PUBLI M: 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.
PUBLI M
Largest movements
- Receivables within one year -€14,911
down €14,911 (-14.6%), from €102,279 to €87,368
of which Trade receivables: -€14,613
- Tangible fixed assets -€12,809
down €12,809 (-25.1%), from €51,122 to €38,313
of which Leasing and similar rights: -€6,799
- Cash -€10,525
down €10,525 (-95.7%), from €10,998 to €473
mainly Debts after one year (-€19,670) and Trade debts (-€9,694)
- Stocks and contracts +€5,356
new in 2025: €5,356
- Debts after one year -€19,670
down €19,670 (-40.1%), from €49,023 to €29,353
- Trade debts -€9,694
down €9,694 (-53.9%), from €17,985 to €8,292
- Accrued charges and deferred income -€8,465
no longer reported in 2025 (was €8,465)
- Tax, wage and social debts +€6,576
up €6,576 (+116.5%), from €5,646 to €12,223
of which Taxes: +€7,535
- Current portion of long-term debt +€4,003
up €4,003 (+22.1%), from €18,117 to €22,121
- Gross operating margin -€12,643
down €12,643 (-22.8%), from €55,368 to €42,726
- Taxes -€3,111
down €3,111 (-74.9%), from €4,152 to €1,041
- Financial charges -€1,378
down €1,378 (-15.1%), from €9,115 to €7,737
- Depreciation +€1,234
up €1,234 (+9.7%), from €12,699 to €13,933
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 | €294,278 | €259,707 | -€34,572 | -11.7% |
| Fixed assets | 21/28 | €51,122 | €38,313 | -€12,809 | -25.1% |
| Tangible fixed assets | 22/27 | €51,122 | €38,313 | -€12,809 | -25.1% |
| Land and buildings | 22 | €3,893 | €1,947 | -€1,947 | -50.0% |
| Plant, machinery and equipment | 23 | €10,036 | €6,758 | -€3,278 | -32.7% |
| Furniture and vehicles | 24 | €10,644 | €9,859 | -€785 | -7.4% |
| Leasing and similar rights | 25 | €26,549 | €19,750 | -€6,799 | -25.6% |
| Current assets | 29/58 | €243,157 | €221,394 | -€21,762 | -8.9% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | - | €5,356 | +€5,356 | |
| Stocks | 30/36 | - | €5,356 | +€5,356 | |
| Amounts receivable within one year | 40/41 | €102,279 | €87,368 | -€14,911 | -14.6% |
| Trade receivables | 40 | €73,329 | €58,716 | -€14,613 | -19.9% |
| Other amounts receivable | 41 | €28,949 | €28,652 | -€298 | -1.0% |
| Cash at bank and in hand | 54/58 | €10,998 | €473 | -€10,525 | -95.7% |
| Deferred charges and accrued income | 490/1 | €4,880 | €3,198 | -€1,682 | -34.5% |
| Total equity and liabilities | 10/49 | €294,278 | €259,707 | -€34,572 | -11.7% |
| Equity | 10/15 | €169,946 | €168,820 | -€1,127 | -0.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,495 | €148,368 | -€1,127 | -0.8% |
| Amounts payable | 17/49 | €124,332 | €90,887 | -€33,445 | -26.9% |
| Amounts payable after more than one year | 17 | €49,023 | €29,353 | -€19,670 | -40.1% |
| Financial debts | 170/4 | €49,023 | €29,353 | -€19,670 | -40.1% |
| Amounts payable within one year | 42/48 | €66,844 | €61,534 | -€5,310 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €18,117 | €22,121 | +€4,003 | +22.1% |
| Financial debts | 43 | €7,595 | €4,399 | -€3,196 | -42.1% |
| Credit institutions | 430/8 | €7,595 | €4,399 | -€3,196 | -42.1% |
| Trade debts | 44 | €17,985 | €8,292 | -€9,694 | -53.9% |
| Suppliers | 440/4 | €17,985 | €8,292 | -€9,694 | -53.9% |
| Taxes, remuneration and social security | 45 | €5,646 | €12,223 | +€6,576 | +116.5% |
| Taxes | 450/3 | €3,007 | €10,542 | +€7,535 | +250.5% |
| Remuneration and social security | 454/9 | €2,639 | €1,680 | -€959 | -36.3% |
| Other amounts payable | 47/48 | €17,500 | €14,500 | -€3,000 | -17.1% |
| Accrued charges and deferred income | 492/3 | €8,465 | - | -€8,465 | |
| Remuneration, social security and pensions | 62 | €23,221 | €23,157 | -€65 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,699 | €13,933 | +€1,234 | +9.7% |
| Other operating charges | 640/8 | €1,498 | €1,885 | +€387 | +25.8% |
| Gross operating margin | 9900 | €55,368 | €42,726 | -€12,643 | -22.8% |
| Operating profit (loss) | 9901 | €17,950 | €3,751 | -€14,199 | -79.1% |
| Financial income | 75/76B | €3,587 | €3,901 | +€313 | +8.7% |
| Recurring financial income | 75 | €3,587 | €3,901 | +€313 | +8.7% |
| Financial charges | 65/66B | €9,115 | €7,737 | -€1,378 | -15.1% |
| Recurring financial charges | 65 | €9,115 | €7,737 | -€1,378 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €12,422 | -€86 | -€12,507 | |
| Income taxes | 67/77 | €4,152 | €1,041 | -€3,111 | -74.9% |
| Profit (loss) for the period | 9904 | €8,270 | -€1,127 | -€9,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,270 | -€1,127 | -€9,396 |
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 6 October 2026 via checked.be.