PN GROUP: 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.
PN GROUP
Largest movements
- Financial fixed assets +€25,000
new in 2025: €25,000
- Cash +€2,103
up €2,103 (+266.1%), from €790 to €2,894
mainly Other debts (+€20,000) and Tax, wage and social debts (+€5,208)
- Receivables within one year -€1,392
down €1,392 (-4.3%), from €32,676 to €31,284
of which Other amounts receivable: -€6,639
- Deferred charges and accrued income +€1,138
up €1,138 (+264.5%), from €430 to €1,569
- Other debts +€20,000
up €20,000 (+266.7%), from €7,500 to €27,500
- Tax, wage and social debts +€5,208
up €5,208 (+102.5%), from €5,079 to €10,288
- Profit (loss) carried forward +€4,997
up €4,997 (+27.4%), from -€18,249 to -€13,252
- Trade debts -€3,566
down €3,566 (-31.0%), from €11,495 to €7,930
- Gross operating margin +€10,712
up €10,712 (+164.4%), from €6,517 to €17,229
- Taxes +€4,381
up €4,381 (+324.1%), from €1,352 to €5,733
- Financial charges +€3,731
up €3,731 (+450.5%), from €828 to €4,560
- Other operating charges -€1,609
down €1,609 (-47.2%), from €3,412 to €1,803
- Depreciation -€334
down €334 (-61.6%), from €542 to €208
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 | €36,400 | €63,042 | +€26,641 | +73.2% |
| Fixed assets | 21/28 | €2,504 | €27,295 | +€24,792 | +990.2% |
| Intangible fixed assets | 21 | €1,800 | €1,800 | = | 0.0% |
| Tangible fixed assets | 22/27 | €704 | €495 | -€208 | -29.6% |
| Other tangible fixed assets | 26 | €704 | €495 | -€208 | -29.6% |
| Financial fixed assets | 28 | - | €25,000 | +€25,000 | |
| Current assets | 29/58 | €33,897 | €35,746 | +€1,849 | +5.5% |
| Amounts receivable within one year | 40/41 | €32,676 | €31,284 | -€1,392 | -4.3% |
| Trade receivables | 40 | €5,781 | €11,027 | +€5,247 | +90.8% |
| Other amounts receivable | 41 | €26,895 | €20,256 | -€6,639 | -24.7% |
| Cash at bank and in hand | 54/58 | €790 | €2,894 | +€2,103 | +266.1% |
| Deferred charges and accrued income | 490/1 | €430 | €1,569 | +€1,138 | +264.5% |
| Total equity and liabilities | 10/49 | €36,400 | €63,042 | +€26,641 | +73.2% |
| Equity | 10/15 | €12,326 | €17,323 | +€4,997 | +40.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Outside capital | 11 | €24,789 | €24,789 | = | 0.0% |
| Other | 1109/19 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €5,785 | €5,785 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,785 | - | -€5,785 | |
| Reserves not available under the articles | 1311 | €5,785 | - | -€5,785 | |
| Distributable reserves | 133 | - | €5,785 | +€5,785 | |
| Profit (loss) carried forward | 14 | -€18,249 | -€13,252 | +€4,997 | +27.4% |
| Amounts payable | 17/49 | €24,075 | €45,719 | +€21,644 | +89.9% |
| Amounts payable within one year | 42/48 | €24,075 | €45,717 | +€21,643 | +89.9% |
| Trade debts | 44 | €11,495 | €7,930 | -€3,566 | -31.0% |
| Suppliers | 440/4 | €11,495 | €7,930 | -€3,566 | -31.0% |
| Taxes, remuneration and social security | 45 | €5,079 | €10,288 | +€5,208 | +102.5% |
| Taxes | 450/3 | €5,079 | €10,288 | +€5,208 | +102.5% |
| Other amounts payable | 47/48 | €7,500 | €27,500 | +€20,000 | +266.7% |
| Accrued charges and deferred income | 492/3 | - | €1 | +€1 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €542 | €208 | -€334 | -61.6% |
| Other operating charges | 640/8 | €3,412 | €1,803 | -€1,609 | -47.2% |
| Non-recurring operating charges | 66A | €3,520 | - | -€3,520 | |
| Gross operating margin | 9900 | €6,517 | €17,229 | +€10,712 | +164.4% |
| Operating profit (loss) | 9901 | -€958 | €15,218 | +€16,175 | |
| Financial income | 75/76B | €8 | €73 | +€64 | +792.3% |
| Recurring financial income | 75 | €8 | €73 | +€64 | +792.3% |
| Financial charges | 65/66B | €828 | €4,560 | +€3,731 | +450.5% |
| Recurring financial charges | 65 | €828 | €4,560 | +€3,731 | +450.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,778 | €10,731 | +€12,509 | |
| Income taxes | 67/77 | €1,352 | €5,733 | +€4,381 | +324.1% |
| Profit (loss) for the period | 9904 | -€3,130 | €4,997 | +€8,127 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,130 | €4,997 | +€8,127 |
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 9 October 2026 via checked.be.