PGS IMMO: 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 IMMO
Largest movements
- Tangible fixed assets -€199,219
down €199,219 (-13.3%), from €1.5m to €1.3m
of which Plant, machinery and equipment: -€106,495
- Stocks and contracts -€153,446
no longer reported in 2025 (was €153,446)
- Receivables within one year +€41,275
up €41,275 (+23.2%), from €177,999 to €219,274
of which Other amounts receivable: +€22,631
- Cash +€30,558
up €30,558 (+18.2%), from €167,798 to €198,356
mainly Stocks and contracts (+€153,446) and Depreciation (+€103,681)
- Debts after one year -€126,939
down €126,939 (-16.6%), from €766,413 to €639,474
- Tax, wage and social debts -€124,164
down €124,164 (-77.9%), from €159,466 to €35,302
of which Remuneration and social security: -€105,665
- Trade debts -€104,676
down €104,676 (-87.4%), from €119,803 to €15,127
- Provisions +€96,208
up €96,208 (+2536.9%), from €3,792 to €100,000
of which Provisions for liabilities and charges: +€100,000
- Gross operating margin -€776,846
down €776,846 (-77.8%), from €998,169 to €221,323
- Staff costs -€613,227
down €613,227 (-99.3%), from €617,789 to €4,562
- Provisions +€100,000
new in 2025: €100,000
- Depreciation -€89,574
down €89,574 (-46.4%), from €193,255 to €103,681
- Other operating charges -€62,426
down €62,426 (-77.8%), from €80,250 to €17,823
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 | €2,007,319 | €1,725,691 | -€281,627 | -14.0% |
| Formation expenses | 20 | €13,618 | €11,065 | -€2,553 | -18.7% |
| Fixed assets | 21/28 | €1,493,725 | €1,294,505 | -€199,219 | -13.3% |
| Tangible fixed assets | 22/27 | €1,493,725 | €1,294,505 | -€199,219 | -13.3% |
| Land and buildings | 22 | €1,301,325 | €1,239,785 | -€61,540 | -4.7% |
| Plant, machinery and equipment | 23 | €137,469 | €30,974 | -€106,495 | -77.5% |
| Furniture and vehicles | 24 | €54,930 | €23,747 | -€31,184 | -56.8% |
| Current assets | 29/58 | €499,976 | €420,121 | -€79,855 | -16.0% |
| Stocks and contracts in progress | 3 | €153,446 | - | -€153,446 | |
| Stocks | 30/36 | €153,446 | - | -€153,446 | |
| Amounts receivable within one year | 40/41 | €177,999 | €219,274 | +€41,275 | +23.2% |
| Trade receivables | 40 | €157,421 | €176,065 | +€18,644 | +11.8% |
| Other amounts receivable | 41 | €20,578 | €43,209 | +€22,631 | +110.0% |
| Cash at bank and in hand | 54/58 | €167,798 | €198,356 | +€30,558 | +18.2% |
| Deferred charges and accrued income | 490/1 | €733 | €2,491 | +€1,758 | +239.8% |
| Total equity and liabilities | 10/49 | €2,007,319 | €1,725,691 | -€281,627 | -14.0% |
| Equity | 10/15 | €785,149 | €764,393 | -€20,756 | -2.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €474,036 | €455,480 | -€18,555 | -3.9% |
| Reserves | 13 | €250,095 | €265,642 | +€15,546 | +6.2% |
| Non-distributable reserves | 130/1 | €25,860 | €25,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €224,235 | €239,782 | +€15,546 | +6.9% |
| Investment grants | 15 | €42,426 | €24,679 | -€17,747 | -41.8% |
| Provisions and deferred taxes | 16 | €3,792 | €100,000 | +€96,208 | +2536.9% |
| Provisions for liabilities and charges | 160/5 | - | €100,000 | +€100,000 | |
| Major repairs and maintenance | 162 | - | €100,000 | +€100,000 | |
| Deferred taxes | 168 | €3,792 | - | -€3,792 | |
| Amounts payable | 17/49 | €1,218,377 | €861,298 | -€357,079 | -29.3% |
| Amounts payable after more than one year | 17 | €766,413 | €639,474 | -€126,939 | -16.6% |
| Financial debts | 170/4 | €766,413 | €639,474 | -€126,939 | -16.6% |
| Amounts payable within one year | 42/48 | €451,964 | €221,823 | -€230,140 | -50.9% |
| Trade debts | 44 | €119,803 | €15,127 | -€104,676 | -87.4% |
| Suppliers | 440/4 | €119,803 | €15,127 | -€104,676 | -87.4% |
| Taxes, remuneration and social security | 45 | €159,466 | €35,302 | -€124,164 | -77.9% |
| Taxes | 450/3 | €53,498 | €35,000 | -€18,498 | -34.6% |
| Remuneration and social security | 454/9 | €105,967 | €302 | -€105,665 | -99.7% |
| Other amounts payable | 47/48 | €172,695 | €171,395 | -€1,300 | -0.8% |
| Non-recurring operating income | 76A | €5,772 | €94,484 | +€88,712 | +1536.8% |
| Remuneration, social security and pensions | 62 | €617,789 | €4,562 | -€613,227 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,255 | €103,681 | -€89,574 | -46.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €100,000 | +€100,000 | |
| Other operating charges | 640/8 | €80,250 | €17,823 | -€62,426 | -77.8% |
| Non-recurring operating charges | 66A | €1,920 | €392 | -€1,528 | -79.6% |
| Gross operating margin | 9900 | €998,169 | €221,323 | -€776,846 | -77.8% |
| Operating profit (loss) | 9901 | €104,955 | -€5,135 | -€110,091 | |
| Financial income | 75/76B | €24,755 | €26,329 | +€1,574 | +6.4% |
| Recurring financial income | 75 | €24,755 | €26,329 | +€1,574 | +6.4% |
| Financial charges | 65/66B | €16,224 | €19,203 | +€2,979 | +18.4% |
| Recurring financial charges | 65 | €16,224 | €19,203 | +€2,979 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €113,487 | €1,991 | -€111,496 | -98.2% |
| Income taxes | 67/77 | €35,455 | €5,000 | -€30,455 | -85.9% |
| Profit (loss) for the period | 9904 | €78,032 | -€3,009 | -€81,041 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,032 | -€3,009 | -€81,041 |
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.