PUBRO X: 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.
PUBRO X
Largest movements
- Cash -€25,714
down €25,714 (-8.9%), from €288,109 to €262,395
mainly Advances received (-€66,623) and Investment in fixed assets (net) (-€15,567)
- Tangible fixed assets -€7,885
down €7,885 (-12.0%), from €65,504 to €57,619
of which Plant, machinery and equipment: -€5,461
- Advances received -€66,623
down €66,623 (-44.0%), from €151,385 to €84,762
- Trade debts +€15,106
up €15,106 (+4.7%), from €321,451 to €336,557
- Tax, wage and social debts +€7,035
up €7,035 (+34.2%), from €20,557 to €27,592
of which Taxes: +€3,593
- Debts after one year +€6,632
new in 2025: €6,632
- Gross operating margin +€18,345
up €18,345 (+13.3%), from €137,897 to €156,242
- Staff costs +€16,648
up €16,648 (+15.5%), from €107,184 to €123,832
- Depreciation +€4,780
up €4,780 (+25.6%), from €18,672 to €23,452
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 | €577,862 | €543,448 | -€34,414 | -6.0% |
| Fixed assets | 21/28 | €69,074 | €61,189 | -€7,885 | -11.4% |
| Tangible fixed assets | 22/27 | €65,504 | €57,619 | -€7,885 | -12.0% |
| Plant, machinery and equipment | 23 | €28,246 | €22,785 | -€5,461 | -19.3% |
| Furniture and vehicles | 24 | €37,258 | €34,834 | -€2,424 | -6.5% |
| Financial fixed assets | 28 | €3,570 | €3,570 | = | 0.0% |
| Current assets | 29/58 | €508,788 | €482,259 | -€26,529 | -5.2% |
| Amounts receivable within one year | 40/41 | €217,713 | €215,967 | -€1,746 | -0.8% |
| Trade receivables | 40 | €174,650 | €190,502 | +€15,852 | +9.1% |
| Other amounts receivable | 41 | €43,063 | €25,465 | -€17,598 | -40.9% |
| Cash at bank and in hand | 54/58 | €288,109 | €262,395 | -€25,714 | -8.9% |
| Deferred charges and accrued income | 490/1 | €2,966 | €3,897 | +€931 | +31.4% |
| Total equity and liabilities | 10/49 | €577,862 | €543,448 | -€34,414 | -6.0% |
| Equity | 10/15 | €84,469 | €84,606 | +€137 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €65,869 | €66,006 | +€137 | +0.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €64,009 | €64,146 | +€137 | +0.2% |
| Amounts payable | 17/49 | €493,393 | €458,842 | -€34,551 | -7.0% |
| Amounts payable after more than one year | 17 | - | €6,632 | +€6,632 | |
| Financial debts | 170/4 | - | €6,632 | +€6,632 | |
| Amounts payable within one year | 42/48 | €493,393 | €452,210 | -€41,183 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | - | €3,299 | +€3,299 | |
| Trade debts | 44 | €321,451 | €336,557 | +€15,106 | +4.7% |
| Suppliers | 440/4 | €321,451 | €336,557 | +€15,106 | +4.7% |
| Advances received on contracts in progress | 46 | €151,385 | €84,762 | -€66,623 | -44.0% |
| Taxes, remuneration and social security | 45 | €20,557 | €27,592 | +€7,035 | +34.2% |
| Taxes | 450/3 | €5,252 | €8,845 | +€3,593 | +68.4% |
| Remuneration and social security | 454/9 | €15,305 | €18,747 | +€3,442 | +22.5% |
| Remuneration, social security and pensions | 62 | €107,184 | €123,832 | +€16,648 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,672 | €23,452 | +€4,780 | +25.6% |
| Other operating charges | 640/8 | €1,133 | €1,480 | +€347 | +30.6% |
| Gross operating margin | 9900 | €137,897 | €156,242 | +€18,345 | +13.3% |
| Operating profit (loss) | 9901 | €10,908 | €7,478 | -€3,430 | -31.4% |
| Financial income | 75/76B | €1,202 | €154 | -€1,048 | -87.2% |
| Recurring financial income | 75 | €1,202 | €154 | -€1,048 | -87.2% |
| Financial charges | 65/66B | €4,372 | €4,254 | -€118 | -2.7% |
| Recurring financial charges | 65 | €4,372 | €4,254 | -€118 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €7,738 | €3,378 | -€4,360 | -56.3% |
| Income taxes | 67/77 | €3,910 | €3,241 | -€669 | -17.1% |
| Profit (loss) for the period | 9904 | €3,828 | €137 | -€3,691 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,828 | €137 | -€3,691 | -96.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.