PUBLI - MARKET: what changed
PUBLI - MARKET
Largest movements
- Cash +€166,845
up €166,845 (+73.0%), from €228,537 to €395,382
mainly Net result for the year (+€97,372) and Trade debts (+€88,099)
- Tangible fixed assets +€22,962
up €22,962 (+42.2%), from €54,398 to €77,359
of which Assets under construction and advance payments: +€39,446
- Deferred charges and accrued income -€10,861
down €10,861 (-65.2%), from €16,652 to €5,791
- Trade debts +€88,099
up €88,099 (+30.5%), from €289,226 to €377,325
- Reserves +€44,872
up €44,872 (+36.7%), from €122,314 to €167,186
- Other debts +€36,766
up €36,766 (+234%), from €15,734 to €52,500
- Tax, wage and social debts +€11,325
up €11,325 (+40.4%), from €28,060 to €39,385
of which Taxes: +€10,155
- Gross operating margin +€114,283
up €114,283 (+93.7%), from €121,947 to €236,230
- Taxes +€28,494
up €28,494 (+281%), from €10,125 to €38,619
- Staff costs +€18,944
up €18,944 (+32.4%), from €58,488 to €77,432
- Write-downs -€10,276
no longer reported in 2025 (was €10,276)
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 | €542,135 | €724,864 | +€182,729 | +33.7% |
| Fixed assets | 21/28 | €54,422 | €77,384 | +€22,962 | +42.2% |
| Tangible fixed assets | 22/27 | €54,398 | €77,359 | +€22,962 | +42.2% |
| Furniture and vehicles | 24 | €7,033 | €4,122 | -€2,911 | -41.4% |
| Other tangible fixed assets | 26 | €47,364 | €33,791 | -€13,573 | -28.7% |
| Assets under construction and advance payments | 27 | - | €39,446 | +€39,446 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €487,712 | €647,480 | +€159,767 | +32.8% |
| Amounts receivable within one year | 40/41 | €242,524 | €246,307 | +€3,783 | +1.6% |
| Trade receivables | 40 | €212,936 | €213,511 | +€575 | +0.3% |
| Other amounts receivable | 41 | €29,588 | €32,796 | +€3,208 | +10.8% |
| Cash at bank and in hand | 54/58 | €228,537 | €395,382 | +€166,845 | +73.0% |
| Deferred charges and accrued income | 490/1 | €16,652 | €5,791 | -€10,861 | -65.2% |
| Total equity and liabilities | 10/49 | €542,135 | €724,864 | +€182,729 | +33.7% |
| Equity | 10/15 | €209,114 | €253,986 | +€44,872 | +21.5% |
| Contributions | 10/11 | €86,800 | €86,800 | = | 0.0% |
| Reserves | 13 | €122,314 | €167,186 | +€44,872 | +36.7% |
| Distributable reserves | 133 | €122,314 | €167,186 | +€44,872 | +36.7% |
| Amounts payable | 17/49 | €333,020 | €470,877 | +€137,857 | +41.4% |
| Amounts payable within one year | 42/48 | €333,020 | €469,210 | +€136,190 | +40.9% |
| Trade debts | 44 | €289,226 | €377,325 | +€88,099 | +30.5% |
| Suppliers | 440/4 | €289,226 | €377,325 | +€88,099 | +30.5% |
| Taxes, remuneration and social security | 45 | €28,060 | €39,385 | +€11,325 | +40.4% |
| Taxes | 450/3 | €17,322 | €27,477 | +€10,155 | +58.6% |
| Remuneration and social security | 454/9 | €10,738 | €11,908 | +€1,170 | +10.9% |
| Other amounts payable | 47/48 | €15,734 | €52,500 | +€36,766 | +234% |
| Accrued charges and deferred income | 492/3 | - | €1,667 | +€1,667 | |
| Remuneration, social security and pensions | 62 | €58,488 | €77,432 | +€18,944 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,927 | €17,631 | -€2,296 | -11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,276 | - | -€10,276 | |
| Other operating charges | 640/8 | €1,508 | €1,316 | -€192 | -12.7% |
| Gross operating margin | 9900 | €121,947 | €236,230 | +€114,283 | +93.7% |
| Operating profit (loss) | 9901 | €31,749 | €139,851 | +€108,102 | +340% |
| Financial income | 75/76B | €147 | €244 | +€97 | +66.3% |
| Recurring financial income | 75 | €147 | €244 | +€97 | +66.3% |
| Financial charges | 65/66B | €4,360 | €4,104 | -€256 | -5.9% |
| Recurring financial charges | 65 | €4,360 | €4,104 | -€256 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €27,535 | €135,991 | +€108,455 | +394% |
| Income taxes | 67/77 | €10,125 | €38,619 | +€28,494 | +281% |
| Profit (loss) for the period | 9904 | €17,411 | €97,372 | +€79,961 | +459% |
| Profit (loss) for the period to be appropriated | 9905 | €17,411 | €97,372 | +€79,961 | +459% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.