PORTUSANN: 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.
PORTUSANN
Largest movements
- Cash -€103,056
down €103,056 (-40.2%), from €256,589 to €153,533
mainly Contributions, distributions and other (-€150,000) and Other debts (-€76,786)
- Financial fixed assets -€28,700
down €28,700 (-100%), from €28,700 to €0
- Receivables within one year -€25,241
down €25,241 (-72.2%), from €34,958 to €9,716
of which Trade receivables: -€28,352
- Reserves -€90,461
down €90,461 (-62.6%), from €144,560 to €54,098
- Other debts -€76,786
down €76,786 (-93.3%), from €82,334 to €5,548
- Tax, wage and social debts +€14,878
up €14,878 (+628%), from €2,370 to €17,248
- Debts after one year -€7,814
down €7,814 (-9.4%), from €83,116 to €75,302
- Financial income +€100,607
up €100,607 (+14,525%), from €693 to €101,300
of which Non-recurring financial income: +€101,300
- Gross operating margin -€72,667
down €72,667 (-66.7%), from €108,978 to €36,311
- Taxes +€44,441
up €44,441 (+457%), from €9,720 to €54,161
- Other operating charges +€5,918
up €5,918 (+233%), from €2,538 to €8,457
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 | €371,326 | €212,495 | -€158,831 | -42.8% |
| Fixed assets | 21/28 | €73,889 | €43,415 | -€30,473 | -41.2% |
| Tangible fixed assets | 22/27 | €45,189 | €43,415 | -€1,773 | -3.9% |
| Land and buildings | 22 | €42,952 | €40,400 | -€2,552 | -5.9% |
| Plant, machinery and equipment | 23 | - | €2,064 | +€2,064 | |
| Furniture and vehicles | 24 | €2,236 | €951 | -€1,286 | -57.5% |
| Financial fixed assets | 28 | €28,700 | €0 | -€28,700 | -100% |
| Current assets | 29/58 | €297,437 | €169,080 | -€128,357 | -43.2% |
| Amounts receivable within one year | 40/41 | €34,958 | €9,716 | -€25,241 | -72.2% |
| Trade receivables | 40 | €34,515 | €6,164 | -€28,352 | -82.1% |
| Other amounts receivable | 41 | €443 | €3,553 | +€3,110 | +703% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €256,589 | €153,533 | -€103,056 | -40.2% |
| Deferred charges and accrued income | 490/1 | €5,890 | €5,830 | -€60 | -1.0% |
| Total equity and liabilities | 10/49 | €371,326 | €212,495 | -€158,831 | -42.8% |
| Equity | 10/15 | €194,560 | €104,098 | -€90,461 | -46.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €144,560 | €54,098 | -€90,461 | -62.6% |
| Distributable reserves | 133 | €144,560 | €54,098 | -€90,461 | -62.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €176,766 | €108,397 | -€68,370 | -38.7% |
| Amounts payable after more than one year | 17 | €83,116 | €75,302 | -€7,814 | -9.4% |
| Financial debts | 170/4 | €83,116 | €75,302 | -€7,814 | -9.4% |
| Amounts payable within one year | 42/48 | €93,650 | €33,094 | -€60,556 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €7,665 | €7,814 | +€149 | +1.9% |
| Financial debts | 43 | €7 | €0 | -€7 | -100% |
| Credit institutions | 430/8 | €7 | €0 | -€7 | -100% |
| Trade debts | 44 | €1,274 | €2,484 | +€1,211 | +95.1% |
| Suppliers | 440/4 | €1,274 | €2,484 | +€1,211 | +95.1% |
| Taxes, remuneration and social security | 45 | €2,370 | €17,248 | +€14,878 | +628% |
| Taxes | 450/3 | €2,370 | €17,248 | +€14,878 | +628% |
| Other amounts payable | 47/48 | €82,334 | €5,548 | -€76,786 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,609 | €8,658 | +€49 | +0.6% |
| Other operating charges | 640/8 | €2,538 | €8,457 | +€5,918 | +233% |
| Gross operating margin | 9900 | €108,978 | €36,311 | -€72,667 | -66.7% |
| Operating profit (loss) | 9901 | €97,830 | €19,196 | -€78,634 | -80.4% |
| Financial income | 75/76B | €693 | €101,300 | +€100,607 | +14,525% |
| Recurring financial income | 75 | €693 | €0 | -€693 | -100% |
| Non-recurring financial income | 76B | - | €101,300 | +€101,300 | |
| Financial charges | 65/66B | €6,692 | €6,796 | +€104 | +1.6% |
| Recurring financial charges | 65 | €6,692 | €6,796 | +€104 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €91,831 | €113,700 | +€21,869 | +23.8% |
| Income taxes | 67/77 | €9,720 | €54,161 | +€44,441 | +457% |
| Profit (loss) for the period | 9904 | €82,110 | €59,539 | -€22,572 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,110 | €59,539 | -€22,572 | -27.5% |
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 18 October 2026 via checked.be.