PPSG: 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.
PPSG
Largest movements
- Tangible fixed assets +€56,578
up €56,578 (+19.9%), from €283,839 to €340,417
of which Land and buildings: +€54,606
- Other debts +€93,346
up €93,346 (+472.1%), from €19,772 to €113,119
- Debts after one year -€40,823
down €40,823 (-35.0%), from €116,535 to €75,711
of which Financial debts: -€40,823
- Financial charges +€21,614
up €21,614 (+66.9%), from €32,310 to €53,923
- Gross operating margin -€11,673
down €11,673 (-10.2%), from €114,871 to €103,197
- Taxes -€4,457
down €4,457 (-26.9%), from €16,591 to €12,135
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 | €363,615 | €418,459 | +€54,844 | +15.1% |
| Fixed assets | 21/28 | €293,514 | €350,092 | +€56,578 | +19.3% |
| Tangible fixed assets | 22/27 | €283,839 | €340,417 | +€56,578 | +19.9% |
| Land and buildings | 22 | €282,263 | €336,869 | +€54,606 | +19.3% |
| Plant, machinery and equipment | 23 | €1,575 | €3,548 | +€1,972 | +125.2% |
| Financial fixed assets | 28 | €9,675 | €9,675 | = | 0.0% |
| Current assets | 29/58 | €70,101 | €68,367 | -€1,734 | -2.5% |
| Amounts receivable within one year | 40/41 | €3,730 | €5,060 | +€1,330 | +35.7% |
| Trade receivables | 40 | €1,640 | - | -€1,640 | |
| Other amounts receivable | 41 | €2,090 | €5,060 | +€2,970 | +142.1% |
| Cash at bank and in hand | 54/58 | €65,570 | €62,714 | -€2,855 | -4.4% |
| Deferred charges and accrued income | 490/1 | €802 | €593 | -€209 | -26.0% |
| Total equity and liabilities | 10/49 | €363,615 | €418,459 | +€54,844 | +15.1% |
| Equity | 10/15 | €179,842 | €180,769 | +€927 | +0.5% |
| Contributions | 10/11 | €62,400 | €62,400 | = | 0.0% |
| Reserves | 13 | €113,640 | €114,568 | +€927 | +0.8% |
| Distributable reserves | 133 | €113,640 | €114,568 | +€927 | +0.8% |
| Profit (loss) carried forward | 14 | €3,802 | €3,802 | = | 0.0% |
| Amounts payable | 17/49 | €183,773 | €237,690 | +€53,917 | +29.3% |
| Amounts payable after more than one year | 17 | €116,535 | €75,711 | -€40,823 | -35.0% |
| Financial debts | 170/4 | €114,735 | €73,911 | -€40,823 | -35.6% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,238 | €161,978 | +€94,740 | +140.9% |
| Current portion of amounts payable after more than one year | 42 | €43,810 | €40,823 | -€2,987 | -6.8% |
| Trade debts | 44 | €3,656 | €4,804 | +€1,149 | +31.4% |
| Suppliers | 440/4 | €3,656 | €4,804 | +€1,149 | +31.4% |
| Taxes, remuneration and social security | 45 | - | €3,232 | +€3,232 | |
| Taxes | 450/3 | - | €3,232 | +€3,232 | |
| Other amounts payable | 47/48 | €19,772 | €113,119 | +€93,346 | +472.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,709 | €14,339 | +€630 | +4.6% |
| Other operating charges | 640/8 | €1,467 | €1,380 | -€86 | -5.9% |
| Gross operating margin | 9900 | €114,871 | €103,197 | -€11,673 | -10.2% |
| Operating profit (loss) | 9901 | €99,695 | €87,477 | -€12,217 | -12.3% |
| Financial income | 75/76B | €306 | €436 | +€130 | +42.4% |
| Recurring financial income | 75 | €306 | €436 | +€130 | +42.4% |
| Financial charges | 65/66B | €32,310 | €53,923 | +€21,614 | +66.9% |
| Recurring financial charges | 65 | €32,310 | €53,923 | +€21,614 | +66.9% |
| Profit (loss) for the period before taxes | 9903 | €67,691 | €33,990 | -€33,701 | -49.8% |
| Income taxes | 67/77 | €16,591 | €12,135 | -€4,457 | -26.9% |
| Profit (loss) for the period | 9904 | €51,100 | €21,855 | -€29,245 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,100 | €21,855 | -€29,245 | -57.2% |
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 29 September 2026 via checked.be.