PSH: 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.
PSH
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m, from €0 to €2.0m
of which Land and buildings: +€2.0m
- Receivables within one year -€359,442
down €359,442 (-23.8%), from €1.5m to €1.2m
of which Trade receivables: -€367,098
- Cash -€72,072
down €72,072 (-28.8%), from €250,291 to €178,219
mainly Investment in fixed assets (net) (-€2.1m) and Net result for the year (-€71,138)
- Debts after one year +€1.6m
new in 2025: €1.6m
- Profit (loss) carried forward -€71,138
down €71,138 (-16.5%), from €432,032 to €360,894
- Current portion of long-term debt +€60,565
new in 2025: €60,565
- Financial charges -€438,592
down €438,592 (-97.0%), from €452,225 to €13,633
of which Non-recurring financial charges: -€452,000
- Gross operating margin -€384,812
no longer reported in 2025 (was €384,812)
- Depreciation +€76,213
up €76,213, from €0 to €76,213
- Financial income +€23,960
up €23,960, from €0 to €23,960
- Services and other goods +€21,587
new in 2025: €21,587
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 | €1,761,683 | €3,312,057 | +€1.6m | +88.0% |
| Fixed assets | 21/28 | €0 | €1,981,888 | +€2.0m | |
| Tangible fixed assets | 22/27 | €0 | €1,971,288 | +€2.0m | |
| Land and buildings | 22 | €0 | €1,971,288 | +€2.0m | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | €10,600 | +€10,600 | |
| Other financial fixed assets | 284/8 | - | €10,600 | +€10,600 | |
| Amounts receivable and cash guarantees | 285/8 | - | €10,600 | +€10,600 | |
| Current assets | 29/58 | €1,761,683 | €1,330,169 | -€431,514 | -24.5% |
| Amounts receivable within one year | 40/41 | €1,511,393 | €1,151,950 | -€359,442 | -23.8% |
| Trade receivables | 40 | €911,393 | €544,295 | -€367,098 | -40.3% |
| Other amounts receivable | 41 | €600,000 | €607,655 | +€7,655 | +1.3% |
| Cash at bank and in hand | 54/58 | €250,291 | €178,219 | -€72,072 | -28.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,761,683 | €3,312,057 | +€1.6m | +88.0% |
| Equity | 10/15 | €1,734,423 | €1,663,285 | -€71,138 | -4.1% |
| Contributions | 10/11 | €1,290,000 | €1,290,000 | = | 0.0% |
| Reserves | 13 | €12,391 | €12,391 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €12,391 | €12,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | €432,032 | €360,894 | -€71,138 | -16.5% |
| Amounts payable | 17/49 | €27,260 | €1,648,772 | +€1.6m | +5,948% |
| Amounts payable after more than one year | 17 | - | €1,563,070 | +€1.6m | |
| Financial debts | 170/4 | - | €1,563,070 | +€1.6m | |
| Credit institutions | 173 | - | €1,563,070 | +€1.6m | |
| Amounts payable within one year | 42/48 | €27,260 | €83,815 | +€56,555 | +207% |
| Current portion of amounts payable after more than one year | 42 | - | €60,565 | +€60,565 | |
| Trade debts | 44 | €30 | €8,087 | +€8,057 | +26,858% |
| Suppliers | 440/4 | €30 | €8,087 | +€8,057 | +26,858% |
| Taxes, remuneration and social security | 45 | €23,342 | €15,162 | -€8,180 | -35.0% |
| Taxes | 450/3 | €23,342 | €15,162 | -€8,180 | -35.0% |
| Other amounts payable | 47/48 | €3,888 | - | -€3,888 | |
| Accrued charges and deferred income | 492/3 | - | €1,887 | +€1,887 | |
| Operating income | 70/76A | - | €17,638 | +€17,638 | |
| Turnover | 70 | - | €13,750 | +€13,750 | |
| Other operating income | 74 | - | €3,888 | +€3,888 | |
| Non-recurring operating income | 76A | €232,239 | - | -€232,239 | |
| Operating charges | 60/66A | - | €99,103 | +€99,103 | |
| Services and other goods | 61 | - | €21,587 | +€21,587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €76,213 | +€76,213 | |
| Other operating charges | 640/8 | €0 | €1,304 | +€1,304 | |
| Non-recurring operating charges | 66A | €13,762 | - | -€13,762 | |
| Gross operating margin | 9900 | €384,812 | - | -€384,812 | |
| Operating profit (loss) | 9901 | €371,049 | -€81,465 | -€452,514 | |
| Financial income | 75/76B | €0 | €23,960 | +€23,960 | |
| Recurring financial income | 75 | €0 | €23,960 | +€23,960 | |
| Income from current assets | 751 | - | €23,960 | +€23,960 | |
| Financial charges | 65/66B | €452,225 | €13,633 | -€438,592 | -97.0% |
| Recurring financial charges | 65 | €225 | €13,633 | +€13,408 | +5,959% |
| Debt charges | 650 | - | €8,274 | +€8,274 | |
| Other financial charges | 652/9 | - | €5,360 | +€5,360 | |
| Non-recurring financial charges | 66B | €452,000 | - | -€452,000 | |
| Profit (loss) for the period before taxes | 9903 | -€81,176 | -€71,138 | +€10,037 | +12.4% |
| Income taxes | 67/77 | €15,162 | - | -€15,162 | |
| Profit (loss) for the period | 9904 | -€96,338 | -€71,138 | +€25,199 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,338 | -€71,138 | +€25,199 | +26.2% |
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 15 October 2026 via checked.be.