Publi Belgium: what changed
Publi Belgium
Largest movements
- Stocks and contracts +€21,551
up €21,551 (+15.2%), from €141,908 to €163,459
of which Contracts in progress: +€15,000
- Tangible fixed assets -€16,840
down €16,840 (-79.0%), from €21,329 to €4,488
of which Plant, machinery and equipment: -€10,814
- Cash +€12,548
new in 2025: €12,548
mainly Tax, wage and social debts (+€26,513) and Short-term financial debts (+€12,915)
- Receivables within one year -€2,744
down €2,744 (-3.8%), from €72,429 to €69,685
of which Trade receivables: -€9,681
- Trade debts -€30,014
down €30,014 (-35.0%), from €85,653 to €55,639
- Tax, wage and social debts +€26,513
up €26,513 (+37.5%), from €70,618 to €97,131
of which Remuneration and social security: +€16,761
- Short-term financial debts +€12,915
up €12,915 (+30.1%), from €42,918 to €55,833
- Accrued charges and deferred income +€8,985
new in 2025: €8,985
- Other debts -€8,180
down €8,180 (-84.5%), from €9,683 to €1,504
- Staff costs -€60,521
down €60,521 (-34.2%), from €176,869 to €116,348
- Gross operating margin -€46,938
down €46,938 (-22.7%), from €206,469 to €159,532
- Financial income -€5,569
down €5,569 (-88.5%), from €6,295 to €726
of which Non-recurring financial income: -€5,646
- Depreciation -€4,697
down €4,697 (-46.1%), from €10,196 to €5,498
- Other operating charges -€2,932
down €2,932 (-29.5%), from €9,947 to €7,015
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €238,812 | €251,061 | +€12,249 | +5.1% |
| Fixed assets | 21/28 | €21,329 | €4,488 | -€16,840 | -79.0% |
| Tangible fixed assets | 22/27 | €21,329 | €4,488 | -€16,840 | -79.0% |
| Land and buildings | 22 | €1,096 | €649 | -€446 | -40.7% |
| Plant, machinery and equipment | 23 | €14,653 | €3,839 | -€10,814 | -73.8% |
| Furniture and vehicles | 24 | €5,580 | - | -€5,580 | |
| Current assets | 29/58 | €217,483 | €246,573 | +€29,090 | +13.4% |
| Stocks and contracts in progress | 3 | €141,908 | €163,459 | +€21,551 | +15.2% |
| Stocks | 30/36 | €141,908 | €148,459 | +€6,551 | +4.6% |
| Contracts in progress | 37 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €72,429 | €69,685 | -€2,744 | -3.8% |
| Trade receivables | 40 | €69,468 | €59,787 | -€9,681 | -13.9% |
| Other amounts receivable | 41 | €2,961 | €9,898 | +€6,938 | +234% |
| Cash at bank and in hand | 54/58 | - | €12,548 | +€12,548 | |
| Deferred charges and accrued income | 490/1 | €3,146 | €881 | -€2,265 | -72.0% |
| Total equity and liabilities | 10/49 | €238,812 | €251,061 | +€12,249 | +5.1% |
| Equity | 10/15 | €5,293 | €6,157 | +€863 | +16.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €22,000 | €22,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,707 | -€35,843 | +€863 | +2.4% |
| Amounts payable | 17/49 | €233,518 | €244,904 | +€11,386 | +4.9% |
| Amounts payable after more than one year | 17 | €20,659 | €20,000 | -€659 | -3.2% |
| Financial debts | 170/4 | €659 | - | -€659 | |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €212,860 | €215,919 | +€3,060 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €3,742 | €659 | -€3,083 | -82.4% |
| Financial debts | 43 | €42,918 | €55,833 | +€12,915 | +30.1% |
| Credit institutions | 430/8 | €42,918 | €55,833 | +€12,915 | +30.1% |
| Trade debts | 44 | €85,653 | €55,639 | -€30,014 | -35.0% |
| Suppliers | 440/4 | €85,653 | €55,639 | -€30,014 | -35.0% |
| Advances received on contracts in progress | 46 | €245 | €5,154 | +€4,909 | +2,004% |
| Taxes, remuneration and social security | 45 | €70,618 | €97,131 | +€26,513 | +37.5% |
| Taxes | 450/3 | €52,459 | €62,211 | +€9,752 | +18.6% |
| Remuneration and social security | 454/9 | €18,160 | €34,920 | +€16,761 | +92.3% |
| Other amounts payable | 47/48 | €9,683 | €1,504 | -€8,180 | -84.5% |
| Accrued charges and deferred income | 492/3 | - | €8,985 | +€8,985 | |
| Non-recurring operating income | 76A | - | €9,246 | +€9,246 | |
| Remuneration, social security and pensions | 62 | €176,869 | €116,348 | -€60,521 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,196 | €5,498 | -€4,697 | -46.1% |
| Other operating charges | 640/8 | €9,947 | €7,015 | -€2,932 | -29.5% |
| Non-recurring operating charges | 66A | €918 | €17,697 | +€16,780 | +1,829% |
| Gross operating margin | 9900 | €206,469 | €159,532 | -€46,938 | -22.7% |
| Operating profit (loss) | 9901 | €8,541 | €12,974 | +€4,433 | +51.9% |
| Financial income | 75/76B | €6,295 | €726 | -€5,569 | -88.5% |
| Recurring financial income | 75 | €137 | €214 | +€78 | +56.8% |
| Non-recurring financial income | 76B | €6,158 | €512 | -€5,646 | -91.7% |
| Financial charges | 65/66B | €11,639 | €10,912 | -€727 | -6.2% |
| Recurring financial charges | 65 | €11,639 | €10,543 | -€1,097 | -9.4% |
| Non-recurring financial charges | 66B | - | €369 | +€369 | |
| Profit (loss) for the period before taxes | 9903 | €3,196 | €2,787 | -€409 | -12.8% |
| Income taxes | 67/77 | €2,643 | €1,924 | -€719 | -27.2% |
| Profit (loss) for the period | 9904 | €553 | €863 | +€310 | +56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €553 | €863 | +€310 | +56.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.