PORTUS: 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.
PORTUS
Largest movements
- Financial fixed assets +€29.5m
up €29.5m (+8.2%), from €358.0m to €387.5m
- Current investments +€15.0m
up €15.0m (+48.5%), from €31.0m to €46.0m
- Profit (loss) carried forward +€41.3m
up €41.3m (+30.6%), from €134.9m to €176.1m
- Financial income +€12.0m
up €12.0m (+32.1%), from €37.3m to €49.2m
of which Non-recurring financial income: +€7.8m
- Taxes +€4.2m
up €4.2m (+355.5%), from €1.2m to €5.4m
- Financial charges -€578,622
down €578,622 (-20.4%), from €2.8m to €2.3m
of which Financial charges: -€579,519
- Purchases and services +€197,013
up €197,013 (+140.0%), from €140,739 to €337,752
- Gross operating margin -€189,827
down €189,827 (-283.5%), from -€66,956 to -€256,783
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 | €394,254,826 | €435,725,821 | +€41.5m | +10.5% |
| Fixed assets | 21/28 | €358,077,492 | €387,531,198 | +€29.5m | +8.2% |
| Tangible fixed assets | 22/27 | €65,400 | €64,405 | -€995 | -1.5% |
| Land and buildings | 22 | €65,400 | €64,405 | -€995 | -1.5% |
| Financial fixed assets | 28 | €358,012,092 | €387,466,793 | +€29.5m | +8.2% |
| Current assets | 29/58 | €36,177,334 | €48,194,623 | +€12.0m | +33.2% |
| Amounts receivable within one year | 40/41 | €3,598,033 | €660,881 | -€2.9m | -81.6% |
| Trade receivables | 40 | €4,695 | €4,843 | +€148 | +3.2% |
| Other amounts receivable | 41 | €3,593,338 | €656,038 | -€2.9m | -81.7% |
| Current investments | 50/53 | €30,954,989 | €45,971,267 | +€15.0m | +48.5% |
| Cash at bank and in hand | 54/58 | €1,624,312 | €1,562,475 | -€61,837 | -3.8% |
| Total equity and liabilities | 10/49 | €394,254,826 | €435,725,821 | +€41.5m | +10.5% |
| Equity | 10/15 | €394,254,826 | €435,529,648 | +€41.3m | +10.5% |
| Contributions | 10/11 | €89,534,641 | €89,534,641 | = | 0.0% |
| Capital | 10 | €87,834,053 | €87,834,053 | = | 0.0% |
| Issued capital | 100 | €87,834,053 | €87,834,053 | = | 0.0% |
| Outside capital | 11 | €1,700,588 | €1,700,588 | = | 0.0% |
| Share premium | 1100/10 | €1,700,588 | €1,700,588 | = | 0.0% |
| Reserves | 13 | €169,846,026 | €169,846,026 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,846,026 | €9,846,026 | = | 0.0% |
| Legal reserve | 130 | €9,106,026 | €9,106,026 | = | 0.0% |
| Own shares acquired | 1312 | €740,000 | €740,000 | = | 0.0% |
| Distributable reserves | 133 | €160,000,000 | €160,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,874,159 | €176,148,981 | +€41.3m | +30.6% |
| Amounts payable | 17/49 | - | €196,173 | +€196,173 | |
| Amounts payable within one year | 42/48 | - | €196,173 | +€196,173 | |
| Trade debts | 44 | - | €196,173 | +€196,173 | |
| Suppliers | 440/4 | - | €196,173 | +€196,173 | |
| Turnover | 70 | €73,783 | €80,969 | +€7,186 | +9.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €140,739 | €337,752 | +€197,013 | +140.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €995 | €995 | = | 0.0% |
| Other operating charges | 640/8 | €6,352 | €6,075 | -€277 | -4.4% |
| Gross operating margin | 9900 | -€66,956 | -€256,783 | -€189,827 | -283.5% |
| Operating profit (loss) | 9901 | -€74,303 | -€263,853 | -€189,550 | -255.1% |
| Financial income | 75/76B | €37,254,728 | €49,222,885 | +€12.0m | +32.1% |
| Recurring financial income | 75 | €18,580,005 | €22,719,779 | +€4.1m | +22.3% |
| Non-recurring financial income | 76B | €18,674,723 | €26,503,106 | +€7.8m | +41.9% |
| Financial charges | 65/66B | €2,842,077 | €2,263,455 | -€578,622 | -20.4% |
| Recurring financial charges | 65 | €2,842,077 | €2,262,558 | -€579,519 | -20.4% |
| Non-recurring financial charges | 66B | - | €897 | +€897 | |
| Profit (loss) for the period before taxes | 9903 | €34,338,348 | €46,695,577 | +€12.4m | +36.0% |
| Income taxes | 67/77 | €1,190,182 | €5,420,755 | +€4.2m | +355.5% |
| Profit (loss) for the period | 9904 | €33,148,166 | €41,274,822 | +€8.1m | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,148,166 | €41,274,822 | +€8.1m | +24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.