PN&GO Management: 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&GO Management
Largest movements
- Cash -€17,422
down €17,422 (-84.5%), from €20,620 to €3,198
mainly Contributions, distributions and other (-€71,000) and Trade debts (-€36,409)
- Tangible fixed assets -€9,342
down €9,342 (-14.5%), from €64,545 to €55,203
of which Furniture and vehicles: -€10,280
- Trade debts -€36,409
down €36,409 (-92.9%), from €39,185 to €2,776
- Other debts +€21,000
up €21,000 (+42.0%), from €50,000 to €71,000
- Debts after one year -€11,754
down €11,754 (-30.0%), from €39,119 to €27,366
- Short-term financial debts +€4,748
up €4,748 (+23.4%), from €20,252 to €25,000
- Profit (loss) carried forward -€4,397
down €4,397 (-94.3%), from €4,662 to €264
- Gross operating margin +€46,283
up €46,283 (+34.5%), from €134,273 to €180,556
- Taxes +€20,729
up €20,729 (+142%), from €14,595 to €35,324
- Staff costs -€4,777
down €4,777 (-8.3%), from €57,666 to €52,890
- Depreciation +€2,950
up €2,950 (+26.6%), from €11,096 to €14,045
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.
Derived cash bridge
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 | €211,309 | €184,608 | -€26,701 | -12.6% |
| Fixed assets | 21/28 | €67,045 | €57,703 | -€9,342 | -13.9% |
| Tangible fixed assets | 22/27 | €64,545 | €55,203 | -€9,342 | -14.5% |
| Furniture and vehicles | 24 | €51,104 | €40,824 | -€10,280 | -20.1% |
| Other tangible fixed assets | 26 | €13,441 | €14,379 | +€938 | +7.0% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €144,263 | €126,905 | -€17,359 | -12.0% |
| Amounts receivable within one year | 40/41 | €116,309 | €116,535 | +€226 | +0.2% |
| Trade receivables | 40 | €18,346 | €23,659 | +€5,313 | +29.0% |
| Other amounts receivable | 41 | €97,963 | €92,876 | -€5,087 | -5.2% |
| Cash at bank and in hand | 54/58 | €20,620 | €3,198 | -€17,422 | -84.5% |
| Deferred charges and accrued income | 490/1 | €7,335 | €7,172 | -€163 | -2.2% |
| Total equity and liabilities | 10/49 | €211,309 | €184,608 | -€26,701 | -12.6% |
| Equity | 10/15 | €25,122 | €20,724 | -€4,397 | -17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,662 | €264 | -€4,397 | -94.3% |
| Amounts payable | 17/49 | €186,187 | €163,884 | -€22,303 | -12.0% |
| Amounts payable after more than one year | 17 | €39,119 | €27,366 | -€11,754 | -30.0% |
| Financial debts | 170/4 | €39,119 | €27,366 | -€11,754 | -30.0% |
| Amounts payable within one year | 42/48 | €147,068 | €136,518 | -€10,550 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €11,234 | €11,754 | +€520 | +4.6% |
| Financial debts | 43 | €20,252 | €25,000 | +€4,748 | +23.4% |
| Credit institutions | 430/8 | €20,252 | €25,000 | +€4,748 | +23.4% |
| Trade debts | 44 | €39,185 | €2,776 | -€36,409 | -92.9% |
| Suppliers | 440/4 | €39,185 | €2,776 | -€36,409 | -92.9% |
| Taxes, remuneration and social security | 45 | €26,398 | €25,989 | -€409 | -1.5% |
| Taxes | 450/3 | €13,154 | €16,367 | +€3,212 | +24.4% |
| Remuneration and social security | 454/9 | €13,244 | €9,622 | -€3,621 | -27.3% |
| Other amounts payable | 47/48 | €50,000 | €71,000 | +€21,000 | +42.0% |
| Remuneration, social security and pensions | 62 | €57,666 | €52,890 | -€4,777 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,096 | €14,045 | +€2,950 | +26.6% |
| Other operating charges | 640/8 | €7,680 | €7,849 | +€169 | +2.2% |
| Gross operating margin | 9900 | €134,273 | €180,556 | +€46,283 | +34.5% |
| Operating profit (loss) | 9901 | €57,831 | €105,773 | +€47,941 | +82.9% |
| Financial income | 75/76B | €1,239 | €2,481 | +€1,243 | +100% |
| Recurring financial income | 75 | €1,239 | €2,481 | +€1,243 | +100% |
| Financial charges | 65/66B | €4,579 | €6,327 | +€1,748 | +38.2% |
| Recurring financial charges | 65 | €4,579 | €6,327 | +€1,748 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €54,491 | €101,927 | +€47,436 | +87.1% |
| Income taxes | 67/77 | €14,595 | €35,324 | +€20,729 | +142% |
| Profit (loss) for the period | 9904 | €39,896 | €66,603 | +€26,707 | +66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,896 | €66,603 | +€26,707 | +66.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.