PORTEMAN: 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.
PORTEMAN
Largest movements
- Cash +€30,046
up €30,046 (+78.9%), from €38,102 to €68,148
mainly Net result for the year (+€41,145) and Receivables within one year (+€21,547)
- Receivables within one year -€21,547
down €21,547 (-24.9%), from €86,469 to €64,922
of which Other amounts receivable: -€21,589
- Stocks and contracts +€11,537
up €11,537 (+6.2%), from €186,356 to €197,893
- Tangible fixed assets -€8,364
down €8,364 (-9.0%), from €93,280 to €84,915
of which Furniture and vehicles: -€6,542
- Reserves +€41,145
up €41,145 (+90.0%), from €45,703 to €86,847
of which Distributable reserves: +€41,145
- Current portion of long-term debt -€21,319
down €21,319 (-59.7%), from €35,682 to €14,363
- Tax, wage and social debts +€14,781
up €14,781 (+69.2%), from €21,346 to €36,128
of which Taxes: +€14,662
- Debts after one year -€14,363
down €14,363 (-28.5%), from €50,363 to €36,000
- Trade debts -€8,603
down €8,603 (-25.9%), from €33,239 to €24,635
- Staff costs -€19,951
down €19,951 (-39.9%), from €50,036 to €30,085
- Taxes +€16,449
up €16,449 (+320.1%), from €5,138 to €21,587
- Gross operating margin -€3,115
down €3,115 (-2.6%), from €117,609 to €114,494
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 | €472,441 | €483,740 | +€11,298 | +2.4% |
| Fixed assets | 21/28 | €98,114 | €89,749 | -€8,364 | -8.5% |
| Tangible fixed assets | 22/27 | €93,280 | €84,915 | -€8,364 | -9.0% |
| Land and buildings | 22 | €65,955 | €61,426 | -€4,528 | -6.9% |
| Plant, machinery and equipment | 23 | €5,213 | €8,331 | +€3,118 | +59.8% |
| Furniture and vehicles | 24 | €19,953 | €13,411 | -€6,542 | -32.8% |
| Other tangible fixed assets | 26 | €2,159 | €1,747 | -€412 | -19.1% |
| Financial fixed assets | 28 | €4,834 | €4,834 | = | 0.0% |
| Current assets | 29/58 | €374,328 | €393,990 | +€19,663 | +5.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €186,356 | €197,893 | +€11,537 | +6.2% |
| Stocks | 30/36 | €186,356 | €197,893 | +€11,537 | +6.2% |
| Amounts receivable within one year | 40/41 | €86,469 | €64,922 | -€21,547 | -24.9% |
| Trade receivables | 40 | €387 | €429 | +€42 | +10.8% |
| Other amounts receivable | 41 | €86,082 | €64,493 | -€21,589 | -25.1% |
| Cash at bank and in hand | 54/58 | €38,102 | €68,148 | +€30,046 | +78.9% |
| Deferred charges and accrued income | 490/1 | €3,400 | €3,027 | -€373 | -11.0% |
| Total equity and liabilities | 10/49 | €472,441 | €483,740 | +€11,298 | +2.4% |
| Equity | 10/15 | €266,533 | €307,678 | +€41,145 | +15.4% |
| Contributions | 10/11 | €43,592 | €43,592 | = | 0.0% |
| Reserves | 13 | €45,703 | €86,847 | +€41,145 | +90.0% |
| Non-distributable reserves | 130/1 | €4,359 | €4,359 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,359 | €4,359 | = | 0.0% |
| Distributable reserves | 133 | €41,343 | €82,488 | +€41,145 | +99.5% |
| Profit (loss) carried forward | 14 | €177,238 | €177,238 | = | 0.0% |
| Amounts payable | 17/49 | €205,909 | €176,062 | -€29,847 | -14.5% |
| Amounts payable after more than one year | 17 | €50,363 | €36,000 | -€14,363 | -28.5% |
| Financial debts | 170/4 | €50,363 | €36,000 | -€14,363 | -28.5% |
| Amounts payable within one year | 42/48 | €155,545 | €140,062 | -€15,483 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €35,682 | €14,363 | -€21,319 | -59.7% |
| Financial debts | 43 | €65,278 | €64,935 | -€343 | -0.5% |
| Credit institutions | 430/8 | €65,278 | €64,935 | -€343 | -0.5% |
| Trade debts | 44 | €33,239 | €24,635 | -€8,603 | -25.9% |
| Suppliers | 440/4 | €33,239 | €24,635 | -€8,603 | -25.9% |
| Taxes, remuneration and social security | 45 | €21,346 | €36,128 | +€14,781 | +69.2% |
| Taxes | 450/3 | €17,106 | €31,768 | +€14,662 | +85.7% |
| Remuneration and social security | 454/9 | €4,241 | €4,360 | +€119 | +2.8% |
| Remuneration, social security and pensions | 62 | €50,036 | €30,085 | -€19,951 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,943 | €16,026 | +€83 | +0.5% |
| Other operating charges | 640/8 | €3,767 | €3,473 | -€294 | -7.8% |
| Gross operating margin | 9900 | €117,609 | €114,494 | -€3,115 | -2.6% |
| Operating profit (loss) | 9901 | €47,862 | €64,909 | +€17,047 | +35.6% |
| Financial income | 75/76B | €5,054 | €5,266 | +€211 | +4.2% |
| Recurring financial income | 75 | €5,054 | €5,266 | +€211 | +4.2% |
| Financial charges | 65/66B | €6,435 | €7,442 | +€1,007 | +15.7% |
| Recurring financial charges | 65 | €6,435 | €7,442 | +€1,007 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €46,482 | €62,732 | +€16,251 | +35.0% |
| Income taxes | 67/77 | €5,138 | €21,587 | +€16,449 | +320.1% |
| Profit (loss) for the period | 9904 | €41,343 | €41,145 | -€198 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,343 | €41,145 | -€198 | -0.5% |
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 7 October 2026 via checked.be.