POSGARD: what changed
POSGARD
Largest movements
- Receivables within one year +€84,757
up €84,757 (+62.0%), from €136,719 to €221,476
- Stocks and contracts -€49,830
down €49,830 (-46.6%), from €106,846 to €57,016
- Tangible fixed assets +€9,639
up €9,639 (+11.2%), from €86,375 to €96,015
of which Furniture and vehicles: +€10,511
- Intangible fixed assets -€6,246
no longer reported in 2025 (was €6,246)
- Deferred charges and accrued income -€5,820
down €5,820 (-92.4%), from €6,299 to €479
- Profit (loss) carried forward +€37,431
no longer reported in 2025 (was -€37,431)
- Tax, wage and social debts +€26,890
up €26,890 (+59.7%), from €45,023 to €71,913
of which Remuneration and social security: +€18,406
- Reserves -€10,660
down €10,660 (-51.4%), from €20,735 to €10,075
- Other debts -€10,352
no longer reported in 2025 (was €10,352)
- Trade debts -€6,364
down €6,364 (-6.5%), from €97,750 to €91,386
- Gross operating margin +€45,710
up €45,710 (+18.5%), from €247,036 to €292,746
- Staff costs +€21,439
up €21,439 (+11.4%), from €188,474 to €209,913
- Taxes +€11,706
up €11,706 (+4,706%), from €249 to €11,954
- Other operating charges +€3,442
up €3,442 (+41.6%), from €8,276 to €11,718
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €358,676 | €395,487 | +€36,811 | +10.3% |
| Fixed assets | 21/28 | €96,297 | €99,690 | +€3,393 | +3.5% |
| Intangible fixed assets | 21 | €6,246 | - | -€6,246 | |
| Tangible fixed assets | 22/27 | €86,375 | €96,015 | +€9,639 | +11.2% |
| Land and buildings | 22 | €2,509 | €2,258 | -€251 | -10.0% |
| Plant, machinery and equipment | 23 | €2,016 | €1,396 | -€620 | -30.8% |
| Furniture and vehicles | 24 | €81,850 | €92,361 | +€10,511 | +12.8% |
| Financial fixed assets | 28 | €3,675 | €3,675 | = | 0.0% |
| Current assets | 29/58 | €262,379 | €295,797 | +€33,418 | +12.7% |
| Stocks and contracts in progress | 3 | €106,846 | €57,016 | -€49,830 | -46.6% |
| Stocks | 30/36 | €106,846 | €57,016 | -€49,830 | -46.6% |
| Amounts receivable within one year | 40/41 | €136,719 | €221,476 | +€84,757 | +62.0% |
| Trade receivables | 40 | €136,719 | €221,476 | +€84,757 | +62.0% |
| Cash at bank and in hand | 54/58 | €12,516 | €16,826 | +€4,311 | +34.4% |
| Deferred charges and accrued income | 490/1 | €6,299 | €479 | -€5,820 | -92.4% |
| Total equity and liabilities | 10/49 | €358,676 | €395,487 | +€36,811 | +10.3% |
| Equity | 10/15 | €201,853 | €228,625 | +€26,772 | +13.3% |
| Contributions | 10/11 | €218,550 | €218,550 | = | 0.0% |
| Reserves | 13 | €20,735 | €10,075 | -€10,660 | -51.4% |
| Distributable reserves | 133 | €20,735 | €10,075 | -€10,660 | -51.4% |
| Profit (loss) carried forward | 14 | -€37,431 | - | +€37,431 | |
| Amounts payable | 17/49 | €156,822 | €166,862 | +€10,040 | +6.4% |
| Amounts payable within one year | 42/48 | €156,822 | €166,862 | +€10,040 | +6.4% |
| Financial debts | 43 | €3,698 | €3,563 | -€135 | -3.6% |
| Credit institutions | 430/8 | €3,698 | €3,563 | -€135 | -3.6% |
| Trade debts | 44 | €97,750 | €91,386 | -€6,364 | -6.5% |
| Suppliers | 440/4 | €97,750 | €91,386 | -€6,364 | -6.5% |
| Taxes, remuneration and social security | 45 | €45,023 | €71,913 | +€26,890 | +59.7% |
| Taxes | 450/3 | €23,675 | €32,159 | +€8,484 | +35.8% |
| Remuneration and social security | 454/9 | €21,348 | €39,754 | +€18,406 | +86.2% |
| Other amounts payable | 47/48 | €10,352 | - | -€10,352 | |
| Remuneration, social security and pensions | 62 | €188,474 | €209,913 | +€21,439 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,954 | €36,064 | -€1,891 | -5.0% |
| Other operating charges | 640/8 | €8,276 | €11,718 | +€3,442 | +41.6% |
| Gross operating margin | 9900 | €247,036 | €292,746 | +€45,710 | +18.5% |
| Operating profit (loss) | 9901 | €12,331 | €35,051 | +€22,720 | +184% |
| Financial income | 75/76B | €5,664 | €5,340 | -€325 | -5.7% |
| Recurring financial income | 75 | €5,664 | €5,340 | -€325 | -5.7% |
| Financial charges | 65/66B | €3,263 | €1,664 | -€1,599 | -49.0% |
| Recurring financial charges | 65 | €3,263 | €1,664 | -€1,599 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | €14,732 | €38,726 | +€23,994 | +163% |
| Income taxes | 67/77 | €249 | €11,954 | +€11,706 | +4,706% |
| Profit (loss) for the period | 9904 | €14,483 | €26,772 | +€12,289 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,483 | €26,772 | +€12,289 | +84.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.