Photac: 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.
Photac
Largest movements
- Tangible fixed assets -€26,201
down €26,201 (-7.4%), from €356,045 to €329,844
- Cash -€6,734
down €6,734 (-28.4%), from €23,736 to €17,002
mainly Other debts (-€46,000) and Deferred charges and accrued income (-€5,653)
- Deferred charges and accrued income +€5,653
up €5,653 (+214%), from €2,642 to €8,295
- Other debts -€46,000
down €46,000 (-23.1%), from €199,452 to €153,452
- Profit (loss) carried forward +€11,302
up €11,302 (+19.5%), from -€57,890 to -€46,588
- Tax, wage and social debts +€4,114
up €4,114 (+255%), from €1,611 to €5,725
- Gross operating margin -€11,587
down €11,587 (-18.1%), from €63,861 to €52,274
- Taxes +€2,502
up €2,502 (+155%), from €1,612 to €4,114
- Financial charges -€976
down €976 (-22.5%), from €4,343 to €3,367
- Depreciation +€764
up €764 (+2.7%), from €28,702 to €29,466
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 | €382,423 | €355,141 | -€27,282 | -7.1% |
| Fixed assets | 21/28 | €356,045 | €329,844 | -€26,201 | -7.4% |
| Tangible fixed assets | 22/27 | €356,045 | €329,844 | -€26,201 | -7.4% |
| Land and buildings | 22 | €356,045 | €329,844 | -€26,201 | -7.4% |
| Current assets | 29/58 | €26,378 | €25,297 | -€1,081 | -4.1% |
| Cash at bank and in hand | 54/58 | €23,736 | €17,002 | -€6,734 | -28.4% |
| Deferred charges and accrued income | 490/1 | €2,642 | €8,295 | +€5,653 | +214% |
| Total equity and liabilities | 10/49 | €382,423 | €355,141 | -€27,282 | -7.1% |
| Equity | 10/15 | €96,548 | €107,850 | +€11,302 | +11.7% |
| Contributions | 10/11 | €154,000 | €154,000 | = | 0.0% |
| Reserves | 13 | €438 | €438 | = | 0.0% |
| Non-distributable reserves | 130/1 | €438 | €438 | = | 0.0% |
| Reserves not available under the articles | 1311 | €438 | €438 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,890 | -€46,588 | +€11,302 | +19.5% |
| Amounts payable | 17/49 | €285,875 | €247,291 | -€38,584 | -13.5% |
| Amounts payable within one year | 42/48 | €203,763 | €161,877 | -€41,886 | -20.6% |
| Trade debts | 44 | €2,700 | €2,700 | = | 0.0% |
| Suppliers | 440/4 | €2,700 | €2,700 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,611 | €5,725 | +€4,114 | +255% |
| Taxes | 450/3 | €1,611 | €5,725 | +€4,114 | +255% |
| Other amounts payable | 47/48 | €199,452 | €153,452 | -€46,000 | -23.1% |
| Accrued charges and deferred income | 492/3 | €82,112 | €85,414 | +€3,302 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,702 | €29,466 | +€764 | +2.7% |
| Other operating charges | 640/8 | €3,902 | €4,025 | +€123 | +3.2% |
| Gross operating margin | 9900 | €63,861 | €52,274 | -€11,587 | -18.1% |
| Operating profit (loss) | 9901 | €31,257 | €18,783 | -€12,474 | -39.9% |
| Financial charges | 65/66B | €4,343 | €3,367 | -€976 | -22.5% |
| Recurring financial charges | 65 | €4,343 | €3,367 | -€976 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €26,914 | €15,416 | -€11,498 | -42.7% |
| Income taxes | 67/77 | €1,612 | €4,114 | +€2,502 | +155% |
| Profit (loss) for the period | 9904 | €25,302 | €11,302 | -€14,000 | -55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,302 | €11,302 | -€14,000 | -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 26 October 2026 via checked.be.