PUGNO CONSULT: 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.
PUGNO CONSULT
Largest movements
- Cash -€113,917
down €113,917 (-65.0%), from €175,146 to €61,229
mainly Other debts (-€162,032) and Current portion of long-term debt (-€8,677)
- Receivables within one year -€31,001
down €31,001 (-43.4%), from €71,394 to €40,393
of which Other amounts receivable: -€23,136
- Tangible fixed assets -€15,877
down €15,877 (-78.3%), from €20,280 to €4,403
of which Leasing and similar rights: -€9,851
- Other debts -€162,032
down €162,032 (-100%), from €162,032 to €0
- Current portion of long-term debt -€8,677
down €8,677 (-66.2%), from €13,106 to €4,429
- Reserves +€8,171
up €8,171 (+7.2%), from €113,521 to €121,693
- Tax, wage and social debts +€5,181
up €5,181 (+20.0%), from €25,911 to €31,092
- Debts after one year -€4,429
down €4,429 (-100%), from €4,429 to €0
- Gross operating margin -€15,169
down €15,169 (-28.3%), from €53,679 to €38,510
- Taxes -€3,795
down €3,795 (-27.3%), from €13,886 to €10,091
- Depreciation -€1,092
down €1,092 (-6.4%), from €16,969 to €15,877
- Financial charges -€621
down €621 (-61.0%), from €1,018 to €397
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 | €266,819 | €106,024 | -€160,795 | -60.3% |
| Fixed assets | 21/28 | €20,280 | €4,403 | -€15,877 | -78.3% |
| Tangible fixed assets | 22/27 | €20,280 | €4,403 | -€15,877 | -78.3% |
| Furniture and vehicles | 24 | €7,264 | €1,238 | -€6,026 | -83.0% |
| Leasing and similar rights | 25 | €13,016 | €3,165 | -€9,851 | -75.7% |
| Current assets | 29/58 | €246,540 | €101,622 | -€144,918 | -58.8% |
| Amounts receivable within one year | 40/41 | €71,394 | €40,393 | -€31,001 | -43.4% |
| Trade receivables | 40 | €7,865 | €0 | -€7,865 | -100% |
| Other amounts receivable | 41 | €63,529 | €40,393 | -€23,136 | -36.4% |
| Cash at bank and in hand | 54/58 | €175,146 | €61,229 | -€113,917 | -65.0% |
| Total equity and liabilities | 10/49 | €266,819 | €106,024 | -€160,795 | -60.3% |
| Equity | 10/15 | €60,344 | €68,516 | +€8,171 | +13.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,521 | €121,693 | +€8,171 | +7.2% |
| Distributable reserves | 133 | €113,521 | €121,693 | +€8,171 | +7.2% |
| Profit (loss) carried forward | 14 | -€65,577 | -€65,577 | = | 0.0% |
| Amounts payable | 17/49 | €206,475 | €37,509 | -€168,966 | -81.8% |
| Amounts payable after more than one year | 17 | €4,429 | €0 | -€4,429 | -100% |
| Financial debts | 170/4 | €4,429 | €0 | -€4,429 | -100% |
| Amounts payable within one year | 42/48 | €202,046 | €37,509 | -€164,537 | -81.4% |
| Current portion of amounts payable after more than one year | 42 | €13,106 | €4,429 | -€8,677 | -66.2% |
| Trade debts | 44 | €996 | €1,988 | +€991 | +99.5% |
| Suppliers | 440/4 | €996 | €1,988 | +€991 | +99.5% |
| Taxes, remuneration and social security | 45 | €25,911 | €31,092 | +€5,181 | +20.0% |
| Taxes | 450/3 | €25,911 | €31,092 | +€5,181 | +20.0% |
| Other amounts payable | 47/48 | €162,032 | €0 | -€162,032 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,969 | €15,877 | -€1,092 | -6.4% |
| Other operating charges | 640/8 | €4,766 | €4,246 | -€520 | -10.9% |
| Gross operating margin | 9900 | €53,679 | €38,510 | -€15,169 | -28.3% |
| Operating profit (loss) | 9901 | €31,944 | €18,386 | -€13,558 | -42.4% |
| Financial income | 75/76B | €577 | €274 | -€303 | -52.6% |
| Recurring financial income | 75 | €577 | €274 | -€303 | -52.6% |
| Financial charges | 65/66B | €1,018 | €397 | -€621 | -61.0% |
| Recurring financial charges | 65 | €1,018 | €397 | -€621 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €31,503 | €18,263 | -€13,240 | -42.0% |
| Income taxes | 67/77 | €13,886 | €10,091 | -€3,795 | -27.3% |
| Profit (loss) for the period | 9904 | €17,617 | €8,171 | -€9,446 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,617 | €8,171 | -€9,446 | -53.6% |
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 21 October 2026 via checked.be.