PUFFINS: 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.
PUFFINS
Largest movements
- Receivables within one year +€66,394
up €66,394 (+118%), from €56,436 to €122,830
of which Trade receivables: +€60,807
- Tangible fixed assets +€30,677
up €30,677 (+428%), from €7,172 to €37,849
of which Furniture and vehicles: +€33,078
- Deferred charges and accrued income +€15,590
up €15,590 (+25.0%), from €62,466 to €78,056
- Cash -€12,286
down €12,286 (-12.0%), from €102,604 to €90,318
mainly Receivables within one year (-€66,394) and Investment in fixed assets (net) (-€43,657)
- Advances received +€125,762
up €125,762 (+105%), from €119,361 to €245,123
- Reserves -€24,217
down €24,217 (-45.1%), from €53,721 to €29,504
- Other debts +€22,643
new in 2025: €22,643
- Trade debts -€15,891
down €15,891 (-82.5%), from €19,270 to €3,378
- Profit (loss) carried forward -€4,703
new in 2025: -€4,703
- Gross operating margin -€23,840
down €23,840 (-74.7%), from €31,903 to €8,063
- Depreciation +€7,407
up €7,407 (+149%), from €4,980 to €12,387
- Taxes -€2,192
down €2,192 (-94.5%), from €2,319 to €127
- Financial income +€894
up €894 (+494%), from €181 to €1,074
- Financial charges -€564
down €564 (-41.4%), from €1,362 to €799
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 | €230,104 | €331,073 | +€100,969 | +43.9% |
| Formation expenses | 20 | €785 | €408 | -€377 | -48.0% |
| Fixed assets | 21/28 | €7,813 | €39,461 | +€31,647 | +405% |
| Intangible fixed assets | 21 | €642 | €334 | -€308 | -48.0% |
| Tangible fixed assets | 22/27 | €7,172 | €37,849 | +€30,677 | +428% |
| Plant, machinery and equipment | 23 | €4,368 | €1,968 | -€2,400 | -55.0% |
| Furniture and vehicles | 24 | €2,804 | €35,882 | +€33,078 | +1,180% |
| Financial fixed assets | 28 | - | €1,278 | +€1,278 | |
| Current assets | 29/58 | €221,506 | €291,205 | +€69,699 | +31.5% |
| Amounts receivable within one year | 40/41 | €56,436 | €122,830 | +€66,394 | +118% |
| Trade receivables | 40 | €52,013 | €112,819 | +€60,807 | +117% |
| Other amounts receivable | 41 | €4,423 | €10,011 | +€5,588 | +126% |
| Cash at bank and in hand | 54/58 | €102,604 | €90,318 | -€12,286 | -12.0% |
| Deferred charges and accrued income | 490/1 | €62,466 | €78,056 | +€15,590 | +25.0% |
| Total equity and liabilities | 10/49 | €230,104 | €331,073 | +€100,969 | +43.9% |
| Equity | 10/15 | €83,721 | €54,801 | -€28,919 | -34.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €53,721 | €29,504 | -€24,217 | -45.1% |
| Distributable reserves | 133 | €53,721 | €29,504 | -€24,217 | -45.1% |
| Profit (loss) carried forward | 14 | - | -€4,703 | -€4,703 | |
| Amounts payable | 17/49 | €146,384 | €276,272 | +€129,889 | +88.7% |
| Amounts payable after more than one year | 17 | €4,248 | €3,554 | -€694 | -16.3% |
| Other amounts payable | 178/9 | €4,248 | €3,554 | -€694 | -16.3% |
| Amounts payable within one year | 42/48 | €142,136 | €272,718 | +€130,583 | +91.9% |
| Current portion of amounts payable after more than one year | 42 | €3,150 | - | -€3,150 | |
| Trade debts | 44 | €19,270 | €3,378 | -€15,891 | -82.5% |
| Suppliers | 440/4 | €19,270 | €3,378 | -€15,891 | -82.5% |
| Advances received on contracts in progress | 46 | €119,361 | €245,123 | +€125,762 | +105% |
| Taxes, remuneration and social security | 45 | €355 | €1,574 | +€1,220 | +344% |
| Taxes | 450/3 | €355 | €1,574 | +€1,220 | +344% |
| Other amounts payable | 47/48 | - | €22,643 | +€22,643 | |
| Non-recurring operating income | 76A | €32 | - | -€32 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,980 | €12,387 | +€7,407 | +149% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €31,903 | €8,063 | -€23,840 | -74.7% |
| Operating profit (loss) | 9901 | €26,409 | -€4,851 | -€31,261 | |
| Financial income | 75/76B | €181 | €1,074 | +€894 | +494% |
| Recurring financial income | 75 | €181 | €1,074 | +€894 | +494% |
| Financial charges | 65/66B | €1,362 | €799 | -€564 | -41.4% |
| Recurring financial charges | 65 | €1,362 | €799 | -€564 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €25,228 | -€4,576 | -€29,803 | |
| Income taxes | 67/77 | €2,319 | €127 | -€2,192 | -94.5% |
| Profit (loss) for the period | 9904 | €22,908 | -€4,703 | -€27,611 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,908 | -€4,703 | -€27,611 |
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 14 October 2026 via checked.be.