PONSAR: 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.
PONSAR
Largest movements
- Stocks and contracts +€117,028
up €117,028 (+20.8%), from €563,559 to €680,587
- Receivables within one year +€74,072
up €74,072 (+19.6%), from €377,559 to €451,631
of which Trade receivables: +€74,672
- Tangible fixed assets -€31,850
down €31,850 (-20.7%), from €153,729 to €121,880
of which Other tangible fixed assets: -€25,488
- Trade debts +€88,276
up €88,276 (+73.9%), from €119,527 to €207,803
- Other debts +€45,486
up €45,486 (+17.6%), from €258,561 to €304,046
- Reserves +€24,758
up €24,758 (+3.4%), from €722,033 to €746,791
of which Distributable reserves: +€24,758
- Write-downs -€83,909
down €83,909, from €58,513 to -€25,396
- Gross operating margin -€63,382
down €63,382 (-43.7%), from €145,018 to €81,637
- Other operating charges +€12,900
up €12,900 (+162.0%), from €7,966 to €20,866
- Depreciation -€4,459
down €4,459 (-8.6%), from €51,777 to €47,318
- Taxes +€4,223
up €4,223 (+38.5%), from €10,963 to €15,186
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 | €1,153,177 | €1,308,765 | +€155,589 | +13.5% |
| Fixed assets | 21/28 | €160,556 | €128,191 | -€32,365 | -20.2% |
| Intangible fixed assets | 21 | €542 | €27 | -€515 | -95.0% |
| Tangible fixed assets | 22/27 | €153,729 | €121,880 | -€31,850 | -20.7% |
| Land and buildings | 22 | €101,929 | €84,999 | -€16,930 | -16.6% |
| Plant, machinery and equipment | 23 | €214 | €1,102 | +€888 | +414.9% |
| Furniture and vehicles | 24 | €3,953 | €13,633 | +€9,680 | +244.9% |
| Other tangible fixed assets | 26 | €47,634 | €22,146 | -€25,488 | -53.5% |
| Financial fixed assets | 28 | €6,284 | €6,284 | = | 0.0% |
| Current assets | 29/58 | €992,621 | €1,180,574 | +€187,953 | +18.9% |
| Stocks and contracts in progress | 3 | €563,559 | €680,587 | +€117,028 | +20.8% |
| Stocks | 30/36 | €563,559 | €680,587 | +€117,028 | +20.8% |
| Amounts receivable within one year | 40/41 | €377,559 | €451,631 | +€74,072 | +19.6% |
| Trade receivables | 40 | €140,143 | €214,814 | +€74,672 | +53.3% |
| Other amounts receivable | 41 | €237,416 | €236,816 | -€600 | -0.3% |
| Cash at bank and in hand | 54/58 | €49,182 | €46,451 | -€2,731 | -5.6% |
| Deferred charges and accrued income | 490/1 | €2,322 | €1,906 | -€416 | -17.9% |
| Total equity and liabilities | 10/49 | €1,153,177 | €1,308,765 | +€155,589 | +13.5% |
| Equity | 10/15 | €734,433 | €759,191 | +€24,758 | +3.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €722,033 | €746,791 | +€24,758 | +3.4% |
| 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 | €1,475 | €1,475 | = | 0.0% |
| Distributable reserves | 133 | €718,698 | €743,456 | +€24,758 | +3.4% |
| Amounts payable | 17/49 | €418,744 | €549,574 | +€130,830 | +31.2% |
| Amounts payable within one year | 42/48 | €403,344 | €531,446 | +€128,102 | +31.8% |
| Trade debts | 44 | €119,527 | €207,803 | +€88,276 | +73.9% |
| Suppliers | 440/4 | €119,527 | €207,803 | +€88,276 | +73.9% |
| Taxes, remuneration and social security | 45 | €25,256 | €19,597 | -€5,660 | -22.4% |
| Taxes | 450/3 | €25,256 | €19,597 | -€5,660 | -22.4% |
| Other amounts payable | 47/48 | €258,561 | €304,046 | +€45,486 | +17.6% |
| Accrued charges and deferred income | 492/3 | €15,400 | €18,128 | +€2,728 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,777 | €47,318 | -€4,459 | -8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €58,513 | -€25,396 | -€83,909 | |
| Other operating charges | 640/8 | €7,966 | €20,866 | +€12,900 | +162.0% |
| Gross operating margin | 9900 | €145,018 | €81,637 | -€63,382 | -43.7% |
| Operating profit (loss) | 9901 | €26,763 | €38,849 | +€12,086 | +45.2% |
| Financial income | 75/76B | €725 | €4,843 | +€4,118 | +568.0% |
| Recurring financial income | 75 | €725 | €4,843 | +€4,118 | +568.0% |
| Financial charges | 65/66B | €2,753 | €3,748 | +€995 | +36.1% |
| Recurring financial charges | 65 | €2,753 | €3,748 | +€995 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €24,735 | €39,944 | +€15,209 | +61.5% |
| Income taxes | 67/77 | €10,963 | €15,186 | +€4,223 | +38.5% |
| Profit (loss) for the period | 9904 | €13,772 | €24,758 | +€10,986 | +79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,772 | €24,758 | +€10,986 | +79.8% |
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 9 October 2026 via checked.be.