PRIMO: 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.
PRIMO
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+24.3%), from €5.9m to €7.3m
of which Land and buildings: +€1.6m
- Cash -€374,595
down €374,595 (-92.0%), from €407,262 to €32,667
mainly Investment in fixed assets (net) (-€2.0m) and Debts after one year (-€443,370)
- Receivables within one year -€359,238
down €359,238 (-64.9%), from €553,838 to €194,600
of which Other amounts receivable: -€328,855
- Receivables after one year -€191,319
down €191,319 (-27.3%), from €701,517 to €510,198
- Current portion of long-term debt +€1.3m
up €1.3m (+295.8%), from €428,460 to €1.7m
- Debts after one year -€443,370
down €443,370 (-16.4%), from €2.7m to €2.3m
of which Financial debts: -€437,370
- Accrued charges and deferred income -€167,395
down €167,395 (-13.7%), from €1.2m to €1.1m
- Reserves -€115,817
down €115,817 (-6.4%), from €1.8m to €1.7m
of which Tax-exempt reserves: -€115,817
- Gross operating margin -€776,484
down €776,484 (-58.0%), from €1.3m to €562,691
- Depreciation +€34,619
up €34,619 (+6.6%), from €527,208 to €561,826
- Write-downs +€29,010
new in 2025: €29,010
- Other operating charges -€18,029
down €18,029 (-25.8%), from €69,904 to €51,875
- Financial charges -€15,580
down €15,580 (-16.7%), from €93,084 to €77,504
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 | €7,677,040 | €8,190,101 | +€513,061 | +6.7% |
| Fixed assets | 21/28 | €5,936,705 | €7,366,254 | +€1.4m | +24.1% |
| Tangible fixed assets | 22/27 | €5,886,243 | €7,315,792 | +€1.4m | +24.3% |
| Land and buildings | 22 | €3,920,629 | €5,498,044 | +€1.6m | +40.2% |
| Plant, machinery and equipment | 23 | €28,552 | €33,857 | +€5,305 | +18.6% |
| Furniture and vehicles | 24 | €2,243 | €720 | -€1,523 | -67.9% |
| Leasing and similar rights | 25 | €1,587,768 | €1,436,120 | -€151,648 | -9.6% |
| Other tangible fixed assets | 26 | €347,051 | €347,051 | = | 0.0% |
| Financial fixed assets | 28 | €50,461 | €50,461 | = | 0.0% |
| Current assets | 29/58 | €1,740,336 | €823,848 | -€916,488 | -52.7% |
| Amounts receivable after more than one year | 29 | €701,517 | €510,198 | -€191,319 | -27.3% |
| Other amounts receivable | 291 | €701,517 | €510,198 | -€191,319 | -27.3% |
| Amounts receivable within one year | 40/41 | €553,838 | €194,600 | -€359,238 | -64.9% |
| Trade receivables | 40 | €111,217 | €80,834 | -€30,383 | -27.3% |
| Other amounts receivable | 41 | €442,621 | €113,767 | -€328,855 | -74.3% |
| Cash at bank and in hand | 54/58 | €407,262 | €32,667 | -€374,595 | -92.0% |
| Deferred charges and accrued income | 490/1 | €77,718 | €86,382 | +€8,664 | +11.1% |
| Total equity and liabilities | 10/49 | €7,677,040 | €8,190,101 | +€513,061 | +6.7% |
| Equity | 10/15 | €2,475,919 | €2,376,834 | -€99,085 | -4.0% |
| Contributions | 10/11 | €179,723 | €179,723 | = | 0.0% |
| Capital | 10 | €179,723 | €179,723 | = | 0.0% |
| Issued capital | 100 | €179,723 | €179,723 | = | 0.0% |
| Revaluation surpluses | 12 | €836,647 | €836,647 | = | 0.0% |
| Reserves | 13 | €1,811,480 | €1,695,663 | -€115,817 | -6.4% |
| Tax-exempt reserves | 132 | €1,790,060 | €1,674,243 | -€115,817 | -6.5% |
| Distributable reserves | 133 | €21,420 | €21,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€351,930 | -€335,198 | +€16,732 | +4.8% |
| Provisions and deferred taxes | 16 | €596,687 | €558,081 | -€38,606 | -6.5% |
| Deferred taxes | 168 | €596,687 | €558,081 | -€38,606 | -6.5% |
| Amounts payable | 17/49 | €4,604,434 | €5,255,187 | +€650,752 | +14.1% |
| Amounts payable after more than one year | 17 | €2,697,507 | €2,254,136 | -€443,370 | -16.4% |
| Financial debts | 170/4 | €2,659,707 | €2,222,336 | -€437,370 | -16.4% |
| Other amounts payable | 178/9 | €37,800 | €31,800 | -€6,000 | -15.9% |
| Amounts payable within one year | 42/48 | €686,304 | €1,947,821 | +€1.3m | +183.8% |
| Current portion of amounts payable after more than one year | 42 | €428,460 | €1,695,758 | +€1.3m | +295.8% |
| Financial debts | 43 | €167,420 | €134,486 | -€32,933 | -19.7% |
| Credit institutions | 430/8 | €92,420 | €58,000 | -€34,420 | -37.2% |
| Other loans | 439 | €75,000 | €76,486 | +€1,486 | +2.0% |
| Trade debts | 44 | €32,408 | €64,194 | +€31,786 | +98.1% |
| Suppliers | 440/4 | €32,408 | €64,194 | +€31,786 | +98.1% |
| Taxes, remuneration and social security | 45 | €14,117 | €19,684 | +€5,567 | +39.4% |
| Taxes | 450/3 | €14,117 | €19,684 | +€5,567 | +39.4% |
| Other amounts payable | 47/48 | €43,900 | €33,700 | -€10,200 | -23.2% |
| Accrued charges and deferred income | 492/3 | €1,220,624 | €1,053,229 | -€167,395 | -13.7% |
| Non-recurring operating income | 76A | €792,416 | - | -€792,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €527,208 | €561,826 | +€34,619 | +6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €29,010 | +€29,010 | |
| Other operating charges | 640/8 | €69,904 | €51,875 | -€18,029 | -25.8% |
| Non-recurring operating charges | 66A | €4,220 | €4,220 | = | 0.0% |
| Gross operating margin | 9900 | €1,339,175 | €562,691 | -€776,484 | -58.0% |
| Operating profit (loss) | 9901 | €737,843 | -€84,241 | -€822,084 | |
| Financial income | 75/76B | €35,836 | €32,515 | -€3,321 | -9.3% |
| Recurring financial income | 75 | €35,836 | €32,515 | -€3,321 | -9.3% |
| Financial charges | 65/66B | €93,084 | €77,504 | -€15,580 | -16.7% |
| Recurring financial charges | 65 | €93,084 | €77,504 | -€15,580 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €680,595 | -€129,229 | -€809,825 | |
| Transfer from deferred taxes | 780 | €31,901 | €38,606 | +€6,704 | +21.0% |
| Transfer to deferred taxes | 680 | €198,104 | - | -€198,104 | |
| Income taxes | 67/77 | €9,035 | €8,462 | -€574 | -6.3% |
| Profit (loss) for the period | 9904 | €505,357 | -€99,085 | -€604,443 | |
| Transfer from tax-exempt reserves | 789 | €95,704 | €115,817 | +€20,113 | +21.0% |
| Transfer to tax-exempt reserves | 689 | €594,312 | - | -€594,312 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,749 | €16,732 | +€9,982 | +147.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.