PRIMAR: 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.
PRIMAR
Largest movements
- Tangible fixed assets +€3.5m
new in 2025: €3.5m
- Stocks and contracts -€1.6m
no longer reported in 2025 (was €1.6m)
- Current portion of long-term debt +€2.8m
new in 2025: €2.8m
- Debts after one year -€2.1m
no longer reported in 2025 (was €2.1m)
- Revaluation surpluses +€1.9m
new in 2025: €1.9m
- Profit (loss) carried forward -€762,419
down €762,419 (-313%), from -€243,347 to -€1.0m
- Financial income -€851,177
no longer reported in 2025 (was €851,177)
of which Non-recurring financial income: -€851,170
- Financial charges +€548,923
up €548,923 (+219,569%), from €250 to €549,173
- Depreciation +€87,018
new in 2025: €87,018
- Gross operating margin -€66,943
down €66,943 (-187%), from -€35,730 to -€102,674
- Taxes +€19,145
new in 2025: €19,145
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.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,095,007 | €3,906,308 | +€1.8m | +86.5% |
| Fixed assets | 21/28 | - | €3,463,482 | +€3.5m | |
| Tangible fixed assets | 22/27 | - | €3,462,982 | +€3.5m | |
| Land and buildings | 22 | - | €3,462,982 | +€3.5m | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €2,095,007 | €442,826 | -€1.7m | -78.9% |
| Stocks and contracts in progress | 3 | €1,615,370 | - | -€1.6m | |
| Stocks | 30/36 | €1,615,370 | - | -€1.6m | |
| Amounts receivable within one year | 40/41 | €479,637 | €442,126 | -€37,511 | -7.8% |
| Trade receivables | 40 | - | €300,000 | +€300,000 | |
| Other amounts receivable | 41 | €479,637 | €142,126 | -€337,511 | -70.4% |
| Cash at bank and in hand | 54/58 | - | €10 | +€10 | |
| Deferred charges and accrued income | 490/1 | - | €690 | +€690 | |
| Total equity and liabilities | 10/49 | €2,095,007 | €3,906,308 | +€1.8m | +86.5% |
| Equity | 10/15 | -€43,347 | €1,128,864 | +€1.2m | |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,934,630 | +€1.9m | |
| Profit (loss) carried forward | 14 | -€243,347 | -€1,005,767 | -€762,419 | -313% |
| Amounts payable | 17/49 | €2,138,354 | €2,777,445 | +€639,090 | +29.9% |
| Amounts payable after more than one year | 17 | €2,120,246 | - | -€2.1m | |
| Other amounts payable | 178/9 | €2,120,246 | - | -€2.1m | |
| Amounts payable within one year | 42/48 | €18,108 | €2,777,445 | +€2.8m | +15,238% |
| Current portion of amounts payable after more than one year | 42 | - | €2,758,849 | +€2.8m | |
| Trade debts | 44 | €18,108 | €18,595 | +€487 | +2.7% |
| Suppliers | 440/4 | €18,108 | €18,595 | +€487 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €87,018 | +€87,018 | |
| Other operating charges | 640/8 | €3,212 | €4,411 | +€1,198 | +37.3% |
| Gross operating margin | 9900 | -€35,730 | -€102,674 | -€66,943 | -187% |
| Operating profit (loss) | 9901 | -€38,943 | -€194,102 | -€155,160 | -398% |
| Financial income | 75/76B | €851,177 | - | -€851,177 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Non-recurring financial income | 76B | €851,170 | - | -€851,170 | |
| Financial charges | 65/66B | €250 | €549,173 | +€548,923 | +219,569% |
| Recurring financial charges | 65 | €250 | €549,173 | +€548,923 | +219,569% |
| Profit (loss) for the period before taxes | 9903 | €811,984 | -€743,275 | -€1.6m | |
| Income taxes | 67/77 | - | €19,145 | +€19,145 | |
| Profit (loss) for the period | 9904 | €811,984 | -€762,419 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €811,984 | -€762,419 | -€1.6m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.