PROPAGANDA: 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.
What changed
PROPAGANDA
NACE 58.190, Other publishing activities, excluding software publishing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€587,418
2024 · -€66,149-€521,269
Equity
€1.6m
2024 · €2.2m-€587,418
Cash
€30,810
2024 · €108,263-€77,453
Balance sheet total
€5.2m
2024 · €6.2m-€994,432
Largest movements
Assets
- Receivables within one year -€946,138
down €946,138 (-45.6%), from €2.1m to €1.1m
of which Trade receivables: -€576,009
- Cash -€77,453
down €77,453 (-71.5%), from €108,263 to €30,810
mainly Net result for the year (-€587,418) and Other debts (-€245,771)
Equity and liabilities
- Profit (loss) carried forward -€587,418
down €587,418 (-888.0%), from -€66,149 to -€653,567
- Other debts -€245,771
down €245,771 (-29.9%), from €822,435 to €576,664
- Debts after one year -€240,709
down €240,709 (-28.6%), from €840,821 to €600,112
- Tax, wage and social debts +€134,769
up €134,769 (+52.8%), from €255,136 to €389,904
of which Taxes: +€104,363
- Accrued charges and deferred income +€109,974
up €109,974 (+549.9%), from €20,000 to €129,974
Income statement
- Gross operating margin -€123,350
down €123,350 (-6.3%), from €2.0m to €1.8m
- Staff costs -€48,767
down €48,767 (-2.7%), from €1.8m to €1.8m
- Depreciation -€34,258
down €34,258 (-39.2%), from €87,438 to €53,180
- Financial income +€33,966
up €33,966 (+303.3%), from €11,200 to €45,166
of which Financial income: +€33,966
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
-€66,149
Gross operating margin
-€123,350
Staff costs
+€48,767
Depreciation
+€34,258
Other operating charges
+€2,530
Other operating items
-€500,854
Financial income
+€33,966
Financial charges
-€16,543
Taxes
-€42
Result 2025
-€587,418
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.
From operations
+€321,994
Investment
-€46,793
Financing
-€352,654
Cash 2024
€108,263
From operations (derived)
+€321,994
Net result for the year
-€587,418
Depreciation
+€53,180
Receivables within one year
+€946,138
Deferred charges and accrued income
-€35,547
Trade debts
-€53,331
Tax, wage and social debts
+€134,769
Other debts
-€245,771
Accrued charges and deferred income
+€109,974
Investment (derived)
-€46,793
Investment in fixed assets (net)
-€46,793
Financing
-€352,654
Debts after one year
-€240,709
Current portion of long-term debt
-€29,746
Short-term financial debts
-€82,200
Cash 2025
€30,810
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,192,801 | €5,198,369 | -€994,432 | -16.1% |
| Fixed assets | 21/28 | €3,946,357 | €3,939,969 | -€6,388 | -0.2% |
| Intangible fixed assets | 21 | €1,500 | €22,667 | +€21,167 | +1411.1% |
| Tangible fixed assets | 22/27 | €260,323 | €232,769 | -€27,554 | -10.6% |
| Plant, machinery and equipment | 23 | - | €3,559 | +€3,559 | |
| Furniture and vehicles | 24 | €12,052 | €16,782 | +€4,731 | +39.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €248,271 | €212,428 | -€35,843 | -14.4% |
| Financial fixed assets | 28 | €3,684,533 | €3,684,533 | = | 0.0% |
| Current assets | 29/58 | €2,246,444 | €1,258,400 | -€988,044 | -44.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,075,205 | €1,129,067 | -€946,138 | -45.6% |
| Trade receivables | 40 | €1,469,427 | €893,417 | -€576,009 | -39.2% |
| Other amounts receivable | 41 | €605,778 | €235,649 | -€370,129 | -61.1% |
| Cash at bank and in hand | 54/58 | €108,263 | €30,810 | -€77,453 | -71.5% |
| Deferred charges and accrued income | 490/1 | €62,976 | €98,523 | +€35,547 | +56.4% |
| Total equity and liabilities | 10/49 | €6,192,801 | €5,198,369 | -€994,432 | -16.1% |
| Equity | 10/15 | €2,207,663 | €1,620,245 | -€587,418 | -26.6% |
| Contributions | 10/11 | €1,842,062 | €1,842,062 | = | 0.0% |
| Capital | 10 | €86,330 | €86,330 | = | 0.0% |
| Issued capital | 100 | €86,330 | €86,330 | = | 0.0% |
| Outside capital | 11 | €1,755,732 | €1,755,732 | = | 0.0% |
| Share premium | 1100/10 | €1,755,732 | €1,755,732 | = | 0.0% |
| Reserves | 13 | €431,750 | €431,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,633 | €8,633 | = | 0.0% |
| Legal reserve | 130 | €8,633 | €8,633 | = | 0.0% |
| Distributable reserves | 133 | €423,117 | €423,117 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,149 | -€653,567 | -€587,418 | -888.0% |
| Amounts payable | 17/49 | €3,985,138 | €3,578,124 | -€407,014 | -10.2% |
| Amounts payable after more than one year | 17 | €840,821 | €600,112 | -€240,709 | -28.6% |
| Financial debts | 170/4 | €840,821 | €600,112 | -€240,709 | -28.6% |
| Amounts payable within one year | 42/48 | €3,124,317 | €2,848,037 | -€276,279 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €445,147 | €415,401 | -€29,746 | -6.7% |
| Financial debts | 43 | €582,200 | €500,000 | -€82,200 | -14.1% |
| Credit institutions | 430/8 | €582,200 | €500,000 | -€82,200 | -14.1% |
| Trade debts | 44 | €1,019,309 | €965,978 | -€53,331 | -5.2% |
| Suppliers | 440/4 | €1,019,309 | €965,978 | -€53,331 | -5.2% |
| Advances received on contracts in progress | 46 | €90 | €90 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €255,136 | €389,904 | +€134,769 | +52.8% |
| Taxes | 450/3 | €65,610 | €169,973 | +€104,363 | +159.1% |
| Remuneration and social security | 454/9 | €189,526 | €219,931 | +€30,405 | +16.0% |
| Other amounts payable | 47/48 | €822,435 | €576,664 | -€245,771 | -29.9% |
| Accrued charges and deferred income | 492/3 | €20,000 | €129,974 | +€109,974 | +549.9% |
| Non-recurring operating income | 76A | €3,227 | €149 | -€3,078 | -95.4% |
| Remuneration, social security and pensions | 62 | €1,806,119 | €1,757,352 | -€48,767 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,438 | €53,180 | -€34,258 | -39.2% |
| Other operating charges | 640/8 | €27,771 | €25,241 | -€2,530 | -9.1% |
| Non-recurring operating charges | 66A | €19,914 | €520,768 | +€500,854 | +2515.1% |
| Gross operating margin | 9900 | €1,958,993 | €1,835,642 | -€123,350 | -6.3% |
| Operating profit (loss) | 9901 | €17,750 | -€520,899 | -€538,649 | |
| Financial income | 75/76B | €11,200 | €45,166 | +€33,966 | +303.3% |
| Recurring financial income | 75 | €11,200 | €45,166 | +€33,966 | +303.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €92,632 | €109,175 | +€16,543 | +17.9% |
| Recurring financial charges | 65 | €92,632 | €109,175 | +€16,543 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | -€63,682 | -€584,908 | -€521,226 | -818.5% |
| Income taxes | 67/77 | €2,467 | €2,510 | +€42 | +1.7% |
| Profit (loss) for the period | 9904 | -€66,149 | -€587,418 | -€521,269 | -788.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,149 | -€587,418 | -€521,269 | -788.0% |
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 6 October 2026 via checked.be.