PN'co: 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.
PN'co
Largest movements
- Receivables within one year -€2,659
down €2,659 (-37.3%), from €7,132 to €4,472
of which Trade receivables: -€2,300
- Cash -€1,191
down €1,191 (-95.7%), from €1,244 to €53
mainly Current portion of long-term debt (-€7,533) and Investment in fixed assets (net) (-€4,892)
- Tangible fixed assets -€1,127
down €1,127 (-19.1%), from €5,908 to €4,782
of which Leasing and similar rights: -€4,819
- Deferred charges and accrued income -€184
down €184 (-33.6%), from €547 to €364
- Current portion of long-term debt -€7,533
down €7,533 (-71.5%), from €10,536 to €3,003
- Debts after one year +€5,103
new in 2025: €5,103
- Trade debts -€2,405
down €2,405 (-56.2%), from €4,276 to €1,871
- Tax, wage and social debts -€373
down €373 (-24.3%), from €1,536 to €1,163
- Gross operating margin -€5,242
down €5,242 (-41.2%), from €12,715 to €7,473
- Depreciation -€4,519
down €4,519 (-42.9%), from €10,538 to €6,019
- Other operating charges -€396
down €396 (-37.6%), from €1,051 to €656
- Financial charges -€256
down €256 (-25.4%), from €1,008 to €752
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 | €14,831 | €9,671 | -€5,160 | -34.8% |
| Fixed assets | 21/28 | €5,908 | €4,782 | -€1,127 | -19.1% |
| Tangible fixed assets | 22/27 | €5,908 | €4,782 | -€1,127 | -19.1% |
| Furniture and vehicles | 24 | €1,089 | €4,782 | +€3,692 | +338.9% |
| Leasing and similar rights | 25 | €4,819 | - | -€4,819 | |
| Current assets | 29/58 | €8,923 | €4,889 | -€4,034 | -45.2% |
| Amounts receivable within one year | 40/41 | €7,132 | €4,472 | -€2,659 | -37.3% |
| Trade receivables | 40 | €6,513 | €4,212 | -€2,300 | -35.3% |
| Other amounts receivable | 41 | €619 | €260 | -€359 | -58.0% |
| Cash at bank and in hand | 54/58 | €1,244 | €53 | -€1,191 | -95.7% |
| Deferred charges and accrued income | 490/1 | €547 | €364 | -€184 | -33.6% |
| Total equity and liabilities | 10/49 | €14,831 | €9,671 | -€5,160 | -34.8% |
| Equity | 10/15 | -€1,516 | -€1,470 | +€47 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,716 | -€7,670 | +€47 | +0.6% |
| Amounts payable | 17/49 | €16,348 | €11,141 | -€5,207 | -31.9% |
| Amounts payable after more than one year | 17 | - | €5,103 | +€5,103 | |
| Financial debts | 170/4 | - | €5,103 | +€5,103 | |
| Amounts payable within one year | 42/48 | €16,348 | €6,037 | -€10,311 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €10,536 | €3,003 | -€7,533 | -71.5% |
| Trade debts | 44 | €4,276 | €1,871 | -€2,405 | -56.2% |
| Suppliers | 440/4 | €4,276 | €1,871 | -€2,405 | -56.2% |
| Taxes, remuneration and social security | 45 | €1,536 | €1,163 | -€373 | -24.3% |
| Taxes | 450/3 | €1,536 | €1,163 | -€373 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,538 | €6,019 | -€4,519 | -42.9% |
| Other operating charges | 640/8 | €1,051 | €656 | -€396 | -37.6% |
| Gross operating margin | 9900 | €12,715 | €7,473 | -€5,242 | -41.2% |
| Operating profit (loss) | 9901 | €1,126 | €798 | -€327 | -29.1% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €1,008 | €752 | -€256 | -25.4% |
| Recurring financial charges | 65 | €1,008 | €752 | -€256 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €118 | €47 | -€72 | -60.5% |
| Profit (loss) for the period | 9904 | €118 | €47 | -€72 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €118 | €47 | -€72 | -60.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.