PGS Antwerp: 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 Antwerp
Largest movements
- Cash -€2.5m
down €2.5m (-89.4%), from €2.8m to €298,806
mainly Short-term financial debts (-€2.7m) and Trade debts (-€412,543)
- Receivables within one year -€965,665
down €965,665 (-87.7%), from €1.1m to €134,888
of which Trade receivables: -€849,332
- Tangible fixed assets -€95,896
down €95,896 (-62.4%), from €153,638 to €57,742
- Short-term financial debts -€2.7m
down €2.7m (-100.0%), from €2.7m to €0
- Trade debts -€412,543
down €412,543 (-79.4%), from €519,326 to €106,783
- Other debts -€391,902
down €391,902 (-78.8%), from €497,203 to €105,301
- Gross operating margin +€1.5m
up €1.5m, from -€576,644 to €874,838
- Staff costs -€157,613
down €157,613 (-52.8%), from €298,700 to €141,088
- Financial charges -€121,439
down €121,439 (-58.0%), from €209,301 to €87,862
- Write-downs +€44,513
up €44,513, from -€44,513 to €0
- Depreciation -€20,228
down €20,228 (-56.6%), from €35,732 to €15,504
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 | €4,093,014 | €498,994 | -€3.6m | -87.8% |
| Fixed assets | 21/28 | €171,638 | €57,742 | -€113,896 | -66.4% |
| Tangible fixed assets | 22/27 | €153,638 | €57,742 | -€95,896 | -62.4% |
| Land and buildings | 22 | €35,777 | €0 | -€35,777 | -100.0% |
| Plant, machinery and equipment | 23 | €61,979 | €31,587 | -€30,391 | -49.0% |
| Furniture and vehicles | 24 | €55,882 | €26,155 | -€29,728 | -53.2% |
| Financial fixed assets | 28 | €18,000 | €0 | -€18,000 | -100.0% |
| Current assets | 29/58 | €3,921,376 | €441,252 | -€3.5m | -88.7% |
| Stocks and contracts in progress | 3 | €3,497 | €3,106 | -€391 | -11.2% |
| Stocks | 30/36 | €3,497 | €3,106 | -€391 | -11.2% |
| Amounts receivable within one year | 40/41 | €1,100,552 | €134,888 | -€965,665 | -87.7% |
| Trade receivables | 40 | €962,741 | €113,409 | -€849,332 | -88.2% |
| Other amounts receivable | 41 | €137,811 | €21,479 | -€116,333 | -84.4% |
| Cash at bank and in hand | 54/58 | €2,810,384 | €298,806 | -€2.5m | -89.4% |
| Deferred charges and accrued income | 490/1 | €6,943 | €4,451 | -€2,492 | -35.9% |
| Total equity and liabilities | 10/49 | €4,093,014 | €498,994 | -€3.6m | -87.8% |
| Equity | 10/15 | €296,478 | €286,910 | -€9,568 | -3.2% |
| Contributions | 10/11 | €3,294,949 | €3,294,949 | = | 0.0% |
| Capital | 10 | €3,294,949 | €3,294,949 | = | 0.0% |
| Issued capital | 100 | €3,294,949 | €3,294,949 | = | 0.0% |
| Reserves | 13 | €6,222 | €6,222 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,222 | €6,222 | = | 0.0% |
| Legal reserve | 130 | €6,222 | €6,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,004,693 | -€3,014,261 | -€9,568 | -0.3% |
| Amounts payable | 17/49 | €3,796,536 | €212,083 | -€3.6m | -94.4% |
| Amounts payable within one year | 42/48 | €3,796,536 | €212,083 | -€3.6m | -94.4% |
| Financial debts | 43 | €2,742,881 | €0 | -€2.7m | -100.0% |
| Other loans | 439 | €2,742,881 | €0 | -€2.7m | -100.0% |
| Trade debts | 44 | €519,326 | €106,783 | -€412,543 | -79.4% |
| Suppliers | 440/4 | €519,326 | €106,783 | -€412,543 | -79.4% |
| Taxes, remuneration and social security | 45 | €37,126 | €0 | -€37,126 | -100.0% |
| Taxes | 450/3 | €8,362 | €0 | -€8,362 | -100.0% |
| Remuneration and social security | 454/9 | €28,764 | €0 | -€28,764 | -100.0% |
| Other amounts payable | 47/48 | €497,203 | €105,301 | -€391,902 | -78.8% |
| Non-recurring operating income | 76A | €89,261 | €1,189,434 | +€1.1m | +1232.5% |
| Remuneration, social security and pensions | 62 | €298,700 | €141,088 | -€157,613 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,732 | €15,504 | -€20,228 | -56.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€44,513 | €0 | +€44,513 | |
| Other operating charges | 640/8 | €22,291 | €20,905 | -€1,386 | -6.2% |
| Non-recurring operating charges | 66A | €111,859 | €667,633 | +€555,773 | +496.9% |
| Gross operating margin | 9900 | -€576,644 | €874,838 | +€1.5m | |
| Operating profit (loss) | 9901 | -€1,000,713 | €29,709 | +€1.0m | |
| Financial income | 75/76B | €41,472 | €49,266 | +€7,794 | +18.8% |
| Recurring financial income | 75 | €41,472 | €0 | -€41,472 | -100.0% |
| Non-recurring financial income | 76B | - | €49,266 | +€49,266 | |
| Financial charges | 65/66B | €209,301 | €87,862 | -€121,439 | -58.0% |
| Recurring financial charges | 65 | €209,301 | €87,862 | -€121,439 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,168,542 | -€8,887 | +€1.2m | +99.2% |
| Income taxes | 67/77 | - | €681 | +€681 | |
| Profit (loss) for the period | 9904 | -€1,168,542 | -€9,568 | +€1.2m | +99.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,168,542 | -€9,568 | +€1.2m | +99.2% |
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.