PnS: 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.
PnS
Largest movements
- Cash -€71,312
down €71,312 (-45.9%), from €155,435 to €84,123
mainly Investment in fixed assets (net) (-€66,545) and Accrued charges and deferred income (-€56,800)
- Receivables within one year +€51,644
up €51,644 (+25.6%), from €201,744 to €253,388
of which Trade receivables: +€49,859
- Reserves +€77,485
up €77,485 (+35.6%), from €217,907 to €295,392
of which Distributable reserves: +€77,485
- Accrued charges and deferred income -€56,800
down €56,800 (-100.0%), from €56,800 to €0
- Trade debts -€43,069
down €43,069 (-45.3%), from €95,104 to €52,035
- Other debts -€40,895
down €40,895 (-36.9%), from €110,896 to €70,001
- Tax, wage and social debts +€30,530
up €30,530 (+67.8%), from €45,000 to €75,529
of which Taxes: +€39,084
- Gross operating margin +€178,434
up €178,434 (+49.1%), from €363,704 to €542,137
- Depreciation +€40,574
up €40,574 (+118.8%), from €34,149 to €74,723
- Taxes +€28,783
up €28,783 (+372.8%), from €7,720 to €36,502
- Write-downs +€21,889
up €21,889, from -€21,845 to €44
- Staff costs +€20,664
up €20,664 (+6.9%), from €300,408 to €321,072
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 | €942,696 | €920,399 | -€22,297 | -2.4% |
| Fixed assets | 21/28 | €508,766 | €500,588 | -€8,178 | -1.6% |
| Tangible fixed assets | 22/27 | €508,766 | €500,588 | -€8,178 | -1.6% |
| Land and buildings | 22 | €259,738 | €253,160 | -€6,578 | -2.5% |
| Plant, machinery and equipment | 23 | €183,955 | €148,935 | -€35,020 | -19.0% |
| Furniture and vehicles | 24 | €65,073 | €98,493 | +€33,420 | +51.4% |
| Current assets | 29/58 | €433,930 | €419,811 | -€14,119 | -3.3% |
| Stocks and contracts in progress | 3 | €72,318 | €73,588 | +€1,270 | +1.8% |
| Stocks | 30/36 | €72,318 | €73,588 | +€1,270 | +1.8% |
| Amounts receivable within one year | 40/41 | €201,744 | €253,388 | +€51,644 | +25.6% |
| Trade receivables | 40 | €167,277 | €217,137 | +€49,859 | +29.8% |
| Other amounts receivable | 41 | €34,466 | €36,251 | +€1,785 | +5.2% |
| Cash at bank and in hand | 54/58 | €155,435 | €84,123 | -€71,312 | -45.9% |
| Deferred charges and accrued income | 490/1 | €4,433 | €8,712 | +€4,279 | +96.5% |
| Total equity and liabilities | 10/49 | €942,696 | €920,399 | -€22,297 | -2.4% |
| Equity | 10/15 | €292,907 | €370,392 | +€77,485 | +26.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €217,907 | €295,392 | +€77,485 | +35.6% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €191,657 | €269,142 | +€77,485 | +40.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €649,789 | €550,007 | -€99,782 | -15.4% |
| Amounts payable after more than one year | 17 | €309,897 | €315,883 | +€5,986 | +1.9% |
| Financial debts | 170/4 | €309,897 | €315,883 | +€5,986 | +1.9% |
| Amounts payable within one year | 42/48 | €283,093 | €234,124 | -€48,969 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €32,093 | €36,559 | +€4,466 | +13.9% |
| Trade debts | 44 | €95,104 | €52,035 | -€43,069 | -45.3% |
| Suppliers | 440/4 | €95,104 | €52,035 | -€43,069 | -45.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €45,000 | €75,529 | +€30,530 | +67.8% |
| Taxes | 450/3 | €17,156 | €56,240 | +€39,084 | +227.8% |
| Remuneration and social security | 454/9 | €27,844 | €19,289 | -€8,554 | -30.7% |
| Other amounts payable | 47/48 | €110,896 | €70,001 | -€40,895 | -36.9% |
| Accrued charges and deferred income | 492/3 | €56,800 | €0 | -€56,800 | -100.0% |
| Non-recurring operating income | 76A | €6,500 | €1,357 | -€5,143 | -79.1% |
| Remuneration, social security and pensions | 62 | €300,408 | €321,072 | +€20,664 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,149 | €74,723 | +€40,574 | +118.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€21,845 | €44 | +€21,889 | |
| Other operating charges | 640/8 | €15,223 | €15,092 | -€131 | -0.9% |
| Gross operating margin | 9900 | €363,704 | €542,137 | +€178,434 | +49.1% |
| Operating profit (loss) | 9901 | €35,769 | €131,207 | +€95,438 | +266.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €9,280 | €17,219 | +€7,940 | +85.6% |
| Recurring financial charges | 65 | €9,280 | €17,219 | +€7,940 | +85.6% |
| Profit (loss) for the period before taxes | 9903 | €26,489 | €113,987 | +€87,498 | +330.3% |
| Income taxes | 67/77 | €7,720 | €36,502 | +€28,783 | +372.8% |
| Profit (loss) for the period | 9904 | €18,769 | €77,485 | +€58,716 | +312.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,769 | €77,485 | +€58,716 | +312.8% |
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 6 October 2026 via checked.be.