PLUG 21: 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 21
Largest movements
- Cash +€498,191
up €498,191 (+170.3%), from €292,588 to €790,779
mainly Other debts (+€3.1m) and Trade debts (+€959,521)
- Receivables within one year -€438,413
down €438,413 (-23.3%), from €1.9m to €1.4m
of which Trade receivables: -€487,712
- Other debts +€3.1m
up €3.1m (+39.2%), from €7.9m to €11.0m
- Debts after one year -€1.5m
down €1.5m (-7.4%), from €21.0m to €19.5m
- Current portion of long-term debt -€1.3m
down €1.3m (-46.3%), from €2.7m to €1.5m
- Profit (loss) carried forward -€1.2m
down €1.2m (-14.6%), from €8.1m to €6.9m
- Trade debts +€959,521
up €959,521 (+244.6%), from €392,208 to €1.4m
- Turnover -€1.8m
down €1.8m (-53.5%), from €3.4m to €1.6m
- Services and other goods -€387,036
down €387,036 (-22.0%), from €1.8m to €1.4m
- Financial charges -€207,975
down €207,975 (-12.6%), from €1.6m to €1.4m
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 | €40,576,751 | €40,637,529 | +€60,778 | +0.1% |
| Fixed assets | 21/28 | €38,403,861 | €38,403,861 | = | 0.0% |
| Financial fixed assets | 28 | €38,403,861 | €38,403,861 | = | 0.0% |
| Affiliated companies | 280/1 | €38,403,861 | €38,403,861 | = | 0.0% |
| Participating interests | 280 | €38,403,861 | €38,403,861 | = | 0.0% |
| Current assets | 29/58 | €2,172,891 | €2,233,668 | +€60,778 | +2.8% |
| Amounts receivable within one year | 40/41 | €1,880,302 | €1,441,889 | -€438,413 | -23.3% |
| Trade receivables | 40 | €647,834 | €160,122 | -€487,712 | -75.3% |
| Other amounts receivable | 41 | €1,232,468 | €1,281,767 | +€49,299 | +4.0% |
| Cash at bank and in hand | 54/58 | €292,588 | €790,779 | +€498,191 | +170.3% |
| Deferred charges and accrued income | 490/1 | - | €1,000 | +€1,000 | |
| Total equity and liabilities | 10/49 | €40,576,751 | €40,637,529 | +€60,778 | +0.1% |
| Equity | 10/15 | €8,051,727 | €6,875,629 | -€1.2m | -14.6% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,050,527 | €6,874,429 | -€1.2m | -14.6% |
| Amounts payable | 17/49 | €32,525,025 | €33,761,900 | +€1.2m | +3.8% |
| Amounts payable after more than one year | 17 | €21,047,500 | €19,500,000 | -€1.5m | -7.4% |
| Financial debts | 170/4 | €21,047,500 | €19,500,000 | -€1.5m | -7.4% |
| Subordinated loans | 170 | €8,097,500 | €8,000,000 | -€97,500 | -1.2% |
| Credit institutions | 173 | €12,950,000 | €11,500,000 | -€1.5m | -11.2% |
| Amounts payable within one year | 42/48 | €11,011,597 | €13,813,378 | +€2.8m | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €2,700,000 | €1,450,000 | -€1.3m | -46.3% |
| Trade debts | 44 | €392,208 | €1,351,729 | +€959,521 | +244.6% |
| Suppliers | 440/4 | €392,208 | €1,351,729 | +€959,521 | +244.6% |
| Taxes, remuneration and social security | 45 | €26,897 | €24,163 | -€2,734 | -10.2% |
| Taxes | 450/3 | €26,897 | €24,163 | -€2,734 | -10.2% |
| Other amounts payable | 47/48 | €7,892,492 | €10,987,486 | +€3.1m | +39.2% |
| Accrued charges and deferred income | 492/3 | €465,928 | €448,522 | -€17,407 | -3.7% |
| Operating income | 70/76A | €3,378,288 | €1,569,457 | -€1.8m | -53.5% |
| Turnover | 70 | €3,378,288 | €1,569,457 | -€1.8m | -53.5% |
| Operating charges | 60/66A | €1,762,612 | €1,375,749 | -€386,864 | -21.9% |
| Services and other goods | 61 | €1,761,421 | €1,374,385 | -€387,036 | -22.0% |
| Other operating charges | 640/8 | €1,192 | €1,363 | +€172 | +14.4% |
| Operating profit (loss) | 9901 | €1,615,676 | €193,709 | -€1.4m | -88.0% |
| Financial income | 75/76B | €39,505 | €68,739 | +€29,234 | +74.0% |
| Recurring financial income | 75 | €39,505 | €68,739 | +€29,234 | +74.0% |
| Income from current assets | 751 | €39,505 | €49,299 | +€9,794 | +24.8% |
| Other financial income | 752/9 | - | €19,440 | +€19,440 | |
| Financial charges | 65/66B | €1,646,519 | €1,438,545 | -€207,975 | -12.6% |
| Recurring financial charges | 65 | €1,646,519 | €1,438,545 | -€207,975 | -12.6% |
| Debt charges | 650 | €1,645,980 | €1,437,796 | -€208,184 | -12.6% |
| Other financial charges | 652/9 | €540 | €749 | +€209 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €8,661 | -€1,176,098 | -€1.2m | |
| Profit (loss) for the period | 9904 | €8,661 | -€1,176,098 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €8,661 | -€1,176,098 | -€1.2m |
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 4 October 2026 via checked.be.