PUBMARKET: 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.
PUBMARKET
Largest movements
- Receivables within one year -€511,432
down €511,432 (-26.3%), from €1.9m to €1.4m
of which Trade receivables: -€514,023
- Stocks and contracts +€374,432
new in 2025: €374,432
- Cash -€160,825
down €160,825 (-26.3%), from €610,361 to €449,537
mainly Stocks and contracts (-€374,432) and Accrued charges and deferred income (-€274,680)
- Deferred charges and accrued income -€119,807
down €119,807 (-73.3%), from €163,546 to €43,739
- Accrued charges and deferred income -€274,680
down €274,680 (-100.0%), from €274,680 to €0
- Trade debts -€89,563
down €89,563 (-7.4%), from €1.2m to €1.1m
- Debts after one year -€49,359
down €49,359 (-31.2%), from €158,188 to €108,829
- Tax, wage and social debts -€38,060
down €38,060 (-7.8%), from €485,177 to €447,117
of which Taxes: -€48,676
- Staff costs -€112,376
down €112,376 (-4.0%), from €2.8m to €2.7m
- Gross operating margin -€101,376
down €101,376 (-3.3%), from €3.1m to €3.0m
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 | €3,190,237 | €2,730,762 | -€459,474 | -14.4% |
| Fixed assets | 21/28 | €472,664 | €430,822 | -€41,841 | -8.9% |
| Tangible fixed assets | 22/27 | €243,436 | €220,822 | -€22,613 | -9.3% |
| Plant, machinery and equipment | 23 | €82,329 | €86,311 | +€3,982 | +4.8% |
| Furniture and vehicles | 24 | €19,669 | €23,837 | +€4,168 | +21.2% |
| Other tangible fixed assets | 26 | €141,439 | €110,675 | -€30,764 | -21.8% |
| Financial fixed assets | 28 | €229,228 | €210,000 | -€19,228 | -8.4% |
| Current assets | 29/58 | €2,717,573 | €2,299,940 | -€417,633 | -15.4% |
| Stocks and contracts in progress | 3 | - | €374,432 | +€374,432 | |
| Contracts in progress | 37 | - | €374,432 | +€374,432 | |
| Amounts receivable within one year | 40/41 | €1,943,665 | €1,432,233 | -€511,432 | -26.3% |
| Trade receivables | 40 | €1,942,581 | €1,428,558 | -€514,023 | -26.5% |
| Other amounts receivable | 41 | €1,084 | €3,674 | +€2,590 | +238.9% |
| Cash at bank and in hand | 54/58 | €610,361 | €449,537 | -€160,825 | -26.3% |
| Deferred charges and accrued income | 490/1 | €163,546 | €43,739 | -€119,807 | -73.3% |
| Total equity and liabilities | 10/49 | €3,190,237 | €2,730,762 | -€459,474 | -14.4% |
| Equity | 10/15 | €676,078 | €681,011 | +€4,932 | +0.7% |
| Contributions | 10/11 | €149,500 | €149,500 | = | 0.0% |
| Capital | 10 | €149,500 | €149,500 | = | 0.0% |
| Issued capital | 100 | €149,500 | €149,500 | = | 0.0% |
| Reserves | 13 | €526,578 | €531,511 | +€4,932 | +0.9% |
| Non-distributable reserves | 130/1 | €14,950 | €14,950 | = | 0.0% |
| Legal reserve | 130 | €14,950 | €14,950 | = | 0.0% |
| Distributable reserves | 133 | €511,628 | €516,561 | +€4,932 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,514,158 | €2,049,752 | -€464,406 | -18.5% |
| Amounts payable after more than one year | 17 | €158,188 | €108,829 | -€49,359 | -31.2% |
| Financial debts | 170/4 | €158,188 | €108,829 | -€49,359 | -31.2% |
| Amounts payable within one year | 42/48 | €2,081,291 | €1,940,923 | -€140,368 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €287,656 | €284,911 | -€2,745 | -1.0% |
| Trade debts | 44 | €1,218,458 | €1,128,895 | -€89,563 | -7.4% |
| Suppliers | 440/4 | €1,218,458 | €1,128,895 | -€89,563 | -7.4% |
| Taxes, remuneration and social security | 45 | €485,177 | €447,117 | -€38,060 | -7.8% |
| Taxes | 450/3 | €94,201 | €45,524 | -€48,676 | -51.7% |
| Remuneration and social security | 454/9 | €390,976 | €401,592 | +€10,616 | +2.7% |
| Other amounts payable | 47/48 | €90,000 | €80,000 | -€10,000 | -11.1% |
| Accrued charges and deferred income | 492/3 | €274,680 | €0 | -€274,680 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,840,723 | €2,728,347 | -€112,376 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,875 | €78,256 | +€3,382 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €767 | -€718 | -€1,485 | |
| Other operating charges | 640/8 | €32,752 | €35,527 | +€2,775 | +8.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €3,083,532 | €2,982,156 | -€101,376 | -3.3% |
| Operating profit (loss) | 9901 | €134,416 | €140,744 | +€6,329 | +4.7% |
| Financial income | 75/76B | €282 | €168 | -€114 | -40.4% |
| Recurring financial income | 75 | €282 | €168 | -€114 | -40.4% |
| Financial charges | 65/66B | €16,355 | €30,732 | +€14,376 | +87.9% |
| Recurring financial charges | 65 | €16,355 | €30,732 | +€14,376 | +87.9% |
| Profit (loss) for the period before taxes | 9903 | €118,342 | €110,181 | -€8,162 | -6.9% |
| Income taxes | 67/77 | €19,069 | €25,249 | +€6,180 | +32.4% |
| Profit (loss) for the period | 9904 | €99,274 | €84,932 | -€14,342 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €99,274 | €84,932 | -€14,342 | -14.4% |
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 11 October 2026 via checked.be.