PGBL: 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.
PGBL
Largest movements
- Current investments +€57,127
up €57,127 (+3.9%), from €1.5m to €1.5m
- Receivables within one year -€51,000
down €51,000 (-16.1%), from €316,000 to €265,000
- Revaluation surpluses +€44,102
up €44,102 (+17.8%), from €247,366 to €291,468
- Tax, wage and social debts -€31,488
down €31,488 (-27.8%), from €113,312 to €81,824
- Financial income -€851,147
down €851,147 (-94.2%), from €903,956 to €52,809
- Taxes -€74,059
down €74,059 (-94.3%), from €78,558 to €4,499
- Financial charges -€36,844
down €36,844 (-98.6%), from €37,349 to €505
- Gross operating margin -€2,926
down €2,926 (-424.7%), from -€689 to -€3,615
- Other operating charges -€1,783
no longer reported in 2025 (was €1,783)
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 | €1,813,261 | €1,819,165 | +€5,904 | +0.3% |
| Fixed assets | 21/28 | €30,750 | €30,750 | = | 0.0% |
| Financial fixed assets | 28 | €30,750 | €30,750 | = | 0.0% |
| Current assets | 29/58 | €1,782,511 | €1,788,415 | +€5,904 | +0.3% |
| Amounts receivable within one year | 40/41 | €316,000 | €265,000 | -€51,000 | -16.1% |
| Other amounts receivable | 41 | €316,000 | €265,000 | -€51,000 | -16.1% |
| Current investments | 50/53 | €1,450,959 | €1,508,086 | +€57,127 | +3.9% |
| Cash at bank and in hand | 54/58 | €9,320 | €5,960 | -€3,360 | -36.1% |
| Deferred charges and accrued income | 490/1 | €6,232 | €9,369 | +€3,137 | +50.3% |
| Total equity and liabilities | 10/49 | €1,813,261 | €1,819,165 | +€5,904 | +0.3% |
| Equity | 10/15 | €1,647,249 | €1,680,191 | +€32,942 | +2.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €247,366 | €291,468 | +€44,102 | +17.8% |
| Reserves | 13 | €1,338,383 | €1,327,223 | -€11,160 | -0.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,332,233 | €1,321,073 | -€11,160 | -0.8% |
| Amounts payable | 17/49 | €166,012 | €138,974 | -€27,038 | -16.3% |
| Amounts payable within one year | 42/48 | €166,012 | €138,974 | -€27,038 | -16.3% |
| Taxes, remuneration and social security | 45 | €113,312 | €81,824 | -€31,488 | -27.8% |
| Taxes | 450/3 | €113,312 | €81,824 | -€31,488 | -27.8% |
| Other amounts payable | 47/48 | €52,700 | €57,150 | +€4,450 | +8.4% |
| Other operating charges | 640/8 | €1,783 | - | -€1,783 | |
| Gross operating margin | 9900 | -€689 | -€3,615 | -€2,926 | -424.7% |
| Operating profit (loss) | 9901 | -€2,472 | -€3,615 | -€1,143 | -46.2% |
| Financial income | 75/76B | €903,956 | €52,809 | -€851,147 | -94.2% |
| Recurring financial income | 75 | €903,956 | €52,809 | -€851,147 | -94.2% |
| Financial charges | 65/66B | €37,349 | €505 | -€36,844 | -98.6% |
| Recurring financial charges | 65 | €37,349 | €505 | -€36,844 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | €864,135 | €48,689 | -€815,446 | -94.4% |
| Income taxes | 67/77 | €78,558 | €4,499 | -€74,059 | -94.3% |
| Profit (loss) for the period | 9904 | €785,577 | €44,190 | -€741,387 | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €785,577 | €44,190 | -€741,387 | -94.4% |
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.