PGE2: 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.
PGE2
Largest movements
- Receivables within one year -€206,676
down €206,676 (-86.6%), from €238,762 to €32,086
- Intangible fixed assets -€68,698
down €68,698 (-26.1%), from €262,747 to €194,048
- Cash -€29,487
down €29,487 (-91.7%), from €32,169 to €2,682
mainly Other debts (-€72,608) and Tax, wage and social debts (-€62,096)
- Deferred charges and accrued income -€6,344
down €6,344 (-47.6%), from €13,317 to €6,972
- Other debts -€72,608
down €72,608 (-29.2%), from €248,714 to €176,106
- Tax, wage and social debts -€62,096
down €62,096 (-52.7%), from €117,726 to €55,630
of which Taxes: -€45,341
- Debts after one year -€56,915
down €56,915 (-51.5%), from €110,601 to €53,686
- Trade debts -€43,541
down €43,541 (-58.7%), from €74,176 to €30,634
- Current portion of long-term debt -€40,444
down €40,444 (-39.6%), from €102,025 to €61,581
- Gross operating margin -€214,236
down €214,236 (-46.3%), from €463,119 to €248,883
- Staff costs -€157,612
down €157,612 (-48.3%), from €326,498 to €168,886
- Depreciation -€43,013
down €43,013 (-30.4%), from €141,677 to €98,664
- Other operating charges -€13,772
down €13,772 (-51.2%), from €26,903 to €13,132
- Financial charges -€12,480
down €12,480 (-49.6%), from €25,155 to €12,674
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 | €548,103 | €236,707 | -€311,396 | -56.8% |
| Fixed assets | 21/28 | €263,855 | €194,967 | -€68,889 | -26.1% |
| Intangible fixed assets | 21 | €262,747 | €194,048 | -€68,698 | -26.1% |
| Tangible fixed assets | 22/27 | €859 | €668 | -€190 | -22.2% |
| Furniture and vehicles | 24 | €859 | €668 | -€190 | -22.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €284,248 | €41,740 | -€242,508 | -85.3% |
| Amounts receivable within one year | 40/41 | €238,762 | €32,086 | -€206,676 | -86.6% |
| Trade receivables | 40 | €238,762 | €32,086 | -€206,676 | -86.6% |
| Cash at bank and in hand | 54/58 | €32,169 | €2,682 | -€29,487 | -91.7% |
| Deferred charges and accrued income | 490/1 | €13,317 | €6,972 | -€6,344 | -47.6% |
| Total equity and liabilities | 10/49 | €548,103 | €236,707 | -€311,396 | -56.8% |
| Equity | 10/15 | -€111,996 | -€150,469 | -€38,473 | -34.4% |
| Contributions | 10/11 | €158,600 | €158,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,596 | -€309,069 | -€38,473 | -14.2% |
| Amounts payable | 17/49 | €660,099 | €387,176 | -€272,924 | -41.3% |
| Amounts payable after more than one year | 17 | €110,601 | €53,686 | -€56,915 | -51.5% |
| Financial debts | 170/4 | €110,601 | €53,686 | -€56,915 | -51.5% |
| Amounts payable within one year | 42/48 | €542,641 | €323,951 | -€218,689 | -40.3% |
| Current portion of amounts payable after more than one year | 42 | €102,025 | €61,581 | -€40,444 | -39.6% |
| Trade debts | 44 | €74,176 | €30,634 | -€43,541 | -58.7% |
| Suppliers | 440/4 | €74,176 | €30,634 | -€43,541 | -58.7% |
| Taxes, remuneration and social security | 45 | €117,726 | €55,630 | -€62,096 | -52.7% |
| Taxes | 450/3 | €65,747 | €20,406 | -€45,341 | -69.0% |
| Remuneration and social security | 454/9 | €51,979 | €35,224 | -€16,756 | -32.2% |
| Other amounts payable | 47/48 | €248,714 | €176,106 | -€72,608 | -29.2% |
| Accrued charges and deferred income | 492/3 | €6,858 | €9,538 | +€2,681 | +39.1% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €326,498 | €168,886 | -€157,612 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,677 | €98,664 | -€43,013 | -30.4% |
| Other operating charges | 640/8 | €26,903 | €13,132 | -€13,772 | -51.2% |
| Non-recurring operating charges | 66A | €1,362 | - | -€1,362 | |
| Gross operating margin | 9900 | €463,119 | €248,883 | -€214,236 | -46.3% |
| Operating profit (loss) | 9901 | -€33,322 | -€31,799 | +€1,523 | +4.6% |
| Financial income | 75/76B | €102 | €6,000 | +€5,899 | +5,809% |
| Recurring financial income | 75 | €102 | €6,000 | +€5,899 | +5,809% |
| Financial charges | 65/66B | €25,155 | €12,674 | -€12,480 | -49.6% |
| Recurring financial charges | 65 | €25,155 | €12,674 | -€12,480 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | -€58,374 | -€38,473 | +€19,902 | +34.1% |
| Profit (loss) for the period | 9904 | -€58,374 | -€38,473 | +€19,902 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,374 | -€38,473 | +€19,902 | +34.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.