | -55.6% |
| Profit (loss) for the period | 9904 | €7,758,037 | €1,880,238 | -€5.9m | -75.8% |
| Transfer from tax-exempt reserves | 789 | - | €125 | +€125 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,758,037 | €1,880,363 | -€5.9m | -75.8% |
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 18 October 2026 via checked.be.