PS HOLDING: 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 HOLDING
Largest movements
- Current investments +€3.4m
up €3.4m (+64.4%), from €5.3m to €8.7m
- Receivables after one year +€472,445
up €472,445 (+157%), from €300,000 to €772,445
- Reserves +€2.5m
up €2.5m (+15.5%), from €15.8m to €18.2m
- Other debts +€871,117
up €871,117 (+374%), from €232,776 to €1.1m
- Short-term financial debts +€400,000
new in 2025: €400,000
- Tax, wage and social debts -€268,670
down €268,670 (-87.3%), from €307,783 to €39,113
of which Taxes: -€268,670
- Trade debts +€259,330
up €259,330 (+4,563%), from €5,684 to €265,014
- Financial charges -€825,880
down €825,880, from €138,862 to -€687,019
- Financial income +€657,169
up €657,169 (+48.3%), from €1.4m to €2.0m
- Other operating charges -€97,898
down €97,898 (-95.7%), from €102,337 to €4,440
- Gross operating margin +€42,716
up €42,716 (+3.4%), from €1.3m to €1.3m
- Taxes +€25,094
up €25,094 (+8.2%), from €305,114 to €330,208
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 | €17,535,898 | €21,155,207 | +€3.6m | +20.6% |
| Fixed assets | 21/28 | €6,807,756 | €6,696,826 | -€110,929 | -1.6% |
| Tangible fixed assets | 22/27 | €1,807,755 | €1,696,825 | -€110,929 | -6.1% |
| Land and buildings | 22 | €1,742,177 | €1,647,528 | -€94,649 | -5.4% |
| Furniture and vehicles | 24 | €65,578 | €49,297 | -€16,281 | -24.8% |
| Financial fixed assets | 28 | €5,000,001 | €5,000,001 | = | 0.0% |
| Current assets | 29/58 | €10,728,143 | €14,458,380 | +€3.7m | +34.8% |
| Amounts receivable after more than one year | 29 | €300,000 | €772,445 | +€472,445 | +157% |
| Trade receivables | 290 | €300,000 | €772,445 | +€472,445 | +157% |
| Amounts receivable within one year | 40/41 | €5,019,831 | €4,832,436 | -€187,396 | -3.7% |
| Trade receivables | 40 | €5,018,570 | €4,695,283 | -€323,287 | -6.4% |
| Other amounts receivable | 41 | €1,261 | €137,152 | +€135,891 | +10,776% |
| Current investments | 50/53 | €5,284,649 | €8,686,362 | +€3.4m | +64.4% |
| Cash at bank and in hand | 54/58 | €100,353 | €160,441 | +€60,088 | +59.9% |
| Deferred charges and accrued income | 490/1 | €23,309 | €6,697 | -€16,612 | -71.3% |
| Total equity and liabilities | 10/49 | €17,535,898 | €21,155,207 | +€3.6m | +20.6% |
| Equity | 10/15 | €16,646,996 | €19,099,899 | +€2.5m | +14.7% |
| Contributions | 10/11 | €850,000 | €850,000 | = | 0.0% |
| Reserves | 13 | €15,796,996 | €18,249,899 | +€2.5m | +15.5% |
| Distributable reserves | 133 | €15,796,996 | €18,249,899 | +€2.5m | +15.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €888,902 | €2,055,308 | +€1.2m | +131% |
| Amounts payable after more than one year | 17 | €247,288 | €150,172 | -€97,116 | -39.3% |
| Financial debts | 170/4 | €247,288 | €150,172 | -€97,116 | -39.3% |
| Amounts payable within one year | 42/48 | €641,614 | €1,905,135 | +€1.3m | +197% |
| Current portion of amounts payable after more than one year | 42 | €95,372 | €97,116 | +€1,744 | +1.8% |
| Financial debts | 43 | - | €400,000 | +€400,000 | |
| Credit institutions | 430/8 | - | €400,000 | +€400,000 | |
| Trade debts | 44 | €5,684 | €265,014 | +€259,330 | +4,563% |
| Suppliers | 440/4 | €5,684 | €265,014 | +€259,330 | +4,563% |
| Taxes, remuneration and social security | 45 | €307,783 | €39,113 | -€268,670 | -87.3% |
| Taxes | 450/3 | €307,783 | €39,113 | -€268,670 | -87.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €232,776 | €1,103,893 | +€871,117 | +374% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,456 | €110,929 | +€5,474 | +5.2% |
| Other operating charges | 640/8 | €102,337 | €4,440 | -€97,898 | -95.7% |
| Gross operating margin | 9900 | €1,255,678 | €1,298,394 | +€42,716 | +3.4% |
| Operating profit (loss) | 9901 | €1,047,885 | €1,183,025 | +€135,140 | +12.9% |
| Financial income | 75/76B | €1,359,390 | €2,016,559 | +€657,169 | +48.3% |
| Recurring financial income | 75 | €1,359,390 | €2,016,559 | +€657,169 | +48.3% |
| Financial charges | 65/66B | €138,862 | -€687,019 | -€825,880 | |
| Recurring financial charges | 65 | €138,862 | -€687,019 | -€825,880 | |
| Profit (loss) for the period before taxes | 9903 | €2,268,414 | €3,886,603 | +€1.6m | +71.3% |
| Income taxes | 67/77 | €305,114 | €330,208 | +€25,094 | +8.2% |
| Profit (loss) for the period | 9904 | €1,963,300 | €3,556,395 | +€1.6m | +81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,963,300 | €3,556,395 | +€1.6m | +81.1% |
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 17 October 2026 via checked.be.