Publivenor: 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.
Publivenor
Largest movements
- Cash -€74,097
down €74,097 (-59.4%), from €124,800 to €50,703
mainly Net result for the year (-€187,709) and Trade debts (-€133,569)
- Tangible fixed assets -€60,044
down €60,044 (-10.0%), from €601,508 to €541,464
of which Plant, machinery and equipment: -€30,109
- Receivables within one year -€56,335
down €56,335 (-17.7%), from €319,027 to €262,691
of which Trade receivables: -€43,000
- Stocks and contracts +€28,281
up €28,281 (+9.3%), from €303,866 to €332,147
- Other debts +€200,000
up €200,000, from €0 to €200,000
- Profit (loss) carried forward -€187,709
down €187,709 (-56.0%), from €335,341 to €147,632
- Trade debts -€133,569
down €133,569 (-34.4%), from €388,325 to €254,755
- Debts after one year -€58,797
down €58,797 (-29.1%), from €202,046 to €143,249
- Tax, wage and social debts +€31,724
up €31,724 (+47.5%), from €66,745 to €98,469
of which Remuneration and social security: +€27,343
- Gross operating margin +€213,039
up €213,039 (+70.4%), from €302,448 to €515,488
- Staff costs +€58,323
up €58,323 (+11.2%), from €519,824 to €578,147
- Depreciation +€22,007
up €22,007 (+41.7%), from €52,713 to €74,720
- Write-downs +€11,851
up €11,851, from -€7,986 to €3,865
- Financial charges +€11,025
up €11,025 (+95.2%), from €11,584 to €22,609
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 | €1,360,683 | €1,207,820 | -€152,863 | -11.2% |
| Fixed assets | 21/28 | €612,991 | €555,495 | -€57,495 | -9.4% |
| Intangible fixed assets | 21 | €8,846 | €13,695 | +€4,849 | +54.8% |
| Tangible fixed assets | 22/27 | €601,508 | €541,464 | -€60,044 | -10.0% |
| Land and buildings | 22 | €290,761 | €264,224 | -€26,537 | -9.1% |
| Plant, machinery and equipment | 23 | €301,088 | €270,979 | -€30,109 | -10.0% |
| Furniture and vehicles | 24 | €9,660 | €6,262 | -€3,398 | -35.2% |
| Financial fixed assets | 28 | €2,636 | €336 | -€2,300 | -87.3% |
| Current assets | 29/58 | €747,693 | €652,325 | -€95,368 | -12.8% |
| Stocks and contracts in progress | 3 | €303,866 | €332,147 | +€28,281 | +9.3% |
| Stocks | 30/36 | €303,866 | €332,147 | +€28,281 | +9.3% |
| Amounts receivable within one year | 40/41 | €319,027 | €262,691 | -€56,335 | -17.7% |
| Trade receivables | 40 | €305,691 | €262,691 | -€43,000 | -14.1% |
| Other amounts receivable | 41 | €13,336 | €0 | -€13,336 | -100% |
| Cash at bank and in hand | 54/58 | €124,800 | €50,703 | -€74,097 | -59.4% |
| Deferred charges and accrued income | 490/1 | - | €6,784 | +€6,784 | |
| Total equity and liabilities | 10/49 | €1,360,683 | €1,207,820 | -€152,863 | -11.2% |
| Equity | 10/15 | €640,260 | €452,551 | -€187,709 | -29.3% |
| Contributions | 10/11 | €19,088 | €19,088 | = | 0.0% |
| Reserves | 13 | €285,831 | €285,831 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,909 | €0 | -€1,909 | -100% |
| Reserves not available under the articles | 1311 | €1,909 | €0 | -€1,909 | -100% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €283,922 | €285,831 | +€1,909 | +0.7% |
| Profit (loss) carried forward | 14 | €335,341 | €147,632 | -€187,709 | -56.0% |
| Amounts payable | 17/49 | €720,423 | €755,270 | +€34,846 | +4.8% |
| Amounts payable after more than one year | 17 | €202,046 | €143,249 | -€58,797 | -29.1% |
| Financial debts | 170/4 | €202,046 | €143,249 | -€58,797 | -29.1% |
| Amounts payable within one year | 42/48 | €513,640 | €612,021 | +€98,380 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €58,571 | €58,797 | +€226 | +0.4% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €388,325 | €254,755 | -€133,569 | -34.4% |
| Suppliers | 440/4 | €388,325 | €254,755 | -€133,569 | -34.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €66,745 | €98,469 | +€31,724 | +47.5% |
| Taxes | 450/3 | €22,841 | €27,222 | +€4,381 | +19.2% |
| Remuneration and social security | 454/9 | €43,903 | €71,246 | +€27,343 | +62.3% |
| Other amounts payable | 47/48 | €0 | €200,000 | +€200,000 | |
| Accrued charges and deferred income | 492/3 | €4,738 | €0 | -€4,738 | -100% |
| Non-recurring operating income | 76A | €15,685 | €6,241 | -€9,445 | -60.2% |
| Remuneration, social security and pensions | 62 | €519,824 | €578,147 | +€58,323 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,713 | €74,720 | +€22,007 | +41.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,986 | €3,865 | +€11,851 | |
| Other operating charges | 640/8 | €13,651 | €20,999 | +€7,348 | +53.8% |
| Non-recurring operating charges | 66A | €2,289 | €8,062 | +€5,773 | +252% |
| Gross operating margin | 9900 | €302,448 | €515,488 | +€213,039 | +70.4% |
| Operating profit (loss) | 9901 | -€278,043 | -€170,307 | +€107,736 | +38.7% |
| Financial income | 75/76B | €12,276 | €6,290 | -€5,986 | -48.8% |
| Recurring financial income | 75 | €12,276 | €6,290 | -€5,986 | -48.8% |
| Financial charges | 65/66B | €11,584 | €22,609 | +€11,025 | +95.2% |
| Recurring financial charges | 65 | €11,584 | €22,609 | +€11,025 | +95.2% |
| Profit (loss) for the period before taxes | 9903 | -€277,351 | -€186,625 | +€90,726 | +32.7% |
| Income taxes | 67/77 | €272 | €1,084 | +€812 | +298% |
| Profit (loss) for the period | 9904 | -€277,623 | -€187,709 | +€89,914 | +32.4% |
| Transfer from tax-exempt reserves | 789 | €5,242 | €0 | -€5,242 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€272,381 | -€187,709 | +€84,671 | +31.1% |
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 26 October 2026 via checked.be.