PPS: 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.
PPS
Largest movements
- Tangible fixed assets -€406,889
down €406,889 (-9.3%), from €4.4m to €4.0m
of which Land and buildings: -€291,894
- Cash +€167,689
up €167,689 (+332.1%), from €50,498 to €218,187
mainly Depreciation (+€441,983) and Current portion of long-term debt (+€350,000)
- Receivables within one year +€88,379
up €88,379 (+174.7%), from €50,577 to €138,956
of which Other amounts receivable: +€98,079
- Stocks and contracts +€68,905
up €68,905 (+7.3%), from €938,357 to €1.0m
- Debts after one year -€427,756
down €427,756 (-18.5%), from €2.3m to €1.9m
- Current portion of long-term debt +€350,000
up €350,000 (+81.8%), from €427,756 to €777,756
- Reserves +€153,241
up €153,241 (+11.8%), from €1.3m to €1.5m
- Trade debts -€144,558
down €144,558 (-70.1%), from €206,343 to €61,786
- Gross operating margin -€322,625
down €322,625 (-23.2%), from €1.4m to €1.1m
- Taxes -€87,887
down €87,887 (-46.3%), from €189,920 to €102,033
- Depreciation +€14,209
up €14,209 (+3.3%), from €427,774 to €441,983
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 | €5,603,651 | €5,511,049 | -€92,602 | -1.7% |
| Fixed assets | 21/28 | €4,434,882 | €4,025,125 | -€409,757 | -9.2% |
| Intangible fixed assets | 21 | €2,868 | €0 | -€2,868 | -100.0% |
| Tangible fixed assets | 22/27 | €4,393,040 | €3,986,151 | -€406,889 | -9.3% |
| Land and buildings | 22 | €3,792,715 | €3,500,821 | -€291,894 | -7.7% |
| Plant, machinery and equipment | 23 | €557,743 | €454,685 | -€103,057 | -18.5% |
| Furniture and vehicles | 24 | €42,582 | €30,644 | -€11,938 | -28.0% |
| Financial fixed assets | 28 | €38,975 | €38,975 | = | 0.0% |
| Current assets | 29/58 | €1,168,769 | €1,485,924 | +€317,155 | +27.1% |
| Stocks and contracts in progress | 3 | €938,357 | €1,007,262 | +€68,905 | +7.3% |
| Stocks | 30/36 | €938,357 | €1,007,262 | +€68,905 | +7.3% |
| Amounts receivable within one year | 40/41 | €50,577 | €138,956 | +€88,379 | +174.7% |
| Trade receivables | 40 | €50,577 | €40,877 | -€9,700 | -19.2% |
| Other amounts receivable | 41 | €0 | €98,079 | +€98,079 | |
| Cash at bank and in hand | 54/58 | €50,498 | €218,187 | +€167,689 | +332.1% |
| Deferred charges and accrued income | 490/1 | €129,337 | €121,519 | -€7,818 | -6.0% |
| Total equity and liabilities | 10/49 | €5,603,651 | €5,511,049 | -€92,602 | -1.7% |
| Equity | 10/15 | €1,839,845 | €1,980,711 | +€140,866 | +7.7% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,303,725 | €1,456,966 | +€153,241 | +11.8% |
| Distributable reserves | 133 | €1,303,725 | €1,456,966 | +€153,241 | +11.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €136,120 | €123,745 | -€12,375 | -9.1% |
| Provisions and deferred taxes | 16 | €7,164 | €6,513 | -€651 | -9.1% |
| Deferred taxes | 168 | €7,164 | €6,513 | -€651 | -9.1% |
| Amounts payable | 17/49 | €3,756,642 | €3,523,825 | -€232,817 | -6.2% |
| Amounts payable after more than one year | 17 | €2,311,181 | €1,883,425 | -€427,756 | -18.5% |
| Financial debts | 170/4 | €2,311,181 | €1,883,425 | -€427,756 | -18.5% |
| Amounts payable within one year | 42/48 | €1,383,960 | €1,572,515 | +€188,554 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €427,756 | €777,756 | +€350,000 | +81.8% |
| Trade debts | 44 | €206,343 | €61,786 | -€144,558 | -70.1% |
| Suppliers | 440/4 | €206,343 | €61,786 | -€144,558 | -70.1% |
| Taxes, remuneration and social security | 45 | €110,181 | €66,914 | -€43,267 | -39.3% |
| Taxes | 450/3 | €92,997 | €51,194 | -€41,803 | -45.0% |
| Remuneration and social security | 454/9 | €17,185 | €15,720 | -€1,464 | -8.5% |
| Other amounts payable | 47/48 | €639,679 | €666,059 | +€26,379 | +4.1% |
| Accrued charges and deferred income | 492/3 | €61,501 | €67,886 | +€6,385 | +10.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €93,666 | €97,561 | +€3,895 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427,774 | €441,983 | +€14,209 | +3.3% |
| Other operating charges | 640/8 | €44,840 | €31,096 | -€13,744 | -30.7% |
| Non-recurring operating charges | 66A | €23,334 | €71,480 | +€48,147 | +206.3% |
| Gross operating margin | 9900 | €1,390,177 | €1,067,552 | -€322,625 | -23.2% |
| Operating profit (loss) | 9901 | €800,563 | €425,432 | -€375,131 | -46.9% |
| Financial income | 75/76B | €18,682 | €16,024 | -€2,658 | -14.2% |
| Recurring financial income | 75 | €18,682 | €16,024 | -€2,658 | -14.2% |
| Financial charges | 65/66B | €123,538 | €118,412 | -€5,126 | -4.1% |
| Recurring financial charges | 65 | €123,538 | €118,412 | -€5,126 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €695,707 | €323,043 | -€372,663 | -53.6% |
| Transfer from deferred taxes | 780 | €651 | €651 | = | 0.0% |
| Income taxes | 67/77 | €189,920 | €102,033 | -€87,887 | -46.3% |
| Profit (loss) for the period | 9904 | €506,438 | €221,662 | -€284,777 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €506,438 | €221,662 | -€284,777 | -56.2% |
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.