PUG: 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.
PUG
Largest movements
- Tangible fixed assets +€64,271
up €64,271 (+133%), from €48,379 to €112,650
of which Furniture and vehicles: +€72,965
- Receivables after one year -€24,768
down €24,768 (-8.2%), from €301,833 to €277,065
- Receivables within one year -€23,100
down €23,100 (-26.3%), from €87,830 to €64,730
of which Trade receivables: -€22,570
- Stocks and contracts -€12,376
down €12,376 (-48.5%), from €25,541 to €13,166
- Advances received -€96,001
down €96,001 (-55.3%), from €173,497 to €77,497
- Debts after one year +€44,797
up €44,797, from €0 to €44,797
- Reserves +€43,103
up €43,103 (+40.4%), from €106,757 to €149,860
of which Distributable reserves: +€43,103
- Current portion of long-term debt +€10,697
up €10,697 (+171%), from €6,239 to €16,936
- Trade debts -€4,826
down €4,826 (-36.3%), from €13,309 to €8,483
- Gross operating margin -€31,263
down €31,263 (-27.8%), from €112,423 to €81,159
- Depreciation +€11,142
up €11,142 (+86.2%), from €12,924 to €24,067
- Financial income +€9,930
up €9,930 (+186%), from €5,351 to €15,281
- Taxes -€8,927
down €8,927 (-27.7%), from €32,254 to €23,326
- Other operating charges -€1,272
down €1,272 (-50.6%), from €2,514 to €1,242
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 | €465,456 | €469,007 | +€3,552 | +0.8% |
| Fixed assets | 21/28 | €49,379 | €112,650 | +€63,271 | +128% |
| Intangible fixed assets | 21 | €1,000 | €0 | -€1,000 | -100% |
| Tangible fixed assets | 22/27 | €48,379 | €112,650 | +€64,271 | +133% |
| Plant, machinery and equipment | 23 | €34,744 | €24,099 | -€10,646 | -30.6% |
| Furniture and vehicles | 24 | €4,988 | €77,953 | +€72,965 | +1,463% |
| Other tangible fixed assets | 26 | €8,647 | €10,599 | +€1,951 | +22.6% |
| Current assets | 29/58 | €416,076 | €356,357 | -€59,719 | -14.4% |
| Amounts receivable after more than one year | 29 | €301,833 | €277,065 | -€24,768 | -8.2% |
| Other amounts receivable | 291 | €301,833 | €277,065 | -€24,768 | -8.2% |
| Stocks and contracts in progress | 3 | €25,541 | €13,166 | -€12,376 | -48.5% |
| Stocks | 30/36 | €25,541 | €13,166 | -€12,376 | -48.5% |
| Amounts receivable within one year | 40/41 | €87,830 | €64,730 | -€23,100 | -26.3% |
| Trade receivables | 40 | €86,721 | €64,152 | -€22,570 | -26.0% |
| Other amounts receivable | 41 | €1,108 | €578 | -€531 | -47.9% |
| Cash at bank and in hand | 54/58 | €369 | €369 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €503 | €1,028 | +€525 | +104% |
| Total equity and liabilities | 10/49 | €465,456 | €469,007 | +€3,552 | +0.8% |
| Equity | 10/15 | €220,306 | €263,409 | +€43,103 | +19.6% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €106,757 | €149,860 | +€43,103 | +40.4% |
| Non-distributable reserves | 130/1 | €457 | €457 | = | 0.0% |
| Reserves not available under the articles | 1311 | €457 | €457 | = | 0.0% |
| Distributable reserves | 133 | €106,300 | €149,404 | +€43,103 | +40.5% |
| Profit (loss) carried forward | 14 | €7,349 | €7,349 | = | 0.0% |
| Amounts payable | 17/49 | €245,150 | €205,598 | -€39,551 | -16.1% |
| Amounts payable after more than one year | 17 | €0 | €44,797 | +€44,797 | |
| Financial debts | 170/4 | €0 | €44,797 | +€44,797 | |
| Amounts payable within one year | 42/48 | €245,150 | €160,801 | -€84,349 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €6,239 | €16,936 | +€10,697 | +171% |
| Financial debts | 43 | €21,195 | €23,902 | +€2,707 | +12.8% |
| Credit institutions | 430/8 | €21,195 | €23,902 | +€2,707 | +12.8% |
| Trade debts | 44 | €13,309 | €8,483 | -€4,826 | -36.3% |
| Suppliers | 440/4 | €13,309 | €8,483 | -€4,826 | -36.3% |
| Advances received on contracts in progress | 46 | €173,497 | €77,497 | -€96,001 | -55.3% |
| Taxes, remuneration and social security | 45 | €30,910 | €30,711 | -€199 | -0.6% |
| Taxes | 450/3 | €30,910 | €30,711 | -€199 | -0.6% |
| Other amounts payable | 47/48 | - | €3,273 | +€3,273 | |
| Remuneration, social security and pensions | 62 | -€347 | -€2 | +€345 | +99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,924 | €24,067 | +€11,142 | +86.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,514 | €1,242 | -€1,272 | -50.6% |
| Gross operating margin | 9900 | €112,423 | €81,159 | -€31,263 | -27.8% |
| Operating profit (loss) | 9901 | €97,331 | €55,852 | -€41,479 | -42.6% |
| Financial income | 75/76B | €5,351 | €15,281 | +€9,930 | +186% |
| Recurring financial income | 75 | €5,351 | €15,281 | +€9,930 | +186% |
| Financial charges | 65/66B | €4,697 | €4,704 | +€7 | +0.2% |
| Recurring financial charges | 65 | €4,697 | €4,704 | +€7 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €97,986 | €66,430 | -€31,556 | -32.2% |
| Income taxes | 67/77 | €32,254 | €23,326 | -€8,927 | -27.7% |
| Profit (loss) for the period | 9904 | €65,732 | €43,103 | -€22,629 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,732 | €43,103 | -€22,629 | -34.4% |
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 17 October 2026 via checked.be.