PUBLIGANDA: 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.
PUBLIGANDA
Largest movements
- Stocks and contracts +€320,623
up €320,623 (+91.5%), from €350,487 to €671,110
of which Contracts in progress: +€349,215
- Cash +€192,123
up €192,123 (+113.6%), from €169,166 to €361,289
mainly Accrued charges and deferred income (+€833,850) and Advances received (+€379,824)
- Tangible fixed assets -€103,193
down €103,193 (-9.8%), from €1.1m to €951,804
of which Other tangible fixed assets: -€79,222
- Formation expenses -€48,694
down €48,694 (-35.5%), from €137,025 to €88,331
- Receivables within one year -€36,932
down €36,932 (-5.7%), from €644,144 to €607,213
of which Trade receivables: -€28,369
- Debts after one year -€1.4m
down €1.4m (-98.1%), from €1.4m to €26,277
of which Other amounts payable: -€1.3m
- Accrued charges and deferred income +€833,850
up €833,850 (+18048.7%), from €4,620 to €838,470
- Advances received +€379,824
up €379,824 (+65.8%), from €576,877 to €956,701
- Trade debts +€339,702
up €339,702 (+30.7%), from €1.1m to €1.4m
- Tax, wage and social debts +€278,520
up €278,520 (+126.7%), from €219,810 to €498,330
of which Taxes: +€257,722
- Financial income +€593,846
up €593,846 (+12661952.0%), from €5 to €593,850
of which Non-recurring financial income: +€592,975
- Gross operating margin -€114,772
down €114,772 (-9.6%), from €1.2m to €1.1m
- Staff costs +€95,649
up €95,649 (+6.6%), from €1.5m to €1.6m
- Depreciation +€74,798
up €74,798 (+52.8%), from €141,783 to €216,581
- Write-downs -€30,955
no longer reported in 2024 (was €30,955)
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,900,151 | €3,239,606 | +€339,455 | +11.7% |
| Formation expenses | 20 | €137,025 | €88,331 | -€48,694 | -35.5% |
| Fixed assets | 21/28 | €1,377,174 | €1,319,239 | -€57,935 | -4.2% |
| Intangible fixed assets | 21 | €76,839 | €87,097 | +€10,258 | +13.3% |
| Tangible fixed assets | 22/27 | €1,054,997 | €951,804 | -€103,193 | -9.8% |
| Plant, machinery and equipment | 23 | €92,298 | €108,944 | +€16,646 | +18.0% |
| Furniture and vehicles | 24 | €96,758 | €56,141 | -€40,617 | -42.0% |
| Other tangible fixed assets | 26 | €865,941 | €786,719 | -€79,222 | -9.1% |
| Financial fixed assets | 28 | €245,338 | €280,338 | +€35,000 | +14.3% |
| Current assets | 29/58 | €1,385,952 | €1,832,037 | +€446,084 | +32.2% |
| Stocks and contracts in progress | 3 | €350,487 | €671,110 | +€320,623 | +91.5% |
| Stocks | 30/36 | €90,624 | €62,032 | -€28,592 | -31.6% |
| Contracts in progress | 37 | €259,863 | €609,078 | +€349,215 | +134.4% |
| Amounts receivable within one year | 40/41 | €644,144 | €607,213 | -€36,932 | -5.7% |
| Trade receivables | 40 | €634,878 | €606,510 | -€28,369 | -4.5% |
| Other amounts receivable | 41 | €9,266 | €703 | -€8,563 | -92.4% |
| Cash at bank and in hand | 54/58 | €169,166 | €361,289 | +€192,123 | +113.6% |
| Deferred charges and accrued income | 490/1 | €222,155 | €192,425 | -€29,730 | -13.4% |
| Total equity and liabilities | 10/49 | €2,900,151 | €3,239,606 | +€339,455 | +11.7% |
| Equity | 10/15 | -€773,303 | -€918,558 | -€145,255 | -18.8% |
| Contributions | 10/11 | €975,000 | €975,000 | = | 0.0% |
| Capital | 10 | €975,000 | €975,000 | = | 0.0% |
| Issued capital | 100 | €975,000 | €975,000 | = | 0.0% |
| Reserves | 13 | €48,370 | €48,370 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,870 | €40,870 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,796,672 | -€1,941,927 | -€145,255 | -8.1% |
| Amounts payable | 17/49 | €3,673,454 | €4,158,164 | +€484,710 | +13.2% |
| Amounts payable after more than one year | 17 | €1,410,023 | €26,277 | -€1.4m | -98.1% |
| Financial debts | 170/4 | €82,525 | €26,277 | -€56,248 | -68.2% |
| Other amounts payable | 178/9 | €1,327,498 | - | -€1.3m | |
| Amounts payable within one year | 42/48 | €2,258,811 | €3,293,417 | +€1.0m | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €66,588 | €56,248 | -€10,340 | -15.5% |
| Trade debts | 44 | €1,105,436 | €1,445,137 | +€339,702 | +30.7% |
| Suppliers | 440/4 | €1,105,436 | €1,445,137 | +€339,702 | +30.7% |
| Advances received on contracts in progress | 46 | €576,877 | €956,701 | +€379,824 | +65.8% |
| Taxes, remuneration and social security | 45 | €219,810 | €498,330 | +€278,520 | +126.7% |
| Taxes | 450/3 | €39,566 | €297,288 | +€257,722 | +651.4% |
| Remuneration and social security | 454/9 | €180,244 | €201,042 | +€20,798 | +11.5% |
| Other amounts payable | 47/48 | €290,100 | €337,000 | +€46,900 | +16.2% |
| Accrued charges and deferred income | 492/3 | €4,620 | €838,470 | +€833,850 | +18048.7% |
| Non-recurring operating income | 76A | €12,373 | €17,500 | +€5,127 | +41.4% |
| Remuneration, social security and pensions | 62 | €1,456,586 | €1,552,235 | +€95,649 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,783 | €216,581 | +€74,798 | +52.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,955 | - | -€30,955 | |
| Other operating charges | 640/8 | €22,832 | €25,296 | +€2,464 | +10.8% |
| Gross operating margin | 9900 | €1,198,540 | €1,083,768 | -€114,772 | -9.6% |
| Operating profit (loss) | 9901 | -€453,616 | -€710,344 | -€256,728 | -56.6% |
| Financial income | 75/76B | €5 | €593,850 | +€593,846 | +12661952.0% |
| Recurring financial income | 75 | €5 | €875 | +€870 | +18558.8% |
| Non-recurring financial income | 76B | - | €592,975 | +€592,975 | |
| Financial charges | 65/66B | €25,500 | €27,876 | +€2,376 | +9.3% |
| Recurring financial charges | 65 | €25,500 | €27,742 | +€2,241 | +8.8% |
| Non-recurring financial charges | 66B | - | €135 | +€135 | |
| Profit (loss) for the period before taxes | 9903 | -€479,112 | -€144,371 | +€334,741 | +69.9% |
| Income taxes | 67/77 | €6,832 | €884 | -€5,947 | -87.1% |
| Profit (loss) for the period | 9904 | -€485,944 | -€145,255 | +€340,689 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€485,944 | -€145,255 | +€340,689 | +70.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.