PRIMO: 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.
PRIMO
Largest movements
- Cash +€31,122
up €31,122 (+62.0%), from €50,209 to €81,331
mainly Net result for the year (+€54,288) and Depreciation (+€26,315)
- Tangible fixed assets -€25,366
down €25,366 (-2.9%), from €881,417 to €856,051
of which Land and buildings: -€25,929
- Reserves +€54,200
up €54,200 (+68.5%), from €79,098 to €133,298
of which Distributable reserves: +€54,200
- Debts after one year -€40,885
down €40,885 (-16.6%), from €246,611 to €205,726
- Gross operating margin +€42,780
up €42,780 (+46.7%), from €91,530 to €134,310
- Taxes +€11,906
up €11,906 (+90.8%), from €13,113 to €25,019
- Financial charges +€3,507
up €3,507 (+37.4%), from €9,382 to €12,889
- Other operating charges +€1,395
up €1,395 (+9.7%), from €14,404 to €15,799
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 | €969,668 | €980,956 | +€11,288 | +1.2% |
| Fixed assets | 21/28 | €881,417 | €856,051 | -€25,366 | -2.9% |
| Tangible fixed assets | 22/27 | €881,417 | €856,051 | -€25,366 | -2.9% |
| Land and buildings | 22 | €880,686 | €854,757 | -€25,929 | -2.9% |
| Furniture and vehicles | 24 | €731 | €1,294 | +€563 | +77.0% |
| Current assets | 29/58 | €88,251 | €124,905 | +€36,654 | +41.5% |
| Stocks and contracts in progress | 3 | €29,382 | €29,382 | = | 0.0% |
| Stocks | 30/36 | €29,382 | €29,382 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,314 | €8,548 | +€6,234 | +269.4% |
| Other amounts receivable | 41 | €2,314 | €8,548 | +€6,234 | +269.4% |
| Cash at bank and in hand | 54/58 | €50,209 | €81,331 | +€31,122 | +62.0% |
| Deferred charges and accrued income | 490/1 | €6,346 | €5,644 | -€702 | -11.1% |
| Total equity and liabilities | 10/49 | €969,668 | €980,956 | +€11,288 | +1.2% |
| Equity | 10/15 | €602,194 | €656,482 | +€54,288 | +9.0% |
| Contributions | 10/11 | €278,987 | €278,987 | = | 0.0% |
| Capital | 10 | €278,987 | €278,987 | = | 0.0% |
| Issued capital | 100 | €278,987 | €278,987 | = | 0.0% |
| Reserves | 13 | €79,098 | €133,298 | +€54,200 | +68.5% |
| Non-distributable reserves | 130/1 | €27,898 | €27,898 | = | 0.0% |
| Legal reserve | 130 | €27,898 | €27,898 | = | 0.0% |
| Distributable reserves | 133 | €51,200 | €105,400 | +€54,200 | +105.9% |
| Profit (loss) carried forward | 14 | €244,109 | €244,197 | +€88 | 0.0% |
| Amounts payable | 17/49 | €367,474 | €324,474 | -€43,000 | -11.7% |
| Amounts payable after more than one year | 17 | €246,611 | €205,726 | -€40,885 | -16.6% |
| Financial debts | 170/4 | €246,611 | €205,726 | -€40,885 | -16.6% |
| Amounts payable within one year | 42/48 | €120,863 | €118,748 | -€2,115 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €38,891 | €40,663 | +€1,772 | +4.6% |
| Trade debts | 44 | €604 | €443 | -€161 | -26.7% |
| Suppliers | 440/4 | €604 | €443 | -€161 | -26.7% |
| Taxes, remuneration and social security | 45 | €9,440 | €11,533 | +€2,093 | +22.2% |
| Taxes | 450/3 | €9,440 | €11,533 | +€2,093 | +22.2% |
| Other amounts payable | 47/48 | €71,928 | €66,109 | -€5,819 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,402 | €26,315 | -€1,087 | -4.0% |
| Other operating charges | 640/8 | €14,404 | €15,799 | +€1,395 | +9.7% |
| Gross operating margin | 9900 | €91,530 | €134,310 | +€42,780 | +46.7% |
| Operating profit (loss) | 9901 | €49,724 | €92,196 | +€42,472 | +85.4% |
| Financial charges | 65/66B | €9,382 | €12,889 | +€3,507 | +37.4% |
| Recurring financial charges | 65 | €9,382 | €12,889 | +€3,507 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €40,342 | €79,307 | +€38,965 | +96.6% |
| Income taxes | 67/77 | €13,113 | €25,019 | +€11,906 | +90.8% |
| Profit (loss) for the period | 9904 | €27,229 | €54,288 | +€27,059 | +99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,229 | €54,288 | +€27,059 | +99.4% |
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 7 October 2026 via checked.be.