PGDDB: 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.
PGDDB
Largest movements
- Receivables within one year +€133,480
up €133,480 (+49.7%), from €268,572 to €402,052
of which Other amounts receivable: +€131,454
- Cash -€38,072
down €38,072 (-37.3%), from €102,127 to €64,055
mainly Receivables within one year (-€133,480) and Current investments (-€30,150)
- Current investments +€30,150
up €30,150 (+201%), from €15,033 to €45,183
- Reserves +€85,000
up €85,000 (+45.9%), from €185,000 to €270,000
- Profit (loss) carried forward +€60,723
up €60,723 (+20.0%), from €303,862 to €364,585
- Debts after one year -€20,657
down €20,657 (-12.5%), from €165,226 to €144,569
- Tax, wage and social debts -€9,758
down €9,758 (-89.7%), from €10,883 to €1,125
- Accrued charges and deferred income +€8,357
new in 2025: €8,357
- Gross operating margin -€43,210
down €43,210 (-17.2%), from €251,255 to €208,044
- Taxes -€15,388
down €15,388 (-22.1%), from €69,758 to €54,370
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 | €689,838 | €822,967 | +€133,129 | +19.3% |
| Fixed assets | 21/28 | €278,734 | €280,967 | +€2,233 | +0.8% |
| Tangible fixed assets | 22/27 | €1,131 | €3,364 | +€2,233 | +197% |
| Furniture and vehicles | 24 | €1,131 | €3,364 | +€2,233 | +197% |
| Financial fixed assets | 28 | €277,603 | €277,603 | = | 0.0% |
| Current assets | 29/58 | €411,104 | €542,000 | +€130,896 | +31.8% |
| Amounts receivable within one year | 40/41 | €268,572 | €402,052 | +€133,480 | +49.7% |
| Trade receivables | 40 | - | €2,026 | +€2,026 | |
| Other amounts receivable | 41 | €268,572 | €400,026 | +€131,454 | +48.9% |
| Current investments | 50/53 | €15,033 | €45,183 | +€30,150 | +201% |
| Cash at bank and in hand | 54/58 | €102,127 | €64,055 | -€38,072 | -37.3% |
| Deferred charges and accrued income | 490/1 | €25,371 | €30,709 | +€5,339 | +21.0% |
| Total equity and liabilities | 10/49 | €689,838 | €822,967 | +€133,129 | +19.3% |
| Equity | 10/15 | €491,862 | €641,240 | +€149,378 | +30.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,655 | +€3,655 | |
| Reserves | 13 | €185,000 | €270,000 | +€85,000 | +45.9% |
| Distributable reserves | 133 | €185,000 | €270,000 | +€85,000 | +45.9% |
| Profit (loss) carried forward | 14 | €303,862 | €364,585 | +€60,723 | +20.0% |
| Amounts payable | 17/49 | €197,976 | €181,727 | -€16,249 | -8.2% |
| Amounts payable after more than one year | 17 | €165,226 | €144,569 | -€20,657 | -12.5% |
| Financial debts | 170/4 | €165,226 | €144,569 | -€20,657 | -12.5% |
| Amounts payable within one year | 42/48 | €32,750 | €28,801 | -€3,949 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €19,950 | €20,657 | +€707 | +3.5% |
| Trade debts | 44 | €132 | €5,396 | +€5,263 | +3,977% |
| Suppliers | 440/4 | €132 | €5,396 | +€5,263 | +3,977% |
| Taxes, remuneration and social security | 45 | €10,883 | €1,125 | -€9,758 | -89.7% |
| Taxes | 450/3 | €10,883 | €1,125 | -€9,758 | -89.7% |
| Other amounts payable | 47/48 | €1,785 | €1,623 | -€161 | -9.0% |
| Accrued charges and deferred income | 492/3 | - | €8,357 | +€8,357 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,092 | €953 | -€139 | -12.8% |
| Other operating charges | 640/8 | €1,947 | €1,875 | -€72 | -3.7% |
| Gross operating margin | 9900 | €251,255 | €208,044 | -€43,210 | -17.2% |
| Operating profit (loss) | 9901 | €248,215 | €205,216 | -€42,999 | -17.3% |
| Financial income | 75/76B | €34 | €1,886 | +€1,852 | +5,507% |
| Recurring financial income | 75 | €34 | €1,886 | +€1,852 | +5,507% |
| Financial charges | 65/66B | €7,027 | €7,009 | -€18 | -0.3% |
| Recurring financial charges | 65 | €7,027 | €7,009 | -€18 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €241,222 | €200,093 | -€41,129 | -17.1% |
| Income taxes | 67/77 | €69,758 | €54,370 | -€15,388 | -22.1% |
| Profit (loss) for the period | 9904 | €171,464 | €145,723 | -€25,741 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €171,464 | €145,723 | -€25,741 | -15.0% |
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 13 October 2026 via checked.be.