PNDB: 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.
PNDB
Largest movements
- Cash +€4.3m
up €4.3m (+248.4%), from €1.7m to €6.1m
mainly Net result for the year (+€4.6m) and Current investments (+€1.4m)
- Current investments -€1.4m
down €1.4m (-3.0%), from €48.0m to €46.6m
- Financial fixed assets +€609,283
up €609,283 (+333.8%), from €182,535 to €791,817
- Reserves +€8.2m
up €8.2m (+17.7%), from €46.3m to €54.5m
of which Distributable reserves: +€8.2m
- Profit (loss) carried forward -€3.6m
down €3.6m (-100.0%), from €3.6m to €0
- Short-term financial debts -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Financial charges -€1.3m
down €1.3m (-1645.0%), from -€78,533 to -€1.4m
- Financial income +€492,184
up €492,184 (+15.4%), from €3.2m to €3.7m
of which Financial income: +€492,184
- Taxes -€381,899
down €381,899 (-61.1%), from €624,849 to €242,951
- Depreciation -€132,080
down €132,080 (-84.2%), from €156,940 to €24,860
- Gross operating margin -€26,985
down €26,985 (-35.6%), from -€75,847 to -€102,832
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 | €52,436,820 | €55,790,675 | +€3.4m | +6.4% |
| Fixed assets | 21/28 | €1,412,766 | €2,239,956 | +€827,190 | +58.6% |
| Tangible fixed assets | 22/27 | €1,230,232 | €1,448,139 | +€217,907 | +17.7% |
| Land and buildings | 22 | €1,230,232 | €1,448,139 | +€217,907 | +17.7% |
| Financial fixed assets | 28 | €182,535 | €791,817 | +€609,283 | +333.8% |
| Current assets | 29/58 | €51,024,054 | €53,550,719 | +€2.5m | +5.0% |
| Amounts receivable within one year | 40/41 | €722,542 | €848,729 | +€126,187 | +17.5% |
| Trade receivables | 40 | €27,486 | €27,263 | -€224 | -0.8% |
| Other amounts receivable | 41 | €695,056 | €821,466 | +€126,411 | +18.2% |
| Current investments | 50/53 | €48,045,554 | €46,604,191 | -€1.4m | -3.0% |
| Cash at bank and in hand | 54/58 | €1,749,910 | €6,096,943 | +€4.3m | +248.4% |
| Deferred charges and accrued income | 490/1 | €506,047 | €855 | -€505,192 | -99.8% |
| Total equity and liabilities | 10/49 | €52,436,820 | €55,790,675 | +€3.4m | +6.4% |
| Equity | 10/15 | €50,933,789 | €55,491,927 | +€4.6m | +8.9% |
| Contributions | 10/11 | €954,813 | €954,813 | = | 0.0% |
| Reserves | 13 | €46,340,074 | €54,537,114 | +€8.2m | +17.7% |
| Non-distributable reserves | 130/1 | €6,032 | €6,032 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,032 | €6,032 | = | 0.0% |
| Distributable reserves | 133 | €46,334,042 | €54,531,082 | +€8.2m | +17.7% |
| Profit (loss) carried forward | 14 | €3,638,902 | €0 | -€3.6m | -100.0% |
| Amounts payable | 17/49 | €1,503,031 | €298,748 | -€1.2m | -80.1% |
| Amounts payable within one year | 42/48 | €1,483,065 | €287,124 | -€1.2m | -80.6% |
| Financial debts | 43 | €1,094,830 | €0 | -€1.1m | -100.0% |
| Credit institutions | 430/8 | €1,094,830 | €0 | -€1.1m | -100.0% |
| Trade debts | 44 | €44,564 | €40,129 | -€4,435 | -10.0% |
| Suppliers | 440/4 | €44,564 | €40,129 | -€4,435 | -10.0% |
| Taxes, remuneration and social security | 45 | €208,671 | €201,996 | -€6,675 | -3.2% |
| Taxes | 450/3 | €208,671 | €201,996 | -€6,675 | -3.2% |
| Other amounts payable | 47/48 | €135,000 | €45,000 | -€90,000 | -66.7% |
| Accrued charges and deferred income | 492/3 | €19,966 | €11,623 | -€8,343 | -41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,940 | €24,860 | -€132,080 | -84.2% |
| Other operating charges | 640/8 | €84,588 | €81,966 | -€2,622 | -3.1% |
| Gross operating margin | 9900 | -€75,847 | -€102,832 | -€26,985 | -35.6% |
| Operating profit (loss) | 9901 | -€317,375 | -€209,659 | +€107,716 | +33.9% |
| Financial income | 75/76B | €3,193,132 | €3,685,316 | +€492,184 | +15.4% |
| Recurring financial income | 75 | €3,193,132 | €3,685,316 | +€492,184 | +15.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | -€78,533 | -€1,370,432 | -€1.3m | -1645.0% |
| Recurring financial charges | 65 | -€78,533 | -€1,370,432 | -€1.3m | -1645.0% |
| Profit (loss) for the period before taxes | 9903 | €2,954,289 | €4,846,089 | +€1.9m | +64.0% |
| Income taxes | 67/77 | €624,849 | €242,951 | -€381,899 | -61.1% |
| Profit (loss) for the period | 9904 | €2,329,440 | €4,603,138 | +€2.3m | +97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,329,440 | €4,603,138 | +€2.3m | +97.6% |
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 4 October 2026 via checked.be.