PLAFO-BEL: 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.
PLAFO-BEL
Largest movements
- Cash -€297,959
down €297,959 (-59.3%), from €502,434 to €204,475
mainly Other debts (-€325,000) and Net result for the year (-€86,900)
- Receivables within one year +€71,489
up €71,489 (+7.9%), from €903,063 to €974,552
of which Trade receivables: +€219,620
- Stocks and contracts -€16,880
down €16,880 (-17.7%), from €95,280 to €78,400
- Financial fixed assets +€16,857
up €16,857 (+33.9%), from €49,795 to €66,652
- Tangible fixed assets -€16,824
down €16,824 (-17.7%), from €94,825 to €78,001
- Other debts -€325,000
down €325,000 (-52.0%), from €625,000 to €300,000
- Trade debts +€130,332
up €130,332 (+95.2%), from €136,836 to €267,168
- Reserves -€86,900
down €86,900 (-13.6%), from €641,089 to €554,189
- Advances received +€28,000
new in 2025: €28,000
- Gross operating margin -€486,011
down €486,011 (-56.3%), from €863,881 to €377,871
- Write-downs -€50,900
down €50,900, from €45,736 to -€5,163
- Other operating charges -€44,377
down €44,377 (-74.6%), from €59,526 to €15,149
- Taxes -€34,475
down €34,475 (-98.5%), from €35,000 to €525
- Depreciation -€13,553
down €13,553 (-23.6%), from €57,390 to €43,837
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 | €1,646,119 | €1,403,537 | -€242,582 | -14.7% |
| Fixed assets | 21/28 | €144,620 | €144,653 | +€33 | 0.0% |
| Tangible fixed assets | 22/27 | €94,825 | €78,001 | -€16,824 | -17.7% |
| Plant, machinery and equipment | 23 | €12,079 | €7,022 | -€5,057 | -41.9% |
| Furniture and vehicles | 24 | €9,196 | €2,433 | -€6,763 | -73.5% |
| Leasing and similar rights | 25 | €73,550 | €68,546 | -€5,004 | -6.8% |
| Financial fixed assets | 28 | €49,795 | €66,652 | +€16,857 | +33.9% |
| Current assets | 29/58 | €1,501,499 | €1,258,885 | -€242,614 | -16.2% |
| Stocks and contracts in progress | 3 | €95,280 | €78,400 | -€16,880 | -17.7% |
| Stocks | 30/36 | €95,280 | €78,400 | -€16,880 | -17.7% |
| Amounts receivable within one year | 40/41 | €903,063 | €974,552 | +€71,489 | +7.9% |
| Trade receivables | 40 | €598,288 | €817,909 | +€219,620 | +36.7% |
| Other amounts receivable | 41 | €304,775 | €156,644 | -€148,131 | -48.6% |
| Cash at bank and in hand | 54/58 | €502,434 | €204,475 | -€297,959 | -59.3% |
| Deferred charges and accrued income | 490/1 | €722 | €1,458 | +€736 | +102% |
| Total equity and liabilities | 10/49 | €1,646,119 | €1,403,537 | -€242,582 | -14.7% |
| Equity | 10/15 | €741,089 | €654,189 | -€86,900 | -11.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €641,089 | €554,189 | -€86,900 | -13.6% |
| Distributable reserves | 133 | €641,089 | €554,189 | -€86,900 | -13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €905,030 | €749,349 | -€155,681 | -17.2% |
| Amounts payable after more than one year | 17 | €39,051 | €35,248 | -€3,803 | -9.7% |
| Financial debts | 170/4 | €39,051 | €35,248 | -€3,803 | -9.7% |
| Amounts payable within one year | 42/48 | €865,736 | €710,350 | -€155,386 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €33,703 | €31,385 | -€2,318 | -6.9% |
| Financial debts | 43 | €0 | €13,475 | +€13,475 | |
| Credit institutions | 430/8 | €0 | €13,475 | +€13,475 | |
| Trade debts | 44 | €136,836 | €267,168 | +€130,332 | +95.2% |
| Suppliers | 440/4 | €136,836 | €267,168 | +€130,332 | +95.2% |
| Advances received on contracts in progress | 46 | - | €28,000 | +€28,000 | |
| Taxes, remuneration and social security | 45 | €70,198 | €70,322 | +€124 | +0.2% |
| Taxes | 450/3 | €6,854 | €10,251 | +€3,397 | +49.6% |
| Remuneration and social security | 454/9 | €63,344 | €60,071 | -€3,272 | -5.2% |
| Other amounts payable | 47/48 | €625,000 | €300,000 | -€325,000 | -52.0% |
| Accrued charges and deferred income | 492/3 | €243 | €3,750 | +€3,507 | +1,446% |
| Non-recurring operating income | 76A | €4,539 | €0 | -€4,539 | -100% |
| Remuneration, social security and pensions | 62 | €416,065 | €418,393 | +€2,328 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,390 | €43,837 | -€13,553 | -23.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €45,736 | -€5,163 | -€50,900 | |
| Other operating charges | 640/8 | €59,526 | €15,149 | -€44,377 | -74.6% |
| Non-recurring operating charges | 66A | €250 | €8,696 | +€8,446 | +3,378% |
| Gross operating margin | 9900 | €863,881 | €377,871 | -€486,011 | -56.3% |
| Operating profit (loss) | 9901 | €284,915 | -€103,041 | -€387,956 | |
| Financial income | 75/76B | €35,272 | €28,457 | -€6,815 | -19.3% |
| Recurring financial income | 75 | €35,272 | €28,457 | -€6,815 | -19.3% |
| Financial charges | 65/66B | €12,594 | €11,791 | -€803 | -6.4% |
| Recurring financial charges | 65 | €12,594 | €11,791 | -€803 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €307,593 | -€86,375 | -€393,968 | |
| Income taxes | 67/77 | €35,000 | €525 | -€34,475 | -98.5% |
| Profit (loss) for the period | 9904 | €272,593 | -€86,900 | -€359,493 | |
| Profit (loss) for the period to be appropriated | 9905 | €272,593 | -€86,900 | -€359,493 |
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 1 November 2026 via checked.be.