PORTER - P: 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.
PORTER - P
Largest movements
- Cash +€99,401
up €99,401 (+9.8%), from €1.0m to €1.1m
mainly Net result for the year (+€111,535) and Depreciation (+€30,451)
- Reserves +€111,535
up €111,535 (+3.3%), from €3.4m to €3.5m
of which Distributable reserves: +€111,535
- Gross operating margin +€12,791
up €12,791 (+8.5%), from €150,971 to €163,762
- Financial income +€4,638
up €4,638 (+19.2%), from €24,126 to €28,765
- Taxes +€3,187
up €3,187 (+9.7%), from €32,840 to €36,028
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 | €3,613,591 | €3,726,426 | +€112,835 | +3.1% |
| Fixed assets | 21/28 | €2,599,305 | €2,615,263 | +€15,958 | +0.6% |
| Tangible fixed assets | 22/27 | €2,599,305 | €2,615,263 | +€15,958 | +0.6% |
| Land and buildings | 22 | €2,532,551 | €2,575,482 | +€42,931 | +1.7% |
| Plant, machinery and equipment | 23 | €11,977 | €7,497 | -€4,480 | -37.4% |
| Furniture and vehicles | 24 | €54,777 | €32,284 | -€22,493 | -41.1% |
| Current assets | 29/58 | €1,014,286 | €1,111,164 | +€96,878 | +9.6% |
| Amounts receivable within one year | 40/41 | €5,125 | €2,602 | -€2,523 | -49.2% |
| Other amounts receivable | 41 | €5,125 | €2,602 | -€2,523 | -49.2% |
| Cash at bank and in hand | 54/58 | €1,009,161 | €1,108,562 | +€99,401 | +9.8% |
| Total equity and liabilities | 10/49 | €3,613,591 | €3,726,426 | +€112,835 | +3.1% |
| Equity | 10/15 | €3,613,591 | €3,725,126 | +€111,535 | +3.1% |
| Contributions | 10/11 | €183,000 | €183,000 | = | 0.0% |
| Reserves | 13 | €3,430,591 | €3,542,126 | +€111,535 | +3.3% |
| Tax-exempt reserves | 132 | €104,062 | €104,062 | = | 0.0% |
| Distributable reserves | 133 | €3,326,529 | €3,438,064 | +€111,535 | +3.4% |
| Amounts payable | 17/49 | €0 | €1,300 | +€1,300 | |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €0 | €1,300 | +€1,300 | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €1,300 | +€1,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,013 | €30,451 | -€562 | -1.8% |
| Other operating charges | 640/8 | €13,805 | €14,237 | +€432 | +3.1% |
| Gross operating margin | 9900 | €150,971 | €163,762 | +€12,791 | +8.5% |
| Operating profit (loss) | 9901 | €106,154 | €119,074 | +€12,920 | +12.2% |
| Financial income | 75/76B | €24,126 | €28,765 | +€4,638 | +19.2% |
| Recurring financial income | 75 | €24,126 | €28,765 | +€4,638 | +19.2% |
| Financial charges | 65/66B | €191 | €276 | +€85 | +44.5% |
| Recurring financial charges | 65 | €191 | €276 | +€85 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €130,089 | €147,563 | +€17,474 | +13.4% |
| Income taxes | 67/77 | €32,840 | €36,028 | +€3,187 | +9.7% |
| Profit (loss) for the period | 9904 | €97,249 | €111,535 | +€14,286 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €97,249 | €111,535 | +€14,286 | +14.7% |
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 12 October 2026 via checked.be.