PS management: 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.
PS management
Largest movements
- Current investments +€45,309
up €45,309 (+49.9%), from €90,721 to €136,031
- Tangible fixed assets -€30,147
down €30,147 (-5.8%), from €524,083 to €493,936
- Receivables within one year +€25,825
up €25,825 (+349.3%), from €7,394 to €33,219
of which Other amounts receivable: +€31,632
- Cash -€18,402
down €18,402 (-43.3%), from €42,520 to €24,118
mainly Current investments (-€45,309) and Debts after one year (-€40,897)
- Other debts +€43,146
up €43,146 (+46.9%), from €92,047 to €135,193
- Debts after one year -€40,897
down €40,897 (-9.1%), from €447,826 to €406,929
- Reserves +€37,702
up €37,702 (+6.2%), from €610,944 to €648,646
- Financial income -€94,594
down €94,594 (-97.7%), from €96,852 to €2,258
- Gross operating margin +€20,701
up €20,701 (+26.2%), from €78,869 to €99,570
- Taxes -€5,109
down €5,109 (-28.6%), from €17,837 to €12,728
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 | €1,237,085 | €1,259,603 | +€22,518 | +1.8% |
| Fixed assets | 21/28 | €1,094,083 | €1,063,936 | -€30,147 | -2.8% |
| Tangible fixed assets | 22/27 | €524,083 | €493,936 | -€30,147 | -5.8% |
| Land and buildings | 22 | €524,083 | €493,936 | -€30,147 | -5.8% |
| Financial fixed assets | 28 | €570,000 | €570,000 | = | 0.0% |
| Current assets | 29/58 | €143,001 | €195,667 | +€52,666 | +36.8% |
| Amounts receivable within one year | 40/41 | €7,394 | €33,219 | +€25,825 | +349.3% |
| Trade receivables | 40 | €5,953 | €146 | -€5,808 | -97.6% |
| Other amounts receivable | 41 | €1,441 | €33,073 | +€31,632 | +2195.6% |
| Current investments | 50/53 | €90,721 | €136,031 | +€45,309 | +49.9% |
| Cash at bank and in hand | 54/58 | €42,520 | €24,118 | -€18,402 | -43.3% |
| Deferred charges and accrued income | 490/1 | €2,366 | €2,299 | -€66 | -2.8% |
| Total equity and liabilities | 10/49 | €1,237,085 | €1,259,603 | +€22,518 | +1.8% |
| Equity | 10/15 | €631,404 | €669,106 | +€37,702 | +6.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €610,944 | €648,646 | +€37,702 | +6.2% |
| Distributable reserves | 133 | €610,944 | €648,646 | +€37,702 | +6.2% |
| Amounts payable | 17/49 | €605,681 | €590,497 | -€15,184 | -2.5% |
| Amounts payable after more than one year | 17 | €447,826 | €406,929 | -€40,897 | -9.1% |
| Financial debts | 170/4 | €447,826 | €406,929 | -€40,897 | -9.1% |
| Amounts payable within one year | 42/48 | €155,190 | €183,568 | +€28,378 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €51,344 | €40,897 | -€10,448 | -20.3% |
| Financial debts | 43 | €5,000 | €1,250 | -€3,750 | -75.0% |
| Credit institutions | 430/8 | €5,000 | €1,250 | -€3,750 | -75.0% |
| Trade debts | 44 | €906 | €82 | -€824 | -91.0% |
| Suppliers | 440/4 | €906 | €82 | -€824 | -91.0% |
| Taxes, remuneration and social security | 45 | €5,893 | €6,147 | +€254 | +4.3% |
| Taxes | 450/3 | €4,193 | €4,647 | +€454 | +10.8% |
| Remuneration and social security | 454/9 | €1,700 | €1,500 | -€200 | -11.8% |
| Other amounts payable | 47/48 | €92,047 | €135,193 | +€43,146 | +46.9% |
| Accrued charges and deferred income | 492/3 | €2,666 | - | -€2,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,147 | €30,147 | = | 0.0% |
| Other operating charges | 640/8 | €5,217 | €5,450 | +€234 | +4.5% |
| Gross operating margin | 9900 | €78,869 | €99,570 | +€20,701 | +26.2% |
| Operating profit (loss) | 9901 | €43,505 | €63,972 | +€20,467 | +47.0% |
| Financial income | 75/76B | €96,852 | €2,258 | -€94,594 | -97.7% |
| Recurring financial income | 75 | €96,852 | €2,258 | -€94,594 | -97.7% |
| Financial charges | 65/66B | €15,276 | €15,800 | +€524 | +3.4% |
| Recurring financial charges | 65 | €15,276 | €15,800 | +€524 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €125,081 | €50,430 | -€74,650 | -59.7% |
| Income taxes | 67/77 | €17,837 | €12,728 | -€5,109 | -28.6% |
| Profit (loss) for the period | 9904 | €107,244 | €37,702 | -€69,542 | -64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,244 | €37,702 | -€69,542 | -64.8% |
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.