PSG Group: 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.
PSG Group
Largest movements
- Tangible fixed assets -€123,687
down €123,687 (-11.4%), from €1.1m to €960,650
of which Land and buildings: -€94,188
- Receivables within one year -€59,920
down €59,920 (-30.1%), from €198,769 to €138,849
of which Trade receivables: -€60,526
- Intangible fixed assets -€51,609
down €51,609 (-25.0%), from €206,438 to €154,828
- Cash +€41,317
up €41,317 (+116%), from €35,610 to €76,927
mainly Depreciation (+€180,951) and Receivables within one year (+€59,920)
- Debts after one year -€158,811
down €158,811 (-16.0%), from €991,861 to €833,050
of which Financial debts: -€154,839
- Trade debts -€29,746
down €29,746 (-15.6%), from €190,178 to €160,432
- Financial charges +€13,611
up €13,611 (+41.3%), from €32,984 to €46,595
- Staff costs -€12,510
down €12,510 (-6.1%), from €205,711 to €193,202
- Depreciation +€7,277
up €7,277 (+4.2%), from €173,674 to €180,951
- Gross operating margin -€5,258
down €5,258 (-1.1%), from €465,016 to €459,758
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.
Derived cash bridge
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 | €1,534,951 | €1,339,703 | -€195,248 | -12.7% |
| Fixed assets | 21/28 | €1,290,775 | €1,115,478 | -€175,296 | -13.6% |
| Intangible fixed assets | 21 | €206,438 | €154,828 | -€51,609 | -25.0% |
| Tangible fixed assets | 22/27 | €1,084,337 | €960,650 | -€123,687 | -11.4% |
| Land and buildings | 22 | €936,835 | €842,647 | -€94,188 | -10.1% |
| Plant, machinery and equipment | 23 | €4,242 | €3,614 | -€629 | -14.8% |
| Furniture and vehicles | 24 | €143,260 | €114,390 | -€28,870 | -20.2% |
| Current assets | 29/58 | €244,176 | €224,224 | -€19,952 | -8.2% |
| Amounts receivable within one year | 40/41 | €198,769 | €138,849 | -€59,920 | -30.1% |
| Trade receivables | 40 | €198,769 | €138,243 | -€60,526 | -30.5% |
| Other amounts receivable | 41 | - | €605 | +€605 | |
| Cash at bank and in hand | 54/58 | €35,610 | €76,927 | +€41,317 | +116% |
| Deferred charges and accrued income | 490/1 | €9,797 | €8,449 | -€1,348 | -13.8% |
| Total equity and liabilities | 10/49 | €1,534,951 | €1,339,703 | -€195,248 | -12.7% |
| Equity | 10/15 | €118,215 | €136,915 | +€18,700 | +15.8% |
| Contributions | 10/11 | €66,138 | €66,138 | = | 0.0% |
| Capital | 10 | €66,138 | €66,138 | = | 0.0% |
| Issued capital | 100 | €66,138 | €66,138 | = | 0.0% |
| Reserves | 13 | €58,655 | €70,777 | +€12,122 | +20.7% |
| Non-distributable reserves | 130/1 | €6,614 | €6,614 | = | 0.0% |
| Legal reserve | 130 | €6,614 | €6,614 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,041 | €52,041 | = | 0.0% |
| Distributable reserves | 133 | - | €12,122 | +€12,122 | |
| Profit (loss) carried forward | 14 | -€6,578 | - | +€6,578 | |
| Amounts payable | 17/49 | €1,416,736 | €1,202,788 | -€213,948 | -15.1% |
| Amounts payable after more than one year | 17 | €991,861 | €833,050 | -€158,811 | -16.0% |
| Financial debts | 170/4 | €680,954 | €526,115 | -€154,839 | -22.7% |
| Other amounts payable | 178/9 | €310,907 | €306,935 | -€3,972 | -1.3% |
| Amounts payable within one year | 42/48 | €399,602 | €359,287 | -€40,315 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €151,817 | €154,839 | +€3,022 | +2.0% |
| Trade debts | 44 | €190,178 | €160,432 | -€29,746 | -15.6% |
| Suppliers | 440/4 | €190,178 | €160,432 | -€29,746 | -15.6% |
| Taxes, remuneration and social security | 45 | €57,607 | €44,016 | -€13,592 | -23.6% |
| Taxes | 450/3 | €21,536 | €8,081 | -€13,455 | -62.5% |
| Remuneration and social security | 454/9 | €36,072 | €35,935 | -€137 | -0.4% |
| Accrued charges and deferred income | 492/3 | €25,272 | €10,451 | -€14,822 | -58.6% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Remuneration, social security and pensions | 62 | €205,711 | €193,202 | -€12,510 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,674 | €180,951 | +€7,277 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,883 | +€2,883 | |
| Other operating charges | 640/8 | €16,420 | €14,699 | -€1,721 | -10.5% |
| Non-recurring operating charges | 66A | €29,687 | - | -€29,687 | |
| Gross operating margin | 9900 | €465,016 | €459,758 | -€5,258 | -1.1% |
| Operating profit (loss) | 9901 | €39,524 | €68,024 | +€28,500 | +72.1% |
| Financial income | 75/76B | €1,299 | €18 | -€1,281 | -98.6% |
| Recurring financial income | 75 | €1,299 | €18 | -€1,281 | -98.6% |
| Financial charges | 65/66B | €32,984 | €46,595 | +€13,611 | +41.3% |
| Recurring financial charges | 65 | €32,984 | €46,595 | +€13,611 | +41.3% |
| Profit (loss) for the period before taxes | 9903 | €7,839 | €21,447 | +€13,608 | +174% |
| Income taxes | 67/77 | €522 | €2,747 | +€2,225 | +426% |
| Profit (loss) for the period | 9904 | €7,316 | €18,700 | +€11,384 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €7,316 | €18,700 | +€11,384 | +156% |
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 23 October 2026 via checked.be.