PSX: 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.
PSX
Largest movements
- Cash +€785,454
up €785,454 (+798.8%), from €98,324 to €883,778
mainly Net result for the year (+€723,004) and Short-term financial debts (+€253,928)
- Tangible fixed assets +€482,220
up €482,220 (+236.2%), from €204,172 to €686,393
of which Land and buildings: +€485,863
- Receivables within one year -€31,078
down €31,078 (-46.7%), from €66,523 to €35,445
of which Other amounts receivable: -€39,197
- Reserves +€733,037
up €733,037 (+343.1%), from €213,647 to €946,684
of which Tax-exempt reserves: +€733,037
- Short-term financial debts +€253,928
up €253,928 (+173.8%), from €146,072 to €400,000
- Provisions +€244,346
new in 2026: €244,346
- Trade debts +€18,570
up €18,570 (+422.7%), from €4,393 to €22,963
- Gross operating margin +€996,123
up €996,123 (+12171.3%), from €8,184 to €1.0m
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.
Cash bridge derived
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 | €377,317 | €1,614,023 | +€1.2m | +327.8% |
| Fixed assets | 21/28 | €204,379 | €686,600 | +€482,220 | +235.9% |
| Tangible fixed assets | 22/27 | €204,172 | €686,393 | +€482,220 | +236.2% |
| Land and buildings | 22 | €190,601 | €676,464 | +€485,863 | +254.9% |
| Furniture and vehicles | 24 | €13,571 | €9,929 | -€3,642 | -26.8% |
| Financial fixed assets | 28 | €207 | €207 | = | 0.0% |
| Current assets | 29/58 | €172,938 | €927,423 | +€754,485 | +436.3% |
| Amounts receivable within one year | 40/41 | €66,523 | €35,445 | -€31,078 | -46.7% |
| Trade receivables | 40 | €27,326 | €35,445 | +€8,119 | +29.7% |
| Other amounts receivable | 41 | €39,197 | - | -€39,197 | |
| Cash at bank and in hand | 54/58 | €98,324 | €883,778 | +€785,454 | +798.8% |
| Deferred charges and accrued income | 490/1 | €8,091 | €8,200 | +€109 | +1.4% |
| Total equity and liabilities | 10/49 | €377,317 | €1,614,023 | +€1.2m | +327.8% |
| Equity | 10/15 | €219,846 | €942,849 | +€723,004 | +328.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €213,647 | €946,684 | +€733,037 | +343.1% |
| Tax-exempt reserves | 132 | - | €733,037 | +€733,037 | |
| Distributable reserves | 133 | €213,647 | €213,647 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,802 | -€28,835 | -€10,034 | -53.4% |
| Provisions and deferred taxes | 16 | - | €244,346 | +€244,346 | |
| Deferred taxes | 168 | - | €244,346 | +€244,346 | |
| Amounts payable | 17/49 | €157,472 | €426,828 | +€269,356 | +171.1% |
| Amounts payable within one year | 42/48 | €157,472 | €426,828 | +€269,356 | +171.1% |
| Financial debts | 43 | €146,072 | €400,000 | +€253,928 | +173.8% |
| Credit institutions | 430/8 | €146,072 | €400,000 | +€253,928 | +173.8% |
| Trade debts | 44 | €4,393 | €22,963 | +€18,570 | +422.7% |
| Suppliers | 440/4 | €4,393 | €22,963 | +€18,570 | +422.7% |
| Taxes, remuneration and social security | 45 | €7,007 | €3,101 | -€3,905 | -55.7% |
| Taxes | 450/3 | €7,007 | €3,101 | -€3,905 | -55.7% |
| Other amounts payable | 47/48 | - | €763 | +€763 | |
| Non-recurring operating income | 76A | - | €1,018,352 | +€1.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,825 | €17,837 | +€1,012 | +6.0% |
| Other operating charges | 640/8 | €4,905 | €1,321 | -€3,583 | -73.1% |
| Gross operating margin | 9900 | €8,184 | €1,004,307 | +€996,123 | +12171.3% |
| Operating profit (loss) | 9901 | -€13,545 | €985,149 | +€998,694 | |
| Financial income | 75/76B | €5,575 | €690 | -€4,885 | -87.6% |
| Recurring financial income | 75 | €5,575 | €690 | -€4,885 | -87.6% |
| Financial charges | 65/66B | €3,514 | €13,251 | +€9,736 | +277.0% |
| Recurring financial charges | 65 | €3,514 | €13,251 | +€9,736 | +277.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,485 | €972,588 | +€984,072 | |
| Transfer from deferred taxes | 780 | - | €4,192 | +€4,192 | |
| Transfer to deferred taxes | 680 | - | €248,538 | +€248,538 | |
| Income taxes | 67/77 | €289 | €5,239 | +€4,950 | +1712.5% |
| Profit (loss) for the period | 9904 | -€11,774 | €723,004 | +€734,777 | |
| Transfer from tax-exempt reserves | 789 | - | €12,576 | +€12,576 | |
| Transfer to tax-exempt reserves | 689 | - | €745,614 | +€745,614 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,774 | -€10,034 | +€1,740 | +14.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.