Ppak: 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.
Ppak
Largest movements
- Stocks and contracts -€93,897
down €93,897 (-23.4%), from €401,231 to €307,334
- Receivables within one year -€73,183
down €73,183 (-6.7%), from €1.1m to €1.0m
of which Trade receivables: -€141,770
- Cash +€50,884
up €50,884 (+8.6%), from €592,182 to €643,066
mainly Net result for the year (+€118,249) and Accrued charges and deferred income (+€117,794)
- Tangible fixed assets -€36,058
down €36,058 (-12.1%), from €297,481 to €261,423
of which Other tangible fixed assets: -€31,426
- Trade debts -€273,012
down €273,012 (-22.1%), from €1.2m to €962,460
- Accrued charges and deferred income +€117,794
up €117,794 (+3052.3%), from €3,859 to €121,653
- Reserves +€109,390
up €109,390 (+22.3%), from €489,892 to €599,282
- Other debts -€57,960
down €57,960 (-61.5%), from €94,201 to €36,241
- Debts after one year -€44,866
down €44,866 (-16.2%), from €277,643 to €232,777
- Gross operating margin +€89,733
up €89,733 (+24.4%), from €367,102 to €456,835
- Turnover +€48,047
up €48,047 (+1.4%), from €3.4m to €3.4m
- Staff costs +€43,705
up €43,705 (+71.7%), from €60,975 to €104,679
- Purchases and services -€34,463
down €34,463 (-1.1%), from €3.0m to €3.0m
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 | €2,418,699 | €2,265,953 | -€152,745 | -6.3% |
| Fixed assets | 21/28 | €308,854 | €272,796 | -€36,058 | -11.7% |
| Tangible fixed assets | 22/27 | €297,481 | €261,423 | -€36,058 | -12.1% |
| Plant, machinery and equipment | 23 | €2,827 | €8,836 | +€6,009 | +212.6% |
| Furniture and vehicles | 24 | €15,553 | €4,912 | -€10,641 | -68.4% |
| Other tangible fixed assets | 26 | €279,101 | €247,675 | -€31,426 | -11.3% |
| Financial fixed assets | 28 | €11,373 | €11,373 | = | 0.0% |
| Current assets | 29/58 | €2,109,845 | €1,993,158 | -€116,687 | -5.5% |
| Stocks and contracts in progress | 3 | €401,231 | €307,334 | -€93,897 | -23.4% |
| Stocks | 30/36 | €401,231 | €307,334 | -€93,897 | -23.4% |
| Amounts receivable within one year | 40/41 | €1,093,113 | €1,019,930 | -€73,183 | -6.7% |
| Trade receivables | 40 | €997,633 | €855,863 | -€141,770 | -14.2% |
| Other amounts receivable | 41 | €95,481 | €164,067 | +€68,587 | +71.8% |
| Cash at bank and in hand | 54/58 | €592,182 | €643,066 | +€50,884 | +8.6% |
| Deferred charges and accrued income | 490/1 | €23,318 | €22,827 | -€491 | -2.1% |
| Total equity and liabilities | 10/49 | €2,418,699 | €2,265,953 | -€152,745 | -6.3% |
| Equity | 10/15 | €508,492 | €617,882 | +€109,390 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €489,892 | €599,282 | +€109,390 | +22.3% |
| Distributable reserves | 133 | €489,892 | €599,282 | +€109,390 | +22.3% |
| Amounts payable | 17/49 | €1,910,207 | €1,648,071 | -€262,136 | -13.7% |
| Amounts payable after more than one year | 17 | €277,643 | €232,777 | -€44,866 | -16.2% |
| Financial debts | 170/4 | €277,643 | €232,777 | -€44,866 | -16.2% |
| Amounts payable within one year | 42/48 | €1,628,704 | €1,293,641 | -€335,063 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €49,660 | €44,866 | -€4,794 | -9.7% |
| Financial debts | 43 | €150,000 | €152,368 | +€2,368 | +1.6% |
| Credit institutions | 430/8 | €150,000 | €152,368 | +€2,368 | +1.6% |
| Trade debts | 44 | €1,235,472 | €962,460 | -€273,012 | -22.1% |
| Suppliers | 440/4 | €1,235,472 | €962,460 | -€273,012 | -22.1% |
| Advances received on contracts in progress | 46 | €4,030 | - | -€4,030 | |
| Taxes, remuneration and social security | 45 | €95,342 | €97,705 | +€2,363 | +2.5% |
| Taxes | 450/3 | €83,876 | €75,551 | -€8,325 | -9.9% |
| Remuneration and social security | 454/9 | €11,467 | €22,154 | +€10,688 | +93.2% |
| Other amounts payable | 47/48 | €94,201 | €36,241 | -€57,960 | -61.5% |
| Accrued charges and deferred income | 492/3 | €3,859 | €121,653 | +€117,794 | +3052.3% |
| Turnover | 70 | €3,357,392 | €3,405,439 | +€48,047 | +1.4% |
| Non-recurring operating income | 76A | €10,223 | €17,920 | +€7,697 | +75.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,019,570 | €2,985,106 | -€34,463 | -1.1% |
| Remuneration, social security and pensions | 62 | €60,975 | €104,679 | +€43,705 | +71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,345 | €50,556 | +€7,210 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,634 | - | -€9,634 | |
| Other operating charges | 640/8 | €15,289 | €26,963 | +€11,673 | +76.4% |
| Non-recurring operating charges | 66A | €75,138 | €29,346 | -€45,792 | -60.9% |
| Gross operating margin | 9900 | €367,102 | €456,835 | +€89,733 | +24.4% |
| Operating profit (loss) | 9901 | €162,721 | €245,291 | +€82,570 | +50.7% |
| Financial income | 75/76B | €1,752 | €2,842 | +€1,090 | +62.2% |
| Recurring financial income | 75 | €1,752 | €2,842 | +€1,090 | +62.2% |
| Financial charges | 65/66B | €49,181 | €67,367 | +€18,186 | +37.0% |
| Recurring financial charges | 65 | €49,181 | €67,367 | +€18,186 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €115,292 | €180,767 | +€65,474 | +56.8% |
| Income taxes | 67/77 | €45,532 | €62,517 | +€16,985 | +37.3% |
| Profit (loss) for the period | 9904 | €69,760 | €118,249 | +€48,489 | +69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €69,760 | €118,249 | +€48,489 | +69.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.