PUBLI SOR: 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.
PUBLI SOR
Largest movements
- Financial fixed assets -€195,774
down €195,774 (-100%), from €195,774 to €0
- Deferred charges and accrued income +€7,481
up €7,481, from €0 to €7,481
- Cash -€7,094
down €7,094 (-10.9%), from €65,266 to €58,172
mainly Other debts (-€200,131) and Deferred charges and accrued income (-€7,481)
- Receivables within one year +€6,640
up €6,640 (+6.8%), from €97,248 to €103,888
of which Trade receivables: +€4,668
- Stocks and contracts +€6,157
up €6,157 (+40.0%), from €15,379 to €21,536
- Other debts -€200,131
down €200,131 (-85.1%), from €235,131 to €35,000
- Debts after one year +€12,979
up €12,979 (+15.9%), from €81,396 to €94,374
- Current portion of long-term debt +€7,319
up €7,319 (+57.8%), from €12,663 to €19,981
- Gross operating margin -€18,294
down €18,294 (-10.4%), from €175,278 to €156,985
- Depreciation +€5,325
up €5,325 (+18.0%), from €29,518 to €34,843
- Staff costs +€5,063
up €5,063 (+4.0%), from €127,486 to €132,550
- Financial income -€4,435
down €4,435 (-18.4%), from €24,059 to €19,624
- Taxes -€3,505
down €3,505 (-100%), from €3,505 to €0
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.
Derived cash bridge
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 | €595,714 | €415,981 | -€179,733 | -30.2% |
| Fixed assets | 21/28 | €417,821 | €224,904 | -€192,917 | -46.2% |
| Tangible fixed assets | 22/27 | €222,047 | €224,904 | +€2,857 | +1.3% |
| Plant, machinery and equipment | 23 | €59,666 | €45,920 | -€13,746 | -23.0% |
| Furniture and vehicles | 24 | €2,121 | €34,440 | +€32,319 | +1,524% |
| Other tangible fixed assets | 26 | €160,260 | €144,544 | -€15,717 | -9.8% |
| Financial fixed assets | 28 | €195,774 | €0 | -€195,774 | -100% |
| Current assets | 29/58 | €177,893 | €191,077 | +€13,185 | +7.4% |
| Stocks and contracts in progress | 3 | €15,379 | €21,536 | +€6,157 | +40.0% |
| Stocks | 30/36 | €15,379 | €21,536 | +€6,157 | +40.0% |
| Amounts receivable within one year | 40/41 | €97,248 | €103,888 | +€6,640 | +6.8% |
| Trade receivables | 40 | €45,001 | €49,669 | +€4,668 | +10.4% |
| Other amounts receivable | 41 | €52,247 | €54,219 | +€1,972 | +3.8% |
| Cash at bank and in hand | 54/58 | €65,266 | €58,172 | -€7,094 | -10.9% |
| Deferred charges and accrued income | 490/1 | €0 | €7,481 | +€7,481 | |
| Total equity and liabilities | 10/49 | €595,714 | €415,981 | -€179,733 | -30.2% |
| Equity | 10/15 | €185,737 | €189,541 | +€3,804 | +2.0% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €179,237 | €183,041 | +€3,804 | +2.1% |
| Distributable reserves | 133 | €179,237 | €183,041 | +€3,804 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €409,977 | €226,440 | -€183,537 | -44.8% |
| Amounts payable after more than one year | 17 | €81,396 | €94,374 | +€12,979 | +15.9% |
| Financial debts | 170/4 | €81,396 | €94,374 | +€12,979 | +15.9% |
| Amounts payable within one year | 42/48 | €328,581 | €132,066 | -€196,516 | -59.8% |
| Current portion of amounts payable after more than one year | 42 | €12,663 | €19,981 | +€7,319 | +57.8% |
| Trade debts | 44 | €42,880 | €41,043 | -€1,837 | -4.3% |
| Suppliers | 440/4 | €42,880 | €41,043 | -€1,837 | -4.3% |
| Taxes, remuneration and social security | 45 | €37,908 | €36,041 | -€1,867 | -4.9% |
| Taxes | 450/3 | €25,593 | €21,200 | -€4,393 | -17.2% |
| Remuneration and social security | 454/9 | €12,315 | €14,841 | +€2,526 | +20.5% |
| Other amounts payable | 47/48 | €235,131 | €35,000 | -€200,131 | -85.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €914 | €0 | -€914 | -100% |
| Remuneration, social security and pensions | 62 | €127,486 | €132,550 | +€5,063 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,518 | €34,843 | +€5,325 | +18.0% |
| Other operating charges | 640/8 | €1,949 | €1,593 | -€355 | -18.2% |
| Gross operating margin | 9900 | €175,278 | €156,985 | -€18,294 | -10.4% |
| Operating profit (loss) | 9901 | €16,325 | -€12,002 | -€28,327 | |
| Financial income | 75/76B | €24,059 | €19,624 | -€4,435 | -18.4% |
| Recurring financial income | 75 | €24,059 | €19,624 | -€4,435 | -18.4% |
| Financial charges | 65/66B | €3,349 | €3,818 | +€469 | +14.0% |
| Recurring financial charges | 65 | €3,349 | €3,818 | +€469 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €37,035 | €3,804 | -€33,231 | -89.7% |
| Income taxes | 67/77 | €3,505 | €0 | -€3,505 | -100% |
| Profit (loss) for the period | 9904 | €33,530 | €3,804 | -€29,726 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,530 | €3,804 | -€29,726 | -88.7% |
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 15 October 2026 via checked.be.