PUBRA INVEST: what changed
What changed
PUBRA INVEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€115,243
2024 · €45,408+€69,836
Equity
€130,243
2024 · €256,428-€126,185
Cash
€40,474
2024 · €43,705-€3,231
Balance sheet total
€265,905
2024 · €345,171-€79,266
Largest movements
Assets
- Receivables within one year -€54,482
down €54,482 (-24.8%), from €219,855 to €165,372
of which Other amounts receivable: -€154,482
- Tangible fixed assets -€20,747
down €20,747 (-26.7%), from €77,588 to €56,841
Equity and liabilities
- Reserves -€126,185
down €126,185 (-52.3%), from €241,428 to €115,243
- Other debts +€70,518
new in 2025: €70,518
- Debts after one year -€18,926
down €18,926 (-35.2%), from €53,812 to €34,886
- Tax, wage and social debts -€10,632
down €10,632 (-68.6%), from €15,491 to €4,860
Income statement
- Gross operating margin +€94,502
up €94,502 (+118%), from €80,285 to €174,787
- Taxes +€21,062
up €21,062 (+170%), from €12,366 to €33,428
- Financial charges +€3,141
up €3,141 (+93.2%), from €3,371 to €6,512
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€45,408
Gross operating margin
+€94,502
Other operating charges
-€135
Financial income
-€328
Financial charges
-€3,141
Taxes
-€21,062
Result 2025
€115,243
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€256,424
Investment
€0
Financing
-€259,655
Cash 2024
€43,705
From operations (derived)
+€256,424
Net result for the year
+€115,243
Depreciation
+€20,747
Receivables within one year
+€54,482
Deferred charges and accrued income
+€805
Trade debts
+€2,607
Tax, wage and social debts
-€10,632
Other debts
+€70,518
Accrued charges and deferred income
+€2,652
Financing
-€259,655
Debts after one year
-€18,926
Current portion of long-term debt
+€699
Contributions, distributions and other
-€241,428
Cash 2025
€40,474
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €345,171 | €265,905 | -€79,266 | -23.0% |
| Fixed assets | 21/28 | €77,588 | €56,841 | -€20,747 | -26.7% |
| Tangible fixed assets | 22/27 | €77,588 | €56,841 | -€20,747 | -26.7% |
| Furniture and vehicles | 24 | €77,588 | €56,841 | -€20,747 | -26.7% |
| Current assets | 29/58 | €267,582 | €209,064 | -€58,519 | -21.9% |
| Amounts receivable within one year | 40/41 | €219,855 | €165,372 | -€54,482 | -24.8% |
| Trade receivables | 40 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 41 | €219,855 | €65,372 | -€154,482 | -70.3% |
| Cash at bank and in hand | 54/58 | €43,705 | €40,474 | -€3,231 | -7.4% |
| Deferred charges and accrued income | 490/1 | €4,023 | €3,218 | -€805 | -20.0% |
| Total equity and liabilities | 10/49 | €345,171 | €265,905 | -€79,266 | -23.0% |
| Equity | 10/15 | €256,428 | €130,243 | -€126,185 | -49.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Capital | 10 | €15,000 | - | -€15,000 | |
| Issued capital | 100 | €15,000 | - | -€15,000 | |
| Reserves | 13 | €241,428 | €115,243 | -€126,185 | -52.3% |
| Distributable reserves | 133 | €241,428 | €115,243 | -€126,185 | -52.3% |
| Amounts payable | 17/49 | €88,743 | €135,662 | +€46,919 | +52.9% |
| Amounts payable after more than one year | 17 | €53,812 | €34,886 | -€18,926 | -35.2% |
| Financial debts | 170/4 | €53,812 | €34,886 | -€18,926 | -35.2% |
| Amounts payable within one year | 42/48 | €34,931 | €98,124 | +€63,193 | +181% |
| Current portion of amounts payable after more than one year | 42 | €18,227 | €18,926 | +€699 | +3.8% |
| Trade debts | 44 | €1,212 | €3,820 | +€2,607 | +215% |
| Suppliers | 440/4 | €1,212 | €3,820 | +€2,607 | +215% |
| Taxes, remuneration and social security | 45 | €15,491 | €4,860 | -€10,632 | -68.6% |
| Taxes | 450/3 | €15,491 | €4,860 | -€10,632 | -68.6% |
| Other amounts payable | 47/48 | - | €70,518 | +€70,518 | |
| Accrued charges and deferred income | 492/3 | - | €2,652 | +€2,652 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,747 | €20,747 | = | 0.0% |
| Other operating charges | 640/8 | €1,050 | €1,185 | +€135 | +12.8% |
| Gross operating margin | 9900 | €80,285 | €174,787 | +€94,502 | +118% |
| Operating profit (loss) | 9901 | €58,488 | €152,856 | +€94,368 | +161% |
| Financial income | 75/76B | €2,657 | €2,328 | -€328 | -12.4% |
| Recurring financial income | 75 | €2,657 | €2,328 | -€328 | -12.4% |
| Financial charges | 65/66B | €3,371 | €6,512 | +€3,141 | +93.2% |
| Recurring financial charges | 65 | €3,371 | €6,512 | +€3,141 | +93.2% |
| Profit (loss) for the period before taxes | 9903 | €57,773 | €148,672 | +€90,898 | +157% |
| Income taxes | 67/77 | €12,366 | €33,428 | +€21,062 | +170% |
| Profit (loss) for the period | 9904 | €45,408 | €115,243 | +€69,836 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €45,408 | €115,243 | +€69,836 | +154% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.