PSF Group: 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.
PSF Group
Largest movements
- Cash -€6,356
down €6,356 (-44.4%), from €14,318 to €7,963
mainly Investment in fixed assets (net) (-€26,000) and Net result for the year (-€18,013)
- Profit (loss) carried forward -€18,013
new in 2025: -€18,013
- Tax, wage and social debts +€9,137
up €9,137 (+127.6%), from €7,159 to €16,296
of which Remuneration and social security: +€8,548
- Debts after one year -€7,106
down €7,106 (-23.3%), from €30,477 to €23,371
- Current portion of long-term debt +€4,511
up €4,511 (+25.5%), from €17,674 to €22,185
- Other debts +€4,262
up €4,262 (+2594.4%), from €164 to €4,426
- Staff costs +€51,241
up €51,241 (+178.8%), from €28,659 to €79,900
- Gross operating margin +€20,215
up €20,215 (+28.1%), from €72,006 to €92,221
- Depreciation +€10,581
up €10,581 (+69.9%), from €15,144 to €25,725
- Taxes -€4,540
down €4,540 (-92.3%), from €4,920 to €380
- Other operating charges -€1,122
down €1,122 (-67.9%), from €1,654 to €531
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 | €97,003 | €89,540 | -€7,463 | -7.7% |
| Fixed assets | 21/28 | €56,234 | €56,510 | +€275 | +0.5% |
| Tangible fixed assets | 22/27 | €54,134 | €54,410 | +€275 | +0.5% |
| Land and buildings | 22 | €4,292 | €3,769 | -€523 | -12.2% |
| Furniture and vehicles | 24 | €49,843 | €50,641 | +€798 | +1.6% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €40,769 | €33,031 | -€7,738 | -19.0% |
| Amounts receivable within one year | 40/41 | €22,530 | €21,897 | -€633 | -2.8% |
| Trade receivables | 40 | €22,530 | €21,897 | -€633 | -2.8% |
| Cash at bank and in hand | 54/58 | €14,318 | €7,963 | -€6,356 | -44.4% |
| Deferred charges and accrued income | 490/1 | €3,921 | €3,171 | -€750 | -19.1% |
| Total equity and liabilities | 10/49 | €97,003 | €89,540 | -€7,463 | -7.7% |
| Equity | 10/15 | €40,932 | €22,919 | -€18,013 | -44.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €40,931 | €40,931 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,766 | €1,766 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,766 | €1,766 | = | 0.0% |
| Distributable reserves | 133 | €39,165 | €39,165 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€18,013 | -€18,013 | |
| Amounts payable | 17/49 | €56,071 | €66,621 | +€10,550 | +18.8% |
| Amounts payable after more than one year | 17 | €30,477 | €23,371 | -€7,106 | -23.3% |
| Financial debts | 170/4 | €30,477 | €23,371 | -€7,106 | -23.3% |
| Amounts payable within one year | 42/48 | €25,594 | €43,251 | +€17,657 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €17,674 | €22,185 | +€4,511 | +25.5% |
| Trade debts | 44 | €597 | €343 | -€253 | -42.5% |
| Suppliers | 440/4 | €597 | €343 | -€253 | -42.5% |
| Taxes, remuneration and social security | 45 | €7,159 | €16,296 | +€9,137 | +127.6% |
| Taxes | 450/3 | €5,371 | €5,960 | +€589 | +11.0% |
| Remuneration and social security | 454/9 | €1,788 | €10,336 | +€8,548 | +478.0% |
| Other amounts payable | 47/48 | €164 | €4,426 | +€4,262 | +2594.4% |
| Non-recurring operating income | 76A | €416 | - | -€416 | |
| Remuneration, social security and pensions | 62 | €28,659 | €79,900 | +€51,241 | +178.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,144 | €25,725 | +€10,581 | +69.9% |
| Other operating charges | 640/8 | €1,654 | €531 | -€1,122 | -67.9% |
| Gross operating margin | 9900 | €72,006 | €92,221 | +€20,215 | +28.1% |
| Operating profit (loss) | 9901 | €26,549 | -€13,935 | -€40,484 | |
| Financial charges | 65/66B | €2,704 | €3,699 | +€995 | +36.8% |
| Recurring financial charges | 65 | €2,704 | €3,699 | +€995 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €23,845 | -€17,634 | -€41,479 | |
| Income taxes | 67/77 | €4,920 | €380 | -€4,540 | -92.3% |
| Profit (loss) for the period | 9904 | €18,926 | -€18,013 | -€36,939 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,926 | -€18,013 | -€36,939 |
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 8 October 2026 via checked.be.