PSR: 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.
PSR
Largest movements
- Receivables within one year +€1,426
up €1,426 (+78.8%), from €1,808 to €3,234
of which Trade receivables: +€1,486
- Tangible fixed assets -€1,059
down €1,059 (-2.1%), from €51,246 to €50,187
of which Plant, machinery and equipment: -€3,226
- Short-term financial debts +€6,646
up €6,646 (+60.8%), from €10,936 to €17,581
- Profit (loss) carried forward -€1,930
down €1,930 (-4.7%), from -€41,114 to -€43,045
- Other debts -€1,593
down €1,593 (-2.4%), from €65,010 to €63,417
- Current portion of long-term debt -€1,398
down €1,398 (-100%), from €1,398 to €0
- Gross operating margin +€9,966
up €9,966 (+1,154%), from €863 to €10,829
- Depreciation -€4,643
down €4,643 (-31.9%), from €14,571 to €9,929
- Financial charges +€361
up €361 (+15.4%), from €2,345 to €2,705
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 | €84,503 | €84,439 | -€64 | -0.1% |
| Fixed assets | 21/28 | €51,746 | €50,687 | -€1,059 | -2.0% |
| Tangible fixed assets | 22/27 | €51,246 | €50,187 | -€1,059 | -2.1% |
| Land and buildings | 22 | €28,525 | €32,609 | +€4,084 | +14.3% |
| Plant, machinery and equipment | 23 | €17,263 | €14,037 | -€3,226 | -18.7% |
| Furniture and vehicles | 24 | €5,458 | €3,541 | -€1,917 | -35.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €32,758 | €33,752 | +€995 | +3.0% |
| Amounts receivable after more than one year | 29 | €27,550 | €27,550 | = | 0.0% |
| Other amounts receivable | 291 | €27,550 | €27,550 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,640 | €2,539 | -€102 | -3.8% |
| Stocks | 30/36 | €2,640 | €2,539 | -€102 | -3.8% |
| Amounts receivable within one year | 40/41 | €1,808 | €3,234 | +€1,426 | +78.8% |
| Trade receivables | 40 | €1,435 | €2,922 | +€1,486 | +104% |
| Other amounts receivable | 41 | €373 | €312 | -€61 | -16.3% |
| Cash at bank and in hand | 54/58 | €759 | €412 | -€347 | -45.7% |
| Deferred charges and accrued income | 490/1 | €0 | €17 | +€17 | |
| Total equity and liabilities | 10/49 | €84,503 | €84,439 | -€64 | -0.1% |
| Equity | 10/15 | -€7,769 | -€10,445 | -€2,676 | -34.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,745 | €14,000 | -€745 | -5.1% |
| Distributable reserves | 133 | €14,745 | €14,000 | -€745 | -5.1% |
| Profit (loss) carried forward | 14 | -€41,114 | -€43,045 | -€1,930 | -4.7% |
| Amounts payable | 17/49 | €92,273 | €94,884 | +€2,611 | +2.8% |
| Amounts payable after more than one year | 17 | €12,420 | €12,300 | -€120 | -1.0% |
| Financial debts | 170/4 | €12,420 | €12,300 | -€120 | -1.0% |
| Amounts payable within one year | 42/48 | €79,853 | €82,584 | +€2,731 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €1,398 | €0 | -€1,398 | -100% |
| Financial debts | 43 | €10,936 | €17,581 | +€6,646 | +60.8% |
| Credit institutions | 430/8 | €10,936 | €17,581 | +€6,646 | +60.8% |
| Trade debts | 44 | €2,104 | €1,444 | -€659 | -31.3% |
| Suppliers | 440/4 | €2,104 | €1,444 | -€659 | -31.3% |
| Taxes, remuneration and social security | 45 | €405 | €141 | -€264 | -65.2% |
| Taxes | 450/3 | €405 | €141 | -€264 | -65.2% |
| Other amounts payable | 47/48 | €65,010 | €63,417 | -€1,593 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,571 | €9,929 | -€4,643 | -31.9% |
| Other operating charges | 640/8 | €772 | €716 | -€56 | -7.3% |
| Gross operating margin | 9900 | €863 | €10,829 | +€9,966 | +1,154% |
| Operating profit (loss) | 9901 | -€14,480 | €184 | +€14,665 | |
| Financial income | 75/76B | €20 | €13 | -€8 | -37.7% |
| Recurring financial income | 75 | €20 | €13 | -€8 | -37.7% |
| Financial charges | 65/66B | €2,345 | €2,705 | +€361 | +15.4% |
| Recurring financial charges | 65 | €2,345 | €2,705 | +€361 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,805 | -€2,509 | +€14,296 | +85.1% |
| Income taxes | 67/77 | €148 | €167 | +€19 | +13.1% |
| Profit (loss) for the period | 9904 | -€16,953 | -€2,676 | +€14,277 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,953 | -€2,676 | +€14,277 | +84.2% |
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 16 October 2026 via checked.be.