PUBLIRIK: 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.
PUBLIRIK
Largest movements
- Tangible fixed assets +€34,293
up €34,293 (+91.3%), from €37,554 to €71,847
of which Leasing and similar rights: +€42,319
- Receivables within one year +€18,933
up €18,933 (+121.1%), from €15,639 to €34,572
of which Trade receivables: +€22,584
- Cash +€12,888
up €12,888 (+57.1%), from €22,565 to €35,453
mainly Trade debts (+€80,492) and Depreciation (+€24,774)
- Stocks and contracts +€10,317
up €10,317 (+1.9%), from €547,595 to €557,912
- Deferred charges and accrued income +€7,421
up €7,421 (+34.0%), from €21,815 to €29,237
- Trade debts +€80,492
up €80,492 (+63.2%), from €127,260 to €207,752
- Reserves -€30,951
down €30,951 (-7.5%), from €414,090 to €383,139
- Debts after one year +€18,129
new in 2025: €18,129
- Current portion of long-term debt +€17,555
new in 2025: €17,555
- Gross operating margin +€94,884
up €94,884 (+43.1%), from €220,196 to €315,080
- Staff costs +€45,366
up €45,366 (+18.0%), from €252,258 to €297,624
- Depreciation +€8,817
up €8,817 (+55.3%), from €15,957 to €24,774
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 | €645,455 | €729,020 | +€83,565 | +12.9% |
| Fixed assets | 21/28 | €37,840 | €71,847 | +€34,007 | +89.9% |
| Intangible fixed assets | 21 | €287 | €0 | -€287 | -100.0% |
| Tangible fixed assets | 22/27 | €37,554 | €71,847 | +€34,293 | +91.3% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €37,554 | €27,877 | -€9,677 | -25.8% |
| Furniture and vehicles | 24 | €0 | €1,651 | +€1,651 | |
| Leasing and similar rights | 25 | - | €42,319 | +€42,319 | |
| Current assets | 29/58 | €607,615 | €657,174 | +€49,559 | +8.2% |
| Stocks and contracts in progress | 3 | €547,595 | €557,912 | +€10,317 | +1.9% |
| Stocks | 30/36 | €547,595 | €557,912 | +€10,317 | +1.9% |
| Amounts receivable within one year | 40/41 | €15,639 | €34,572 | +€18,933 | +121.1% |
| Trade receivables | 40 | - | €22,584 | +€22,584 | |
| Other amounts receivable | 41 | €15,639 | €11,987 | -€3,651 | -23.3% |
| Cash at bank and in hand | 54/58 | €22,565 | €35,453 | +€12,888 | +57.1% |
| Deferred charges and accrued income | 490/1 | €21,815 | €29,237 | +€7,421 | +34.0% |
| Total equity and liabilities | 10/49 | €645,455 | €729,020 | +€83,565 | +12.9% |
| Equity | 10/15 | €464,090 | €433,139 | -€30,951 | -6.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €414,090 | €383,139 | -€30,951 | -7.5% |
| Distributable reserves | 133 | €414,090 | €383,139 | -€30,951 | -7.5% |
| Amounts payable | 17/49 | €181,365 | €295,881 | +€114,517 | +63.1% |
| Amounts payable after more than one year | 17 | - | €18,129 | +€18,129 | |
| Financial debts | 170/4 | - | €18,129 | +€18,129 | |
| Amounts payable within one year | 42/48 | €181,365 | €277,753 | +€96,388 | +53.1% |
| Current portion of amounts payable after more than one year | 42 | - | €17,555 | +€17,555 | |
| Trade debts | 44 | €127,260 | €207,752 | +€80,492 | +63.2% |
| Suppliers | 440/4 | €127,260 | €207,752 | +€80,492 | +63.2% |
| Taxes, remuneration and social security | 45 | €49,522 | €48,031 | -€1,490 | -3.0% |
| Taxes | 450/3 | €11,843 | €13,746 | +€1,903 | +16.1% |
| Remuneration and social security | 454/9 | €37,679 | €34,285 | -€3,393 | -9.0% |
| Other amounts payable | 47/48 | €4,583 | €4,415 | -€169 | -3.7% |
| Non-recurring operating income | 76A | - | €4,399 | +€4,399 | |
| Remuneration, social security and pensions | 62 | €252,258 | €297,624 | +€45,366 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,957 | €24,774 | +€8,817 | +55.3% |
| Other operating charges | 640/8 | €15,951 | €16,422 | +€471 | +3.0% |
| Gross operating margin | 9900 | €220,196 | €315,080 | +€94,884 | +43.1% |
| Operating profit (loss) | 9901 | -€63,971 | -€23,741 | +€40,230 | +62.9% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €4,840 | €7,188 | +€2,348 | +48.5% |
| Recurring financial charges | 65 | €4,840 | €7,188 | +€2,348 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | -€68,810 | -€30,929 | +€37,882 | +55.1% |
| Income taxes | 67/77 | €0 | €23 | +€23 | |
| Profit (loss) for the period | 9904 | -€68,810 | -€30,951 | +€37,859 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,810 | -€30,951 | +€37,859 | +55.0% |
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 7 October 2026 via checked.be.