PSEUDO-BOIS: 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.
PSEUDO-BOIS
Largest movements
- Tangible fixed assets +€118,242
up €118,242 (+77.4%), from €152,680 to €270,922
of which Leasing and similar rights: +€128,832
- Receivables within one year -€9,456
down €9,456 (-11.1%), from €84,941 to €75,485
of which Trade receivables: -€16,810
- Debts after one year +€89,794
up €89,794 (+112.6%), from €79,781 to €169,575
- Profit (loss) carried forward +€64,767
up €64,767 (+249.2%), from €25,991 to €90,758
- Short-term financial debts -€36,231
no longer reported in 2025 (was €36,231)
- Investment grants -€14,492
down €14,492 (-97.1%), from €14,919 to €427
- Trade debts -€7,247
down €7,247 (-28.9%), from €25,112 to €17,865
- Gross operating margin +€105,198
up €105,198 (+104.8%), from €100,389 to €205,587
- Staff costs -€18,619
down €18,619 (-23.0%), from €80,860 to €62,242
- Write-downs +€11,500
new in 2025: €11,500
- Financial charges +€10,823
up €10,823 (+181.1%), from €5,976 to €16,799
of which Financial charges: +€10,623
- Taxes +€10,122
up €10,122 (+7531.6%), from €134 to €10,257
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 | €241,161 | €350,019 | +€108,859 | +45.1% |
| Fixed assets | 21/28 | €153,223 | €271,465 | +€118,242 | +77.2% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €152,680 | €270,922 | +€118,242 | +77.4% |
| Land and buildings | 22 | €112,837 | €98,117 | -€14,720 | -13.0% |
| Plant, machinery and equipment | 23 | €37,588 | €26,287 | -€11,301 | -30.1% |
| Furniture and vehicles | 24 | €2,255 | €17,686 | +€15,432 | +684.4% |
| Leasing and similar rights | 25 | - | €128,832 | +€128,832 | |
| Financial fixed assets | 28 | €543 | €543 | = | 0.0% |
| Current assets | 29/58 | €87,938 | €78,554 | -€9,383 | -10.7% |
| Amounts receivable within one year | 40/41 | €84,941 | €75,485 | -€9,456 | -11.1% |
| Trade receivables | 40 | €58,235 | €41,425 | -€16,810 | -28.9% |
| Other amounts receivable | 41 | €26,706 | €34,059 | +€7,353 | +27.5% |
| Cash at bank and in hand | 54/58 | - | €753 | +€753 | |
| Deferred charges and accrued income | 490/1 | €2,997 | €2,317 | -€680 | -22.7% |
| Total equity and liabilities | 10/49 | €241,161 | €350,019 | +€108,859 | +45.1% |
| Equity | 10/15 | €48,976 | €99,251 | +€50,275 | +102.7% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €25,991 | €90,758 | +€64,767 | +249.2% |
| Investment grants | 15 | €14,919 | €427 | -€14,492 | -97.1% |
| Amounts payable | 17/49 | €192,185 | €250,768 | +€58,583 | +30.5% |
| Amounts payable after more than one year | 17 | €79,781 | €169,575 | +€89,794 | +112.6% |
| Financial debts | 170/4 | €79,781 | €169,575 | +€89,794 | +112.6% |
| Amounts payable within one year | 42/48 | €112,404 | €81,193 | -€31,211 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €36,081 | €43,119 | +€7,037 | +19.5% |
| Financial debts | 43 | €36,231 | - | -€36,231 | |
| Credit institutions | 430/8 | €36,231 | - | -€36,231 | |
| Trade debts | 44 | €25,112 | €17,865 | -€7,247 | -28.9% |
| Suppliers | 440/4 | €25,112 | €17,865 | -€7,247 | -28.9% |
| Taxes, remuneration and social security | 45 | €14,980 | €20,209 | +€5,229 | +34.9% |
| Taxes | 450/3 | - | €10,908 | +€10,908 | |
| Remuneration and social security | 454/9 | €14,980 | €9,301 | -€5,678 | -37.9% |
| Remuneration, social security and pensions | 62 | €80,860 | €62,242 | -€18,619 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,808 | €45,558 | +€9,750 | +27.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,500 | +€11,500 | |
| Other operating charges | 640/8 | €2,217 | €9,279 | +€7,062 | +318.6% |
| Non-recurring operating charges | 66A | €2,543 | - | -€2,543 | |
| Gross operating margin | 9900 | €100,389 | €205,587 | +€105,198 | +104.8% |
| Operating profit (loss) | 9901 | -€21,039 | €77,009 | +€98,048 | |
| Financial income | 75/76B | €7,247 | €14,814 | +€7,567 | +104.4% |
| Recurring financial income | 75 | €7,247 | €14,814 | +€7,567 | +104.4% |
| Financial charges | 65/66B | €5,976 | €16,799 | +€10,823 | +181.1% |
| Recurring financial charges | 65 | €5,976 | €16,599 | +€10,623 | +177.8% |
| Non-recurring financial charges | 66B | - | €200 | +€200 | |
| Profit (loss) for the period before taxes | 9903 | -€19,767 | €75,024 | +€94,791 | |
| Income taxes | 67/77 | €134 | €10,257 | +€10,122 | +7531.6% |
| Profit (loss) for the period | 9904 | -€19,902 | €64,767 | +€84,669 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,902 | €64,767 | +€84,669 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.