POPINA: 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.
POPINA
Largest movements
- Current investments -€53,996
down €53,996 (-81.8%), from €66,000 to €12,004
- Cash -€37,250
down €37,250 (-69.0%), from €53,996 to €16,746
mainly Contributions, distributions and other (-€182,111) and Investment in fixed assets (net) (-€127,838)
- Other debts +€149,198
up €149,198 (+58.6%), from €254,752 to €403,950
- Reserves -€133,889
down €133,889 (-11.9%), from €1.1m to €995,685
of which Distributable reserves: -€111,501
- Debts after one year -€98,215
down €98,215 (-14.4%), from €680,148 to €581,934
- Current portion of long-term debt -€51,768
down €51,768 (-34.5%), from €149,982 to €98,215
- Tax, wage and social debts +€34,848
up €34,848 (+287%), from €12,140 to €46,988
of which Taxes: +€31,848
- Gross operating margin -€92,868
down €92,868 (-32.2%), from €288,292 to €195,424
- Taxes -€25,770
down €25,770 (-51.0%), from €50,486 to €24,716
- Depreciation -€8,159
down €8,159 (-6.6%), from €123,237 to €115,078
- Financial income +€7,861
up €7,861 (+2,579%), from €305 to €8,166
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.
Derived cash bridge
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 | €2,367,659 | €2,290,368 | -€77,291 | -3.3% |
| Fixed assets | 21/28 | €2,024,844 | €2,037,604 | +€12,761 | +0.6% |
| Tangible fixed assets | 22/27 | €2,024,844 | €2,037,604 | +€12,761 | +0.6% |
| Land and buildings | 22 | €1,887,513 | €1,953,431 | +€65,918 | +3.5% |
| Furniture and vehicles | 24 | €107,159 | €84,174 | -€22,985 | -21.4% |
| Assets under construction and advance payments | 27 | €30,172 | - | -€30,172 | |
| Current assets | 29/58 | €342,815 | €252,763 | -€90,052 | -26.3% |
| Amounts receivable within one year | 40/41 | €219,123 | €219,348 | +€225 | +0.1% |
| Trade receivables | 40 | €161,618 | €131,558 | -€30,060 | -18.6% |
| Other amounts receivable | 41 | €57,506 | €87,791 | +€30,285 | +52.7% |
| Current investments | 50/53 | €66,000 | €12,004 | -€53,996 | -81.8% |
| Cash at bank and in hand | 54/58 | €53,996 | €16,746 | -€37,250 | -69.0% |
| Deferred charges and accrued income | 490/1 | €3,695 | €4,665 | +€970 | +26.2% |
| Total equity and liabilities | 10/49 | €2,367,659 | €2,290,368 | -€77,291 | -3.3% |
| Equity | 10/15 | €1,148,165 | €1,014,277 | -€133,889 | -11.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,129,573 | €995,685 | -€133,889 | -11.9% |
| Tax-exempt reserves | 132 | €454,053 | €431,666 | -€22,387 | -4.9% |
| Distributable reserves | 133 | €675,520 | €564,019 | -€111,501 | -16.5% |
| Provisions and deferred taxes | 16 | €113,513 | €107,916 | -€5,597 | -4.9% |
| Deferred taxes | 168 | €113,513 | €107,916 | -€5,597 | -4.9% |
| Amounts payable | 17/49 | €1,105,981 | €1,168,175 | +€62,194 | +5.6% |
| Amounts payable after more than one year | 17 | €680,148 | €581,934 | -€98,215 | -14.4% |
| Financial debts | 170/4 | €680,148 | €581,934 | -€98,215 | -14.4% |
| Amounts payable within one year | 42/48 | €425,832 | €586,241 | +€160,409 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €149,982 | €98,215 | -€51,768 | -34.5% |
| Financial debts | 43 | - | €33,406 | +€33,406 | |
| Other loans | 439 | - | €33,406 | +€33,406 | |
| Trade debts | 44 | €8,957 | €3,682 | -€5,275 | -58.9% |
| Suppliers | 440/4 | €8,957 | €3,682 | -€5,275 | -58.9% |
| Taxes, remuneration and social security | 45 | €12,140 | €46,988 | +€34,848 | +287% |
| Taxes | 450/3 | €12,140 | €43,988 | +€31,848 | +262% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €254,752 | €403,950 | +€149,198 | +58.6% |
| Non-recurring operating income | 76A | - | €29,432 | +€29,432 | |
| Remuneration, social security and pensions | 62 | €259 | - | -€259 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,237 | €115,078 | -€8,159 | -6.6% |
| Other operating charges | 640/8 | €6,009 | €7,126 | +€1,116 | +18.6% |
| Gross operating margin | 9900 | €288,292 | €195,424 | -€92,868 | -32.2% |
| Operating profit (loss) | 9901 | €158,787 | €73,221 | -€85,566 | -53.9% |
| Financial income | 75/76B | €305 | €8,166 | +€7,861 | +2,579% |
| Recurring financial income | 75 | €305 | €8,166 | +€7,861 | +2,579% |
| Financial charges | 65/66B | €14,743 | €14,046 | -€697 | -4.7% |
| Recurring financial charges | 65 | €14,743 | €14,046 | -€697 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €144,349 | €67,341 | -€77,008 | -53.3% |
| Transfer from deferred taxes | 780 | €5,597 | €5,597 | = | 0.0% |
| Income taxes | 67/77 | €50,486 | €24,716 | -€25,770 | -51.0% |
| Profit (loss) for the period | 9904 | €99,460 | €48,222 | -€51,238 | -51.5% |
| Transfer from tax-exempt reserves | 789 | €22,387 | €22,387 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €121,847 | €70,609 | -€51,238 | -42.1% |
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 17 October 2026 via checked.be.