PSE consult: 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 consult
Largest movements
- Cash +€15,703
up €15,703 (+15.0%), from €104,846 to €120,550
mainly Net result for the year (+€74,232) and Depreciation (+€35,643)
- Stocks and contracts +€15,500
up €15,500 (+3.5%), from €439,361 to €454,861
- Debts after one year -€76,156
down €76,156 (-11.1%), from €683,087 to €606,932
- Reserves +€74,232
up €74,232 (+24.5%), from €303,367 to €377,599
of which Distributable reserves: +€74,232
- Current portion of long-term debt +€23,906
up €23,906 (+49.2%), from €48,619 to €72,525
- Gross operating margin -€13,034
down €13,034 (-7.1%), from €182,870 to €169,837
- Depreciation +€9,535
up €9,535 (+36.5%), from €26,109 to €35,643
- Taxes -€6,730
down €6,730 (-18.5%), from €36,380 to €29,649
- Other operating charges -€5,584
down €5,584 (-59.1%), from €9,442 to €3,858
- Financial charges -€3,618
down €3,618 (-11.7%), from €30,955 to €27,337
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 | €1,141,269 | €1,162,143 | +€20,874 | +1.8% |
| Fixed assets | 21/28 | €552,232 | €542,859 | -€9,374 | -1.7% |
| Tangible fixed assets | 22/27 | €551,016 | €539,636 | -€11,380 | -2.1% |
| Land and buildings | 22 | €495,102 | €473,556 | -€21,546 | -4.4% |
| Plant, machinery and equipment | 23 | €6,563 | €28,262 | +€21,699 | +330.6% |
| Furniture and vehicles | 24 | €49,351 | €37,818 | -€11,533 | -23.4% |
| Financial fixed assets | 28 | €1,216 | €3,222 | +€2,006 | +165.0% |
| Current assets | 29/58 | €589,036 | €619,284 | +€30,248 | +5.1% |
| Stocks and contracts in progress | 3 | €439,361 | €454,861 | +€15,500 | +3.5% |
| Stocks | 30/36 | €439,361 | €454,861 | +€15,500 | +3.5% |
| Amounts receivable within one year | 40/41 | €42,371 | €40,866 | -€1,506 | -3.6% |
| Trade receivables | 40 | €38,977 | €40,273 | +€1,296 | +3.3% |
| Other amounts receivable | 41 | €3,394 | €592 | -€2,801 | -82.5% |
| Cash at bank and in hand | 54/58 | €104,846 | €120,550 | +€15,703 | +15.0% |
| Deferred charges and accrued income | 490/1 | €2,458 | €3,008 | +€550 | +22.4% |
| Total equity and liabilities | 10/49 | €1,141,269 | €1,162,143 | +€20,874 | +1.8% |
| Equity | 10/15 | €361,521 | €435,753 | +€74,232 | +20.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €303,367 | €377,599 | +€74,232 | +24.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €301,508 | €375,740 | +€74,232 | +24.6% |
| Profit (loss) carried forward | 14 | €51,955 | €51,955 | = | 0.0% |
| Amounts payable | 17/49 | €779,747 | €726,389 | -€53,358 | -6.8% |
| Amounts payable after more than one year | 17 | €683,087 | €606,932 | -€76,156 | -11.1% |
| Financial debts | 170/4 | €683,087 | €606,932 | -€76,156 | -11.1% |
| Amounts payable within one year | 42/48 | €96,660 | €119,458 | +€22,797 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €48,619 | €72,525 | +€23,906 | +49.2% |
| Trade debts | 44 | €19,849 | €20,177 | +€327 | +1.6% |
| Suppliers | 440/4 | €19,849 | €20,177 | +€327 | +1.6% |
| Taxes, remuneration and social security | 45 | €26,992 | €24,387 | -€2,605 | -9.7% |
| Taxes | 450/3 | €26,992 | €24,387 | -€2,605 | -9.7% |
| Other amounts payable | 47/48 | €1,200 | €2,369 | +€1,169 | +97.4% |
| Remuneration, social security and pensions | 62 | €154 | - | -€154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,109 | €35,643 | +€9,535 | +36.5% |
| Other operating charges | 640/8 | €9,442 | €3,858 | -€5,584 | -59.1% |
| Gross operating margin | 9900 | €182,870 | €169,837 | -€13,034 | -7.1% |
| Operating profit (loss) | 9901 | €147,165 | €130,335 | -€16,830 | -11.4% |
| Financial income | 75/76B | €654 | €883 | +€229 | +35.0% |
| Recurring financial income | 75 | €654 | €883 | +€229 | +35.0% |
| Financial charges | 65/66B | €30,955 | €27,337 | -€3,618 | -11.7% |
| Recurring financial charges | 65 | €30,955 | €27,337 | -€3,618 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €116,864 | €103,881 | -€12,983 | -11.1% |
| Income taxes | 67/77 | €36,380 | €29,649 | -€6,730 | -18.5% |
| Profit (loss) for the period | 9904 | €80,485 | €74,232 | -€6,253 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,485 | €74,232 | -€6,253 | -7.8% |
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.