PLS: 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.
PLS
Largest movements
- Cash -€78,060
down €78,060 (-43.1%), from €180,947 to €102,886
mainly Contributions, distributions and other (-€107,143) and Accrued charges and deferred income (-€13,734)
- Tangible fixed assets -€21,072
down €21,072 (-28.6%), from €73,595 to €52,522
of which Furniture and vehicles: -€22,835
- Current investments -€20,077
down €20,077 (-10.3%), from €193,989 to €173,912
- Receivables within one year -€7,856
down €7,856 (-3.4%), from €230,484 to €222,628
of which Trade receivables: -€11,883
- Reserves -€89,757
down €89,757 (-22.3%), from €403,250 to €313,493
of which Distributable reserves: -€89,757
- Accrued charges and deferred income -€13,734
down €13,734 (-42.8%), from €32,058 to €18,324
- Debts after one year -€9,356
down €9,356 (-35.1%), from €26,691 to €17,335
- Trade debts -€8,419
down €8,419 (-7.9%), from €106,202 to €97,784
- Gross operating margin -€83,305
down €83,305 (-31.3%), from €266,319 to €183,013
- Taxes -€14,787
down €14,787 (-75.3%), from €19,642 to €4,855
- Depreciation -€11,274
down €11,274 (-42.5%), from €26,536 to €15,261
- Write-downs -€9,515
no longer reported in 2025 (was €9,515)
- Staff costs -€6,889
down €6,889 (-5.0%), from €136,553 to €129,664
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 | €685,060 | €558,696 | -€126,365 | -18.4% |
| Fixed assets | 21/28 | €73,595 | €52,522 | -€21,072 | -28.6% |
| Tangible fixed assets | 22/27 | €73,595 | €52,522 | -€21,072 | -28.6% |
| Furniture and vehicles | 24 | €55,663 | €32,828 | -€22,835 | -41.0% |
| Other tangible fixed assets | 26 | €17,931 | €19,694 | +€1,763 | +9.8% |
| Current assets | 29/58 | €611,466 | €506,174 | -€105,292 | -17.2% |
| Amounts receivable within one year | 40/41 | €230,484 | €222,628 | -€7,856 | -3.4% |
| Trade receivables | 40 | €227,146 | €215,264 | -€11,883 | -5.2% |
| Other amounts receivable | 41 | €3,338 | €7,365 | +€4,027 | +120.6% |
| Current investments | 50/53 | €193,989 | €173,912 | -€20,077 | -10.3% |
| Cash at bank and in hand | 54/58 | €180,947 | €102,886 | -€78,060 | -43.1% |
| Deferred charges and accrued income | 490/1 | €6,046 | €6,747 | +€701 | +11.6% |
| Total equity and liabilities | 10/49 | €685,060 | €558,696 | -€126,365 | -18.4% |
| Equity | 10/15 | €466,426 | €375,993 | -€90,433 | -19.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €403,250 | €313,493 | -€89,757 | -22.3% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €397,000 | €307,243 | -€89,757 | -22.6% |
| Profit (loss) carried forward | 14 | €676 | - | -€676 | |
| Amounts payable | 17/49 | €218,635 | €182,703 | -€35,932 | -16.4% |
| Amounts payable after more than one year | 17 | €26,691 | €17,335 | -€9,356 | -35.1% |
| Financial debts | 170/4 | €26,691 | €17,335 | -€9,356 | -35.1% |
| Amounts payable within one year | 42/48 | €159,886 | €147,044 | -€12,842 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €8,977 | €9,356 | +€379 | +4.2% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €106,202 | €97,784 | -€8,419 | -7.9% |
| Suppliers | 440/4 | €106,202 | €97,784 | -€8,419 | -7.9% |
| Taxes, remuneration and social security | 45 | €19,707 | €14,816 | -€4,891 | -24.8% |
| Taxes | 450/3 | €1,287 | €1,562 | +€275 | +21.4% |
| Remuneration and social security | 454/9 | €18,420 | €13,253 | -€5,166 | -28.0% |
| Other amounts payable | 47/48 | - | €89 | +€89 | |
| Accrued charges and deferred income | 492/3 | €32,058 | €18,324 | -€13,734 | -42.8% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €136,553 | €129,664 | -€6,889 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,536 | €15,261 | -€11,274 | -42.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,515 | - | -€9,515 | |
| Other operating charges | 640/8 | €3,500 | €2,665 | -€835 | -23.9% |
| Non-recurring operating charges | 66A | - | €12,237 | +€12,237 | |
| Gross operating margin | 9900 | €266,319 | €183,013 | -€83,305 | -31.3% |
| Operating profit (loss) | 9901 | €90,215 | €23,186 | -€67,029 | -74.3% |
| Financial income | 75/76B | €4,442 | €3,076 | -€1,366 | -30.8% |
| Recurring financial income | 75 | €4,442 | €3,076 | -€1,366 | -30.8% |
| Financial charges | 65/66B | €5,516 | €4,696 | -€819 | -14.9% |
| Recurring financial charges | 65 | €5,516 | €4,696 | -€819 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €89,141 | €21,565 | -€67,576 | -75.8% |
| Income taxes | 67/77 | €19,642 | €4,855 | -€14,787 | -75.3% |
| Profit (loss) for the period | 9904 | €69,499 | €16,710 | -€52,789 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,499 | €16,710 | -€52,789 | -76.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.