PLFA: what changed
PLFA
Largest movements
- Receivables within one year +€296,065
up €296,065 (+105%), from €282,251 to €578,316
of which Other amounts receivable: +€271,273
- Cash -€63,423
down €63,423 (-58.2%), from €108,915 to €45,492
mainly Receivables within one year (-€296,065) and Contributions, distributions and other (-€200,000)
- Tangible fixed assets -€53,247
down €53,247 (-4.7%), from €1.1m to €1.1m
of which Assets under construction and advance payments: -€613,161
- Other debts +€155,038
up €155,038 (+1,257%), from €12,331 to €167,369
- Reserves -€154,960
down €154,960 (-11.5%), from €1.4m to €1.2m
of which Distributable reserves: -€103,978
- Debts after one year +€122,634
up €122,634 (+127%), from €96,396 to €219,029
- Tax, wage and social debts +€50,429
up €50,429 (+246%), from €20,537 to €70,967
of which Taxes: +€45,428
- Current portion of long-term debt +€20,897
up €20,897 (+52.5%), from €39,803 to €60,700
- Financial income -€145,639
down €145,639 (-93.2%), from €156,183 to €10,545
- Gross operating margin +€85,216
up €85,216 (+117%), from €73,013 to €158,229
- Staff costs +€43,318
up €43,318, from €0 to €43,318
- Taxes +€11,422
up €11,422 (+65.9%), from €17,324 to €28,746
- Financial charges +€4,145
up €4,145 (+80.4%), from €5,159 to €9,304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,548,048 | €1,738,366 | +€190,319 | +12.3% |
| Fixed assets | 21/28 | €1,139,047 | €1,084,045 | -€55,002 | -4.8% |
| Intangible fixed assets | 21 | €3,787 | €2,107 | -€1,680 | -44.4% |
| Tangible fixed assets | 22/27 | €1,126,145 | €1,072,898 | -€53,247 | -4.7% |
| Land and buildings | 22 | €504,634 | €1,029,121 | +€524,486 | +104% |
| Plant, machinery and equipment | 23 | €5,005 | €4,170 | -€835 | -16.7% |
| Furniture and vehicles | 24 | €3,344 | €39,607 | +€36,263 | +1,084% |
| Assets under construction and advance payments | 27 | €613,161 | €0 | -€613,161 | -100% |
| Financial fixed assets | 28 | €9,115 | €9,040 | -€75 | -0.8% |
| Current assets | 29/58 | €409,000 | €654,321 | +€245,321 | +60.0% |
| Amounts receivable within one year | 40/41 | €282,251 | €578,316 | +€296,065 | +105% |
| Trade receivables | 40 | €750 | €25,542 | +€24,792 | +3,306% |
| Other amounts receivable | 41 | €281,501 | €552,774 | +€271,273 | +96.4% |
| Current investments | 50/53 | €17,000 | €28,884 | +€11,884 | +69.9% |
| Cash at bank and in hand | 54/58 | €108,915 | €45,492 | -€63,423 | -58.2% |
| Deferred charges and accrued income | 490/1 | €835 | €1,629 | +€795 | +95.2% |
| Total equity and liabilities | 10/49 | €1,548,048 | €1,738,366 | +€190,319 | +12.3% |
| Equity | 10/15 | €1,365,575 | €1,210,615 | -€154,960 | -11.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,353,175 | €1,198,215 | -€154,960 | -11.5% |
| Tax-exempt reserves | 132 | €256,810 | €205,828 | -€50,982 | -19.9% |
| Distributable reserves | 133 | €1,096,365 | €992,388 | -€103,978 | -9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €182,472 | €527,751 | +€345,278 | +189% |
| Amounts payable after more than one year | 17 | €96,396 | €219,029 | +€122,634 | +127% |
| Financial debts | 170/4 | €96,396 | €219,029 | +€122,634 | +127% |
| Amounts payable within one year | 42/48 | €85,989 | €308,632 | +€222,643 | +259% |
| Current portion of amounts payable after more than one year | 42 | €39,803 | €60,700 | +€20,897 | +52.5% |
| Financial debts | 43 | €10,159 | €0 | -€10,159 | -100% |
| Credit institutions | 430/8 | €10,159 | €0 | -€10,159 | -100% |
| Trade debts | 44 | €3,158 | €9,597 | +€6,439 | +204% |
| Suppliers | 440/4 | €3,158 | €9,597 | +€6,439 | +204% |
| Taxes, remuneration and social security | 45 | €20,537 | €70,967 | +€50,429 | +246% |
| Taxes | 450/3 | €20,537 | €65,965 | +€45,428 | +221% |
| Remuneration and social security | 454/9 | - | €5,001 | +€5,001 | |
| Other amounts payable | 47/48 | €12,331 | €167,369 | +€155,038 | +1,257% |
| Accrued charges and deferred income | 492/3 | €88 | €89 | +€2 | +1.9% |
| Remuneration, social security and pensions | 62 | €0 | €43,318 | +€43,318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,694 | €37,318 | +€2,624 | +7.6% |
| Other operating charges | 640/8 | €3,629 | €5,047 | +€1,418 | +39.1% |
| Gross operating margin | 9900 | €73,013 | €158,229 | +€85,216 | +117% |
| Operating profit (loss) | 9901 | €34,690 | €72,546 | +€37,856 | +109% |
| Financial income | 75/76B | €156,183 | €10,545 | -€145,639 | -93.2% |
| Recurring financial income | 75 | €156,183 | €10,545 | -€145,639 | -93.2% |
| Financial charges | 65/66B | €5,159 | €9,304 | +€4,145 | +80.4% |
| Recurring financial charges | 65 | €5,159 | €9,304 | +€4,145 | +80.4% |
| Profit (loss) for the period before taxes | 9903 | €185,715 | €73,787 | -€111,928 | -60.3% |
| Income taxes | 67/77 | €17,324 | €28,746 | +€11,422 | +65.9% |
| Profit (loss) for the period | 9904 | €168,391 | €45,040 | -€123,350 | -73.3% |
| Transfer from tax-exempt reserves | 789 | - | €72,032 | +€72,032 | |
| Transfer to tax-exempt reserves | 689 | €0 | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €168,391 | €96,022 | -€72,368 | -43.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.