PGT EXPRESS: 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.
PGT EXPRESS
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+280%), from €412,319 to €1.6m
of which Land and buildings: +€1.0m
- Receivables within one year -€175,017
down €175,017 (-31.6%), from €553,772 to €378,756
of which Trade receivables: -€130,941
- Cash -€70,291
down €70,291 (-5.6%), from €1.3m to €1.2m
mainly Investment in fixed assets (net) (-€1.3m) and Contributions, distributions and other (-€138,983)
- Debts after one year +€824,179
up €824,179 (+633%), from €130,264 to €954,443
- Trade debts +€97,617
up €97,617 (+84.2%), from €115,953 to €213,571
- Current portion of long-term debt +€86,156
up €86,156 (+92.2%), from €93,397 to €179,552
- Other debts -€69,775
down €69,775 (-32.0%), from €218,081 to €148,306
- Gross operating margin -€76,829
down €76,829 (-7.1%), from €1.1m to €1.0m
- Taxes -€48,202
down €48,202 (-40.9%), from €117,986 to €69,784
- Depreciation +€19,333
up €19,333 (+13.6%), from €141,641 to €160,974
- Financial income -€15,993
down €15,993 (-51.1%), from €31,305 to €15,312
- Other operating charges +€11,256
up €11,256 (+156%), from €7,194 to €18,450
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 | €2,237,269 | €3,147,279 | +€910,010 | +40.7% |
| Fixed assets | 21/28 | €412,419 | €1,564,890 | +€1.2m | +279% |
| Tangible fixed assets | 22/27 | €412,319 | €1,564,790 | +€1.2m | +280% |
| Land and buildings | 22 | €180,284 | €1,203,545 | +€1.0m | +568% |
| Furniture and vehicles | 24 | €209,850 | €340,653 | +€130,803 | +62.3% |
| Other tangible fixed assets | 26 | €22,186 | €20,592 | -€1,594 | -7.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,824,850 | €1,582,390 | -€242,460 | -13.3% |
| Amounts receivable within one year | 40/41 | €553,772 | €378,756 | -€175,017 | -31.6% |
| Trade receivables | 40 | €499,892 | €368,950 | -€130,941 | -26.2% |
| Other amounts receivable | 41 | €53,881 | €9,805 | -€44,075 | -81.8% |
| Cash at bank and in hand | 54/58 | €1,260,124 | €1,189,834 | -€70,291 | -5.6% |
| Deferred charges and accrued income | 490/1 | €10,954 | €13,801 | +€2,847 | +26.0% |
| Total equity and liabilities | 10/49 | €2,237,269 | €3,147,279 | +€910,010 | +40.7% |
| Equity | 10/15 | €1,440,397 | €1,435,131 | -€5,265 | -0.4% |
| Contributions | 10/11 | €27,233 | €27,233 | = | 0.0% |
| Reserves | 13 | €1,001,888 | €996,623 | -€5,265 | -0.5% |
| Distributable reserves | 133 | €1,001,888 | €996,623 | -€5,265 | -0.5% |
| Profit (loss) carried forward | 14 | €411,276 | €411,276 | = | 0.0% |
| Amounts payable | 17/49 | €796,873 | €1,712,148 | +€915,275 | +115% |
| Amounts payable after more than one year | 17 | €130,264 | €954,443 | +€824,179 | +633% |
| Financial debts | 170/4 | €130,264 | €954,443 | +€824,179 | +633% |
| Amounts payable within one year | 42/48 | €666,369 | €757,705 | +€91,336 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €93,397 | €179,552 | +€86,156 | +92.2% |
| Financial debts | 43 | €78,114 | €58,747 | -€19,367 | -24.8% |
| Other loans | 439 | €78,114 | €58,747 | -€19,367 | -24.8% |
| Trade debts | 44 | €115,953 | €213,571 | +€97,617 | +84.2% |
| Suppliers | 440/4 | €115,953 | €213,571 | +€97,617 | +84.2% |
| Taxes, remuneration and social security | 45 | €160,825 | €157,529 | -€3,296 | -2.0% |
| Taxes | 450/3 | €102,597 | €81,274 | -€21,323 | -20.8% |
| Remuneration and social security | 454/9 | €58,228 | €76,255 | +€18,027 | +31.0% |
| Other amounts payable | 47/48 | €218,081 | €148,306 | -€69,775 | -32.0% |
| Accrued charges and deferred income | 492/3 | €240 | - | -€240 | |
| Remuneration, social security and pensions | 62 | €584,238 | €589,792 | +€5,555 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,641 | €160,974 | +€19,333 | +13.6% |
| Other operating charges | 640/8 | €7,194 | €18,450 | +€11,256 | +156% |
| Non-recurring operating charges | 66A | - | €19,751 | +€19,751 | |
| Gross operating margin | 9900 | €1,078,285 | €1,001,456 | -€76,829 | -7.1% |
| Operating profit (loss) | 9901 | €345,213 | €212,490 | -€132,723 | -38.4% |
| Financial income | 75/76B | €31,305 | €15,312 | -€15,993 | -51.1% |
| Recurring financial income | 75 | €31,305 | €15,312 | -€15,993 | -51.1% |
| Financial charges | 65/66B | €16,327 | €24,300 | +€7,973 | +48.8% |
| Recurring financial charges | 65 | €16,327 | €24,300 | +€7,973 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | €360,191 | €203,502 | -€156,689 | -43.5% |
| Income taxes | 67/77 | €117,986 | €69,784 | -€48,202 | -40.9% |
| Profit (loss) for the period | 9904 | €242,205 | €133,718 | -€108,487 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €242,205 | €133,718 | -€108,487 | -44.8% |
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 23 October 2026 via checked.be.