Portolani: 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.
Portolani
Largest movements
- Current investments +€278,748
up €278,748 (+75.0%), from €371,683 to €650,431
- Financial fixed assets +€100,100
up €100,100 (+5,376%), from €1,862 to €101,962
- Cash -€98,412
down €98,412 (-33.1%), from €297,664 to €199,252
mainly Current investments (-€278,748) and Contributions, distributions and other (-€154,500)
- Intangible fixed assets -€50,401
down €50,401 (-47.0%), from €107,234 to €56,834
- Tangible fixed assets +€27,003
up €27,003 (+268%), from €10,069 to €37,072
of which Furniture and vehicles: +€22,753
- Reserves +€164,682
up €164,682 (+69.5%), from €237,118 to €401,801
of which Distributable reserves: +€164,682
- Tax, wage and social debts +€40,284
up €40,284 (+29.5%), from €136,575 to €176,860
of which Taxes: +€49,370
- Accrued charges and deferred income +€22,323
up €22,323 (+48.0%), from €46,474 to €68,797
- Other debts +€19,365
up €19,365 (+10.6%), from €182,684 to €202,048
- Gross operating margin +€138,027
up €138,027 (+16.6%), from €830,806 to €968,832
- Financial income -€54,817
down €54,817 (-90.0%), from €60,908 to €6,091
- Staff costs -€48,126
down €48,126 (-9.4%), from €512,428 to €464,302
- Taxes +€38,925
up €38,925 (+46.7%), from €83,360 to €122,286
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 | €1,217,311 | €1,464,295 | +€246,983 | +20.3% |
| Fixed assets | 21/28 | €119,166 | €195,868 | +€76,702 | +64.4% |
| Intangible fixed assets | 21 | €107,234 | €56,834 | -€50,401 | -47.0% |
| Tangible fixed assets | 22/27 | €10,069 | €37,072 | +€27,003 | +268% |
| Plant, machinery and equipment | 23 | €4,237 | €2,824 | -€1,413 | -33.3% |
| Furniture and vehicles | 24 | €5,833 | €28,586 | +€22,753 | +390% |
| Other tangible fixed assets | 26 | - | €5,663 | +€5,663 | |
| Financial fixed assets | 28 | €1,862 | €101,962 | +€100,100 | +5,376% |
| Current assets | 29/58 | €1,098,146 | €1,268,427 | +€170,281 | +15.5% |
| Amounts receivable within one year | 40/41 | €399,883 | €383,401 | -€16,482 | -4.1% |
| Trade receivables | 40 | €337,010 | €295,579 | -€41,431 | -12.3% |
| Other amounts receivable | 41 | €62,873 | €87,823 | +€24,950 | +39.7% |
| Current investments | 50/53 | €371,683 | €650,431 | +€278,748 | +75.0% |
| Cash at bank and in hand | 54/58 | €297,664 | €199,252 | -€98,412 | -33.1% |
| Deferred charges and accrued income | 490/1 | €28,916 | €35,343 | +€6,427 | +22.2% |
| Total equity and liabilities | 10/49 | €1,217,311 | €1,464,295 | +€246,983 | +20.3% |
| Equity | 10/15 | €726,118 | €890,801 | +€164,682 | +22.7% |
| Contributions | 10/11 | €489,000 | €489,000 | = | 0.0% |
| Capital | 10 | €489,000 | €489,000 | = | 0.0% |
| Issued capital | 100 | €489,000 | €489,000 | = | 0.0% |
| Reserves | 13 | €237,118 | €401,801 | +€164,682 | +69.5% |
| Non-distributable reserves | 130/1 | €48,900 | €48,900 | = | 0.0% |
| Legal reserve | 130 | €48,900 | €48,900 | = | 0.0% |
| Distributable reserves | 133 | €188,218 | €352,901 | +€164,682 | +87.5% |
| Amounts payable | 17/49 | €491,193 | €573,494 | +€82,301 | +16.8% |
| Amounts payable within one year | 42/48 | €444,719 | €504,697 | +€59,978 | +13.5% |
| Trade debts | 44 | €125,460 | €121,172 | -€4,288 | -3.4% |
| Suppliers | 440/4 | €125,460 | €121,172 | -€4,288 | -3.4% |
| Advances received on contracts in progress | 46 | - | €4,617 | +€4,617 | |
| Taxes, remuneration and social security | 45 | €136,575 | €176,860 | +€40,284 | +29.5% |
| Taxes | 450/3 | €91,990 | €141,360 | +€49,370 | +53.7% |
| Remuneration and social security | 454/9 | €44,585 | €35,500 | -€9,085 | -20.4% |
| Other amounts payable | 47/48 | €182,684 | €202,048 | +€19,365 | +10.6% |
| Accrued charges and deferred income | 492/3 | €46,474 | €68,797 | +€22,323 | +48.0% |
| Remuneration, social security and pensions | 62 | €512,428 | €464,302 | -€48,126 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,648 | €57,059 | +€4,411 | +8.4% |
| Other operating charges | 640/8 | €4,853 | €3,959 | -€894 | -18.4% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €830,806 | €968,832 | +€138,027 | +16.6% |
| Operating profit (loss) | 9901 | €260,876 | €438,512 | +€177,636 | +68.1% |
| Financial income | 75/76B | €60,908 | €6,091 | -€54,817 | -90.0% |
| Recurring financial income | 75 | €60,908 | €6,091 | -€54,817 | -90.0% |
| Financial charges | 65/66B | €3,053 | €3,135 | +€82 | +2.7% |
| Recurring financial charges | 65 | €3,053 | €3,135 | +€82 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €318,731 | €441,468 | +€122,736 | +38.5% |
| Income taxes | 67/77 | €83,360 | €122,286 | +€38,925 | +46.7% |
| Profit (loss) for the period | 9904 | €235,371 | €319,182 | +€83,811 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €235,371 | €319,182 | +€83,811 | +35.6% |
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 15 October 2026 via checked.be.