PGN: 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.
PGN
Largest movements
- Cash +€53,225
up €53,225 (+24.2%), from €220,103 to €273,328
mainly Trade debts (+€150,329) and Depreciation (+€83,156)
- Stocks and contracts +€41,237
up €41,237 (+7.5%), from €550,283 to €591,520
- Deferred charges and accrued income +€37,579
up €37,579 (+233%), from €16,144 to €53,723
- Receivables within one year -€21,237
down €21,237 (-13.1%), from €162,714 to €141,477
of which Trade receivables: -€28,932
- Trade debts +€150,329
up €150,329 (+51.2%), from €293,781 to €444,110
- Reserves +€69,743
up €69,743 (+21.8%), from €319,238 to €388,981
of which Distributable reserves: +€69,743
- Debts after one year -€68,606
down €68,606 (-17.1%), from €400,943 to €332,337
of which Financial debts: -€68,606
- Accrued charges and deferred income -€49,429
down €49,429 (-78.2%), from €63,230 to €13,801
- Write-downs +€61,238
up €61,238, from -€61,238 to €0
- Other operating charges -€44,280
down €44,280 (-71.0%), from €62,356 to €18,076
- Financial charges -€14,738
down €14,738 (-22.6%), from €65,234 to €50,497
- Gross operating margin +€9,047
up €9,047 (+2.4%), from €378,096 to €387,143
- Staff costs +€4,593
up €4,593 (+3.4%), from €133,547 to €138,140
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 | €1,903,084 | €1,999,300 | +€96,216 | +5.1% |
| Fixed assets | 21/28 | €878,839 | €864,253 | -€14,587 | -1.7% |
| Tangible fixed assets | 22/27 | €878,649 | €864,063 | -€14,587 | -1.7% |
| Land and buildings | 22 | €762,113 | €731,634 | -€30,479 | -4.0% |
| Plant, machinery and equipment | 23 | €23,134 | €45,760 | +€22,626 | +97.8% |
| Furniture and vehicles | 24 | €29,828 | €43,142 | +€13,314 | +44.6% |
| Leasing and similar rights | 25 | €39,601 | €24,971 | -€14,630 | -36.9% |
| Other tangible fixed assets | 26 | €23,973 | €18,556 | -€5,418 | -22.6% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €1,024,245 | €1,135,048 | +€110,803 | +10.8% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €550,283 | €591,520 | +€41,237 | +7.5% |
| Stocks | 30/36 | €550,283 | €591,520 | +€41,237 | +7.5% |
| Amounts receivable within one year | 40/41 | €162,714 | €141,477 | -€21,237 | -13.1% |
| Trade receivables | 40 | €125,189 | €96,257 | -€28,932 | -23.1% |
| Other amounts receivable | 41 | €37,525 | €45,220 | +€7,695 | +20.5% |
| Cash at bank and in hand | 54/58 | €220,103 | €273,328 | +€53,225 | +24.2% |
| Deferred charges and accrued income | 490/1 | €16,144 | €53,723 | +€37,579 | +233% |
| Total equity and liabilities | 10/49 | €1,903,084 | €1,999,300 | +€96,216 | +5.1% |
| Equity | 10/15 | €337,838 | €407,581 | +€69,743 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €319,238 | €388,981 | +€69,743 | +21.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €298,628 | €368,371 | +€69,743 | +23.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,565,246 | €1,591,719 | +€26,473 | +1.7% |
| Amounts payable after more than one year | 17 | €400,943 | €332,337 | -€68,606 | -17.1% |
| Financial debts | 170/4 | €264,943 | €196,337 | -€68,606 | -25.9% |
| Other amounts payable | 178/9 | €136,000 | €136,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,101,074 | €1,245,582 | +€144,508 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €75,228 | €82,360 | +€7,133 | +9.5% |
| Financial debts | 43 | €628,396 | €628,380 | -€15 | 0.0% |
| Credit institutions | 430/8 | €628,396 | €628,380 | -€15 | 0.0% |
| Trade debts | 44 | €293,781 | €444,110 | +€150,329 | +51.2% |
| Suppliers | 440/4 | €293,781 | €444,110 | +€150,329 | +51.2% |
| Advances received on contracts in progress | 46 | €1,635 | €0 | -€1,635 | -100% |
| Taxes, remuneration and social security | 45 | €45,522 | €45,952 | +€431 | +0.9% |
| Taxes | 450/3 | €26,795 | €26,611 | -€184 | -0.7% |
| Remuneration and social security | 454/9 | €18,727 | €19,341 | +€615 | +3.3% |
| Other amounts payable | 47/48 | €56,513 | €44,778 | -€11,735 | -20.8% |
| Accrued charges and deferred income | 492/3 | €63,230 | €13,801 | -€49,429 | -78.2% |
| Remuneration, social security and pensions | 62 | €133,547 | €138,140 | +€4,593 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,968 | €83,156 | +€2,188 | +2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€61,238 | €0 | +€61,238 | |
| Other operating charges | 640/8 | €62,356 | €18,076 | -€44,280 | -71.0% |
| Non-recurring operating charges | 66A | €121 | - | -€121 | |
| Gross operating margin | 9900 | €378,096 | €387,143 | +€9,047 | +2.4% |
| Operating profit (loss) | 9901 | €162,341 | €147,770 | -€14,572 | -9.0% |
| Financial income | 75/76B | €5,629 | €4,177 | -€1,452 | -25.8% |
| Recurring financial income | 75 | €5,629 | €4,177 | -€1,452 | -25.8% |
| Financial charges | 65/66B | €65,234 | €50,497 | -€14,738 | -22.6% |
| Recurring financial charges | 65 | €65,234 | €50,497 | -€14,738 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €102,736 | €101,450 | -€1,286 | -1.3% |
| Income taxes | 67/77 | €26,220 | €30,041 | +€3,821 | +14.6% |
| Profit (loss) for the period | 9904 | €76,516 | €71,409 | -€5,107 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €76,516 | €71,409 | -€5,107 | -6.7% |
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 17 October 2026 via checked.be.