PNW: 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.
PNW
Largest movements
- Receivables within one year -€11,948
no longer reported in 2025 (was €11,948)
- Cash +€9,921
up €9,921 (+77.4%), from €12,816 to €22,738
mainly Receivables within one year (+€11,948) and Net result for the year (+€347)
- Tangible fixed assets +€1,082
new in 2025: €1,082
- Tax, wage and social debts -€1,598
down €1,598 (-92.7%), from €1,724 to €126
- Reserves +€347
up €347 (+9.5%), from €3,642 to €3,988
- Trade debts +€307
up €307 (+38.5%), from €797 to €1,105
- Gross operating margin -€17,079
down €17,079 (-96.2%), from €17,744 to €666
- Taxes -€1,598
down €1,598 (-92.7%), from €1,724 to €126
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 | €24,764 | €23,819 | -€944 | -3.8% |
| Fixed assets | 21/28 | - | €1,082 | +€1,082 | |
| Tangible fixed assets | 22/27 | - | €1,082 | +€1,082 | |
| Plant, machinery and equipment | 23 | - | €1,082 | +€1,082 | |
| Current assets | 29/58 | €24,764 | €22,738 | -€2,026 | -8.2% |
| Amounts receivable within one year | 40/41 | €11,948 | - | -€11,948 | |
| Trade receivables | 40 | €11,948 | - | -€11,948 | |
| Cash at bank and in hand | 54/58 | €12,816 | €22,738 | +€9,921 | +77.4% |
| Total equity and liabilities | 10/49 | €24,764 | €23,819 | -€944 | -3.8% |
| Equity | 10/15 | €22,242 | €22,588 | +€347 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,642 | €3,988 | +€347 | +9.5% |
| Distributable reserves | 133 | €3,642 | €3,988 | +€347 | +9.5% |
| Amounts payable | 17/49 | €2,522 | €1,231 | -€1,291 | -51.2% |
| Amounts payable within one year | 42/48 | €2,522 | €1,231 | -€1,291 | -51.2% |
| Trade debts | 44 | €797 | €1,105 | +€307 | +38.5% |
| Suppliers | 440/4 | €797 | €1,105 | +€307 | +38.5% |
| Taxes, remuneration and social security | 45 | €1,724 | €126 | -€1,598 | -92.7% |
| Taxes | 450/3 | €1,724 | €126 | -€1,598 | -92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €67 | +€67 | |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €17,744 | €666 | -€17,079 | -96.2% |
| Operating profit (loss) | 9901 | €17,604 | €454 | -€17,150 | -97.4% |
| Financial income | 75/76B | - | €64 | +€64 | |
| Recurring financial income | 75 | - | €64 | +€64 | |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €17,559 | €473 | -€17,086 | -97.3% |
| Income taxes | 67/77 | €1,724 | €126 | -€1,598 | -92.7% |
| Profit (loss) for the period | 9904 | €15,835 | €347 | -€15,488 | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,835 | €347 | -€15,488 | -97.8% |
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 3 October 2026 via checked.be.