PUGNAX: what changed
Two fiscal 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.
PUGNAX
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+1385.4%), from €135,000 to €2.0m
- Receivables within one year +€45,546
up €45,546 (+180.1%), from €25,296 to €70,842
of which Other amounts receivable: +€54,445
- Debts after one year +€1.9m
up €1.9m (+2654.4%), from €71,341 to €2.0m
- Profit (loss) carried forward +€37,728
up €37,728 (+38.6%), from €97,620 to €135,348
- Gross operating margin -€23,732
down €23,732 (-27.9%), from €85,148 to €61,416
- Taxes -€7,985
down €7,985 (-42.5%), from €18,785 to €10,799
- Financial charges -€1,391
down €1,391 (-22.4%), from €6,224 to €4,833
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.
Cash bridge derived
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 | €233,008 | €2,163,925 | +€1.9m | +828.7% |
| Fixed assets | 21/28 | €153,683 | €2,024,377 | +€1.9m | +1217.2% |
| Tangible fixed assets | 22/27 | €18,683 | €19,024 | +€340 | +1.8% |
| Furniture and vehicles | 24 | €3,251 | €2,550 | -€701 | -21.6% |
| Other tangible fixed assets | 26 | €15,432 | €16,473 | +€1,041 | +6.7% |
| Financial fixed assets | 28 | €135,000 | €2,005,354 | +€1.9m | +1385.4% |
| Current assets | 29/58 | €79,325 | €139,547 | +€60,222 | +75.9% |
| Amounts receivable within one year | 40/41 | €25,296 | €70,842 | +€45,546 | +180.1% |
| Trade receivables | 40 | €24,489 | €15,590 | -€8,899 | -36.3% |
| Other amounts receivable | 41 | €808 | €55,252 | +€54,445 | +6740.9% |
| Current investments | 50/53 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €53,339 | €64,950 | +€11,611 | +21.8% |
| Deferred charges and accrued income | 490/1 | €689 | €1,755 | +€1,066 | +154.6% |
| Total equity and liabilities | 10/49 | €233,008 | €2,163,925 | +€1.9m | +828.7% |
| Equity | 10/15 | €102,620 | €140,348 | +€37,728 | +36.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,620 | €135,348 | +€37,728 | +38.6% |
| Amounts payable | 17/49 | €130,387 | €2,023,576 | +€1.9m | +1452.0% |
| Amounts payable after more than one year | 17 | €71,341 | €1,965,034 | +€1.9m | +2654.4% |
| Financial debts | 170/4 | €71,341 | €1,965,034 | +€1.9m | +2654.4% |
| Amounts payable within one year | 42/48 | €59,047 | €58,542 | -€505 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €15,605 | €16,306 | +€702 | +4.5% |
| Trade debts | 44 | €1,081 | €3,356 | +€2,275 | +210.4% |
| Suppliers | 440/4 | €1,081 | €3,356 | +€2,275 | +210.4% |
| Taxes, remuneration and social security | 45 | €42,361 | €38,880 | -€3,481 | -8.2% |
| Taxes | 450/3 | €42,361 | €38,880 | -€3,481 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,566 | €3,410 | +€844 | +32.9% |
| Other operating charges | 640/8 | €4,708 | €5,227 | +€518 | +11.0% |
| Gross operating margin | 9900 | €85,148 | €61,416 | -€23,732 | -27.9% |
| Operating profit (loss) | 9901 | €77,873 | €52,779 | -€25,094 | -32.2% |
| Financial income | 75/76B | €2 | €581 | +€579 | +35097.0% |
| Recurring financial income | 75 | €2 | €581 | +€579 | +35097.0% |
| Financial charges | 65/66B | €6,224 | €4,833 | -€1,391 | -22.4% |
| Recurring financial charges | 65 | €6,224 | €4,833 | -€1,391 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €71,651 | €48,527 | -€23,123 | -32.3% |
| Income taxes | 67/77 | €18,785 | €10,799 | -€7,985 | -42.5% |
| Profit (loss) for the period | 9904 | €52,866 | €37,728 | -€15,138 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,866 | €37,728 | -€15,138 | -28.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.