PS AN MADE: 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.
PS AN MADE
Largest movements
- Receivables within one year +€13,355
up €13,355 (+2,501%), from €534 to €13,889
of which Trade receivables: +€13,355
- Cash -€7,436
down €7,436 (-25.6%), from €29,022 to €21,586
mainly Investment in fixed assets (net) (-€27,264) and Receivables within one year (-€13,355)
- Tangible fixed assets +€5,083
up €5,083 (+5.3%), from €96,087 to €101,170
of which Furniture and vehicles: +€8,386
- Deferred charges and accrued income -€1,519
down €1,519 (-55.2%), from €2,752 to €1,233
- Reserves +€29,500
up €29,500 (+63.4%), from €46,500 to €76,000
- Other debts -€10,350
down €10,350 (-63.3%), from €16,350 to €6,000
- Debts after one year -€5,200
down €5,200 (-11.8%), from €43,906 to €38,706
- Tax, wage and social debts -€2,863
down €2,863 (-30.1%), from €9,520 to €6,657
- Trade debts -€2,198
down €2,198 (-49.2%), from €4,464 to €2,266
- Gross operating margin +€14,960
up €14,960 (+28.7%), from €52,096 to €67,056
- Depreciation +€3,535
up €3,535 (+19.0%), from €18,646 to €22,181
- Taxes +€3,116
up €3,116 (+34.8%), from €8,966 to €12,082
- Other operating charges -€761
down €761 (-59.4%), from €1,282 to €521
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
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 | €128,535 | €138,018 | +€9,483 | +7.4% |
| Fixed assets | 21/28 | €96,227 | €101,310 | +€5,083 | +5.3% |
| Tangible fixed assets | 22/27 | €96,087 | €101,170 | +€5,083 | +5.3% |
| Plant, machinery and equipment | 23 | €10,619 | €13,087 | +€2,468 | +23.2% |
| Furniture and vehicles | 24 | €35,918 | €44,304 | +€8,386 | +23.3% |
| Other tangible fixed assets | 26 | €49,550 | €43,779 | -€5,771 | -11.6% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €32,308 | €36,708 | +€4,400 | +13.6% |
| Amounts receivable within one year | 40/41 | €534 | €13,889 | +€13,355 | +2,501% |
| Trade receivables | 40 | - | €13,355 | +€13,355 | |
| Other amounts receivable | 41 | €534 | €534 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,022 | €21,586 | -€7,436 | -25.6% |
| Deferred charges and accrued income | 490/1 | €2,752 | €1,233 | -€1,519 | -55.2% |
| Total equity and liabilities | 10/49 | €128,535 | €138,018 | +€9,483 | +7.4% |
| Equity | 10/15 | €49,335 | €79,189 | +€29,854 | +60.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €46,500 | €76,000 | +€29,500 | +63.4% |
| Distributable reserves | 133 | €46,500 | €76,000 | +€29,500 | +63.4% |
| Profit (loss) carried forward | 14 | €335 | €689 | +€354 | +106% |
| Amounts payable | 17/49 | €79,200 | €58,829 | -€20,371 | -25.7% |
| Amounts payable after more than one year | 17 | €43,906 | €38,706 | -€5,200 | -11.8% |
| Financial debts | 170/4 | €43,906 | €38,706 | -€5,200 | -11.8% |
| Amounts payable within one year | 42/48 | €35,294 | €20,123 | -€15,171 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €4,960 | €5,200 | +€240 | +4.8% |
| Trade debts | 44 | €4,464 | €2,266 | -€2,198 | -49.2% |
| Suppliers | 440/4 | €4,464 | €2,266 | -€2,198 | -49.2% |
| Taxes, remuneration and social security | 45 | €9,520 | €6,657 | -€2,863 | -30.1% |
| Taxes | 450/3 | €9,520 | €6,657 | -€2,863 | -30.1% |
| Other amounts payable | 47/48 | €16,350 | €6,000 | -€10,350 | -63.3% |
| Non-recurring operating income | 76A | - | €12,819 | +€12,819 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,646 | €22,181 | +€3,535 | +19.0% |
| Other operating charges | 640/8 | €1,282 | €521 | -€761 | -59.4% |
| Gross operating margin | 9900 | €52,096 | €67,056 | +€14,960 | +28.7% |
| Operating profit (loss) | 9901 | €32,168 | €44,354 | +€12,186 | +37.9% |
| Financial income | 75/76B | €12 | €9 | -€3 | -25.0% |
| Recurring financial income | 75 | €12 | €9 | -€3 | -25.0% |
| Financial charges | 65/66B | €2,655 | €2,427 | -€228 | -8.6% |
| Recurring financial charges | 65 | €2,655 | €2,427 | -€228 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €29,525 | €41,936 | +€12,411 | +42.0% |
| Income taxes | 67/77 | €8,966 | €12,082 | +€3,116 | +34.8% |
| Profit (loss) for the period | 9904 | €20,559 | €29,854 | +€9,295 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,559 | €29,854 | +€9,295 | +45.2% |
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 16 October 2026 via checked.be.