PORCUS: 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.
PORCUS
Largest movements
- Cash -€483,520
down €483,520 (-90.9%), from €531,983 to €48,463
mainly Debts after one year (-€554,663) and Deferred charges and accrued income (-€149,721)
- Tangible fixed assets -€245,840
down €245,840 (-6.9%), from €3.6m to €3.3m
of which Land and buildings: -€243,448
- Deferred charges and accrued income +€149,721
up €149,721 (+1,934%), from €7,743 to €157,463
- Stocks and contracts +€120,986
up €120,986 (+19.6%), from €618,030 to €739,016
- Receivables within one year -€84,057
down €84,057 (-45.3%), from €185,760 to €101,703
of which Trade receivables: -€82,120
- Debts after one year -€554,663
down €554,663 (-23.7%), from €2.3m to €1.8m
- Short-term financial debts +€200,000
up €200,000, from €0 to €200,000
- Current portion of long-term debt -€100,309
down €100,309 (-34.0%), from €295,282 to €194,973
- Profit (loss) carried forward -€98,581
down €98,581 (-7.2%), from €1.4m to €1.3m
- Financial income -€382,659
down €382,659 (-67.3%), from €568,263 to €185,603
of which Non-recurring financial income: -€390,642
- Gross operating margin -€183,859
down €183,859 (-54.8%), from €335,212 to €151,353
- Taxes -€95,911
down €95,911 (-98.1%), from €97,770 to €1,859
- Financial charges -€33,001
down €33,001 (-34.4%), from €95,898 to €62,898
- Staff costs +€25,952
up €25,952 (+91.6%), from €28,337 to €54,289
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 | €4,922,328 | €4,421,209 | -€501,119 | -10.2% |
| Fixed assets | 21/28 | €3,578,812 | €3,374,564 | -€204,248 | -5.7% |
| Intangible fixed assets | 21 | €9,013 | €50,605 | +€41,591 | +461% |
| Tangible fixed assets | 22/27 | €3,555,967 | €3,310,127 | -€245,840 | -6.9% |
| Land and buildings | 22 | €3,161,346 | €2,917,898 | -€243,448 | -7.7% |
| Plant, machinery and equipment | 23 | €344,829 | €353,363 | +€8,534 | +2.5% |
| Furniture and vehicles | 24 | €49,792 | €38,866 | -€10,926 | -21.9% |
| Financial fixed assets | 28 | €13,832 | €13,832 | = | 0.0% |
| Current assets | 29/58 | €1,343,516 | €1,046,645 | -€296,871 | -22.1% |
| Stocks and contracts in progress | 3 | €618,030 | €739,016 | +€120,986 | +19.6% |
| Stocks | 30/36 | €618,030 | €739,016 | +€120,986 | +19.6% |
| Amounts receivable within one year | 40/41 | €185,760 | €101,703 | -€84,057 | -45.3% |
| Trade receivables | 40 | €183,531 | €101,410 | -€82,120 | -44.7% |
| Other amounts receivable | 41 | €2,230 | €293 | -€1,937 | -86.9% |
| Cash at bank and in hand | 54/58 | €531,983 | €48,463 | -€483,520 | -90.9% |
| Deferred charges and accrued income | 490/1 | €7,743 | €157,463 | +€149,721 | +1,934% |
| Total equity and liabilities | 10/49 | €4,922,328 | €4,421,209 | -€501,119 | -10.2% |
| Equity | 10/15 | €2,129,329 | €2,079,383 | -€49,946 | -2.3% |
| Contributions | 10/11 | €438,972 | €438,972 | = | 0.0% |
| Reserves | 13 | €31,626 | €31,626 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,626 | €31,626 | = | 0.0% |
| Reserves not available under the articles | 1311 | €31,626 | €31,626 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,360,427 | €1,261,847 | -€98,581 | -7.2% |
| Investment grants | 15 | €298,303 | €346,938 | +€48,634 | +16.3% |
| Provisions and deferred taxes | 16 | €15,700 | €18,260 | +€2,560 | +16.3% |
| Deferred taxes | 168 | €15,700 | €18,260 | +€2,560 | +16.3% |
| Amounts payable | 17/49 | €2,777,299 | €2,323,567 | -€453,733 | -16.3% |
| Amounts payable after more than one year | 17 | €2,341,633 | €1,786,970 | -€554,663 | -23.7% |
| Financial debts | 170/4 | €2,341,633 | €1,786,970 | -€554,663 | -23.7% |
| Amounts payable within one year | 42/48 | €434,620 | €536,045 | +€101,425 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €295,282 | €194,973 | -€100,309 | -34.0% |
| Financial debts | 43 | €0 | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | €0 | €200,000 | +€200,000 | |
| Trade debts | 44 | €130,012 | €130,964 | +€952 | +0.7% |
| Suppliers | 440/4 | €130,012 | €130,964 | +€952 | +0.7% |
| Taxes, remuneration and social security | 45 | €4,264 | €10,108 | +€5,844 | +137% |
| Taxes | 450/3 | €2,066 | €3,865 | +€1,799 | +87.0% |
| Remuneration and social security | 454/9 | €2,198 | €6,244 | +€4,045 | +184% |
| Other amounts payable | 47/48 | €5,062 | €0 | -€5,062 | -100% |
| Accrued charges and deferred income | 492/3 | €1,046 | €552 | -€494 | -47.2% |
| Non-recurring operating income | 76A | €34,127 | €15 | -€34,112 | -100.0% |
| Remuneration, social security and pensions | 62 | €28,337 | €54,289 | +€25,952 | +91.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,173 | €305,867 | +€22,694 | +8.0% |
| Other operating charges | 640/8 | €16,150 | €12,484 | -€3,666 | -22.7% |
| Non-recurring operating charges | 66A | €42,050 | €0 | -€42,050 | -100% |
| Gross operating margin | 9900 | €335,212 | €151,353 | -€183,859 | -54.8% |
| Operating profit (loss) | 9901 | -€34,498 | -€221,286 | -€186,788 | -541% |
| Financial income | 75/76B | €568,263 | €185,603 | -€382,659 | -67.3% |
| Recurring financial income | 75 | €27,621 | €35,603 | +€7,983 | +28.9% |
| Non-recurring financial income | 76B | €540,642 | €150,000 | -€390,642 | -72.3% |
| Financial charges | 65/66B | €95,898 | €62,898 | -€33,001 | -34.4% |
| Recurring financial charges | 65 | €95,898 | €62,898 | -€33,001 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €437,866 | -€98,581 | -€536,447 | |
| Transfer from deferred taxes | 780 | €1,417 | €1,859 | +€442 | +31.2% |
| Income taxes | 67/77 | €97,770 | €1,859 | -€95,911 | -98.1% |
| Profit (loss) for the period | 9904 | €341,513 | -€98,581 | -€440,094 | |
| Profit (loss) for the period to be appropriated | 9905 | €341,513 | -€98,581 | -€440,094 |
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 22 October 2026 via checked.be.