PGL: what changed
Two fiscal 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.
PGL
Largest movements
- Receivables within one year -€50,248
down €50,248 (-17.5%), from €286,460 to €236,212
of which Trade receivables: -€27,725
- Current investments -€45,628
down €45,628 (-25.2%), from €181,080 to €135,452
- Reserves -€439,622
down €439,622 (-99.0%), from €443,903 to €4,281
- Other debts +€354,077
up €354,077, from €0 to €354,077
- Current portion of long-term debt -€4,958
down €4,958 (-100.0%), from €4,958 to €0
- Depreciation -€9,400
down €9,400 (-92.2%), from €10,193 to €793
- Gross operating margin +€8,942
up €8,942 (+14.2%), from €63,023 to €71,964
- Taxes +€2,672
up €2,672 (+19.8%), from €13,530 to €16,203
- Financial income +€1,526
up €1,526 (+56.0%), from €2,726 to €4,252
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 | €473,537 | €382,091 | -€91,447 | -19.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,343 | €1,550 | -€793 | -33.9% |
| Tangible fixed assets | 22/27 | €2,343 | €1,550 | -€793 | -33.9% |
| Furniture and vehicles | 24 | €2,343 | €1,550 | -€793 | -33.9% |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Current assets | 29/58 | €471,194 | €380,541 | -€90,653 | -19.2% |
| Amounts receivable within one year | 40/41 | €286,460 | €236,212 | -€50,248 | -17.5% |
| Trade receivables | 40 | €263,754 | €236,029 | -€27,725 | -10.5% |
| Other amounts receivable | 41 | €22,706 | €183 | -€22,523 | -99.2% |
| Current investments | 50/53 | €181,080 | €135,452 | -€45,628 | -25.2% |
| Cash at bank and in hand | 54/58 | €1,441 | €3,975 | +€2,535 | +175.9% |
| Deferred charges and accrued income | 490/1 | €2,213 | €4,902 | +€2,689 | +121.5% |
| Total equity and liabilities | 10/49 | €473,537 | €382,091 | -€91,447 | -19.3% |
| Equity | 10/15 | €449,903 | €9,981 | -€439,922 | -97.8% |
| Contributions | 10/11 | €6,000 | €5,700 | -€300 | -5.0% |
| Reserves | 13 | €443,903 | €4,281 | -€439,622 | -99.0% |
| Distributable reserves | 133 | €443,903 | €4,281 | -€439,622 | -99.0% |
| Amounts payable | 17/49 | €23,634 | €372,110 | +€348,476 | +1474.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €23,634 | €372,110 | +€348,476 | +1474.4% |
| Current portion of amounts payable after more than one year | 42 | €4,958 | €0 | -€4,958 | -100.0% |
| Trade debts | 44 | €3,544 | €1,771 | -€1,773 | -50.0% |
| Suppliers | 440/4 | €3,544 | €1,771 | -€1,773 | -50.0% |
| Taxes, remuneration and social security | 45 | €15,132 | €16,261 | +€1,130 | +7.5% |
| Taxes | 450/3 | €15,132 | €16,261 | +€1,130 | +7.5% |
| Other amounts payable | 47/48 | €0 | €354,077 | +€354,077 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,193 | €793 | -€9,400 | -92.2% |
| Other operating charges | 640/8 | €20 | €720 | +€700 | +3501.8% |
| Gross operating margin | 9900 | €63,023 | €71,964 | +€8,942 | +14.2% |
| Operating profit (loss) | 9901 | €52,809 | €70,450 | +€17,641 | +33.4% |
| Financial income | 75/76B | €2,726 | €4,252 | +€1,526 | +56.0% |
| Recurring financial income | 75 | €2,726 | €4,252 | +€1,526 | +56.0% |
| Financial charges | 65/66B | €188 | €121 | -€67 | -35.5% |
| Recurring financial charges | 65 | €188 | €121 | -€67 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €55,347 | €74,581 | +€19,234 | +34.8% |
| Income taxes | 67/77 | €13,530 | €16,203 | +€2,672 | +19.8% |
| Profit (loss) for the period | 9904 | €41,817 | €58,378 | +€16,561 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,817 | €58,378 | +€16,561 | +39.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.