PUBLIGAS: 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.
What changed
PUBLIGAS
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€118.3m
2024 · €118.0m+€236,341
Equity
€1.35bn
2024 · €1.34bn+€14.2m
Cash
€848,245
2024 · €257,411+€590,833
Balance sheet total
€1.50bn
2024 · €1.48bn+€15.5m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
No income-statement line moved by more than 1% of the activity.
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
€118.0m
Depreciation
-€1,798
Other operating charges
-€69,515
Other operating items
-€22,269
Financial income
+€93,952
Financial charges
+€235,971
Result 2025
€118.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€119.7m
Investment
-€15.0m
Financing
-€104.1m
Cash 2024
€257,411
From operations (derived)
+€119.7m
Net result for the year
+€118.3m
Depreciation
+€8,149
Smaller working-capital items
+€283,664
Other debts
+€1.2m
Investment (derived)
-€15.0m
Investment in fixed assets (net)
-€2.1m
Current investments
-€12.9m
Financing
-€104.1m
Contributions, distributions and other
-€104.1m
Cash 2025
€848,245
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,479,960,383 | €1,495,446,660 | +€15.5m | +1.0% |
| Fixed assets | 21/28 | €1,378,850,018 | €1,380,931,793 | +€2.1m | +0.2% |
| Tangible fixed assets | 22/27 | €86,731 | €79,310 | -€7,422 | -8.6% |
| Land and buildings | 22 | €71,249 | €69,379 | -€1,870 | -2.6% |
| Furniture and vehicles | 24 | €15,483 | €9,931 | -€5,552 | -35.9% |
| Financial fixed assets | 28 | €1,378,763,287 | €1,380,852,484 | +€2.1m | +0.2% |
| Affiliated companies | 280/1 | €1,378,763,287 | €1,380,852,484 | +€2.1m | +0.2% |
| Participating interests | 280 | €1,378,763,287 | €1,380,852,484 | +€2.1m | +0.2% |
| Current assets | 29/58 | €101,110,365 | €114,514,866 | +€13.4m | +13.3% |
| Amounts receivable within one year | 40/41 | €73,084,227 | €72,955,944 | -€128,283 | -0.2% |
| Other amounts receivable | 41 | €73,084,227 | €72,955,944 | -€128,283 | -0.2% |
| Current investments | 50/53 | €27,761,000 | €40,700,000 | +€12.9m | +46.6% |
| Other investments | 51/53 | €27,761,000 | €40,700,000 | +€12.9m | +46.6% |
| Cash at bank and in hand | 54/58 | €257,411 | €848,245 | +€590,833 | +230% |
| Deferred charges and accrued income | 490/1 | €7,727 | €10,678 | +€2,951 | +38.2% |
| Total equity and liabilities | 10/49 | €1,479,960,383 | €1,495,446,660 | +€15.5m | +1.0% |
| Equity | 10/15 | €1,340,472,620 | €1,354,634,825 | +€14.2m | +1.1% |
| Contributions | 10/11 | €233,106,703 | €233,106,703 | = | 0.0% |
| Reserves | 13 | €1,107,365,917 | €1,121,528,123 | +€14.2m | +1.3% |
| Non-distributable reserves | 130/1 | €999,572,697 | €999,572,697 | = | 0.0% |
| Reserves not available under the articles | 1311 | €999,572,697 | €999,572,697 | = | 0.0% |
| Distributable reserves | 133 | €107,793,220 | €121,955,425 | +€14.2m | +13.1% |
| Amounts payable | 17/49 | €139,487,763 | €140,811,834 | +€1.3m | +0.9% |
| Amounts payable after more than one year | 17 | €35,000,000 | €35,000,000 | = | 0.0% |
| Financial debts | 170/4 | €35,000,000 | €35,000,000 | = | 0.0% |
| Credit institutions | 173 | €35,000,000 | €35,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €104,109,493 | €105,355,460 | +€1.2m | +1.2% |
| Trade debts | 44 | €10,813 | €91,041 | +€80,228 | +742% |
| Suppliers | 440/4 | €10,813 | €91,041 | +€80,228 | +742% |
| Other amounts payable | 47/48 | €104,098,680 | €105,264,419 | +€1.2m | +1.1% |
| Accrued charges and deferred income | 492/3 | €378,270 | €456,374 | +€78,103 | +20.6% |
| Operating charges | 60/66A | €411,248 | €504,830 | +€93,582 | +22.8% |
| Services and other goods | 61 | €403,932 | €426,201 | +€22,269 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,351 | €8,149 | +€1,798 | +28.3% |
| Other operating charges | 640/8 | €966 | €70,480 | +€69,515 | +7,198% |
| Operating profit (loss) | 9901 | -€411,248 | -€504,830 | -€93,582 | -22.8% |
| Financial income | 75/76B | €119,319,367 | €119,413,319 | +€93,952 | +0.1% |
| Recurring financial income | 75 | €119,319,367 | €119,413,319 | +€93,952 | +0.1% |
| Income from financial fixed assets | 750 | €118,602,198 | €118,699,194 | +€96,996 | +0.1% |
| Income from current assets | 751 | €717,170 | €714,125 | -€3,044 | -0.4% |
| Financial charges | 65/66B | €883,574 | €647,603 | -€235,971 | -26.7% |
| Recurring financial charges | 65 | €883,574 | €647,603 | -€235,971 | -26.7% |
| Debt charges | 650 | €877,225 | €634,537 | -€242,688 | -27.7% |
| Other financial charges | 652/9 | €6,349 | €13,066 | +€6,717 | +106% |
| Profit (loss) for the period before taxes | 9903 | €118,024,545 | €118,260,885 | +€236,341 | +0.2% |
| Profit (loss) for the period | 9904 | €118,024,545 | €118,260,885 | +€236,341 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,024,545 | €118,260,885 | +€236,341 | +0.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.