PGS: 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.
PGS
Largest movements
- Receivables within one year +€489,233
up €489,233 (+1750.2%), from €27,953 to €517,186
of which Other amounts receivable: +€491,483
- Cash -€131,464
down €131,464 (-31.0%), from €423,413 to €291,950
mainly Receivables within one year (-€489,233) and Investment in fixed assets (net) (-€106,522)
- Tangible fixed assets +€85,089
up €85,089 (+153.4%), from €55,461 to €140,550
of which Furniture and vehicles: +€85,820
- Deferred charges and accrued income -€29,730
down €29,730 (-19.8%), from €149,794 to €120,064
- Current investments +€29,126
up €29,126 (+109.1%), from €26,699 to €55,825
- Profit (loss) carried forward +€516,995
new in 2025: €516,995
- Tax, wage and social debts -€48,700
down €48,700 (-99.0%), from €49,200 to €500
- Other debts -€22,091
no longer reported in 2025 (was €22,091)
- Financial income +€31,591
up €31,591 (+30416.4%), from €104 to €31,694
- Gross operating margin +€11,447
up €11,447 (+1.7%), from €660,975 to €672,422
- Taxes +€9,069
up €9,069 (+5.9%), from €154,191 to €163,260
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 | €683,321 | €1,125,575 | +€442,253 | +64.7% |
| Fixed assets | 21/28 | €55,461 | €140,550 | +€85,089 | +153.4% |
| Tangible fixed assets | 22/27 | €55,461 | €140,550 | +€85,089 | +153.4% |
| Plant, machinery and equipment | 23 | €5,987 | €5,569 | -€417 | -7.0% |
| Furniture and vehicles | 24 | €46,439 | €132,259 | +€85,820 | +184.8% |
| Other tangible fixed assets | 26 | €3,035 | €2,721 | -€314 | -10.4% |
| Current assets | 29/58 | €627,860 | €985,025 | +€357,165 | +56.9% |
| Amounts receivable within one year | 40/41 | €27,953 | €517,186 | +€489,233 | +1750.2% |
| Trade receivables | 40 | €2,250 | - | -€2,250 | |
| Other amounts receivable | 41 | €25,703 | €517,186 | +€491,483 | +1912.1% |
| Current investments | 50/53 | €26,699 | €55,825 | +€29,126 | +109.1% |
| Cash at bank and in hand | 54/58 | €423,413 | €291,950 | -€131,464 | -31.0% |
| Deferred charges and accrued income | 490/1 | €149,794 | €120,064 | -€29,730 | -19.8% |
| Total equity and liabilities | 10/49 | €683,321 | €1,125,575 | +€442,253 | +64.7% |
| Equity | 10/15 | €607,464 | €1,124,459 | +€516,995 | +85.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €606,464 | €606,464 | = | 0.0% |
| Tax-exempt reserves | 132 | €273,650 | €273,650 | = | 0.0% |
| Distributable reserves | 133 | €332,814 | €332,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €516,995 | +€516,995 | |
| Amounts payable | 17/49 | €75,858 | €1,116 | -€74,742 | -98.5% |
| Amounts payable within one year | 42/48 | €74,291 | €1,116 | -€73,175 | -98.5% |
| Trade debts | 44 | €3,000 | €616 | -€2,384 | -79.5% |
| Suppliers | 440/4 | €3,000 | €616 | -€2,384 | -79.5% |
| Taxes, remuneration and social security | 45 | €49,200 | €500 | -€48,700 | -99.0% |
| Taxes | 450/3 | €49,200 | €500 | -€48,700 | -99.0% |
| Other amounts payable | 47/48 | €22,091 | - | -€22,091 | |
| Accrued charges and deferred income | 492/3 | €1,567 | - | -€1,567 | |
| Non-recurring operating income | 76A | - | €1,294 | +€1,294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,577 | €21,434 | -€1,143 | -5.1% |
| Other operating charges | 640/8 | €1,669 | €1,499 | -€170 | -10.2% |
| Gross operating margin | 9900 | €660,975 | €672,422 | +€11,447 | +1.7% |
| Operating profit (loss) | 9901 | €636,729 | €649,489 | +€12,760 | +2.0% |
| Financial income | 75/76B | €104 | €31,694 | +€31,591 | +30416.4% |
| Recurring financial income | 75 | €104 | €31,694 | +€31,591 | +30416.4% |
| Financial charges | 65/66B | €2,478 | €928 | -€1,550 | -62.5% |
| Recurring financial charges | 65 | €2,478 | €928 | -€1,550 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | €634,355 | €680,255 | +€45,900 | +7.2% |
| Income taxes | 67/77 | €154,191 | €163,260 | +€9,069 | +5.9% |
| Profit (loss) for the period | 9904 | €480,164 | €516,995 | +€36,831 | +7.7% |
| Transfer to tax-exempt reserves | 689 | €147,350 | - | -€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €332,814 | €516,995 | +€184,181 | +55.3% |
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 9 October 2026 via checked.be.