PN-O: 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-O
Largest movements
- Tangible fixed assets -€11,863
down €11,863 (-2.0%), from €607,291 to €595,428
of which Land and buildings: -€10,302
- Profit (loss) carried forward +€33,838
up €33,838 (+16.2%), from -€208,354 to -€174,516
- Debts after one year -€32,837
down €32,837 (-10.5%), from €313,631 to €280,794
- Trade debts -€17,678
down €17,678 (-80.5%), from €21,958 to €4,281
- Other debts -€16,835
down €16,835 (-20.3%), from €82,976 to €66,140
- Tax, wage and social debts +€12,461
up €12,461 (+52.1%), from €23,926 to €36,387
of which Remuneration and social security: +€13,119
- Gross operating margin +€21,620
up €21,620 (+7.3%), from €296,383 to €318,003
- Staff costs +€11,066
up €11,066 (+5.1%), from €215,186 to €226,252
- Financial charges -€10,384
down €10,384 (-28.2%), from €36,793 to €26,409
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 | €775,494 | €764,468 | -€11,026 | -1.4% |
| Fixed assets | 21/28 | €608,100 | €595,760 | -€12,340 | -2.0% |
| Intangible fixed assets | 21 | €809 | €332 | -€477 | -59.0% |
| Tangible fixed assets | 22/27 | €607,291 | €595,428 | -€11,863 | -2.0% |
| Land and buildings | 22 | €584,643 | €574,341 | -€10,302 | -1.8% |
| Plant, machinery and equipment | 23 | €9,761 | €12,644 | +€2,883 | +29.5% |
| Furniture and vehicles | 24 | €12,886 | €8,443 | -€4,443 | -34.5% |
| Current assets | 29/58 | €167,394 | €168,708 | +€1,314 | +0.8% |
| Stocks and contracts in progress | 3 | €72,952 | €67,453 | -€5,499 | -7.5% |
| Stocks | 30/36 | €72,952 | €67,453 | -€5,499 | -7.5% |
| Amounts receivable within one year | 40/41 | €58,678 | €63,546 | +€4,868 | +8.3% |
| Trade receivables | 40 | €58,678 | €63,546 | +€4,868 | +8.3% |
| Cash at bank and in hand | 54/58 | €30,553 | €31,466 | +€912 | +3.0% |
| Deferred charges and accrued income | 490/1 | €5,211 | €6,244 | +€1,033 | +19.8% |
| Total equity and liabilities | 10/49 | €775,494 | €764,468 | -€11,026 | -1.4% |
| Equity | 10/15 | €78,380 | €112,218 | +€33,838 | +43.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €261,734 | €261,734 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €259,234 | €259,234 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,354 | -€174,516 | +€33,838 | +16.2% |
| Amounts payable | 17/49 | €697,113 | €652,250 | -€44,863 | -6.4% |
| Amounts payable after more than one year | 17 | €313,631 | €280,794 | -€32,837 | -10.5% |
| Financial debts | 170/4 | €313,631 | €280,794 | -€32,837 | -10.5% |
| Amounts payable within one year | 42/48 | €383,482 | €370,100 | -€13,382 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €34,622 | €33,291 | -€1,330 | -3.8% |
| Financial debts | 43 | €220,000 | €230,000 | +€10,000 | +4.5% |
| Credit institutions | 430/8 | €220,000 | €230,000 | +€10,000 | +4.5% |
| Trade debts | 44 | €21,958 | €4,281 | -€17,678 | -80.5% |
| Suppliers | 440/4 | €21,958 | €4,281 | -€17,678 | -80.5% |
| Taxes, remuneration and social security | 45 | €23,926 | €36,387 | +€12,461 | +52.1% |
| Taxes | 450/3 | €8,917 | €8,259 | -€658 | -7.4% |
| Remuneration and social security | 454/9 | €15,009 | €28,129 | +€13,119 | +87.4% |
| Other amounts payable | 47/48 | €82,976 | €66,140 | -€16,835 | -20.3% |
| Accrued charges and deferred income | 492/3 | €0 | €1,356 | +€1,356 | |
| Non-recurring operating income | 76A | €8,421 | €0 | -€8,421 | -100% |
| Remuneration, social security and pensions | 62 | €215,186 | €226,252 | +€11,066 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,795 | €18,016 | +€221 | +1.2% |
| Other operating charges | 640/8 | €11,161 | €13,526 | +€2,365 | +21.2% |
| Gross operating margin | 9900 | €296,383 | €318,003 | +€21,620 | +7.3% |
| Operating profit (loss) | 9901 | €52,242 | €60,209 | +€7,967 | +15.3% |
| Financial income | 75/76B | €31 | €38 | +€7 | +23.1% |
| Recurring financial income | 75 | €31 | €38 | +€7 | +23.1% |
| Financial charges | 65/66B | €36,793 | €26,409 | -€10,384 | -28.2% |
| Recurring financial charges | 65 | €36,793 | €26,409 | -€10,384 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €15,480 | €33,838 | +€18,358 | +119% |
| Income taxes | 67/77 | €329 | €0 | -€329 | -100% |
| Profit (loss) for the period | 9904 | €15,151 | €33,838 | +€18,687 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €15,151 | €33,838 | +€18,687 | +123% |
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 13 October 2026 via checked.be.