PUB UP: 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.
PUB UP
Largest movements
- Receivables within one year +€28,038
up €28,038 (+53.0%), from €52,924 to €80,963
of which Trade receivables: +€32,867
- Tangible fixed assets +€16,965
up €16,965 (+21.6%), from €78,569 to €95,534
of which Plant, machinery and equipment: +€18,933
- Cash +€6,860
up €6,860 (+274.7%), from €2,497 to €9,357
mainly Net result for the year (+€28,285) and Depreciation (+€18,750)
- Intangible fixed assets -€6,574
down €6,574 (-51.2%), from €12,847 to €6,273
- Profit (loss) carried forward +€28,285
up €28,285 (+121.5%), from €23,272 to €51,557
- Trade debts +€9,561
up €9,561 (+119.1%), from €8,028 to €17,589
- Tax, wage and social debts +€4,284
up €4,284 (+37.9%), from €11,290 to €15,574
of which Taxes: +€6,778
- Current portion of long-term debt +€3,848
up €3,848 (+15.1%), from €25,461 to €29,308
- Debts after one year -€2,308
down €2,308 (-3.4%), from €68,408 to €66,099
- Gross operating margin +€41,489
up €41,489 (+105.8%), from €39,217 to €80,705
- Taxes +€15,574
new in 2025: €15,574
- Depreciation +€5,110
up €5,110 (+37.5%), from €13,640 to €18,750
- Financial charges -€2,875
down €2,875 (-30.8%), from €9,332 to €6,457
- Write-downs -€2,186
no longer reported in 2025 (was €2,186)
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 | €148,458 | €192,127 | +€43,669 | +29.4% |
| Fixed assets | 21/28 | €91,416 | €101,807 | +€10,391 | +11.4% |
| Intangible fixed assets | 21 | €12,847 | €6,273 | -€6,574 | -51.2% |
| Tangible fixed assets | 22/27 | €78,569 | €95,534 | +€16,965 | +21.6% |
| Plant, machinery and equipment | 23 | €50,859 | €69,792 | +€18,933 | +37.2% |
| Furniture and vehicles | 24 | €5,010 | €5,312 | +€302 | +6.0% |
| Other tangible fixed assets | 26 | €22,700 | €20,430 | -€2,270 | -10.0% |
| Current assets | 29/58 | €57,042 | €90,320 | +€33,279 | +58.3% |
| Amounts receivable within one year | 40/41 | €52,924 | €80,963 | +€28,038 | +53.0% |
| Trade receivables | 40 | €46,587 | €79,454 | +€32,867 | +70.6% |
| Other amounts receivable | 41 | €6,338 | €1,509 | -€4,829 | -76.2% |
| Cash at bank and in hand | 54/58 | €2,497 | €9,357 | +€6,860 | +274.7% |
| Deferred charges and accrued income | 490/1 | €1,620 | - | -€1,620 | |
| Total equity and liabilities | 10/49 | €148,458 | €192,127 | +€43,669 | +29.4% |
| Equity | 10/15 | €35,272 | €63,557 | +€28,285 | +80.2% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,272 | €51,557 | +€28,285 | +121.5% |
| Amounts payable | 17/49 | €113,186 | €128,570 | +€15,384 | +13.6% |
| Amounts payable after more than one year | 17 | €68,408 | €66,099 | -€2,308 | -3.4% |
| Financial debts | 170/4 | €68,408 | €66,099 | -€2,308 | -3.4% |
| Amounts payable within one year | 42/48 | €44,779 | €62,471 | +€17,692 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €25,461 | €29,308 | +€3,848 | +15.1% |
| Trade debts | 44 | €8,028 | €17,589 | +€9,561 | +119.1% |
| Suppliers | 440/4 | €8,028 | €17,589 | +€9,561 | +119.1% |
| Taxes, remuneration and social security | 45 | €11,290 | €15,574 | +€4,284 | +37.9% |
| Taxes | 450/3 | €8,796 | €15,574 | +€6,778 | +77.1% |
| Remuneration and social security | 454/9 | €2,494 | - | -€2,494 | |
| Remuneration, social security and pensions | 62 | €7,224 | €9,404 | +€2,180 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,640 | €18,750 | +€5,110 | +37.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,186 | - | -€2,186 | |
| Other operating charges | 640/8 | €3,143 | €2,236 | -€907 | -28.9% |
| Non-recurring operating charges | 66A | €16 | - | -€16 | |
| Gross operating margin | 9900 | €39,217 | €80,705 | +€41,489 | +105.8% |
| Operating profit (loss) | 9901 | €13,008 | €50,315 | +€37,308 | +286.8% |
| Financial income | 75/76B | €223 | €1 | -€222 | -99.6% |
| Recurring financial income | 75 | €223 | €1 | -€222 | -99.6% |
| Financial charges | 65/66B | €9,332 | €6,457 | -€2,875 | -30.8% |
| Recurring financial charges | 65 | €9,332 | €6,457 | -€2,875 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €3,899 | €43,859 | +€39,960 | +1025.0% |
| Income taxes | 67/77 | - | €15,574 | +€15,574 | |
| Profit (loss) for the period | 9904 | €3,899 | €28,285 | +€24,387 | +625.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,899 | €28,285 | +€24,387 | +625.5% |
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 9 October 2026 via checked.be.