Porto V: 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.
What changed
Porto V
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €16.1m-€15.0m
Equity
€21.8m
2024 · €20.7m+€1.1m
Cash
€327,414
2024 · €276,568+€50,846
Balance sheet total
€21.8m
2024 · €20.9m+€891,835
Largest movements
Assets
- Financial fixed assets +€883,339
up €883,339 (+4.4%), from €20.2m to €21.0m
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+7.6%), from €14.6m to €15.7m
Income statement
- Financial income -€15.9m
down €15.9m (-93.7%), from €17.0m to €1.1m
of which Non-recurring financial income: -€17.0m
- Gross operating margin +€642,957
up €642,957, from -€451,475 to €191,482
- Financial charges -€255,764
down €255,764 (-86.8%), from €294,584 to €38,820
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.
Result 2024
€16.1m
Gross operating margin
+€642,957
Depreciation
-€2,932
Other operating charges
+€447
Financial income
-€15.9m
Financial charges
+€255,764
Taxes
-€106
Result 2025
€1.1m
raises the resultlowers the result
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.
From operations
+€934,186
Investment
-€883,339
Financing
€0
Cash 2024
€276,568
From operations (derived)
+€934,186
Net result for the year
+€1.1m
Depreciation
+€127,167
Receivables within one year
-€85,948
Smaller working-capital items
+€1,429
Trade debts
+€5,901
Tax, wage and social debts
-€6,750
Other debts
-€207,913
Investment (derived)
-€883,339
Investment in fixed assets (net)
-€883,339
Cash 2025
€327,414
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,946,484 | €21,838,319 | +€891,835 | +4.3% |
| Formation expenses | 20 | €179,429 | €89,714 | -€89,714 | -50.0% |
| Fixed assets | 21/28 | €20,309,841 | €21,155,728 | +€845,887 | +4.2% |
| Tangible fixed assets | 22/27 | €152,741 | €115,288 | -€37,452 | -24.5% |
| Furniture and vehicles | 24 | €143,836 | €108,457 | -€35,379 | -24.6% |
| Other tangible fixed assets | 26 | €8,905 | €6,832 | -€2,073 | -23.3% |
| Financial fixed assets | 28 | €20,157,100 | €21,040,439 | +€883,339 | +4.4% |
| Current assets | 29/58 | €457,214 | €592,877 | +€135,663 | +29.7% |
| Amounts receivable within one year | 40/41 | €172,960 | €258,907 | +€85,948 | +49.7% |
| Trade receivables | 40 | €66,520 | €59,739 | -€6,781 | -10.2% |
| Other amounts receivable | 41 | €106,440 | €199,168 | +€92,728 | +87.1% |
| Cash at bank and in hand | 54/58 | €276,568 | €327,414 | +€50,846 | +18.4% |
| Deferred charges and accrued income | 490/1 | €7,687 | €6,555 | -€1,131 | -14.7% |
| Total equity and liabilities | 10/49 | €20,946,484 | €21,838,319 | +€891,835 | +4.3% |
| Equity | 10/15 | €20,718,734 | €21,819,034 | +€1.1m | +5.3% |
| Contributions | 10/11 | €6,157,469 | €6,157,469 | = | 0.0% |
| Reserves | 13 | €14,561,266 | €15,661,566 | +€1.1m | +7.6% |
| Distributable reserves | 133 | €14,561,266 | €15,661,566 | +€1.1m | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €227,749 | €19,285 | -€208,465 | -91.5% |
| Amounts payable within one year | 42/48 | €227,279 | €18,517 | -€208,762 | -91.9% |
| Trade debts | 44 | €3,838 | €9,738 | +€5,901 | +154% |
| Suppliers | 440/4 | €3,838 | €9,738 | +€5,901 | +154% |
| Taxes, remuneration and social security | 45 | €7,420 | €670 | -€6,750 | -91.0% |
| Taxes | 450/3 | €620 | €670 | +€50 | +8.1% |
| Remuneration and social security | 454/9 | €6,800 | €0 | -€6,800 | -100% |
| Other amounts payable | 47/48 | €216,021 | €8,108 | -€207,913 | -96.2% |
| Accrued charges and deferred income | 492/3 | €470 | €768 | +€298 | +63.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,235 | €127,167 | +€2,932 | +2.4% |
| Other operating charges | 640/8 | €1,479 | €1,032 | -€447 | -30.2% |
| Gross operating margin | 9900 | -€451,475 | €191,482 | +€642,957 | |
| Operating profit (loss) | 9901 | -€577,189 | €63,283 | +€640,472 | |
| Financial income | 75/76B | €17,000,000 | €1,076,564 | -€15.9m | -93.7% |
| Recurring financial income | 75 | €0 | €1,076,564 | +€1.1m | +5,382,818,000% |
| Non-recurring financial income | 76B | €17,000,000 | €0 | -€17.0m | -100% |
| Financial charges | 65/66B | €294,584 | €38,820 | -€255,764 | -86.8% |
| Recurring financial charges | 65 | €294,584 | €38,820 | -€255,764 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €16,128,227 | €1,101,026 | -€15.0m | -93.2% |
| Income taxes | 67/77 | €620 | €726 | +€106 | +17.2% |
| Profit (loss) for the period | 9904 | €16,127,607 | €1,100,300 | -€15.0m | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,127,607 | €1,100,300 | -€15.0m | -93.2% |
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 16 October 2026 via checked.be.