PGHB: 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.
PGHB
Largest movements
- Cash +€4.9m
up €4.9m (+373%), from €1.3m to €6.2m
mainly Net result for the year (+€4.7m) and Current investments (+€2.1m)
- Current investments -€2.1m
down €2.1m (-4.2%), from €49.8m to €47.8m
- Deferred charges and accrued income -€631,369
down €631,369 (-100.0%), from €631,532 to €164
- Financial fixed assets +€609,283
up €609,283 (+334%), from €182,535 to €791,817
- Reserves +€9.7m
up €9.7m (+21.1%), from €46.0m to €55.7m
- Profit (loss) carried forward -€5.1m
down €5.1m (-100%), from €5.1m to €0
- Short-term financial debts -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Financial charges -€1.6m
down €1.6m, from €240,295 to -€1.3m
- Financial income +€468,902
up €468,902 (+14.0%), from €3.3m to €3.8m
of which Financial income: +€468,902
- Taxes -€408,787
down €408,787 (-63.2%), from €647,214 to €238,427
- Depreciation -€132,065
down €132,065 (-84.2%), from €156,925 to €24,860
- Gross operating margin -€22,153
down €22,153 (-24.5%), from -€90,566 to -€112,718
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 | €53,892,542 | €57,006,540 | +€3.1m | +5.8% |
| Fixed assets | 21/28 | €1,412,947 | €2,239,994 | +€827,047 | +58.5% |
| Tangible fixed assets | 22/27 | €1,230,413 | €1,448,177 | +€217,764 | +17.7% |
| Land and buildings | 22 | €1,230,413 | €1,448,177 | +€217,764 | +17.7% |
| Financial fixed assets | 28 | €182,535 | €791,817 | +€609,283 | +334% |
| Current assets | 29/58 | €52,479,595 | €54,766,546 | +€2.3m | +4.4% |
| Amounts receivable within one year | 40/41 | €710,573 | €812,279 | +€101,706 | +14.3% |
| Trade receivables | 40 | €46,847 | €39,327 | -€7,520 | -16.1% |
| Other amounts receivable | 41 | €663,726 | €772,952 | +€109,226 | +16.5% |
| Current investments | 50/53 | €49,826,726 | €47,752,157 | -€2.1m | -4.2% |
| Cash at bank and in hand | 54/58 | €1,310,763 | €6,201,946 | +€4.9m | +373% |
| Deferred charges and accrued income | 490/1 | €631,532 | €164 | -€631,369 | -100.0% |
| Total equity and liabilities | 10/49 | €53,892,542 | €57,006,540 | +€3.1m | +5.8% |
| Equity | 10/15 | €52,011,705 | €56,657,501 | +€4.6m | +8.9% |
| Contributions | 10/11 | €954,813 | €954,813 | = | 0.0% |
| Reserves | 13 | €45,995,026 | €55,702,688 | +€9.7m | +21.1% |
| Distributable reserves | 133 | €45,995,026 | €55,702,688 | +€9.7m | +21.1% |
| Profit (loss) carried forward | 14 | €5,061,865 | €0 | -€5.1m | -100% |
| Amounts payable | 17/49 | €1,880,838 | €349,040 | -€1.5m | -81.4% |
| Amounts payable within one year | 42/48 | €1,867,542 | €340,461 | -€1.5m | -81.8% |
| Financial debts | 43 | €1,435,673 | €0 | -€1.4m | -100% |
| Credit institutions | 430/8 | €1,435,673 | €0 | -€1.4m | -100% |
| Trade debts | 44 | €24,377 | €26,448 | +€2,071 | +8.5% |
| Suppliers | 440/4 | €24,377 | €26,448 | +€2,071 | +8.5% |
| Taxes, remuneration and social security | 45 | €271,935 | €265,353 | -€6,582 | -2.4% |
| Taxes | 450/3 | €271,935 | €265,353 | -€6,582 | -2.4% |
| Other amounts payable | 47/48 | €135,556 | €48,660 | -€86,896 | -64.1% |
| Accrued charges and deferred income | 492/3 | €13,296 | €8,579 | -€4,717 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,925 | €24,860 | -€132,065 | -84.2% |
| Other operating charges | 640/8 | €64,899 | €65,943 | +€1,044 | +1.6% |
| Gross operating margin | 9900 | -€90,566 | -€112,718 | -€22,153 | -24.5% |
| Operating profit (loss) | 9901 | -€312,390 | -€203,522 | +€108,868 | +34.8% |
| Financial income | 75/76B | €3,345,110 | €3,814,012 | +€468,902 | +14.0% |
| Recurring financial income | 75 | €3,345,110 | €3,814,012 | +€468,902 | +14.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €240,295 | -€1,318,732 | -€1.6m | |
| Recurring financial charges | 65 | €240,295 | -€1,318,732 | -€1.6m | |
| Profit (loss) for the period before taxes | 9903 | €2,792,426 | €4,929,223 | +€2.1m | +76.5% |
| Income taxes | 67/77 | €647,214 | €238,427 | -€408,787 | -63.2% |
| Profit (loss) for the period | 9904 | €2,145,212 | €4,690,796 | +€2.5m | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €2,145,212 | €4,690,796 | +€2.5m | +119% |
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 27 October 2026 via checked.be.