PGco: 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.
PGco
Largest movements
- Current investments +€72,472
up €72,472 (+344%), from €21,049 to €93,521
- Receivables within one year -€50,634
down €50,634 (-77.2%), from €65,560 to €14,926
of which Other amounts receivable: -€48,214
- Tangible fixed assets -€41,019
down €41,019 (-7.5%), from €549,009 to €507,991
- Cash -€29,404
down €29,404 (-68.6%), from €42,868 to €13,464
mainly Current investments (-€72,472) and Contributions, distributions and other (-€55,902)
- Stocks and contracts -€29,125
down €29,125 (-21.2%), from €137,684 to €108,559
- Debts after one year -€34,633
down €34,633 (-10.0%), from €345,837 to €311,204
- Reserves -€28,724
down €28,724 (-8.0%), from €358,983 to €330,259
of which Distributable reserves: -€26,864
- Other debts -€12,480
no longer reported in 2025 (was €12,480)
- Financial income +€23,009
up €23,009 (+8,419%), from €273 to €23,282
- Gross operating margin -€22,929
down €22,929 (-18.8%), from €122,206 to €99,277
- Taxes +€17,992
up €17,992 (+184%), from €9,752 to €27,743
- Other operating charges +€8,585
up €8,585 (+198%), from €4,338 to €12,923
- Financial charges +€3,762
up €3,762 (+46.6%), from €8,074 to €11,836
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 | €819,280 | €740,885 | -€78,396 | -9.6% |
| Fixed assets | 21/28 | €549,009 | €507,991 | -€41,019 | -7.5% |
| Tangible fixed assets | 22/27 | €549,009 | €507,991 | -€41,019 | -7.5% |
| Land and buildings | 22 | €483,795 | €463,936 | -€19,859 | -4.1% |
| Plant, machinery and equipment | 23 | €9,268 | €5,212 | -€4,056 | -43.8% |
| Furniture and vehicles | 24 | €55,946 | €38,842 | -€17,104 | -30.6% |
| Current assets | 29/58 | €270,271 | €232,894 | -€37,377 | -13.8% |
| Stocks and contracts in progress | 3 | €137,684 | €108,559 | -€29,125 | -21.2% |
| Stocks | 30/36 | €137,684 | €108,559 | -€29,125 | -21.2% |
| Amounts receivable within one year | 40/41 | €65,560 | €14,926 | -€50,634 | -77.2% |
| Trade receivables | 40 | €16,940 | €14,520 | -€2,420 | -14.3% |
| Other amounts receivable | 41 | €48,620 | €406 | -€48,214 | -99.2% |
| Current investments | 50/53 | €21,049 | €93,521 | +€72,472 | +344% |
| Cash at bank and in hand | 54/58 | €42,868 | €13,464 | -€29,404 | -68.6% |
| Deferred charges and accrued income | 490/1 | €3,110 | €2,424 | -€686 | -22.1% |
| Total equity and liabilities | 10/49 | €819,280 | €740,885 | -€78,396 | -9.6% |
| Equity | 10/15 | €413,038 | €386,175 | -€26,864 | -6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €358,983 | €330,259 | -€28,724 | -8.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €357,123 | €330,259 | -€26,864 | -7.5% |
| Profit (loss) carried forward | 14 | €35,455 | €37,315 | +€1,860 | +5.2% |
| Amounts payable | 17/49 | €406,242 | €354,710 | -€51,532 | -12.7% |
| Amounts payable after more than one year | 17 | €345,837 | €311,204 | -€34,633 | -10.0% |
| Financial debts | 170/4 | €345,837 | €311,204 | -€34,633 | -10.0% |
| Amounts payable within one year | 42/48 | €60,405 | €43,506 | -€16,899 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €34,287 | €34,633 | +€346 | +1.0% |
| Financial debts | 43 | €154 | €92 | -€62 | -40.4% |
| Credit institutions | 430/8 | €154 | €92 | -€62 | -40.4% |
| Trade debts | 44 | €3,682 | €5,575 | +€1,893 | +51.4% |
| Suppliers | 440/4 | €3,682 | €5,575 | +€1,893 | +51.4% |
| Taxes, remuneration and social security | 45 | €9,802 | €3,206 | -€6,596 | -67.3% |
| Taxes | 450/3 | €9,802 | €3,206 | -€6,596 | -67.3% |
| Other amounts payable | 47/48 | €12,480 | - | -€12,480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,133 | €41,019 | +€886 | +2.2% |
| Other operating charges | 640/8 | €4,338 | €12,923 | +€8,585 | +198% |
| Non-recurring operating charges | 66A | €3,367 | - | -€3,367 | |
| Gross operating margin | 9900 | €122,206 | €99,277 | -€22,929 | -18.8% |
| Operating profit (loss) | 9901 | €74,368 | €45,336 | -€29,033 | -39.0% |
| Financial income | 75/76B | €273 | €23,282 | +€23,009 | +8,419% |
| Recurring financial income | 75 | €273 | €23,282 | +€23,009 | +8,419% |
| Financial charges | 65/66B | €8,074 | €11,836 | +€3,762 | +46.6% |
| Recurring financial charges | 65 | €8,074 | €11,836 | +€3,762 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €66,568 | €56,782 | -€9,786 | -14.7% |
| Income taxes | 67/77 | €9,752 | €27,743 | +€17,992 | +184% |
| Profit (loss) for the period | 9904 | €56,816 | €29,039 | -€27,777 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,816 | €29,039 | -€27,777 | -48.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.