Pubmaster: 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.
Pubmaster
Largest movements
- Financial fixed assets -€17,151
no longer reported in 2025 (was €17,151)
- Receivables within one year -€1,250
down €1,250 (-19.9%), from €6,294 to €5,043
- Cash +€554
up €554 (+10.9%), from €5,077 to €5,631
mainly Investment in fixed assets (net) (+€17,151) and Receivables within one year (+€1,250)
- Profit (loss) carried forward -€8,281
down €8,281 (-87.5%), from -€9,467 to -€17,748
- Debts after one year -€5,100
no longer reported in 2025 (was €5,100)
- Other debts -€2,671
down €2,671 (-37.2%), from €7,179 to €4,508
- Trade debts -€2,104
down €2,104 (-39.7%), from €5,304 to €3,200
- Tax, wage and social debts +€308
up €308 (+17.0%), from €1,814 to €2,122
- Financial charges +€16,981
up €16,981 (+31422.3%), from €54 to €17,035
of which Non-recurring financial charges: +€16,980
- Other operating charges -€616
down €616 (-83.7%), from €736 to €120
- Gross operating margin +€283
up €283 (+2.5%), from €11,526 to €11,809
- Taxes +€249
up €249 (+9.3%), from €2,686 to €2,935
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 | €28,522 | €10,674 | -€17,848 | -62.6% |
| Fixed assets | 21/28 | €17,151 | - | -€17,151 | |
| Financial fixed assets | 28 | €17,151 | - | -€17,151 | |
| Current assets | 29/58 | €11,370 | €10,674 | -€696 | -6.1% |
| Amounts receivable within one year | 40/41 | €6,294 | €5,043 | -€1,250 | -19.9% |
| Trade receivables | 40 | €6,294 | €5,043 | -€1,250 | -19.9% |
| Cash at bank and in hand | 54/58 | €5,077 | €5,631 | +€554 | +10.9% |
| Total equity and liabilities | 10/49 | €28,522 | €10,674 | -€17,848 | -62.6% |
| Equity | 10/15 | €9,125 | €844 | -€8,281 | -90.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,467 | -€17,748 | -€8,281 | -87.5% |
| Amounts payable | 17/49 | €19,397 | €9,830 | -€9,567 | -49.3% |
| Amounts payable after more than one year | 17 | €5,100 | - | -€5,100 | |
| Financial debts | 170/4 | €5,100 | - | -€5,100 | |
| Amounts payable within one year | 42/48 | €14,297 | €9,830 | -€4,467 | -31.2% |
| Trade debts | 44 | €5,304 | €3,200 | -€2,104 | -39.7% |
| Suppliers | 440/4 | €5,304 | €3,200 | -€2,104 | -39.7% |
| Taxes, remuneration and social security | 45 | €1,814 | €2,122 | +€308 | +17.0% |
| Taxes | 450/3 | €1,814 | €2,122 | +€308 | +17.0% |
| Other amounts payable | 47/48 | €7,179 | €4,508 | -€2,671 | -37.2% |
| Other operating charges | 640/8 | €736 | €120 | -€616 | -83.7% |
| Gross operating margin | 9900 | €11,526 | €11,809 | +€283 | +2.5% |
| Operating profit (loss) | 9901 | €10,789 | €11,689 | +€899 | +8.3% |
| Financial charges | 65/66B | €54 | €17,035 | +€16,981 | +31422.3% |
| Recurring financial charges | 65 | €54 | €54 | +€0 | +0.6% |
| Non-recurring financial charges | 66B | - | €16,980 | +€16,980 | |
| Profit (loss) for the period before taxes | 9903 | €10,735 | -€5,346 | -€16,081 | |
| Income taxes | 67/77 | €2,686 | €2,935 | +€249 | +9.3% |
| Profit (loss) for the period | 9904 | €8,050 | -€8,281 | -€16,330 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,050 | -€8,281 | -€16,330 |
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 6 October 2026 via checked.be.