Premier Development Fund 2: what changed
Two financial 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.
What changed
Premier Development Fund 2
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · -€730,183+€3.1m
Equity
€70.5m
2024 · €58.6m+€11.9m
Cash
€4.2m
2024 · €2.6m+€1.6m
Balance sheet total
€107.8m
2024 · €90.4m+€17.4m
Largest movements
Assets
- Current investments +€7.5m
new in 2025: €7.5m
- Deferred charges and accrued income +€4.6m
up €4.6m (+57.5%), from €8.0m to €12.6m
- Receivables within one year +€3.0m
up €3.0m (+44.2%), from €6.8m to €9.8m
of which Other amounts receivable: +€3.4m
- Cash +€1.6m
up €1.6m (+59.9%), from €2.6m to €4.2m
mainly Contributions, distributions and other (+€9.5m) and Debts after one year (+€5.1m)
Equity and liabilities
- Contributions +€9.5m
up €9.5m (+15.4%), from €62.1m to €71.7m
- Debts after one year +€5.1m
up €5.1m (+22.2%), from €23.0m to €28.1m
- Profit (loss) carried forward +€2.4m
up €2.4m (+67.5%), from -€3.5m to -€1.2m
- Accrued charges and deferred income +€2.1m
up €2.1m (+63.6%), from €3.3m to €5.4m
- Other debts -€1.9m
down €1.9m (-37.4%), from €5.1m to €3.2m
Income statement
- Financial income +€6.1m
up €6.1m (+122%), from €5.0m to €11.1m
- Financial charges +€3.3m
up €3.3m (+102%), from €3.2m to €6.5m
of which Non-recurring financial charges: +€2.2m
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.
Result 2024
-€730,183
Write-downs
+€742,221
Other operating charges
+€1,678
Other operating items
-€312,302
Financial income
+€6.1m
Financial charges
-€3.3m
Taxes
-€105,207
Result 2025
€2.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€4.9m
Investment
-€8.2m
Financing
+€14.6m
Cash 2024
€2.6m
From operations (derived)
-€4.9m
Net result for the year
+€2.4m
Receivables within one year
-€3.0m
Deferred charges and accrued income
-€4.6m
Trade debts
+€69,384
Tax, wage and social debts
+€93,602
Other debts
-€1.9m
Accrued charges and deferred income
+€2.1m
Investment (derived)
-€8.2m
Investment in fixed assets (net)
-€652,660
Current investments
-€7.5m
Financing
+€14.6m
Debts after one year
+€5.1m
Contributions, distributions and other
+€9.5m
Cash 2025
€4.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,440,367 | €107,808,139 | +€17.4m | +19.2% |
| Fixed assets | 21/28 | €72,944,827 | €73,597,487 | +€652,660 | +0.9% |
| Financial fixed assets | 28 | €72,944,827 | €73,597,487 | +€652,660 | +0.9% |
| Affiliated companies | 280/1 | €48,382,725 | €45,042,466 | -€3.3m | -6.9% |
| Participating interests | 280 | €6,813,540 | €5,721,538 | -€1.1m | -16.0% |
| Amounts receivable | 281 | €41,569,185 | €39,320,928 | -€2.2m | -5.4% |
| Companies linked by participating interests | 282/3 | €24,562,102 | €28,555,022 | +€4.0m | +16.3% |
| Participating interests | 282 | €5,599,632 | €5,894,632 | +€295,000 | +5.3% |
| Amounts receivable | 283 | €18,962,470 | €22,660,390 | +€3.7m | +19.5% |
| Current assets | 29/58 | €17,495,540 | €34,210,651 | +€16.7m | +95.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €6,824,777 | €9,843,460 | +€3.0m | +44.2% |
| Trade receivables | 40 | €433,974 | €39,367 | -€394,607 | -90.9% |
| Other amounts receivable | 41 | €6,390,803 | €9,804,093 | +€3.4m | +53.4% |
| Current investments | 50/53 | - | €7,500,000 | +€7.5m | |
| Other investments | 51/53 | - | €7,500,000 | +€7.5m | |
| Cash at bank and in hand | 54/58 | €2,641,672 | €4,223,782 | +€1.6m | +59.9% |
| Deferred charges and accrued income | 490/1 | €8,029,091 | €12,643,409 | +€4.6m | +57.5% |
| Total equity and liabilities | 10/49 | €90,440,367 | €107,808,139 | +€17.4m | +19.2% |
| Equity | 10/15 | €58,572,215 | €70,503,863 | +€11.9m | +20.4% |
| Contributions | 10/11 | €62,120,805 | €71,658,795 | +€9.5m | +15.4% |
| Profit (loss) carried forward | 14 | -€3,548,590 | -€1,154,932 | +€2.4m | +67.5% |
| Amounts payable | 17/49 | €31,868,153 | €37,304,276 | +€5.4m | +17.1% |
| Amounts payable after more than one year | 17 | €22,964,835 | €28,056,555 | +€5.1m | +22.2% |
| Financial debts | 170/4 | €22,964,835 | €28,056,555 | +€5.1m | +22.2% |
| Other loans | 174 | €22,964,835 | €28,056,555 | +€5.1m | +22.2% |
| Amounts payable within one year | 42/48 | €5,622,265 | €3,881,502 | -€1.7m | -31.0% |
| Trade debts | 44 | €515,717 | €585,101 | +€69,384 | +13.5% |
| Suppliers | 440/4 | €515,717 | €585,101 | +€69,384 | +13.5% |
| Taxes, remuneration and social security | 45 | €13,548 | €107,151 | +€93,602 | +691% |
| Taxes | 450/3 | €13,548 | €107,151 | +€93,602 | +691% |
| Other amounts payable | 47/48 | €5,093,000 | €3,189,250 | -€1.9m | -37.4% |
| Accrued charges and deferred income | 492/3 | €3,281,052 | €5,366,219 | +€2.1m | +63.6% |
| Operating income | 70/76A | - | €14,801 | +€14,801 | |
| Other operating income | 74 | - | €14,801 | +€14,801 | |
| Operating charges | 60/66A | €2,475,468 | €2,058,672 | -€416,795 | -16.8% |
| Services and other goods | 61 | €1,712,469 | €2,039,573 | +€327,104 | +19.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €742,221 | €0 | -€742,221 | -100% |
| Other operating charges | 640/8 | €20,778 | €19,099 | -€1,678 | -8.1% |
| Operating profit (loss) | 9901 | -€2,475,468 | -€2,043,871 | +€431,597 | +17.4% |
| Financial income | 75/76B | €5,003,767 | €11,110,439 | +€6.1m | +122% |
| Recurring financial income | 75 | €5,003,767 | €11,110,439 | +€6.1m | +122% |
| Income from financial fixed assets | 750 | €4,822,851 | €11,029,592 | +€6.2m | +129% |
| Income from current assets | 751 | €180,914 | €80,839 | -€100,075 | -55.3% |
| Other financial income | 752/9 | €2 | €8 | +€6 | +291% |
| Financial charges | 65/66B | €3,232,287 | €6,541,508 | +€3.3m | +102% |
| Recurring financial charges | 65 | €1,838,522 | €2,962,929 | +€1.1m | +61.2% |
| Debt charges | 650 | €1,837,975 | €2,084,836 | +€246,862 | +13.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €877,616 | +€877,616 | |
| Other financial charges | 652/9 | €547 | €477 | -€70 | -12.8% |
| Non-recurring financial charges | 66B | €1,393,765 | €3,578,579 | +€2.2m | +157% |
| Profit (loss) for the period before taxes | 9903 | -€703,987 | €2,525,060 | +€3.2m | |
| Income taxes | 67/77 | €26,196 | €131,402 | +€105,207 | +402% |
| Taxes | 670/3 | €26,196 | €131,402 | +€105,207 | +402% |
| Profit (loss) for the period | 9904 | -€730,183 | €2,393,658 | +€3.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€730,183 | €2,393,658 | +€3.1m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.