PUBLIA: 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.
PUBLIA
Largest movements
- Tangible fixed assets -€29,956
down €29,956 (-8.1%), from €369,055 to €339,099
of which Land and buildings: -€16,783
- Receivables within one year -€23,908
down €23,908 (-8.7%), from €273,613 to €249,705
of which Trade receivables: -€36,608
- Other debts +€100,186
up €100,186 (+250.7%), from €39,956 to €140,142
- Profit (loss) carried forward -€94,898
down €94,898 (-44.4%), from €213,805 to €118,907
- Tax, wage and social debts -€35,275
down €35,275 (-78.6%), from €44,859 to €9,585
- Current portion of long-term debt -€19,936
down €19,936 (-51.8%), from €38,453 to €18,517
- Short-term financial debts +€19,121
up €19,121 (+37.0%), from €51,622 to €70,742
- Gross operating margin -€107,483
down €107,483, from €55,670 to -€51,814
- Financial charges -€11,608
down €11,608 (-53.8%), from €21,557 to €9,949
- Other operating charges -€1,645
down €1,645 (-36.0%), from €4,566 to €2,921
- Depreciation -€1,132
down €1,132 (-3.6%), from €31,088 to €29,956
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 | €715,793 | €660,582 | -€55,211 | -7.7% |
| Fixed assets | 21/28 | €369,055 | €339,099 | -€29,956 | -8.1% |
| Tangible fixed assets | 22/27 | €369,055 | €339,099 | -€29,956 | -8.1% |
| Land and buildings | 22 | €334,812 | €318,028 | -€16,783 | -5.0% |
| Plant, machinery and equipment | 23 | €26,772 | €17,859 | -€8,913 | -33.3% |
| Furniture and vehicles | 24 | €7,471 | €3,212 | -€4,260 | -57.0% |
| Current assets | 29/58 | €346,738 | €321,483 | -€25,255 | -7.3% |
| Stocks and contracts in progress | 3 | €69,560 | €70,307 | +€747 | +1.1% |
| Stocks | 30/36 | €69,560 | €70,307 | +€747 | +1.1% |
| Amounts receivable within one year | 40/41 | €273,613 | €249,705 | -€23,908 | -8.7% |
| Trade receivables | 40 | €174,534 | €137,926 | -€36,608 | -21.0% |
| Other amounts receivable | 41 | €99,078 | €111,778 | +€12,700 | +12.8% |
| Cash at bank and in hand | 54/58 | €3,059 | €1,255 | -€1,804 | -59.0% |
| Deferred charges and accrued income | 490/1 | €506 | €216 | -€290 | -57.3% |
| Total equity and liabilities | 10/49 | €715,793 | €660,582 | -€55,211 | -7.7% |
| Equity | 10/15 | €234,265 | €139,367 | -€94,898 | -40.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,805 | €118,907 | -€94,898 | -44.4% |
| Amounts payable | 17/49 | €481,528 | €521,215 | +€39,687 | +8.2% |
| Amounts payable after more than one year | 17 | €277,346 | €258,828 | -€18,517 | -6.7% |
| Financial debts | 170/4 | €277,346 | €258,828 | -€18,517 | -6.7% |
| Amounts payable within one year | 42/48 | €202,981 | €262,387 | +€59,405 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €38,453 | €18,517 | -€19,936 | -51.8% |
| Financial debts | 43 | €51,622 | €70,742 | +€19,121 | +37.0% |
| Credit institutions | 430/8 | €51,622 | €70,742 | +€19,121 | +37.0% |
| Trade debts | 44 | €28,091 | €23,400 | -€4,691 | -16.7% |
| Suppliers | 440/4 | €28,091 | €23,400 | -€4,691 | -16.7% |
| Taxes, remuneration and social security | 45 | €44,859 | €9,585 | -€35,275 | -78.6% |
| Taxes | 450/3 | €44,859 | €9,585 | -€35,275 | -78.6% |
| Other amounts payable | 47/48 | €39,956 | €140,142 | +€100,186 | +250.7% |
| Accrued charges and deferred income | 492/3 | €1,201 | - | -€1,201 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,088 | €29,956 | -€1,132 | -3.6% |
| Other operating charges | 640/8 | €4,566 | €2,921 | -€1,645 | -36.0% |
| Gross operating margin | 9900 | €55,670 | -€51,814 | -€107,483 | |
| Operating profit (loss) | 9901 | €20,015 | -€84,691 | -€104,706 | |
| Financial charges | 65/66B | €21,557 | €9,949 | -€11,608 | -53.8% |
| Recurring financial charges | 65 | €21,557 | €9,949 | -€11,608 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,542 | -€94,641 | -€93,098 | -6036.3% |
| Income taxes | 67/77 | €258 | €257 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | -€1,800 | -€94,898 | -€93,098 | -5171.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,800 | -€94,898 | -€93,098 | -5171.0% |
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 4 October 2026 via checked.be.