Puccini: 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.
Puccini
Largest movements
- Tangible fixed assets -€94,812
down €94,812 (-11.4%), from €834,851 to €740,038
- Cash +€64,827
up €64,827 (+56.1%), from €115,564 to €180,390
mainly Other debts (+€126,366) and Depreciation (+€100,758)
- Other debts +€126,366
new in 2025: €126,366
- Reserves -€91,974
down €91,974 (-30.6%), from €300,824 to €208,850
of which Distributable reserves: -€91,974
- Debts after one year -€80,211
down €80,211 (-16.5%), from €486,318 to €406,107
- Tax, wage and social debts +€24,388
up €24,388 (+41.7%), from €58,501 to €82,889
of which Remuneration and social security: +€19,629
- Trade debts -€22,026
down €22,026 (-45.2%), from €48,748 to €26,722
- Staff costs +€74,526
up €74,526 (+18.0%), from €414,444 to €488,970
- Gross operating margin +€55,765
up €55,765 (+9.2%), from €602,974 to €658,739
- Other operating charges -€34,943
down €34,943 (-90.5%), from €38,631 to €3,688
- Taxes +€8,682
up €8,682 (+166%), from €5,241 to €13,924
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 | €1,025,439 | €987,455 | -€37,983 | -3.7% |
| Fixed assets | 21/28 | €836,635 | €741,133 | -€95,502 | -11.4% |
| Intangible fixed assets | 21 | €1,785 | €1,095 | -€690 | -38.7% |
| Tangible fixed assets | 22/27 | €834,851 | €740,038 | -€94,812 | -11.4% |
| Land and buildings | 22 | €526,699 | €493,328 | -€33,371 | -6.3% |
| Plant, machinery and equipment | 23 | €217,235 | €173,638 | -€43,597 | -20.1% |
| Furniture and vehicles | 24 | €90,917 | €73,072 | -€17,845 | -19.6% |
| Current assets | 29/58 | €188,804 | €246,322 | +€57,519 | +30.5% |
| Stocks and contracts in progress | 3 | €20,355 | €20,858 | +€503 | +2.5% |
| Stocks | 30/36 | €20,355 | €20,858 | +€503 | +2.5% |
| Amounts receivable within one year | 40/41 | €43,651 | €40,791 | -€2,860 | -6.6% |
| Trade receivables | 40 | €19,619 | €18,979 | -€639 | -3.3% |
| Other amounts receivable | 41 | €24,032 | €21,811 | -€2,221 | -9.2% |
| Cash at bank and in hand | 54/58 | €115,564 | €180,390 | +€64,827 | +56.1% |
| Deferred charges and accrued income | 490/1 | €9,234 | €4,283 | -€4,951 | -53.6% |
| Total equity and liabilities | 10/49 | €1,025,439 | €987,455 | -€37,983 | -3.7% |
| Equity | 10/15 | €350,419 | €258,445 | -€91,974 | -26.2% |
| Contributions | 10/11 | €49,595 | €49,595 | = | 0.0% |
| Reserves | 13 | €300,824 | €208,850 | -€91,974 | -30.6% |
| Tax-exempt reserves | 132 | €1,764 | €1,764 | = | 0.0% |
| Distributable reserves | 133 | €299,060 | €207,085 | -€91,974 | -30.8% |
| Amounts payable | 17/49 | €675,020 | €729,011 | +€53,991 | +8.0% |
| Amounts payable after more than one year | 17 | €486,318 | €406,107 | -€80,211 | -16.5% |
| Financial debts | 170/4 | €486,318 | €406,107 | -€80,211 | -16.5% |
| Amounts payable within one year | 42/48 | €187,602 | €320,229 | +€132,627 | +70.7% |
| Current portion of amounts payable after more than one year | 42 | €76,280 | €80,211 | +€3,931 | +5.2% |
| Financial debts | 43 | €4,073 | €4,041 | -€32 | -0.8% |
| Credit institutions | 430/8 | - | €4,041 | +€4,041 | |
| Other loans | 439 | €4,073 | - | -€4,073 | |
| Trade debts | 44 | €48,748 | €26,722 | -€22,026 | -45.2% |
| Suppliers | 440/4 | €48,748 | €26,722 | -€22,026 | -45.2% |
| Taxes, remuneration and social security | 45 | €58,501 | €82,889 | +€24,388 | +41.7% |
| Taxes | 450/3 | €17,365 | €22,124 | +€4,760 | +27.4% |
| Remuneration and social security | 454/9 | €41,136 | €60,764 | +€19,629 | +47.7% |
| Other amounts payable | 47/48 | - | €126,366 | +€126,366 | |
| Accrued charges and deferred income | 492/3 | €1,100 | €2,675 | +€1,575 | +143% |
| Remuneration, social security and pensions | 62 | €414,444 | €488,970 | +€74,526 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,360 | €100,758 | +€397 | +0.4% |
| Other operating charges | 640/8 | €38,631 | €3,688 | -€34,943 | -90.5% |
| Gross operating margin | 9900 | €602,974 | €658,739 | +€55,765 | +9.2% |
| Operating profit (loss) | 9901 | €49,539 | €65,324 | +€15,785 | +31.9% |
| Financial income | 75/76B | €265 | €2,348 | +€2,083 | +786% |
| Recurring financial income | 75 | €265 | €2,348 | +€2,083 | +786% |
| Financial charges | 65/66B | €21,338 | €19,357 | -€1,981 | -9.3% |
| Recurring financial charges | 65 | €21,338 | €19,357 | -€1,981 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €28,466 | €48,315 | +€19,849 | +69.7% |
| Income taxes | 67/77 | €5,241 | €13,924 | +€8,682 | +166% |
| Profit (loss) for the period | 9904 | €23,225 | €34,391 | +€11,167 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,225 | €34,391 | +€11,167 | +48.1% |
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 19 October 2026 via checked.be.