PNP MANAGER: 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.
PNP MANAGER
Largest movements
- Tangible fixed assets -€40,938
down €40,938 (-20.2%), from €202,471 to €161,534
of which Furniture and vehicles: -€28,924
- Reserves -€60,850
down €60,850 (-13.4%), from €453,600 to €392,750
- Other debts +€55,680
up €55,680 (+309.3%), from €18,000 to €73,680
- Tax, wage and social debts -€39,710
down €39,710 (-70.0%), from €56,713 to €17,002
- Gross operating margin -€11,187
down €11,187 (-11.8%), from €94,700 to €83,513
- Depreciation +€2,961
up €2,961 (+7.4%), from €39,986 to €42,947
- Taxes -€2,902
down €2,902 (-15.8%), from €18,333 to €15,431
- Write-downs -€2,625
new in 2025: -€2,625
- Financial income -€2,532
down €2,532 (-32.0%), from €7,905 to €5,373
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 | €614,114 | €566,633 | -€47,480 | -7.7% |
| Fixed assets | 21/28 | €206,023 | €163,773 | -€42,250 | -20.5% |
| Intangible fixed assets | 21 | €3,552 | €2,240 | -€1,312 | -36.9% |
| Tangible fixed assets | 22/27 | €202,471 | €161,534 | -€40,938 | -20.2% |
| Land and buildings | 22 | €79,142 | €70,335 | -€8,807 | -11.1% |
| Furniture and vehicles | 24 | €99,115 | €70,191 | -€28,924 | -29.2% |
| Other tangible fixed assets | 26 | €24,215 | €21,009 | -€3,207 | -13.2% |
| Current assets | 29/58 | €408,091 | €402,860 | -€5,231 | -1.3% |
| Stocks and contracts in progress | 3 | €4,250 | - | -€4,250 | |
| Stocks | 30/36 | €4,250 | - | -€4,250 | |
| Amounts receivable within one year | 40/41 | €95,935 | €101,991 | +€6,056 | +6.3% |
| Trade receivables | 40 | €18,380 | €9,651 | -€8,729 | -47.5% |
| Other amounts receivable | 41 | €77,554 | €92,340 | +€14,785 | +19.1% |
| Cash at bank and in hand | 54/58 | €302,364 | €297,431 | -€4,933 | -1.6% |
| Deferred charges and accrued income | 490/1 | €5,542 | €3,438 | -€2,104 | -38.0% |
| Total equity and liabilities | 10/49 | €614,114 | €566,633 | -€47,480 | -7.7% |
| Equity | 10/15 | €527,191 | €466,342 | -€60,849 | -11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €453,600 | €392,750 | -€60,850 | -13.4% |
| Distributable reserves | 133 | €453,600 | €392,750 | -€60,850 | -13.4% |
| Profit (loss) carried forward | 14 | €54,991 | €54,992 | +€1 | 0.0% |
| Amounts payable | 17/49 | €86,922 | €100,292 | +€13,369 | +15.4% |
| Amounts payable within one year | 42/48 | €83,238 | €97,080 | +€13,842 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €2,371 | - | -€2,371 | |
| Trade debts | 44 | €6,154 | €6,398 | +€243 | +4.0% |
| Suppliers | 440/4 | €6,154 | €6,398 | +€243 | +4.0% |
| Taxes, remuneration and social security | 45 | €56,713 | €17,002 | -€39,710 | -70.0% |
| Taxes | 450/3 | €56,713 | €17,002 | -€39,710 | -70.0% |
| Other amounts payable | 47/48 | €18,000 | €73,680 | +€55,680 | +309.3% |
| Accrued charges and deferred income | 492/3 | €3,685 | €3,212 | -€473 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,986 | €42,947 | +€2,961 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,625 | -€2,625 | |
| Other operating charges | 640/8 | €4,583 | €5,345 | +€761 | +16.6% |
| Gross operating margin | 9900 | €94,700 | €83,513 | -€11,187 | -11.8% |
| Operating profit (loss) | 9901 | €50,131 | €37,846 | -€12,285 | -24.5% |
| Financial income | 75/76B | €7,905 | €5,373 | -€2,532 | -32.0% |
| Recurring financial income | 75 | €7,905 | €5,373 | -€2,532 | -32.0% |
| Financial charges | 65/66B | €180 | €138 | -€43 | -23.7% |
| Recurring financial charges | 65 | €180 | €138 | -€43 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €57,856 | €43,082 | -€14,774 | -25.5% |
| Income taxes | 67/77 | €18,333 | €15,431 | -€2,902 | -15.8% |
| Profit (loss) for the period | 9904 | €39,523 | €27,651 | -€11,872 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,523 | €27,651 | -€11,872 | -30.0% |
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 8 October 2026 via checked.be.