PSR: 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.
What changed
PSR
NACE 38.330, Waste collection, recovery and disposal activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€932,532
2024 · -€627,487+€1.6m
Equity
€33.6m
2024 · €33.4m+€182,532
Cash
€3.6m
2024 · €109,695+€3.5m
Balance sheet total
€142.1m
2024 · €74.9m+€67.2m
Largest movements
Assets
- Receivables within one year +€72.9m
up €72.9m (+475.2%), from €15.3m to €88.2m
of which Other amounts receivable: +€73.8m
- Receivables after one year -€15.2m
no longer reported in 2025 (was €15.2m)
- Stocks and contracts +€7.1m
up €7.1m (+149.0%), from €4.8m to €11.9m
of which Contracts in progress: +€6.9m
- Cash +€3.5m
up €3.5m (+3169.2%), from €109,695 to €3.6m
mainly Other debts (+€60.9m) and Receivables after one year (+€15.2m)
Equity and liabilities
- Other debts +€60.9m
up €60.9m (+150.9%), from €40.4m to €101.3m
- Advances received +€5.7m
new in 2025: €5.7m
Income statement
- Goods and materials -€3.6m
down €3.6m (-55.4%), from €6.6m to €2.9m
of which Purchases: -€3.9m
- Turnover +€1.6m
up €1.6m (+272.1%), from €595,053 to €2.2m
- Financial income +€1.6m
up €1.6m (+162.5%), from €957,557 to €2.5m
- Services and other goods -€1.2m
down €1.2m (-54.9%), from €2.2m to €1.0m
- Provisions +€381,502
new in 2025: €381,502
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.
Result 2024
-€627,487
Turnover
+€1.6m
Other operating income
-€336,342
Goods and materials
+€3.6m
Services and other goods
+€1.2m
Staff costs
+€111,650
Depreciation
-€13,321
Write-downs
-€213,388
Provisions
-€381,502
Other operating charges
-€32,014
Other operating items
-€5.5m
Financial income
+€1.6m
Financial charges
-€108,172
Taxes
-€22,183
Result 2025
€932,532
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.
From operations
+€2.6m
Investment
+€1.1m
Financing
-€211,271
Cash 2024
€109,695
From operations (derived)
+€2.6m
Net result for the year
+€932,532
Depreciation
+€22,022
Receivables after one year
+€15.2m
Stocks and contracts
-€7.1m
Receivables within one year
-€72.9m
Smaller working-capital items
-€18,251
Provisions
+€360,242
Trade debts
-€509,113
Advances received
+€5.7m
Other debts
+€60.9m
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€1.1m
Financing
-€211,271
Debts after one year
+€538,729
Contributions, distributions and other
-€750,000
Cash 2025
€3.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,919,593 | €142,134,436 | +€67.2m | +89.7% |
| Fixed assets | 21/28 | €39,499,985 | €38,394,571 | -€1.1m | -2.8% |
| Tangible fixed assets | 22/27 | €57,806 | €102,389 | +€44,584 | +77.1% |
| Plant, machinery and equipment | 23 | €2,377 | €3,953 | +€1,576 | +66.3% |
| Furniture and vehicles | 24 | €55,428 | €98,437 | +€43,008 | +77.6% |
| Financial fixed assets | 28 | €39,442,179 | €38,292,181 | -€1.1m | -2.9% |
| Affiliated companies | 280/1 | €39,442,054 | €38,292,056 | -€1.1m | -2.9% |
| Participating interests | 280 | €39,442,054 | €38,292,056 | -€1.1m | -2.9% |
| Other financial fixed assets | 284/8 | €125 | €125 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €35,419,608 | €103,739,866 | +€68.3m | +192.9% |
| Amounts receivable after more than one year | 29 | €15,154,110 | - | -€15.2m | |
| Other amounts receivable | 291 | €15,154,110 | - | -€15.2m | |
| Stocks and contracts in progress | 3 | €4,792,140 | €11,931,169 | +€7.1m | +149.0% |
| Stocks | 30/36 | €2,454,977 | €2,700,926 | +€245,949 | +10.0% |
| Property held for sale | 35 | €2,454,977 | €2,700,926 | +€245,949 | +10.0% |
| Contracts in progress | 37 | €2,337,163 | €9,230,243 | +€6.9m | +294.9% |
| Amounts receivable within one year | 40/41 | €15,332,288 | €88,186,663 | +€72.9m | +475.2% |
| Trade receivables | 40 | €1,053,090 | €75,224 | -€977,865 | -92.9% |
| Other amounts receivable | 41 | €14,279,198 | €88,111,439 | +€73.8m | +517.1% |
| Cash at bank and in hand | 54/58 | €109,695 | €3,586,102 | +€3.5m | +3169.2% |
| Deferred charges and accrued income | 490/1 | €31,375 | €35,932 | +€4,556 | +14.5% |
| Total equity and liabilities | 10/49 | €74,919,593 | €142,134,436 | +€67.2m | +89.7% |
| Equity | 10/15 | €33,423,360 | €33,605,892 | +€182,532 | +0.5% |
| Contributions | 10/11 | €30,000,000 | €30,000,000 | = | 0.0% |
| Capital | 10 | €30,000,000 | €30,000,000 | = | 0.0% |
| Issued capital | 100 | €30,000,000 | €30,000,000 | = | 0.0% |
| Reserves | 13 | €594,130 | €640,756 | +€46,627 | +7.8% |
| Non-distributable reserves | 130/1 | €559,071 | €605,698 | +€46,627 | +8.3% |
| Legal reserve | 130 | €559,071 | €605,698 | +€46,627 | +8.3% |
| Distributable reserves | 133 | €35,058 | €35,058 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,829,230 | €2,965,135 | +€135,905 | +4.8% |
| Provisions and deferred taxes | 16 | €21,260 | €381,502 | +€360,242 | +1694.5% |
| Provisions for liabilities and charges | 160/5 | €21,260 | €381,502 | +€360,242 | +1694.5% |
| Major repairs and maintenance | 162 | €21,260 | - | -€21,260 | |
| Environmental obligations | 163 | - | €381,502 | +€381,502 | |
| Amounts payable | 17/49 | €41,474,973 | €108,147,043 | +€66.7m | +160.8% |
| Amounts payable after more than one year | 17 | €26,316 | €565,046 | +€538,729 | +2047.1% |
| Financial debts | 170/4 | - | €538,729 | +€538,729 | |
| Other loans | 174 | - | €538,729 | +€538,729 | |
| Trade debts | 175 | €26,316 | €26,316 | = | 0.0% |
| Suppliers | 1750 | €26,316 | €26,316 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,448,657 | €107,581,997 | +€66.1m | +159.6% |
| Trade debts | 44 | €962,399 | €453,286 | -€509,113 | -52.9% |
| Suppliers | 440/4 | €962,399 | €453,286 | -€509,113 | -52.9% |
| Advances received on contracts in progress | 46 | - | €5,710,513 | +€5.7m | |
| Taxes, remuneration and social security | 45 | €97,522 | €83,827 | -€13,694 | -14.0% |
| Taxes | 450/3 | €17,484 | €28,968 | +€11,484 | +65.7% |
| Remuneration and social security | 454/9 | €80,038 | €54,860 | -€25,179 | -31.5% |
| Other amounts payable | 47/48 | €40,388,736 | €101,334,370 | +€60.9m | +150.9% |
| Operating income | 70/76A | €8,399,766 | €4,200,529 | -€4.2m | -50.0% |
| Turnover | 70 | €595,053 | €2,213,899 | +€1.6m | +272.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €7,106,705 | €1,461,465 | -€5.6m | -79.4% |
| Other operating income | 74 | €698,008 | €361,665 | -€336,342 | -48.2% |
| Non-recurring operating income | 76A | - | €163,500 | +€163,500 | |
| Operating charges | 60/66A | €9,496,150 | €5,162,834 | -€4.3m | -45.6% |
| Goods for resale, raw materials and consumables | 60 | €6,574,016 | €2,932,850 | -€3.6m | -55.4% |
| Purchases | 600/8 | €9,026,287 | €5,079,993 | -€3.9m | -43.7% |
| Change in stocks: decrease (increase) | 609 | -€2,452,271 | -€2,147,143 | +€305,128 | +12.4% |
| Services and other goods | 61 | €2,223,967 | €1,003,242 | -€1.2m | -54.9% |
| Remuneration, social security and pensions | 62 | €587,553 | €475,903 | -€111,650 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,701 | €22,022 | +€13,321 | +153.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,418 | €255,806 | +€213,388 | +503.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €381,502 | +€381,502 | |
| Other operating charges | 640/8 | €59,495 | €91,508 | +€32,014 | +53.8% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Operating profit (loss) | 9901 | -€1,096,384 | -€962,305 | +€134,079 | +12.2% |
| Financial income | 75/76B | €957,557 | €2,513,851 | +€1.6m | +162.5% |
| Recurring financial income | 75 | €957,557 | €2,513,851 | +€1.6m | +162.5% |
| Income from current assets | 751 | €957,555 | €1,681,374 | +€723,819 | +75.6% |
| Other financial income | 752/9 | €2 | €832,477 | +€832,475 | +36037871.0% |
| Financial charges | 65/66B | €500,232 | €608,403 | +€108,172 | +21.6% |
| Recurring financial charges | 65 | €500,232 | €608,403 | +€108,172 | +21.6% |
| Debt charges | 650 | €419,286 | €562,483 | +€143,196 | +34.2% |
| Other financial charges | 652/9 | €80,945 | €45,921 | -€35,025 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€639,059 | €943,142 | +€1.6m | |
| Income taxes | 67/77 | -€11,572 | €10,611 | +€22,183 | |
| Taxes | 670/3 | €8,428 | €10,611 | +€2,183 | +25.9% |
| Tax adjustments and reversals of tax provisions | 77 | €20,000 | - | -€20,000 | |
| Profit (loss) for the period | 9904 | -€627,487 | €932,532 | +€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€627,487 | €932,532 | +€1.6m |
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.