Punch Powertrain E-Vehicles: 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.
What changed
Punch Powertrain E-Vehicles
NACE 28.990, Manufacture of machinery and equipment not elsewhere classified
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€18.7m
2024 · -€1.7m-€16.9m
Equity
-€5.5m
2024 · €13.2m-€18.7m
Cash
€1,014
2024 · €3.4m-€3.4m
Balance sheet total
€60.5m
2024 · €77.9m-€17.4m
Largest movements
Assets
- Intangible fixed assets -€15.1m
down €15.1m (-33.1%), from €45.7m to €30.5m
- Cash -€3.4m
down €3.4m (-100.0%), from €3.4m to €1,014
mainly Net result for the year (-€18.7m) and Receivables within one year (-€1.7m)
- Receivables within one year +€1.7m
up €1.7m (+10.5%), from €16.0m to €17.7m
of which Other amounts receivable: +€2.0m
Equity and liabilities
- Profit (loss) carried forward -€18.7m
down €18.7m (-46.4%), from -€40.2m to -€58.9m
- Trade debts +€1.3m
up €1.3m (+2.0%), from €64.2m to €65.5m
Income statement
- Depreciation +€15.7m
up €15.7m (+1,297%), from €1.2m to €16.9m
- Services and other goods -€2.7m
down €2.7m (-51.9%), from €5.1m to €2.5m
- Other operating income -€2.1m
down €2.1m (-96.1%), from €2.2m to €84,758
- Staff costs -€696,378
down €696,378 (-94.9%), from €733,670 to €37,292
- Financial charges -€462,574
down €462,574 (-32.8%), from €1.4m to €946,591
of which Non-recurring financial charges: -€1.2m
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.
Result 2024
-€1.7m
Turnover
-€39,612
Other operating income
-€2.1m
Goods and materials
+€158,075
Services and other goods
+€2.7m
Staff costs
+€696,378
Depreciation
-€15.7m
Other operating charges
-€1,191
Other operating items
-€2.9m
Financial income
+€3,880
Financial charges
+€462,574
Taxes
-€139,691
Result 2025
-€18.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.1m
Investment
-€1.3m
Financing
€0
Cash 2024
€3.4m
From operations (derived)
-€2.1m
Net result for the year
-€18.7m
Depreciation
+€16.9m
Receivables after one year
+€116,203
Receivables within one year
-€1.7m
Trade debts
+€1.3m
Smaller working-capital items
-€30,197
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Cash 2025
€1,014
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €77,900,410 | €60,501,643 | -€17.4m | -22.3% |
| Fixed assets | 21/28 | €56,907,473 | €41,363,014 | -€15.5m | -27.3% |
| Intangible fixed assets | 21 | €45,664,321 | €30,546,334 | -€15.1m | -33.1% |
| Tangible fixed assets | 22/27 | €493,152 | €66,680 | -€426,472 | -86.5% |
| Plant, machinery and equipment | 23 | €473,161 | €51,585 | -€421,576 | -89.1% |
| Furniture and vehicles | 24 | €19,991 | €15,095 | -€4,896 | -24.5% |
| Financial fixed assets | 28 | €10,750,000 | €10,750,000 | = | 0.0% |
| Affiliated companies | 280/1 | €10,750,000 | €10,750,000 | = | 0.0% |
| Participating interests | 280 | €10,750,000 | €10,750,000 | = | 0.0% |
| Current assets | 29/58 | €20,992,937 | €19,138,629 | -€1.9m | -8.8% |
| Amounts receivable after more than one year | 29 | €1,566,118 | €1,449,915 | -€116,203 | -7.4% |
| Other amounts receivable | 291 | €1,566,118 | €1,449,915 | -€116,203 | -7.4% |
| Amounts receivable within one year | 40/41 | €16,000,202 | €17,686,913 | +€1.7m | +10.5% |
| Trade receivables | 40 | €15,417,236 | €15,102,064 | -€315,172 | -2.0% |
| Other amounts receivable | 41 | €582,966 | €2,584,849 | +€2.0m | +343% |
| Cash at bank and in hand | 54/58 | €3,425,830 | €1,014 | -€3.4m | -100.0% |
| Deferred charges and accrued income | 490/1 | €787 | €787 | = | 0.0% |
| Total equity and liabilities | 10/49 | €77,900,410 | €60,501,643 | -€17.4m | -22.3% |
| Equity | 10/15 | €13,181,214 | -€5,474,670 | -€18.7m | |
| Contributions | 10/11 | €53,389,744 | €53,389,744 | = | 0.0% |
| Capital | 10 | €53,389,744 | €53,389,744 | = | 0.0% |
| Issued capital | 100 | €53,389,744 | €53,389,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,208,530 | -€58,864,414 | -€18.7m | -46.4% |
| Provisions and deferred taxes | 16 | €108,772 | €108,772 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €108,772 | €108,772 | = | 0.0% |
| Other liabilities and charges | 164/5 | €108,772 | €108,772 | = | 0.0% |
| Amounts payable | 17/49 | €64,610,424 | €65,867,541 | +€1.3m | +1.9% |
| Amounts payable within one year | 42/48 | €64,447,989 | €65,722,405 | +€1.3m | +2.0% |
| Trade debts | 44 | €64,210,245 | €65,497,559 | +€1.3m | +2.0% |
| Suppliers | 440/4 | €64,210,245 | €65,497,559 | +€1.3m | +2.0% |
| Taxes, remuneration and social security | 45 | €237,744 | €224,846 | -€12,898 | -5.4% |
| Taxes | 450/3 | - | €169,947 | +€169,947 | |
| Remuneration and social security | 454/9 | €237,744 | €54,899 | -€182,845 | -76.9% |
| Accrued charges and deferred income | 492/3 | €162,435 | €145,136 | -€17,299 | -10.6% |
| Operating income | 70/76A | €6,640,410 | €1,778,496 | -€4.9m | -73.2% |
| Turnover | 70 | €39,612 | - | -€39,612 | |
| Own construction capitalised | 72 | €4,409,337 | €1,550,303 | -€2.9m | -64.8% |
| Other operating income | 74 | €2,191,461 | €84,758 | -€2.1m | -96.1% |
| Non-recurring operating income | 76A | - | €143,435 | +€143,435 | |
| Operating charges | 60/66A | €7,224,944 | €19,601,523 | +€12.4m | +171% |
| Goods for resale, raw materials and consumables | 60 | €158,075 | - | -€158,075 | |
| Change in stocks: decrease (increase) | 609 | €158,075 | - | -€158,075 | |
| Services and other goods | 61 | €5,123,465 | €2,464,404 | -€2.7m | -51.9% |
| Remuneration, social security and pensions | 62 | €733,670 | €37,292 | -€696,378 | -94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,209,734 | €16,894,371 | +€15.7m | +1,297% |
| Other operating charges | 640/8 | - | €1,191 | +€1,191 | |
| Non-recurring operating charges | 66A | - | €204,265 | +€204,265 | |
| Operating profit (loss) | 9901 | -€584,534 | -€17,823,027 | -€17.2m | -2,949% |
| Financial income | 75/76B | - | €3,880 | +€3,880 | |
| Recurring financial income | 75 | - | €3,880 | +€3,880 | |
| Other financial income | 752/9 | - | €3,880 | +€3,880 | |
| Financial charges | 65/66B | €1,409,165 | €946,591 | -€462,574 | -32.8% |
| Recurring financial charges | 65 | €161,641 | €946,591 | +€784,950 | +486% |
| Other financial charges | 652/9 | €161,641 | €946,591 | +€784,950 | +486% |
| Non-recurring financial charges | 66B | €1,247,524 | - | -€1.2m | |
| Profit (loss) for the period before taxes | 9903 | -€1,993,699 | -€18,765,738 | -€16.8m | -841% |
| Income taxes | 67/77 | -€249,545 | -€109,854 | +€139,691 | +56.0% |
| Tax adjustments and reversals of tax provisions | 77 | €249,545 | €109,854 | -€139,691 | -56.0% |
| Profit (loss) for the period | 9904 | -€1,744,154 | -€18,655,884 | -€16.9m | -970% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,744,154 | -€18,655,884 | -€16.9m | -970% |
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 13 October 2026 via checked.be.