PUIN 54: 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.
PUIN 54
Largest movements
- Receivables after one year +€2.6m
up €2.6m (+17.3%), from €14.8m to €17.3m
- Cash +€896,915
up €896,915 (+2811.8%), from €31,898 to €928,814
mainly Debts after one year (+€10.2m) and Net result for the year (+€524,218)
- Debts after one year +€10.2m
up €10.2m (+68.4%), from €14.9m to €25.0m
- Short-term financial debts -€5.0m
down €5.0m (-100.0%), from €5.0m to €0
- Other debts -€1.8m
down €1.8m (-20.8%), from €8.4m to €6.7m
- Profit (loss) carried forward +€524,218
up €524,218 (+8.6%), from -€6.1m to -€5.6m
- Financial charges -€531,967
down €531,967 (-78.4%), from €678,196 to €146,229
- Financial income -€425,102
down €425,102 (-56.7%), from €749,113 to €324,010
- Gross operating margin -€190,886
down €190,886 (-28.6%), from €666,582 to €475,696
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 | €46,893,082 | €50,924,034 | +€4.0m | +8.6% |
| Fixed assets | 21/28 | €27,070,025 | €27,520,025 | +€450,000 | +1.7% |
| Financial fixed assets | 28 | €27,070,025 | €27,520,025 | +€450,000 | +1.7% |
| Current assets | 29/58 | €19,823,057 | €23,404,009 | +€3.6m | +18.1% |
| Amounts receivable after more than one year | 29 | €14,772,000 | €17,334,000 | +€2.6m | +17.3% |
| Other amounts receivable | 291 | €14,772,000 | €17,334,000 | +€2.6m | +17.3% |
| Amounts receivable within one year | 40/41 | €4,824,157 | €4,876,598 | +€52,441 | +1.1% |
| Trade receivables | 40 | €217,229 | €74,707 | -€142,521 | -65.6% |
| Other amounts receivable | 41 | €4,606,929 | €4,801,891 | +€194,962 | +4.2% |
| Cash at bank and in hand | 54/58 | €31,898 | €928,814 | +€896,915 | +2811.8% |
| Deferred charges and accrued income | 490/1 | €195,001 | €264,597 | +€69,596 | +35.7% |
| Total equity and liabilities | 10/49 | €46,893,082 | €50,924,034 | +€4.0m | +8.6% |
| Equity | 10/15 | €18,481,072 | €19,005,289 | +€524,218 | +2.8% |
| Contributions | 10/11 | €24,576,344 | €24,576,344 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,095,272 | -€5,571,055 | +€524,218 | +8.6% |
| Amounts payable | 17/49 | €28,412,010 | €31,918,744 | +€3.5m | +12.3% |
| Amounts payable after more than one year | 17 | €14,865,000 | €25,028,693 | +€10.2m | +68.4% |
| Financial debts | 170/4 | €14,865,000 | €25,028,693 | +€10.2m | +68.4% |
| Amounts payable within one year | 42/48 | €13,481,372 | €6,831,538 | -€6.6m | -49.3% |
| Current portion of amounts payable after more than one year | 42 | - | €86,307 | +€86,307 | |
| Financial debts | 43 | €5,006,588 | €0 | -€5.0m | -100.0% |
| Credit institutions | 430/8 | €5,006,588 | €0 | -€5.0m | -100.0% |
| Trade debts | 44 | €17,817 | €44,665 | +€26,848 | +150.7% |
| Suppliers | 440/4 | €17,817 | €44,665 | +€26,848 | +150.7% |
| Taxes, remuneration and social security | 45 | €17,230 | €16,362 | -€868 | -5.0% |
| Taxes | 450/3 | €1,434 | €0 | -€1,434 | -100.0% |
| Remuneration and social security | 454/9 | €15,797 | €16,362 | +€566 | +3.6% |
| Other amounts payable | 47/48 | €8,439,737 | €6,684,204 | -€1.8m | -20.8% |
| Accrued charges and deferred income | 492/3 | €65,638 | €58,514 | -€7,125 | -10.9% |
| Remuneration, social security and pensions | 62 | €122,737 | €127,667 | +€4,930 | +4.0% |
| Other operating charges | 640/8 | €1,030 | €1,060 | +€31 | +3.0% |
| Gross operating margin | 9900 | €666,582 | €475,696 | -€190,886 | -28.6% |
| Operating profit (loss) | 9901 | €542,815 | €346,968 | -€195,847 | -36.1% |
| Financial income | 75/76B | €749,113 | €324,010 | -€425,102 | -56.7% |
| Recurring financial income | 75 | €749,113 | €324,010 | -€425,102 | -56.7% |
| Financial charges | 65/66B | €678,196 | €146,229 | -€531,967 | -78.4% |
| Recurring financial charges | 65 | €678,196 | €146,229 | -€531,967 | -78.4% |
| Profit (loss) for the period before taxes | 9903 | €613,732 | €524,750 | -€88,982 | -14.5% |
| Income taxes | 67/77 | €131 | €533 | +€402 | +307.9% |
| Profit (loss) for the period | 9904 | €613,602 | €524,218 | -€89,384 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €613,602 | €524,218 | -€89,384 | -14.6% |
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 12 October 2026 via checked.be.