PUBLICAE: 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.
PUBLICAE
Largest movements
- Tangible fixed assets -€19,053
down €19,053 (-5.4%), from €353,879 to €334,826
of which Land and buildings: -€11,253
- Receivables within one year +€11,350
up €11,350 (+58.3%), from €19,465 to €30,815
of which Trade receivables: +€11,018
- Deferred charges and accrued income +€8,549
up €8,549 (+4379.4%), from €195 to €8,744
- Trade debts +€16,727
up €16,727 (+112.7%), from €14,842 to €31,569
- Debts after one year -€6,839
down €6,839 (-8.2%), from €83,638 to €76,799
- Profit (loss) carried forward -€6,090
down €6,090 (-644.4%), from -€945 to -€7,036
- Gross operating margin +€10,676
up €10,676 (+164.1%), from €6,504 to €17,180
- Other operating charges -€3,390
down €3,390 (-53.8%), from €6,307 to €2,916
- Financial charges +€777
up €777 (+13.0%), from €5,967 to €6,744
- Depreciation +€606
up €606 (+3.3%), from €18,447 to €19,053
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 | €383,690 | €382,757 | -€933 | -0.2% |
| Fixed assets | 21/28 | €354,129 | €335,076 | -€19,053 | -5.4% |
| Tangible fixed assets | 22/27 | €353,879 | €334,826 | -€19,053 | -5.4% |
| Land and buildings | 22 | €336,189 | €324,937 | -€11,253 | -3.3% |
| Plant, machinery and equipment | 23 | €9,017 | €6,943 | -€2,073 | -23.0% |
| Furniture and vehicles | 24 | €8,673 | €2,946 | -€5,727 | -66.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €29,561 | €47,681 | +€18,120 | +61.3% |
| Stocks and contracts in progress | 3 | €7,990 | €7,990 | = | 0.0% |
| Stocks | 30/36 | €7,990 | €7,990 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,465 | €30,815 | +€11,350 | +58.3% |
| Trade receivables | 40 | €19,465 | €30,483 | +€11,018 | +56.6% |
| Other amounts receivable | 41 | - | €332 | +€332 | |
| Current investments | 50/53 | €7 | €7 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,905 | €126 | -€1,779 | -93.4% |
| Deferred charges and accrued income | 490/1 | €195 | €8,744 | +€8,549 | +4379.4% |
| Total equity and liabilities | 10/49 | €383,690 | €382,757 | -€933 | -0.2% |
| Equity | 10/15 | €152,026 | €142,128 | -€9,897 | -6.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €90,971 | €87,164 | -€3,807 | -4.2% |
| Tax-exempt reserves | 132 | €67,853 | €64,046 | -€3,807 | -5.6% |
| Distributable reserves | 133 | €23,118 | €23,118 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€945 | -€7,036 | -€6,090 | -644.4% |
| Provisions and deferred taxes | 16 | €28,502 | €26,903 | -€1,599 | -5.6% |
| Deferred taxes | 168 | €28,502 | €26,903 | -€1,599 | -5.6% |
| Amounts payable | 17/49 | €203,163 | €213,726 | +€10,563 | +5.2% |
| Amounts payable after more than one year | 17 | €83,638 | €76,799 | -€6,839 | -8.2% |
| Financial debts | 170/4 | €83,638 | €76,799 | -€6,839 | -8.2% |
| Amounts payable within one year | 42/48 | €119,402 | €136,927 | +€17,525 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €6,362 | €6,839 | +€477 | +7.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €14,842 | €31,569 | +€16,727 | +112.7% |
| Suppliers | 440/4 | €14,842 | €31,569 | +€16,727 | +112.7% |
| Advances received on contracts in progress | 46 | €2,380 | €0 | -€2,380 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,040 | €7,758 | +€2,718 | +53.9% |
| Taxes | 450/3 | €5,040 | €7,758 | +€2,718 | +53.9% |
| Other amounts payable | 47/48 | €90,778 | €90,761 | -€17 | 0.0% |
| Accrued charges and deferred income | 492/3 | €123 | €0 | -€123 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,447 | €19,053 | +€606 | +3.3% |
| Other operating charges | 640/8 | €6,307 | €2,916 | -€3,390 | -53.8% |
| Gross operating margin | 9900 | €6,504 | €17,180 | +€10,676 | +164.1% |
| Operating profit (loss) | 9901 | -€18,250 | -€4,789 | +€13,461 | +73.8% |
| Financial income | 75/76B | €0 | €37 | +€37 | |
| Recurring financial income | 75 | €0 | €37 | +€37 | |
| Financial charges | 65/66B | €5,967 | €6,744 | +€777 | +13.0% |
| Recurring financial charges | 65 | €5,967 | €6,744 | +€777 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,217 | -€11,496 | +€12,721 | +52.5% |
| Transfer from deferred taxes | 780 | €1,599 | €1,599 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€22,618 | -€9,897 | +€12,721 | +56.2% |
| Transfer from tax-exempt reserves | 789 | €3,807 | €3,807 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,811 | -€6,090 | +€12,721 | +67.6% |
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 2 October 2026 via checked.be.