PNCE 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.
PNCE MANAGEMENT
Largest movements
- Receivables within one year +€118,274
up €118,274 (+256.0%), from €46,192 to €164,466
of which Other amounts receivable: +€110,772
- Tangible fixed assets -€13,156
down €13,156 (-3.6%), from €362,534 to €349,378
of which Assets under construction and advance payments: -€27,000
- Reserves +€136,121
up €136,121 (+59.3%), from €229,676 to €365,797
of which Distributable reserves: +€136,121
- Tax, wage and social debts +€51,110
up €51,110 (+63.2%), from €80,810 to €131,920
- Trade debts -€35,126
down €35,126 (-31.1%), from €112,817 to €77,691
- Debts after one year -€20,094
down €20,094 (-8.9%), from €225,250 to €205,157
- Short-term financial debts -€19,772
down €19,772 (-57.6%), from €34,346 to €14,573
- Gross operating margin +€116,331
up €116,331 (+98.6%), from €118,035 to €234,366
- Taxes +€38,464
up €38,464 (+115.7%), from €33,231 to €71,695
- Financial income -€17,238
down €17,238 (-52.5%), from €32,824 to €15,586
of which Non-recurring financial income: -€18,245
- Financial charges +€7,115
up €7,115 (+40.3%), from €17,644 to €24,759
of which Non-recurring financial charges: +€8,350
- Other operating charges -€6,291
down €6,291 (-76.0%), from €8,274 to €1,983
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 | €759,353 | €870,796 | +€111,443 | +14.7% |
| Fixed assets | 21/28 | €362,626 | €349,470 | -€13,156 | -3.6% |
| Tangible fixed assets | 22/27 | €362,534 | €349,378 | -€13,156 | -3.6% |
| Land and buildings | 22 | €332,109 | €344,811 | +€12,702 | +3.8% |
| Furniture and vehicles | 24 | €3,425 | €4,567 | +€1,142 | +33.3% |
| Assets under construction and advance payments | 27 | €27,000 | - | -€27,000 | |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €396,727 | €521,326 | +€124,599 | +31.4% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €46,192 | €164,466 | +€118,274 | +256.0% |
| Trade receivables | 40 | €31,575 | €39,077 | +€7,502 | +23.8% |
| Other amounts receivable | 41 | €14,618 | €125,390 | +€110,772 | +757.8% |
| Cash at bank and in hand | 54/58 | €0 | €6,639 | +€6,639 | +66387100.0% |
| Deferred charges and accrued income | 490/1 | €534 | €221 | -€314 | -58.7% |
| Total equity and liabilities | 10/49 | €759,353 | €870,796 | +€111,443 | +14.7% |
| Equity | 10/15 | €220,271 | €356,392 | +€136,121 | +61.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €229,676 | €365,797 | +€136,121 | +59.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €405 | €405 | = | 0.0% |
| Distributable reserves | 133 | €227,411 | €363,532 | +€136,121 | +59.9% |
| Profit (loss) carried forward | 14 | -€21,805 | -€21,805 | = | 0.0% |
| Provisions and deferred taxes | 16 | €64,969 | €64,969 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €64,969 | €64,969 | = | 0.0% |
| Environmental obligations | 163 | €64,969 | €64,969 | = | 0.0% |
| Amounts payable | 17/49 | €474,113 | €449,435 | -€24,678 | -5.2% |
| Amounts payable after more than one year | 17 | €225,250 | €205,157 | -€20,094 | -8.9% |
| Financial debts | 170/4 | €225,250 | €205,157 | -€20,094 | -8.9% |
| Amounts payable within one year | 42/48 | €248,863 | €244,278 | -€4,585 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €20,890 | €20,094 | -€797 | -3.8% |
| Financial debts | 43 | €34,346 | €14,573 | -€19,772 | -57.6% |
| Credit institutions | 430/8 | €34,346 | €14,573 | -€19,772 | -57.6% |
| Trade debts | 44 | €112,817 | €77,691 | -€35,126 | -31.1% |
| Suppliers | 440/4 | €112,817 | €77,691 | -€35,126 | -31.1% |
| Taxes, remuneration and social security | 45 | €80,810 | €131,920 | +€51,110 | +63.2% |
| Taxes | 450/3 | €80,810 | €131,920 | +€51,110 | +63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,859 | €15,394 | +€2,535 | +19.7% |
| Other operating charges | 640/8 | €8,274 | €1,983 | -€6,291 | -76.0% |
| Gross operating margin | 9900 | €118,035 | €234,366 | +€116,331 | +98.6% |
| Operating profit (loss) | 9901 | €96,902 | €216,989 | +€120,087 | +123.9% |
| Financial income | 75/76B | €32,824 | €15,586 | -€17,238 | -52.5% |
| Recurring financial income | 75 | €14,580 | €15,586 | +€1,007 | +6.9% |
| Non-recurring financial income | 76B | €18,245 | - | -€18,245 | |
| Financial charges | 65/66B | €17,644 | €24,759 | +€7,115 | +40.3% |
| Recurring financial charges | 65 | €15,494 | €14,259 | -€1,235 | -8.0% |
| Non-recurring financial charges | 66B | €2,150 | €10,500 | +€8,350 | +388.4% |
| Profit (loss) for the period before taxes | 9903 | €112,083 | €207,817 | +€95,734 | +85.4% |
| Income taxes | 67/77 | €33,231 | €71,695 | +€38,464 | +115.7% |
| Profit (loss) for the period | 9904 | €78,851 | €136,121 | +€57,270 | +72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €78,851 | €136,121 | +€57,270 | +72.6% |
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 10 October 2026 via checked.be.