PNAC: 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.
PNAC
Largest movements
- Receivables within one year +€69,948
up €69,948 (+655.0%), from €10,680 to €80,628
of which Trade receivables: +€69,491
- Cash -€35,581
down €35,581 (-34.7%), from €102,569 to €66,989
mainly Contributions, distributions and other (-€266,638) and Receivables within one year (-€69,948)
- Tangible fixed assets -€5,945
down €5,945 (-29.3%), from €20,264 to €14,318
of which Furniture and vehicles: -€5,864
- Other debts +€121,577
up €121,577 (+2625.4%), from €4,631 to €126,208
- Reserves -€104,518
no longer reported in 2025 (was €104,518)
- Tax, wage and social debts +€9,978
up €9,978 (+42.2%), from €23,617 to €33,595
- Gross operating margin +€114,829
up €114,829 (+110.1%), from €104,325 to €219,153
- Taxes +€29,019
up €29,019 (+128.5%), from €22,589 to €51,608
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 | €133,842 | €162,276 | +€28,434 | +21.2% |
| Fixed assets | 21/28 | €20,264 | €14,318 | -€5,945 | -29.3% |
| Tangible fixed assets | 22/27 | €20,264 | €14,318 | -€5,945 | -29.3% |
| Plant, machinery and equipment | 23 | €117 | €36 | -€81 | -69.1% |
| Furniture and vehicles | 24 | €20,146 | €14,282 | -€5,864 | -29.1% |
| Current assets | 29/58 | €113,579 | €147,958 | +€34,379 | +30.3% |
| Amounts receivable within one year | 40/41 | €10,680 | €80,628 | +€69,948 | +655.0% |
| Trade receivables | 40 | €10,669 | €80,160 | +€69,491 | +651.3% |
| Other amounts receivable | 41 | €10 | €468 | +€457 | +4475.0% |
| Cash at bank and in hand | 54/58 | €102,569 | €66,989 | -€35,581 | -34.7% |
| Deferred charges and accrued income | 490/1 | €330 | €341 | +€11 | +3.5% |
| Total equity and liabilities | 10/49 | €133,842 | €162,276 | +€28,434 | +21.2% |
| Equity | 10/15 | €105,518 | €1,000 | -€104,518 | -99.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €104,518 | - | -€104,518 | |
| Distributable reserves | 133 | €104,518 | - | -€104,518 | |
| Amounts payable | 17/49 | €28,324 | €161,276 | +€132,952 | +469.4% |
| Amounts payable within one year | 42/48 | €28,324 | €161,276 | +€132,952 | +469.4% |
| Trade debts | 44 | €76 | €1,473 | +€1,397 | +1828.4% |
| Suppliers | 440/4 | €76 | €1,473 | +€1,397 | +1828.4% |
| Taxes, remuneration and social security | 45 | €23,617 | €33,595 | +€9,978 | +42.2% |
| Taxes | 450/3 | €23,617 | €33,595 | +€9,978 | +42.2% |
| Other amounts payable | 47/48 | €4,631 | €126,208 | +€121,577 | +2625.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,945 | €5,945 | = | 0.0% |
| Other operating charges | 640/8 | €762 | €658 | -€104 | -13.6% |
| Gross operating margin | 9900 | €104,325 | €219,153 | +€114,829 | +110.1% |
| Operating profit (loss) | 9901 | €97,618 | €212,550 | +€114,932 | +117.7% |
| Financial income | 75/76B | €395 | €2,116 | +€1,721 | +435.2% |
| Recurring financial income | 75 | €395 | €2,116 | +€1,721 | +435.2% |
| Financial charges | 65/66B | €181 | €938 | +€757 | +419.4% |
| Recurring financial charges | 65 | €181 | €938 | +€757 | +419.4% |
| Profit (loss) for the period before taxes | 9903 | €97,832 | €213,728 | +€115,896 | +118.5% |
| Income taxes | 67/77 | €22,589 | €51,608 | +€29,019 | +128.5% |
| Profit (loss) for the period | 9904 | €75,243 | €162,120 | +€86,877 | +115.5% |
| Profit (loss) for the period to be appropriated | 9905 | €75,243 | €162,120 | +€86,877 | +115.5% |
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 2 October 2026 via checked.be.