PLUG: what changed
Two fiscal 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.
PLUG
Largest movements
- Current investments +€475,500
up €475,500 (+190200.0%), from €250 to €475,750
- Cash -€428,461
down €428,461 (-65.2%), from €656,779 to €228,318
mainly Current investments (-€475,500) and Tax, wage and social debts (-€155,899)
- Receivables within one year -€292,895
down €292,895 (-41.5%), from €705,978 to €413,084
of which Trade receivables: -€294,133
- Tax, wage and social debts -€155,899
down €155,899 (-48.7%), from €320,186 to €164,287
of which Taxes: -€107,479
- Trade debts -€66,448
down €66,448 (-43.9%), from €151,368 to €84,920
- Reserves -€21,080
down €21,080 (-2.0%), from €1.0m to €1.0m
of which Distributable reserves: -€15,088
- Gross operating margin -€498,074
down €498,074 (-35.9%), from €1.4m to €888,111
- Taxes -€108,917
down €108,917 (-67.5%), from €161,329 to €52,413
- Staff costs -€79,365
down €79,365 (-9.9%), from €797,701 to €718,337
- Depreciation -€18,391
down €18,391 (-34.3%), from €53,624 to €35,232
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 | €1,533,335 | €1,288,962 | -€244,372 | -15.9% |
| Fixed assets | 21/28 | €135,686 | €135,599 | -€87 | -0.1% |
| Tangible fixed assets | 22/27 | €135,686 | €135,599 | -€87 | -0.1% |
| Land and buildings | 22 | €6,703 | €4,751 | -€1,952 | -29.1% |
| Plant, machinery and equipment | 23 | €38,126 | €32,946 | -€5,180 | -13.6% |
| Furniture and vehicles | 24 | €11,874 | €19,330 | +€7,455 | +62.8% |
| Other tangible fixed assets | 26 | €78,983 | €78,573 | -€409 | -0.5% |
| Current assets | 29/58 | €1,397,649 | €1,153,364 | -€244,285 | -17.5% |
| Amounts receivable within one year | 40/41 | €705,978 | €413,084 | -€292,895 | -41.5% |
| Trade receivables | 40 | €652,008 | €357,876 | -€294,133 | -45.1% |
| Other amounts receivable | 41 | €53,970 | €55,208 | +€1,238 | +2.3% |
| Current investments | 50/53 | €250 | €475,750 | +€475,500 | +190200.0% |
| Cash at bank and in hand | 54/58 | €656,779 | €228,318 | -€428,461 | -65.2% |
| Deferred charges and accrued income | 490/1 | €34,642 | €36,212 | +€1,570 | +4.5% |
| Total equity and liabilities | 10/49 | €1,533,335 | €1,288,962 | -€244,372 | -15.9% |
| Equity | 10/15 | €1,049,437 | €1,028,357 | -€21,080 | -2.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,030,887 | €1,009,807 | -€21,080 | -2.0% |
| Tax-exempt reserves | 132 | €55,782 | €49,790 | -€5,992 | -10.7% |
| Distributable reserves | 133 | €975,105 | €960,017 | -€15,088 | -1.5% |
| Provisions and deferred taxes | 16 | €12,344 | €10,347 | -€1,997 | -16.2% |
| Deferred taxes | 168 | €12,344 | €10,347 | -€1,997 | -16.2% |
| Amounts payable | 17/49 | €471,554 | €250,259 | -€221,295 | -46.9% |
| Amounts payable within one year | 42/48 | €471,554 | €250,259 | -€221,295 | -46.9% |
| Trade debts | 44 | €151,368 | €84,920 | -€66,448 | -43.9% |
| Suppliers | 440/4 | €151,368 | €84,920 | -€66,448 | -43.9% |
| Taxes, remuneration and social security | 45 | €320,186 | €164,287 | -€155,899 | -48.7% |
| Taxes | 450/3 | €151,257 | €43,778 | -€107,479 | -71.1% |
| Remuneration and social security | 454/9 | €168,928 | €120,509 | -€48,419 | -28.7% |
| Other amounts payable | 47/48 | - | €1,052 | +€1,052 | |
| Non-recurring operating income | 76A | €51,940 | - | -€51,940 | |
| Remuneration, social security and pensions | 62 | €797,701 | €718,337 | -€79,365 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,624 | €35,232 | -€18,391 | -34.3% |
| Other operating charges | 640/8 | €2,963 | €2,275 | -€687 | -23.2% |
| Gross operating margin | 9900 | €1,386,185 | €888,111 | -€498,074 | -35.9% |
| Operating profit (loss) | 9901 | €531,898 | €132,266 | -€399,631 | -75.1% |
| Financial income | 75/76B | €7,631 | €7,565 | -€66 | -0.9% |
| Recurring financial income | 75 | €7,631 | €7,565 | -€66 | -0.9% |
| Financial charges | 65/66B | €14,567 | €5,233 | -€9,334 | -64.1% |
| Recurring financial charges | 65 | €14,567 | €5,233 | -€9,334 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €524,961 | €134,598 | -€390,363 | -74.4% |
| Transfer from deferred taxes | 780 | €641 | €1,997 | +€1,356 | +211.6% |
| Transfer to deferred taxes | 680 | €12,985 | - | -€12,985 | |
| Income taxes | 67/77 | €161,329 | €52,413 | -€108,917 | -67.5% |
| Profit (loss) for the period | 9904 | €351,288 | €84,183 | -€267,105 | -76.0% |
| Transfer from tax-exempt reserves | 789 | €1,923 | €5,992 | +€4,069 | +211.6% |
| Transfer to tax-exempt reserves | 689 | €38,955 | - | -€38,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €314,256 | €90,175 | -€224,081 | -71.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.