Primavera: 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.
Primavera
Largest movements
- Current investments +€102,008
up €102,008 (+12.9%), from €789,604 to €891,612
- Tangible fixed assets -€57,158
down €57,158 (-5.0%), from €1.1m to €1.1m
of which Land and buildings: -€64,537
- Receivables within one year +€53,860
up €53,860 (+10.9%), from €492,388 to €546,248
- Profit (loss) carried forward +€98,628
up €98,628 (+7.6%), from €1.3m to €1.4m
- Tax, wage and social debts +€77,629
up €77,629 (+16.9%), from €460,029 to €537,659
of which Remuneration and social security: +€72,725
- Investment grants -€51,390
down €51,390 (-18.9%), from €271,891 to €220,501
- Gross operating margin +€253,233
up €253,233 (+9.7%), from €2.6m to €2.9m
- Staff costs +€173,800
up €173,800 (+6.8%), from €2.6m to €2.7m
- Financial income -€58,481
down €58,481 (-37.3%), from €156,812 to €98,331
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 | €2,731,778 | €2,854,945 | +€123,167 | +4.5% |
| Fixed assets | 21/28 | €1,141,158 | €1,084,000 | -€57,158 | -5.0% |
| Tangible fixed assets | 22/27 | €1,141,024 | €1,083,866 | -€57,158 | -5.0% |
| Land and buildings | 22 | €1,022,073 | €957,536 | -€64,537 | -6.3% |
| Plant, machinery and equipment | 23 | €74,066 | €63,921 | -€10,145 | -13.7% |
| Furniture and vehicles | 24 | €44,885 | €38,224 | -€6,661 | -14.8% |
| Assets under construction and advance payments | 27 | - | €24,185 | +€24,185 | |
| Financial fixed assets | 28 | €134 | €134 | = | 0.0% |
| Current assets | 29/58 | €1,590,620 | €1,770,945 | +€180,325 | +11.3% |
| Amounts receivable within one year | 40/41 | €492,388 | €546,248 | +€53,860 | +10.9% |
| Trade receivables | 40 | €492,388 | €546,248 | +€53,860 | +10.9% |
| Current investments | 50/53 | €789,604 | €891,612 | +€102,008 | +12.9% |
| Cash at bank and in hand | 54/58 | €296,400 | €322,776 | +€26,376 | +8.9% |
| Deferred charges and accrued income | 490/1 | €12,227 | €10,309 | -€1,918 | -15.7% |
| Total equity and liabilities | 10/49 | €2,731,778 | €2,854,945 | +€123,167 | +4.5% |
| Equity | 10/15 | €2,199,984 | €2,247,222 | +€47,238 | +2.1% |
| Contributions | 10/11 | €2,727 | €2,727 | = | 0.0% |
| Capital | 10 | €2,727 | €2,727 | = | 0.0% |
| Revaluation surpluses | 12 | €170,234 | €170,234 | = | 0.0% |
| Reserves | 13 | €450,000 | €450,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,305,131 | €1,403,759 | +€98,628 | +7.6% |
| Investment grants | 15 | €271,891 | €220,501 | -€51,390 | -18.9% |
| Amounts payable | 17/49 | €531,794 | €607,723 | +€75,929 | +14.3% |
| Amounts payable after more than one year | 17 | €33,664 | €25,464 | -€8,200 | -24.4% |
| Financial debts | 170/4 | €33,664 | €25,464 | -€8,200 | -24.4% |
| Amounts payable within one year | 42/48 | €496,986 | €582,259 | +€85,273 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €8,060 | €8,200 | +€140 | +1.7% |
| Trade debts | 44 | €28,897 | €36,400 | +€7,503 | +26.0% |
| Suppliers | 440/4 | €28,897 | €36,400 | +€7,503 | +26.0% |
| Taxes, remuneration and social security | 45 | €460,029 | €537,659 | +€77,629 | +16.9% |
| Taxes | 450/3 | €97,892 | €102,796 | +€4,904 | +5.0% |
| Remuneration and social security | 454/9 | €362,137 | €434,863 | +€72,725 | +20.1% |
| Accrued charges and deferred income | 492/3 | €1,144 | - | -€1,144 | |
| Remuneration, social security and pensions | 62 | €2,550,606 | €2,724,406 | +€173,800 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,562 | €97,571 | +€2,009 | +2.1% |
| Other operating charges | 640/8 | €8,710 | €7,564 | -€1,146 | -13.2% |
| Gross operating margin | 9900 | €2,609,156 | €2,862,389 | +€253,233 | +9.7% |
| Operating profit (loss) | 9901 | -€45,723 | €32,848 | +€78,570 | |
| Financial income | 75/76B | €156,812 | €98,331 | -€58,481 | -37.3% |
| Recurring financial income | 75 | €156,812 | €98,331 | -€58,481 | -37.3% |
| Financial charges | 65/66B | €19,113 | €30,667 | +€11,553 | +60.4% |
| Recurring financial charges | 65 | €19,113 | €30,667 | +€11,553 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €91,976 | €100,512 | +€8,536 | +9.3% |
| Income taxes | 67/77 | €1,733 | €1,884 | +€151 | +8.7% |
| Profit (loss) for the period | 9904 | €90,244 | €98,628 | +€8,384 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,244 | €98,628 | +€8,384 | +9.3% |
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 5 October 2026 via checked.be.