PUBLISIGN VP: 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.
PUBLISIGN VP
Largest movements
- Receivables within one year +€901,002
up €901,002 (+39.5%), from €2.3m to €3.2m
of which Trade receivables: +€869,956
- Cash -€520,769
down €520,769 (-64.8%), from €803,107 to €282,339
mainly Receivables within one year (-€901,002) and Stocks and contracts (-€505,407)
- Stocks and contracts +€505,407
up €505,407 (+82.2%), from €614,758 to €1.1m
- Tangible fixed assets +€278,592
up €278,592 (+88.1%), from €316,249 to €594,841
of which Leasing and similar rights: +€160,085
- Advances received +€400,000
new in 2025: €400,000
- Reserves +€284,110
up €284,110 (+34.7%), from €819,653 to €1.1m
of which Distributable reserves: +€284,110
- Debts after one year +€206,816
up €206,816 (+14.6%), from €1.4m to €1.6m
- Trade debts +€194,216
up €194,216 (+18.1%), from €1.1m to €1.3m
- Current portion of long-term debt +€77,415
up €77,415 (+172.1%), from €44,982 to €122,397
- Other operating charges -€159,982
down €159,982 (-90.4%), from €176,979 to €16,997
- Gross operating margin -€93,963
down €93,963 (-5.2%), from €1.8m to €1.7m
- Depreciation +€73,953
up €73,953 (+90.4%), from €81,814 to €155,767
- Staff costs +€30,176
up €30,176 (+3.0%), from €1.0m to €1.0m
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 | €4,045,323 | €5,196,620 | +€1.2m | +28.5% |
| Fixed assets | 21/28 | €343,462 | €608,804 | +€265,342 | +77.3% |
| Intangible fixed assets | 21 | €26,963 | €13,463 | -€13,500 | -50.1% |
| Tangible fixed assets | 22/27 | €316,249 | €594,841 | +€278,592 | +88.1% |
| Plant, machinery and equipment | 23 | €3,203 | €2,089 | -€1,114 | -34.8% |
| Furniture and vehicles | 24 | €41,092 | €160,713 | +€119,621 | +291.1% |
| Leasing and similar rights | 25 | €271,954 | €432,038 | +€160,085 | +58.9% |
| Financial fixed assets | 28 | €250 | €500 | +€250 | +100.0% |
| Current assets | 29/58 | €3,701,861 | €4,587,816 | +€885,955 | +23.9% |
| Stocks and contracts in progress | 3 | €614,758 | €1,120,165 | +€505,407 | +82.2% |
| Stocks | 30/36 | €614,758 | €1,120,165 | +€505,407 | +82.2% |
| Amounts receivable within one year | 40/41 | €2,280,595 | €3,181,597 | +€901,002 | +39.5% |
| Trade receivables | 40 | €2,110,680 | €2,980,636 | +€869,956 | +41.2% |
| Other amounts receivable | 41 | €169,915 | €200,961 | +€31,046 | +18.3% |
| Cash at bank and in hand | 54/58 | €803,107 | €282,339 | -€520,769 | -64.8% |
| Deferred charges and accrued income | 490/1 | €3,401 | €3,715 | +€314 | +9.2% |
| Total equity and liabilities | 10/49 | €4,045,323 | €5,196,620 | +€1.2m | +28.5% |
| Equity | 10/15 | €838,245 | €1,122,355 | +€284,110 | +33.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €819,653 | €1,103,763 | +€284,110 | +34.7% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €782,153 | €1,066,263 | +€284,110 | +36.3% |
| Provisions and deferred taxes | 16 | €100,000 | €100,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable | 17/49 | €3,107,078 | €3,974,265 | +€867,186 | +27.9% |
| Amounts payable after more than one year | 17 | €1,418,896 | €1,625,711 | +€206,816 | +14.6% |
| Financial debts | 170/4 | €1,418,896 | €1,625,711 | +€206,816 | +14.6% |
| Amounts payable within one year | 42/48 | €1,668,054 | €2,326,777 | +€658,723 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €44,982 | €122,397 | +€77,415 | +172.1% |
| Financial debts | 43 | €296,531 | €283,614 | -€12,917 | -4.4% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Other loans | 439 | €46,531 | €33,614 | -€12,917 | -27.8% |
| Trade debts | 44 | €1,070,373 | €1,264,589 | +€194,216 | +18.1% |
| Suppliers | 440/4 | €1,070,373 | €1,264,589 | +€194,216 | +18.1% |
| Advances received on contracts in progress | 46 | - | €400,000 | +€400,000 | |
| Taxes, remuneration and social security | 45 | €202,252 | €158,593 | -€43,659 | -21.6% |
| Taxes | 450/3 | €130,298 | €45,225 | -€85,072 | -65.3% |
| Remuneration and social security | 454/9 | €71,955 | €113,368 | +€41,413 | +57.6% |
| Other amounts payable | 47/48 | €53,916 | €97,585 | +€43,669 | +81.0% |
| Accrued charges and deferred income | 492/3 | €20,128 | €21,776 | +€1,648 | +8.2% |
| Remuneration, social security and pensions | 62 | €1,009,350 | €1,039,526 | +€30,176 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,814 | €155,767 | +€73,953 | +90.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €60,610 | €50,000 | -€10,610 | -17.5% |
| Other operating charges | 640/8 | €176,979 | €16,997 | -€159,982 | -90.4% |
| Gross operating margin | 9900 | €1,797,876 | €1,703,913 | -€93,963 | -5.2% |
| Operating profit (loss) | 9901 | €469,122 | €441,622 | -€27,500 | -5.9% |
| Financial income | 75/76B | €5,400 | €5,067 | -€333 | -6.2% |
| Recurring financial income | 75 | €5,400 | €5,067 | -€333 | -6.2% |
| Financial charges | 65/66B | €50,460 | €57,091 | +€6,631 | +13.1% |
| Recurring financial charges | 65 | €50,460 | €57,091 | +€6,631 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €424,063 | €389,598 | -€34,464 | -8.1% |
| Income taxes | 67/77 | €119,077 | €105,488 | -€13,589 | -11.4% |
| Profit (loss) for the period | 9904 | €304,986 | €284,110 | -€20,876 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €304,986 | €284,110 | -€20,876 | -6.8% |
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 8 October 2026 via checked.be.