PSA Investments: 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.
What changed
PSA Investments
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€38.7m
2024 · €191.1m-€152.3m
Equity
€609.9m
2024 · €571.1m+€38.7m
Cash
-
not filed
Balance sheet total
€619.8m
2024 · €606.2m+€13.6m
Largest movements
Assets
- Receivables within one year +€13.2m
up €13.2m (+74.6%), from €17.7m to €30.9m
of which Other amounts receivable: +€13.1m
Equity and liabilities
- Profit (loss) carried forward +€38.7m
up €38.7m (+9.7%), from €400.7m to €439.5m
- Debts after one year -€33.0m
no longer reported in 2025 (was €33.0m)
- Short-term financial debts +€9.5m
new in 2025: €9.5m
Income statement
- Financial income -€153.5m
down €153.5m (-79.3%), from €193.7m to €40.2m
of which Non-recurring financial income: -€164.0m
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
€191.1m
Staff costs
+€2,907
Other operating charges
+€101,419
Other operating items
+€5,106
Financial income
-€153.5m
Financial charges
+€1.1m
Taxes
+€1,834
Result 2025
€38.7m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €606,166,651 | €619,804,642 | +€13.6m | +2.2% |
| Fixed assets | 21/28 | €588,478,525 | €588,915,025 | +€436,500 | +0.1% |
| Financial fixed assets | 28 | €588,478,525 | €588,915,025 | +€436,500 | +0.1% |
| Affiliated companies | 280/1 | €588,103,525 | €588,165,025 | +€61,500 | 0.0% |
| Participating interests | 280 | €588,103,525 | €588,165,025 | +€61,500 | 0.0% |
| Other financial fixed assets | 284/8 | €375,000 | €750,000 | +€375,000 | +100% |
| Shares | 284 | €375,000 | €750,000 | +€375,000 | +100% |
| Current assets | 29/58 | €17,688,126 | €30,889,617 | +€13.2m | +74.6% |
| Amounts receivable within one year | 40/41 | €17,688,126 | €30,889,617 | +€13.2m | +74.6% |
| Trade receivables | 40 | €478 | €70,467 | +€69,989 | +14,640% |
| Other amounts receivable | 41 | €17,687,648 | €30,819,151 | +€13.1m | +74.2% |
| Total equity and liabilities | 10/49 | €606,166,651 | €619,804,642 | +€13.6m | +2.2% |
| Equity | 10/15 | €571,145,705 | €609,886,165 | +€38.7m | +6.8% |
| Contributions | 10/11 | €153,840,001 | €153,840,001 | = | 0.0% |
| Capital | 10 | €153,840,001 | €153,840,001 | = | 0.0% |
| Issued capital | 100 | €153,840,001 | €153,840,001 | = | 0.0% |
| Reserves | 13 | €16,575,908 | €16,575,908 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,575,908 | €16,575,908 | = | 0.0% |
| Legal reserve | 130 | €16,575,908 | €16,575,908 | = | 0.0% |
| Profit (loss) carried forward | 14 | €400,729,796 | €439,470,256 | +€38.7m | +9.7% |
| Amounts payable | 17/49 | €35,020,946 | €9,918,476 | -€25.1m | -71.7% |
| Amounts payable after more than one year | 17 | €33,000,000 | - | -€33.0m | |
| Financial debts | 170/4 | €33,000,000 | - | -€33.0m | |
| Other loans | 174 | €33,000,000 | - | -€33.0m | |
| Amounts payable within one year | 42/48 | €15,966 | €9,894,551 | +€9.9m | +61,873% |
| Financial debts | 43 | - | €9,475,421 | +€9.5m | |
| Other loans | 439 | - | €9,475,421 | +€9.5m | |
| Trade debts | 44 | €15,966 | €395,258 | +€379,292 | +2,376% |
| Suppliers | 440/4 | €15,966 | €395,258 | +€379,292 | +2,376% |
| Taxes, remuneration and social security | 45 | - | €23,760 | +€23,760 | |
| Remuneration and social security | 454/9 | - | €23,760 | +€23,760 | |
| Other amounts payable | 47/48 | - | €112 | +€112 | |
| Accrued charges and deferred income | 492/3 | €2,004,980 | €23,925 | -€2.0m | -98.8% |
| Operating income | 70/76A | €78,038 | €79,740 | +€1,701 | +2.2% |
| Other operating income | 74 | €78,038 | €79,740 | +€1,701 | +2.2% |
| Operating charges | 60/66A | €668,426 | €560,695 | -€107,731 | -16.1% |
| Services and other goods | 61 | €425,235 | €421,831 | -€3,405 | -0.8% |
| Remuneration, social security and pensions | 62 | €139,544 | €136,637 | -€2,907 | -2.1% |
| Other operating charges | 640/8 | €103,647 | €2,228 | -€101,419 | -97.9% |
| Operating profit (loss) | 9901 | -€590,388 | -€480,955 | +€109,433 | +18.5% |
| Financial income | 75/76B | €193,687,500 | €40,154,528 | -€153.5m | -79.3% |
| Recurring financial income | 75 | €29,692,207 | €40,154,528 | +€10.5m | +35.2% |
| Income from financial fixed assets | 750 | €29,088,000 | €39,816,000 | +€10.7m | +36.9% |
| Income from current assets | 751 | €604,025 | €338,423 | -€265,602 | -44.0% |
| Other financial income | 752/9 | €182 | €105 | -€76 | -42.0% |
| Non-recurring financial income | 76B | €163,995,294 | - | -€164.0m | |
| Financial charges | 65/66B | €2,007,920 | €933,946 | -€1.1m | -53.5% |
| Recurring financial charges | 65 | €2,007,920 | €933,946 | -€1.1m | -53.5% |
| Debt charges | 650 | €2,004,980 | €932,733 | -€1.1m | -53.5% |
| Other financial charges | 652/9 | €2,939 | €1,213 | -€1,726 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €191,089,192 | €38,739,627 | -€152.3m | -79.7% |
| Income taxes | 67/77 | €1,000 | -€834 | -€1,834 | |
| Taxes | 670/3 | €1,000 | €1,000 | = | 0.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,834 | +€1,834 | |
| Profit (loss) for the period | 9904 | €191,088,192 | €38,740,461 | -€152.3m | -79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €191,088,192 | €38,740,461 | -€152.3m | -79.7% |
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 31 October 2026 via checked.be.