PPA: 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.
PPA
Largest movements
- Intangible fixed assets +€402,562
up €402,562 (+38832.6%), from €1,037 to €403,599
- Tangible fixed assets +€170,661
up €170,661 (+433.9%), from €39,334 to €209,995
- Cash -€128,770
down €128,770 (-55.3%), from €232,870 to €104,100
mainly Investment in fixed assets (net) (-€615,892) and Receivables within one year (-€67,855)
- Receivables within one year +€67,855
up €67,855 (+156.7%), from €43,289 to €111,144
of which Trade receivables: +€48,600
- Deferred charges and accrued income +€9,354
up €9,354 (+136.2%), from €6,867 to €16,221
- Debts after one year +€305,475
new in 2025: €305,475
- Trade debts +€118,165
up €118,165 (+181.2%), from €65,212 to €183,377
- Current portion of long-term debt +€34,604
up €34,604 (+722.6%), from €4,789 to €39,393
- Tax, wage and social debts +€29,024
up €29,024 (+71.9%), from €40,358 to €69,382
of which Taxes: +€15,398
- Advances received +€18,489
new in 2025: €18,489
- Gross operating margin +€238,860
up €238,860 (+54.4%), from €439,468 to €678,329
- Staff costs +€203,057
up €203,057 (+54.9%), from €369,676 to €572,733
- Depreciation +€27,242
up €27,242 (+176.6%), from €15,427 to €42,669
- Other operating charges +€14,289
up €14,289 (+154.7%), from €9,235 to €23,525
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 | €346,424 | €867,836 | +€521,413 | +150.5% |
| Fixed assets | 21/28 | €40,371 | €613,594 | +€573,223 | +1419.9% |
| Intangible fixed assets | 21 | €1,037 | €403,599 | +€402,562 | +38832.6% |
| Tangible fixed assets | 22/27 | €39,334 | €209,995 | +€170,661 | +433.9% |
| Land and buildings | 22 | €4,289 | €60,197 | +€55,908 | +1303.4% |
| Plant, machinery and equipment | 23 | €35,045 | €103,041 | +€67,996 | +194.0% |
| Furniture and vehicles | 24 | - | €7,047 | +€7,047 | |
| Assets under construction and advance payments | 27 | - | €39,710 | +€39,710 | |
| Current assets | 29/58 | €306,053 | €254,242 | -€51,810 | -16.9% |
| Stocks and contracts in progress | 3 | €23,027 | €22,777 | -€250 | -1.1% |
| Stocks | 30/36 | €23,027 | €22,777 | -€250 | -1.1% |
| Amounts receivable within one year | 40/41 | €43,289 | €111,144 | +€67,855 | +156.7% |
| Trade receivables | 40 | €12,236 | €60,836 | +€48,600 | +397.2% |
| Other amounts receivable | 41 | €31,053 | €50,309 | +€19,255 | +62.0% |
| Cash at bank and in hand | 54/58 | €232,870 | €104,100 | -€128,770 | -55.3% |
| Deferred charges and accrued income | 490/1 | €6,867 | €16,221 | +€9,354 | +136.2% |
| Total equity and liabilities | 10/49 | €346,424 | €867,836 | +€521,413 | +150.5% |
| Equity | 10/15 | €232,472 | €250,877 | +€18,405 | +7.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €176,517 | €176,517 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €173,517 | €173,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,956 | €44,361 | +€18,405 | +70.9% |
| Amounts payable | 17/49 | €113,951 | €616,959 | +€503,008 | +441.4% |
| Amounts payable after more than one year | 17 | - | €305,475 | +€305,475 | |
| Financial debts | 170/4 | - | €305,475 | +€305,475 | |
| Amounts payable within one year | 42/48 | €113,951 | €311,484 | +€197,532 | +173.3% |
| Current portion of amounts payable after more than one year | 42 | €4,789 | €39,393 | +€34,604 | +722.6% |
| Trade debts | 44 | €65,212 | €183,377 | +€118,165 | +181.2% |
| Suppliers | 440/4 | €65,212 | €183,377 | +€118,165 | +181.2% |
| Advances received on contracts in progress | 46 | - | €18,489 | +€18,489 | |
| Taxes, remuneration and social security | 45 | €40,358 | €69,382 | +€29,024 | +71.9% |
| Taxes | 450/3 | €17,226 | €32,624 | +€15,398 | +89.4% |
| Remuneration and social security | 454/9 | €23,132 | €36,758 | +€13,626 | +58.9% |
| Other amounts payable | 47/48 | €3,592 | €842 | -€2,750 | -76.5% |
| Remuneration, social security and pensions | 62 | €369,676 | €572,733 | +€203,057 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,427 | €42,669 | +€27,242 | +176.6% |
| Other operating charges | 640/8 | €9,235 | €23,525 | +€14,289 | +154.7% |
| Gross operating margin | 9900 | €439,468 | €678,329 | +€238,860 | +54.4% |
| Operating profit (loss) | 9901 | €45,130 | €39,402 | -€5,728 | -12.7% |
| Financial income | 75/76B | €5,106 | €2,038 | -€3,068 | -60.1% |
| Recurring financial income | 75 | €5,106 | €2,038 | -€3,068 | -60.1% |
| Financial charges | 65/66B | €11,148 | €16,859 | +€5,711 | +51.2% |
| Recurring financial charges | 65 | €11,148 | €16,859 | +€5,711 | +51.2% |
| Profit (loss) for the period before taxes | 9903 | €39,088 | €24,581 | -€14,506 | -37.1% |
| Income taxes | 67/77 | €10,795 | €6,176 | -€4,619 | -42.8% |
| Profit (loss) for the period | 9904 | €28,292 | €18,405 | -€9,887 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,292 | €18,405 | -€9,887 | -34.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.