PSE: 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.
PSE
Largest movements
- Receivables within one year +€49,617
up €49,617 (+135.3%), from €36,673 to €86,290
of which Other amounts receivable: +€50,946
- Stocks and contracts -€3,880
down €3,880 (-13.0%), from €29,851 to €25,971
- Formation expenses -€2,867
down €2,867 (-22.2%), from €12,895 to €10,028
- Tangible fixed assets +€1,447
up €1,447 (+1692.6%), from €86 to €1,533
- Other debts +€156,009
up €156,009 (+41602.4%), from €375 to €156,384
- Profit (loss) carried forward -€56,096
down €56,096 (-11.2%), from -€501,199 to -€557,295
- Trade debts -€38,748
down €38,748 (-12.0%), from €322,800 to €284,051
- Tax, wage and social debts -€19,790
down €19,790 (-100.0%), from €19,790 to €0
- Short-term financial debts +€2,167
up €2,167 (+22.2%), from €9,764 to €11,931
- Financial income -€203,182
down €203,182 (-99.1%), from €205,028 to €1,846
of which Non-recurring financial income: -€204,088
- Other operating charges -€116,487
down €116,487 (-92.3%), from €126,194 to €9,707
- Gross operating margin +€46,400
up €46,400, from -€33,925 to €12,475
- Staff costs +€26,661
up €26,661 (+102.4%), from €26,036 to €52,696
- Depreciation +€445
up €445 (+13.6%), from €3,275 to €3,719
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 | €80,872 | €124,413 | +€43,541 | +53.8% |
| Formation expenses | 20 | €12,895 | €10,028 | -€2,867 | -22.2% |
| Fixed assets | 21/28 | €86 | €1,533 | +€1,447 | +1692.6% |
| Tangible fixed assets | 22/27 | €86 | €1,533 | +€1,447 | +1692.6% |
| Plant, machinery and equipment | 23 | €86 | €1,533 | +€1,447 | +1692.6% |
| Current assets | 29/58 | €67,892 | €112,853 | +€44,961 | +66.2% |
| Stocks and contracts in progress | 3 | €29,851 | €25,971 | -€3,880 | -13.0% |
| Stocks | 30/36 | €29,851 | €25,971 | -€3,880 | -13.0% |
| Amounts receivable within one year | 40/41 | €36,673 | €86,290 | +€49,617 | +135.3% |
| Trade receivables | 40 | €5,120 | €3,791 | -€1,328 | -25.9% |
| Other amounts receivable | 41 | €31,553 | €82,499 | +€50,946 | +161.5% |
| Cash at bank and in hand | 54/58 | €1,011 | €0 | -€1,011 | -100.0% |
| Deferred charges and accrued income | 490/1 | €357 | €592 | +€235 | +66.0% |
| Total equity and liabilities | 10/49 | €80,872 | €124,413 | +€43,541 | +53.8% |
| Equity | 10/15 | -€271,857 | -€327,953 | -€56,096 | -20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €210,742 | €210,742 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €208,882 | €208,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€501,199 | -€557,295 | -€56,096 | -11.2% |
| Amounts payable | 17/49 | €352,729 | €452,366 | +€99,637 | +28.2% |
| Amounts payable within one year | 42/48 | €352,729 | €452,366 | +€99,637 | +28.2% |
| Financial debts | 43 | €9,764 | €11,931 | +€2,167 | +22.2% |
| Credit institutions | 430/8 | €9,764 | €11,931 | +€2,167 | +22.2% |
| Trade debts | 44 | €322,800 | €284,051 | -€38,748 | -12.0% |
| Suppliers | 440/4 | €322,800 | €284,051 | -€38,748 | -12.0% |
| Taxes, remuneration and social security | 45 | €19,790 | €0 | -€19,790 | -100.0% |
| Taxes | 450/3 | €19,790 | €0 | -€19,790 | -100.0% |
| Other amounts payable | 47/48 | €375 | €156,384 | +€156,009 | +41602.4% |
| Remuneration, social security and pensions | 62 | €26,036 | €52,696 | +€26,661 | +102.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,275 | €3,719 | +€445 | +13.6% |
| Other operating charges | 640/8 | €126,194 | €9,707 | -€116,487 | -92.3% |
| Gross operating margin | 9900 | -€33,925 | €12,475 | +€46,400 | |
| Operating profit (loss) | 9901 | -€189,429 | -€53,647 | +€135,782 | +71.7% |
| Financial income | 75/76B | €205,028 | €1,846 | -€203,182 | -99.1% |
| Recurring financial income | 75 | €940 | €1,846 | +€906 | +96.5% |
| Non-recurring financial income | 76B | €204,088 | €0 | -€204,088 | -100.0% |
| Financial charges | 65/66B | €4,135 | €4,295 | +€160 | +3.9% |
| Recurring financial charges | 65 | €4,135 | €4,295 | +€160 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €11,464 | -€56,096 | -€67,560 | |
| Profit (loss) for the period | 9904 | €11,464 | -€56,096 | -€67,560 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,464 | -€56,096 | -€67,560 |
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 29 September 2026 via checked.be.