PSR 8870: 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 8870
Largest movements
- Stocks and contracts -€316,414
down €316,414 (-15.2%), from €2.1m to €1.8m
of which Contracts in progress: -€316,414
- Receivables within one year -€88,847
down €88,847 (-99.5%), from €89,268 to €421
of which Other amounts receivable: -€85,648
- Cash -€50,142
no longer reported in 2025 (was €50,142)
mainly Other debts (-€461,135) and Contributions, distributions and other (-€150,000)
- Other debts -€461,135
down €461,135 (-29.8%), from €1.5m to €1.1m
- Gross operating margin -€286,331
down €286,331 (-57.2%), from €500,851 to €214,520
- Financial charges -€46,425
down €46,425 (-44.6%), from €104,103 to €57,678
- Taxes -€24,559
down €24,559 (-94.5%), from €25,991 to €1,432
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 | €2,245,577 | €1,788,751 | -€456,826 | -20.3% |
| Fixed assets | 21/28 | €20,125 | €20,125 | = | 0.0% |
| Financial fixed assets | 28 | €20,125 | €20,125 | = | 0.0% |
| Current assets | 29/58 | €2,225,452 | €1,768,626 | -€456,826 | -20.5% |
| Stocks and contracts in progress | 3 | €2,084,619 | €1,768,205 | -€316,414 | -15.2% |
| Stocks | 30/36 | €514,552 | €514,552 | = | 0.0% |
| Contracts in progress | 37 | €1,570,067 | €1,253,653 | -€316,414 | -20.2% |
| Amounts receivable within one year | 40/41 | €89,268 | €421 | -€88,847 | -99.5% |
| Trade receivables | 40 | €3,199 | - | -€3,199 | |
| Other amounts receivable | 41 | €86,069 | €421 | -€85,648 | -99.5% |
| Cash at bank and in hand | 54/58 | €50,142 | - | -€50,142 | |
| Deferred charges and accrued income | 490/1 | €1,423 | - | -€1,423 | |
| Total equity and liabilities | 10/49 | €2,245,577 | €1,788,751 | -€456,826 | -20.3% |
| Equity | 10/15 | €685,443 | €690,154 | +€4,711 | +0.7% |
| Contributions | 10/11 | €662,030 | €662,030 | = | 0.0% |
| Capital | 10 | €662,030 | €662,030 | = | 0.0% |
| Issued capital | 100 | €662,030 | €662,030 | = | 0.0% |
| Reserves | 13 | €18,671 | €26,406 | +€7,736 | +41.4% |
| Non-distributable reserves | 130/1 | €18,671 | €26,406 | +€7,736 | +41.4% |
| Legal reserve | 130 | €18,671 | €26,406 | +€7,736 | +41.4% |
| Profit (loss) carried forward | 14 | €4,742 | €1,717 | -€3,025 | -63.8% |
| Amounts payable | 17/49 | €1,560,134 | €1,098,597 | -€461,537 | -29.6% |
| Amounts payable within one year | 42/48 | €1,560,134 | €1,098,597 | -€461,537 | -29.6% |
| Trade debts | 44 | €1,955 | €121 | -€1,834 | -93.8% |
| Suppliers | 440/4 | €1,955 | €121 | -€1,834 | -93.8% |
| Taxes, remuneration and social security | 45 | €13,000 | €14,432 | +€1,432 | +11.0% |
| Taxes | 450/3 | €13,000 | €14,432 | +€1,432 | +11.0% |
| Other amounts payable | 47/48 | €1,545,180 | €1,084,045 | -€461,135 | -29.8% |
| Other operating charges | 640/8 | €1,133 | €1,168 | +€35 | +3.1% |
| Gross operating margin | 9900 | €500,851 | €214,520 | -€286,331 | -57.2% |
| Operating profit (loss) | 9901 | €499,719 | €213,352 | -€286,367 | -57.3% |
| Financial income | 75/76B | €7 | €469 | +€462 | +6,586% |
| Recurring financial income | 75 | €7 | €469 | +€462 | +6,586% |
| Financial charges | 65/66B | €104,103 | €57,678 | -€46,425 | -44.6% |
| Recurring financial charges | 65 | €104,103 | €57,678 | -€46,425 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €395,622 | €156,143 | -€239,480 | -60.5% |
| Income taxes | 67/77 | €25,991 | €1,432 | -€24,559 | -94.5% |
| Profit (loss) for the period | 9904 | €369,631 | €154,711 | -€214,921 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €369,631 | €154,711 | -€214,921 | -58.1% |
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 19 October 2026 via checked.be.