PUBLI-T: 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.
What changed
PUBLI-T
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.16bn
2024 · €65.2m+€1.09bn
Equity
€2.15bn
2024 · €1.05bn+€1.10bn
Cash
€3.3m
2024 · €792,110+€2.5m
Balance sheet total
€2.74bn
2024 · €1.12bn+€1.62bn
Largest movements
Assets
- Financial fixed assets +€1.61bn
up €1.61bn (+156.1%), from €1.03bn to €2.65bn
Equity and liabilities
- Reserves +€1.19bn
up €1.19bn (+4756.1%), from €25.0m to €1.22bn
of which Non-distributable reserves: +€1.17bn
- Short-term financial debts +€533.9m
new in 2025: €533.9m
of which Credit institutions: +€346.4m
- Profit (loss) carried forward -€88.7m
no longer reported in 2025 (was €88.7m)
Income statement
- Financial income +€1.10bn
up €1.10bn (+1648.6%), from €66.7m to €1.17bn
of which Non-recurring financial income: +€1.17bn
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.
Result 2024
€65.2m
Depreciation
-€2,826
Other operating charges
-€67,357
Other operating items
-€1.9m
Financial income
+€1.10bn
Financial charges
-€7.0m
Result 2025
€1.16bn
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.
From operations
+€1.14bn
Investment
-€1.60bn
Financing
+€460.4m
Cash 2024
€792,110
From operations (derived)
+€1.14bn
Net result for the year
+€1.16bn
Depreciation
+€6,794
Receivables within one year
-€21.2m
Smaller working-capital items
+€1.4m
Accrued charges and deferred income
+€4.3m
Investment (derived)
-€1.60bn
Investment in fixed assets (net)
-€1.61bn
Current investments
+€13.8m
Financing
+€460.4m
Debts after one year
-€20.0m
Short-term financial debts
+€533.9m
Contributions, distributions and other
-€53.5m
Cash 2025
€3.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,120,518,648 | €2,742,888,649 | +€1.62bn | +144.8% |
| Fixed assets | 21/28 | €1,033,273,387 | €2,645,716,681 | +€1.61bn | +156.1% |
| Tangible fixed assets | 22/27 | €15,998 | €9,931 | -€6,067 | -37.9% |
| Furniture and vehicles | 24 | €15,998 | €9,931 | -€6,067 | -37.9% |
| Financial fixed assets | 28 | €1,033,257,389 | €2,645,706,750 | +€1.61bn | +156.1% |
| Affiliated companies | 280/1 | €1,033,257,389 | €2,645,706,750 | +€1.61bn | +156.1% |
| Participating interests | 280 | €1,033,257,389 | €2,645,706,750 | +€1.61bn | +156.1% |
| Current assets | 29/58 | €87,245,262 | €97,171,969 | +€9.9m | +11.4% |
| Amounts receivable within one year | 40/41 | €37,148,588 | €58,387,455 | +€21.2m | +57.2% |
| Trade receivables | 40 | €60,353 | €62,159 | +€1,806 | +3.0% |
| Other amounts receivable | 41 | €37,088,235 | €58,325,296 | +€21.2m | +57.3% |
| Current investments | 50/53 | €49,300,000 | €35,500,000 | -€13.8m | -28.0% |
| Other investments | 51/53 | €49,300,000 | €35,500,000 | -€13.8m | -28.0% |
| Cash at bank and in hand | 54/58 | €792,110 | €3,280,761 | +€2.5m | +314.2% |
| Deferred charges and accrued income | 490/1 | €4,564 | €3,753 | -€811 | -17.8% |
| Total equity and liabilities | 10/49 | €1,120,518,648 | €2,742,888,649 | +€1.62bn | +144.8% |
| Equity | 10/15 | €1,047,431,290 | €2,150,151,890 | +€1.10bn | +105.3% |
| Contributions | 10/11 | €933,715,234 | €933,715,234 | = | 0.0% |
| Reserves | 13 | €25,049,858 | €1,216,436,655 | +€1.19bn | +4756.1% |
| Non-distributable reserves | 130/1 | €25,049,858 | €1,190,491,664 | +€1.17bn | +4652.5% |
| Reserves not available under the articles | 1311 | €25,049,858 | €25,049,858 | = | 0.0% |
| Other | 1319 | - | €1,165,441,806 | +€1.17bn | |
| Distributable reserves | 133 | - | €25,944,991 | +€25.9m | |
| Profit (loss) carried forward | 14 | €88,666,198 | - | -€88.7m | |
| Amounts payable | 17/49 | €73,087,358 | €592,736,760 | +€519.6m | +711.0% |
| Amounts payable after more than one year | 17 | €20,000,000 | - | -€20.0m | |
| Financial debts | 170/4 | €20,000,000 | - | -€20.0m | |
| Credit institutions | 173 | €20,000,000 | - | -€20.0m | |
| Amounts payable within one year | 42/48 | €52,558,151 | €587,940,918 | +€535.4m | +1018.6% |
| Financial debts | 43 | - | €533,944,457 | +€533.9m | |
| Credit institutions | 430/8 | - | €346,404,328 | +€346.4m | |
| Other loans | 439 | - | €187,540,129 | +€187.5m | |
| Trade debts | 44 | €67,152 | €462,348 | +€395,196 | +588.5% |
| Suppliers | 440/4 | €67,152 | €462,348 | +€395,196 | +588.5% |
| Other amounts payable | 47/48 | €52,490,999 | €53,534,113 | +€1.0m | +2.0% |
| Accrued charges and deferred income | 492/3 | €529,207 | €4,795,842 | +€4.3m | +806.2% |
| Operating charges | 60/66A | €1,227,676 | €3,221,249 | +€2.0m | +162.4% |
| Services and other goods | 61 | €1,222,681 | €3,146,071 | +€1.9m | +157.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,968 | €6,794 | +€2,826 | +71.2% |
| Other operating charges | 640/8 | €1,027 | €68,384 | +€67,357 | +6561.2% |
| Operating profit (loss) | 9901 | -€1,227,676 | -€3,221,249 | -€2.0m | -162.4% |
| Financial income | 75/76B | €66,725,410 | €1,166,754,303 | +€1.10bn | +1648.6% |
| Recurring financial income | 75 | €66,725,410 | €1,312,485 | -€65.4m | -98.0% |
| Income from financial fixed assets | 750 | €65,532,741 | - | -€65.5m | |
| Income from current assets | 751 | €1,192,669 | €1,312,485 | +€119,816 | +10.0% |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | - | €1,165,441,818 | +€1.17bn | |
| Financial charges | 65/66B | €309,166 | €7,278,342 | +€7.0m | +2254.2% |
| Recurring financial charges | 65 | €309,166 | €7,278,342 | +€7.0m | +2254.2% |
| Debt charges | 650 | €300,600 | €7,239,472 | +€6.9m | +2308.3% |
| Other financial charges | 652/9 | €8,566 | €38,870 | +€30,304 | +353.8% |
| Profit (loss) for the period before taxes | 9903 | €65,188,568 | €1,156,254,713 | +€1.09bn | +1673.7% |
| Profit (loss) for the period | 9904 | €65,188,568 | €1,156,254,713 | +€1.09bn | +1673.7% |
| Profit (loss) for the period to be appropriated | 9905 | €65,188,568 | €1,156,254,713 | +€1.09bn | +1673.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.