PUBLIRAMA: 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.
PUBLIRAMA
Largest movements
- Cash +€83,507
up €83,507 (+44.2%), from €188,924 to €272,430
mainly Depreciation (+€51,692) and Net result for the year (+€44,389)
- Tangible fixed assets -€38,522
down €38,522 (-20.1%), from €191,904 to €153,382
of which Furniture and vehicles: -€28,372
- Receivables within one year -€28,517
down €28,517 (-19.0%), from €149,733 to €121,216
of which Trade receivables: -€24,239
- Deferred charges and accrued income +€6,180
up €6,180 (+346%), from €1,787 to €7,967
- Reserves +€44,389
up €44,389 (+10.6%), from €419,214 to €463,603
of which Distributable reserves: +€44,389
- Tax, wage and social debts -€20,533
down €20,533 (-35.5%), from €57,889 to €37,357
of which Remuneration and social security: -€10,600
- Trade debts +€11,887
up €11,887 (+72.7%), from €16,351 to €28,238
- Other debts -€6,901
no longer reported in 2025 (was €6,901)
- Staff costs -€68,682
down €68,682 (-35.0%), from €196,248 to €127,567
- Gross operating margin -€46,275
down €46,275 (-16.6%), from €279,323 to €233,048
- Other operating charges -€27,720
down €27,720 (-95.1%), from €29,142 to €1,422
- Depreciation +€8,936
up €8,936 (+20.9%), from €42,756 to €51,692
- Write-downs +€3,727
no longer reported in 2025 (was -€3,727)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €565,742 | €592,387 | +€26,645 | +4.7% |
| Fixed assets | 21/28 | €199,884 | €160,977 | -€38,907 | -19.5% |
| Intangible fixed assets | 21 | €543 | €158 | -€385 | -70.9% |
| Tangible fixed assets | 22/27 | €191,904 | €153,382 | -€38,522 | -20.1% |
| Plant, machinery and equipment | 23 | €66,661 | €58,603 | -€8,058 | -12.1% |
| Furniture and vehicles | 24 | €117,680 | €89,308 | -€28,372 | -24.1% |
| Other tangible fixed assets | 26 | €7,563 | €5,471 | -€2,092 | -27.7% |
| Financial fixed assets | 28 | €7,437 | €7,437 | = | 0.0% |
| Current assets | 29/58 | €365,858 | €431,410 | +€65,552 | +17.9% |
| Stocks and contracts in progress | 3 | €25,415 | €29,797 | +€4,382 | +17.2% |
| Stocks | 30/36 | €25,415 | €29,797 | +€4,382 | +17.2% |
| Amounts receivable within one year | 40/41 | €149,733 | €121,216 | -€28,517 | -19.0% |
| Trade receivables | 40 | €130,164 | €105,925 | -€24,239 | -18.6% |
| Other amounts receivable | 41 | €19,568 | €15,290 | -€4,278 | -21.9% |
| Cash at bank and in hand | 54/58 | €188,924 | €272,430 | +€83,507 | +44.2% |
| Deferred charges and accrued income | 490/1 | €1,787 | €7,967 | +€6,180 | +346% |
| Total equity and liabilities | 10/49 | €565,742 | €592,387 | +€26,645 | +4.7% |
| Equity | 10/15 | €481,214 | €525,603 | +€44,389 | +9.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €419,214 | €463,603 | +€44,389 | +10.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €268 | €268 | = | 0.0% |
| Distributable reserves | 133 | €412,746 | €457,135 | +€44,389 | +10.8% |
| Amounts payable | 17/49 | €84,528 | €66,784 | -€17,744 | -21.0% |
| Amounts payable after more than one year | 17 | €1,945 | - | -€1,945 | |
| Financial debts | 170/4 | €1,945 | - | -€1,945 | |
| Amounts payable within one year | 42/48 | €81,141 | €65,594 | -€15,547 | -19.2% |
| Trade debts | 44 | €16,351 | €28,238 | +€11,887 | +72.7% |
| Suppliers | 440/4 | €16,351 | €28,238 | +€11,887 | +72.7% |
| Taxes, remuneration and social security | 45 | €57,889 | €37,357 | -€20,533 | -35.5% |
| Taxes | 450/3 | €35,565 | €25,632 | -€9,933 | -27.9% |
| Remuneration and social security | 454/9 | €22,324 | €11,724 | -€10,600 | -47.5% |
| Other amounts payable | 47/48 | €6,901 | - | -€6,901 | |
| Accrued charges and deferred income | 492/3 | €1,442 | €1,190 | -€253 | -17.5% |
| Non-recurring operating income | 76A | €43,600 | €6,988 | -€36,612 | -84.0% |
| Remuneration, social security and pensions | 62 | €196,248 | €127,567 | -€68,682 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,756 | €51,692 | +€8,936 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,727 | - | +€3,727 | |
| Other operating charges | 640/8 | €29,142 | €1,422 | -€27,720 | -95.1% |
| Non-recurring operating charges | 66A | €310 | €3,729 | +€3,418 | +1,102% |
| Gross operating margin | 9900 | €279,323 | €233,048 | -€46,275 | -16.6% |
| Operating profit (loss) | 9901 | €14,594 | €48,638 | +€34,044 | +233% |
| Financial income | 75/76B | €2,569 | €1,620 | -€948 | -36.9% |
| Recurring financial income | 75 | €2,569 | €1,620 | -€948 | -36.9% |
| Financial charges | 65/66B | €3,815 | €899 | -€2,916 | -76.4% |
| Recurring financial charges | 65 | €3,815 | €899 | -€2,916 | -76.4% |
| Profit (loss) for the period before taxes | 9903 | €13,348 | €49,360 | +€36,012 | +270% |
| Income taxes | 67/77 | €2,313 | €4,970 | +€2,657 | +115% |
| Profit (loss) for the period | 9904 | €11,035 | €44,389 | +€33,354 | +302% |
| Profit (loss) for the period to be appropriated | 9905 | €11,035 | €44,389 | +€33,354 | +302% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.