PSW CON: 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.
PSW CON
Largest movements
- Cash -€156,031
down €156,031 (-75.0%), from €208,099 to €52,068
mainly Contributions, distributions and other (-€655,167) and Receivables within one year (-€28,315)
- Receivables within one year +€28,315
up €28,315 (+8.1%), from €347,705 to €376,020
of which Trade receivables: +€62,315
- Reserves -€439,582
down €439,582 (-100.0%), from €439,582 to €0
- Other debts +€308,730
new in 2025: €308,730
- Debts after one year +€30,000
new in 2025: €30,000
- Tax, wage and social debts -€27,556
down €27,556 (-25.2%), from €109,559 to €82,003
- Gross operating margin +€63,167
up €63,167 (+28.7%), from €220,103 to €283,270
- Taxes +€15,603
up €15,603 (+30.3%), from €51,449 to €67,052
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €557,728 | €433,767 | -€123,961 | -22.2% |
| Fixed assets | 21/28 | - | €4,294 | +€4,294 | |
| Tangible fixed assets | 22/27 | - | €4,294 | +€4,294 | |
| Plant, machinery and equipment | 23 | - | €2,407 | +€2,407 | |
| Furniture and vehicles | 24 | - | €1,887 | +€1,887 | |
| Current assets | 29/58 | €557,728 | €429,473 | -€128,255 | -23.0% |
| Amounts receivable within one year | 40/41 | €347,705 | €376,020 | +€28,315 | +8.1% |
| Trade receivables | 40 | €254,705 | €317,020 | +€62,315 | +24.5% |
| Other amounts receivable | 41 | €93,000 | €59,000 | -€34,000 | -36.6% |
| Cash at bank and in hand | 54/58 | €208,099 | €52,068 | -€156,031 | -75.0% |
| Deferred charges and accrued income | 490/1 | €1,924 | €1,385 | -€539 | -28.0% |
| Total equity and liabilities | 10/49 | €557,728 | €433,767 | -€123,961 | -22.2% |
| Equity | 10/15 | €444,582 | €5,000 | -€439,582 | -98.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €439,582 | €0 | -€439,582 | -100.0% |
| Distributable reserves | 133 | €439,582 | €0 | -€439,582 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €113,147 | €428,767 | +€315,621 | +278.9% |
| Amounts payable after more than one year | 17 | - | €30,000 | +€30,000 | |
| Financial debts | 170/4 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €110,266 | €395,843 | +€285,578 | +259.0% |
| Trade debts | 44 | €706 | €5,110 | +€4,404 | +623.3% |
| Suppliers | 440/4 | €706 | €5,110 | +€4,404 | +623.3% |
| Taxes, remuneration and social security | 45 | €109,559 | €82,003 | -€27,556 | -25.2% |
| Taxes | 450/3 | €109,559 | €82,003 | -€27,556 | -25.2% |
| Other amounts payable | 47/48 | - | €308,730 | +€308,730 | |
| Accrued charges and deferred income | 492/3 | €2,881 | €2,924 | +€43 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €419 | +€419 | |
| Other operating charges | 640/8 | €1,089 | €845 | -€245 | -22.5% |
| Gross operating margin | 9900 | €220,103 | €283,270 | +€63,167 | +28.7% |
| Operating profit (loss) | 9901 | €219,013 | €282,007 | +€62,993 | +28.8% |
| Financial income | 75/76B | €1,858 | €1,770 | -€88 | -4.7% |
| Recurring financial income | 75 | €1,858 | €1,770 | -€88 | -4.7% |
| Financial charges | 65/66B | €45 | €1,140 | +€1,094 | +2431.7% |
| Recurring financial charges | 65 | €45 | €1,140 | +€1,094 | +2431.7% |
| Profit (loss) for the period before taxes | 9903 | €220,826 | €282,637 | +€61,811 | +28.0% |
| Income taxes | 67/77 | €51,449 | €67,052 | +€15,603 | +30.3% |
| Profit (loss) for the period | 9904 | €169,377 | €215,585 | +€46,209 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €169,377 | €215,585 | +€46,209 | +27.3% |
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 7 October 2026 via checked.be.