PSH 43: 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 43
Largest movements
- Tangible fixed assets -€51,666
down €51,666 (-3.0%), from €1.7m to €1.7m
of which Land and buildings: -€50,136
- Debts after one year -€71,371
down €71,371 (-11.7%), from €611,997 to €540,626
- Profit (loss) carried forward +€47,832
up €47,832 (+84.6%), from €56,546 to €104,378
- Reserves -€17,927
down €17,927 (-3.3%), from €538,583 to €520,656
- Financial income -€836,341
down €836,341 (-100.0%), from €836,341 to €0
of which Non-recurring financial income: -€834,623
- Depreciation -€42,936
down €42,936 (-45.4%), from €94,602 to €51,666
- Other operating charges -€6,122
down €6,122 (-33.7%), from €18,160 to €12,038
- Taxes +€5,150
new in 2026: €5,150
- Gross operating margin -€3,535
down €3,535 (-3.5%), from €100,356 to €96,821
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,742,694 | €1,689,572 | -€53,122 | -3.0% |
| Fixed assets | 21/28 | €1,708,795 | €1,657,129 | -€51,666 | -3.0% |
| Tangible fixed assets | 22/27 | €1,708,795 | €1,657,129 | -€51,666 | -3.0% |
| Land and buildings | 22 | €1,707,009 | €1,656,872 | -€50,136 | -2.9% |
| Plant, machinery and equipment | 23 | €1,412 | €202 | -€1,210 | -85.7% |
| Furniture and vehicles | 24 | €375 | €55 | -€320 | -85.3% |
| Current assets | 29/58 | €33,899 | €32,443 | -€1,455 | -4.3% |
| Amounts receivable within one year | 40/41 | €18,139 | €18,259 | +€120 | +0.7% |
| Trade receivables | 40 | - | €226 | +€226 | |
| Other amounts receivable | 41 | €18,139 | €18,033 | -€107 | -0.6% |
| Current investments | 50/53 | €13,970 | - | -€13,970 | |
| Cash at bank and in hand | 54/58 | - | €13,769 | +€13,769 | |
| Deferred charges and accrued income | 490/1 | €1,789 | €415 | -€1,374 | -76.8% |
| Total equity and liabilities | 10/49 | €1,742,694 | €1,689,572 | -€53,122 | -3.0% |
| Equity | 10/15 | €884,129 | €914,034 | +€29,905 | +3.4% |
| Contributions | 10/11 | €289,000 | €289,000 | = | 0.0% |
| Reserves | 13 | €538,583 | €520,656 | -€17,927 | -3.3% |
| Tax-exempt reserves | 132 | €538,583 | €520,656 | -€17,927 | -3.3% |
| Profit (loss) carried forward | 14 | €56,546 | €104,378 | +€47,832 | +84.6% |
| Provisions and deferred taxes | 16 | €179,528 | €173,552 | -€5,976 | -3.3% |
| Deferred taxes | 168 | €179,528 | €173,552 | -€5,976 | -3.3% |
| Amounts payable | 17/49 | €679,037 | €601,987 | -€77,050 | -11.3% |
| Amounts payable after more than one year | 17 | €611,997 | €540,626 | -€71,371 | -11.7% |
| Financial debts | 170/4 | €611,997 | €540,626 | -€71,371 | -11.7% |
| Amounts payable within one year | 42/48 | €63,619 | €57,536 | -€6,083 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €43,478 | €44,245 | +€767 | +1.8% |
| Trade debts | 44 | €14,195 | €994 | -€13,201 | -93.0% |
| Suppliers | 440/4 | €14,195 | €994 | -€13,201 | -93.0% |
| Taxes, remuneration and social security | 45 | - | €6,352 | +€6,352 | |
| Taxes | 450/3 | - | €6,352 | +€6,352 | |
| Other amounts payable | 47/48 | €5,947 | €5,947 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,422 | €3,825 | +€403 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,602 | €51,666 | -€42,936 | -45.4% |
| Other operating charges | 640/8 | €18,160 | €12,038 | -€6,122 | -33.7% |
| Gross operating margin | 9900 | €100,356 | €96,821 | -€3,535 | -3.5% |
| Operating profit (loss) | 9901 | -€12,405 | €33,117 | +€45,523 | |
| Financial income | 75/76B | €836,341 | €0 | -€836,341 | -100.0% |
| Recurring financial income | 75 | €1,718 | €0 | -€1,718 | -100.0% |
| Non-recurring financial income | 76B | €834,623 | - | -€834,623 | |
| Financial charges | 65/66B | €6,384 | €4,038 | -€2,345 | -36.7% |
| Recurring financial charges | 65 | €6,384 | €4,038 | -€2,345 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €817,552 | €29,079 | -€788,473 | -96.4% |
| Transfer from deferred taxes | 780 | €30,145 | €5,976 | -€24,169 | -80.2% |
| Transfer to deferred taxes | 680 | €209,672 | - | -€209,672 | |
| Income taxes | 67/77 | - | €5,150 | +€5,150 | |
| Profit (loss) for the period | 9904 | €638,024 | €29,905 | -€608,120 | -95.3% |
| Transfer from tax-exempt reserves | 789 | €90,434 | €17,927 | -€72,507 | -80.2% |
| Transfer to tax-exempt reserves | 689 | €629,017 | - | -€629,017 | |
| Profit (loss) for the period to be appropriated | 9905 | €99,442 | €47,832 | -€51,610 | -51.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.