PUNCHCO: 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.
What changed
PUNCHCO
NACE 68.121, Development of residential building projects
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€6.0m
2025 · €3.5m+€2.5m
Equity
€27.6m
2025 · €22.8m+€4.8m
Cash
€1.0m
2025 · €434,406+€581,685
Balance sheet total
€36.7m
2025 · €36.4m+€277,623
Largest movements
Assets
- Receivables within one year -€1.7m
down €1.7m (-42.3%), from €4.0m to €2.3m
of which Trade receivables: -€1.7m
- Current investments +€1.5m
up €1.5m, from €0 to €1.5m
- Cash +€581,685
up €581,685 (+133.9%), from €434,406 to €1.0m
mainly Net result for the year (+€6.0m) and Receivables within one year (+€1.7m)
Equity and liabilities
- Reserves +€4.8m
up €4.8m (+36.5%), from €13.1m to €18.0m
of which Distributable reserves: +€4.7m
- Debts after one year -€1.8m
down €1.8m (-30.9%), from €5.8m to €4.0m
- Trade debts -€1.6m
down €1.6m (-44.3%), from €3.6m to €2.0m
- Other debts -€1.1m
down €1.1m (-47.9%), from €2.2m to €1.2m
Income statement
- Financial income +€2.5m
up €2.5m (+69.9%), from €3.5m to €6.0m
- Turnover -€1.8m
down €1.8m (-37.6%), from €4.9m to €3.1m
- Services and other goods -€1.5m
down €1.5m (-37.6%), from €4.1m to €2.6m
- Goods and materials -€165,379
down €165,379 (-95.7%), from €172,788 to €7,409
of which Purchases: -€142,029
- Staff costs -€113,585
down €113,585 (-26.3%), from €432,256 to €318,671
From the 2025 result to the 2026 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 2025
€3.5m
Turnover
-€1.8m
Other operating income
-€2,454
Goods and materials
+€165,379
Services and other goods
+€1.5m
Staff costs
+€113,585
Depreciation
-€48,429
Other operating charges
+€3,462
Financial income
+€2.5m
Financial charges
+€53,853
Taxes
+€9,200
Result 2026
€6.0m
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€5.0m
Investment
-€1.5m
Financing
-€3.0m
Cash 2025
€434,406
From operations (derived)
+€5.0m
Net result for the year
+€6.0m
Depreciation
+€91,859
Receivables within one year
+€1.7m
Smaller working-capital items
-€5,275
Trade debts
-€1.6m
Other debts
-€1.1m
Accrued charges and deferred income
-€36,544
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€4,700
Current investments
-€1.5m
Financing
-€3.0m
Debts after one year
-€1.8m
Contributions, distributions and other
-€1.2m
Cash 2026
€1.0m
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,382,128 | €36,659,751 | +€277,623 | +0.8% |
| Fixed assets | 21/28 | €31,889,142 | €31,801,983 | -€87,159 | -0.3% |
| Tangible fixed assets | 22/27 | €410,843 | €323,684 | -€87,159 | -21.2% |
| Plant, machinery and equipment | 23 | - | €4,227 | +€4,227 | |
| Furniture and vehicles | 24 | €410,843 | €319,457 | -€91,387 | -22.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €31,478,299 | €31,478,299 | = | 0.0% |
| Affiliated companies | 280/1 | €30,777,779 | €30,777,779 | = | 0.0% |
| Participating interests | 280 | €30,777,779 | €30,777,779 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €700,346 | €700,346 | = | 0.0% |
| Participating interests | 282 | €700,346 | €700,346 | = | 0.0% |
| Other financial fixed assets | 284/8 | €175 | €175 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €4,492,986 | €4,857,767 | +€364,782 | +8.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Stocks | 30/36 | €0 | - | = | |
| Raw materials and consumables | 30/31 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €4,039,187 | €2,331,757 | -€1.7m | -42.3% |
| Trade receivables | 40 | €3,906,852 | €2,221,034 | -€1.7m | -43.2% |
| Other amounts receivable | 41 | €132,335 | €110,723 | -€21,613 | -16.3% |
| Current investments | 50/53 | €0 | €1,500,000 | +€1.5m | |
| Other investments | 51/53 | €0 | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €434,406 | €1,016,091 | +€581,685 | +133.9% |
| Deferred charges and accrued income | 490/1 | €19,393 | €9,920 | -€9,473 | -48.8% |
| Total equity and liabilities | 10/49 | €36,382,128 | €36,659,751 | +€277,623 | +0.8% |
| Equity | 10/15 | €22,786,082 | €27,591,822 | +€4.8m | +21.1% |
| Contributions | 10/11 | €9,637,550 | €9,637,550 | = | 0.0% |
| Capital | 10 | €8,668,875 | €8,668,875 | = | 0.0% |
| Issued capital | 100 | €8,668,875 | €8,668,875 | = | 0.0% |
| Outside capital | 11 | €968,675 | €968,675 | = | 0.0% |
| Other | 1109/19 | €968,675 | €968,675 | = | 0.0% |
| Reserves | 13 | €13,148,532 | €17,954,272 | +€4.8m | +36.5% |
| Non-distributable reserves | 130/1 | €748,266 | €866,888 | +€118,622 | +15.9% |
| Legal reserve | 130 | €748,266 | €866,888 | +€118,622 | +15.9% |
| Distributable reserves | 133 | €12,400,266 | €17,087,384 | +€4.7m | +37.8% |
| Amounts payable | 17/49 | €13,596,046 | €9,067,929 | -€4.5m | -33.3% |
| Amounts payable after more than one year | 17 | €5,790,000 | €4,000,000 | -€1.8m | -30.9% |
| Financial debts | 170/4 | €5,790,000 | €4,000,000 | -€1.8m | -30.9% |
| Credit institutions | 173 | €4,790,000 | €3,000,000 | -€1.8m | -37.4% |
| Other loans | 174 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,754,209 | €5,052,635 | -€2.7m | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €1,790,000 | €1,790,000 | = | 0.0% |
| Trade debts | 44 | €3,631,860 | €2,021,366 | -€1.6m | -44.3% |
| Suppliers | 440/4 | €3,631,860 | €2,021,366 | -€1.6m | -44.3% |
| Taxes, remuneration and social security | 45 | €84,238 | €69,490 | -€14,748 | -17.5% |
| Taxes | 450/3 | €44,246 | €28,914 | -€15,332 | -34.7% |
| Remuneration and social security | 454/9 | €39,992 | €40,576 | +€584 | +1.5% |
| Other amounts payable | 47/48 | €2,248,110 | €1,171,780 | -€1.1m | -47.9% |
| Accrued charges and deferred income | 492/3 | €51,837 | €15,293 | -€36,544 | -70.5% |
| Operating income | 70/76A | €4,902,550 | €3,059,470 | -€1.8m | -37.6% |
| Turnover | 70 | €4,892,021 | €3,051,395 | -€1.8m | -37.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €0 | - | = | |
| Other operating income | 74 | €10,529 | €8,075 | -€2,454 | -23.3% |
| Operating charges | 60/66A | €4,755,747 | €2,981,651 | -€1.8m | -37.3% |
| Goods for resale, raw materials and consumables | 60 | €172,788 | €7,409 | -€165,379 | -95.7% |
| Purchases | 600/8 | €149,437 | €7,409 | -€142,029 | -95.0% |
| Change in stocks: decrease (increase) | 609 | €23,351 | €0 | -€23,351 | -100.0% |
| Services and other goods | 61 | €4,095,992 | €2,555,894 | -€1.5m | -37.6% |
| Remuneration, social security and pensions | 62 | €432,256 | €318,671 | -€113,585 | -26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,431 | €91,859 | +€48,429 | +111.5% |
| Other operating charges | 640/8 | €11,280 | €7,819 | -€3,462 | -30.7% |
| Operating profit (loss) | 9901 | €146,804 | €77,819 | -€68,985 | -47.0% |
| Financial income | 75/76B | €3,545,345 | €6,023,841 | +€2.5m | +69.9% |
| Recurring financial income | 75 | €3,545,345 | €6,023,841 | +€2.5m | +69.9% |
| Income from financial fixed assets | 750 | €3,500,000 | €6,000,000 | +€2.5m | +71.4% |
| Income from current assets | 751 | €44,259 | €23,841 | -€20,418 | -46.1% |
| Other financial income | 752/9 | €1,086 | €0 | -€1,086 | -100.0% |
| Financial charges | 65/66B | €180,084 | €126,230 | -€53,853 | -29.9% |
| Recurring financial charges | 65 | €180,084 | €126,230 | -€53,853 | -29.9% |
| Debt charges | 650 | €178,581 | €125,972 | -€52,609 | -29.5% |
| Other financial charges | 652/9 | €1,503 | €259 | -€1,244 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €3,512,066 | €5,975,429 | +€2.5m | +70.1% |
| Income taxes | 67/77 | €7,110 | -€2,090 | -€9,200 | |
| Taxes | 670/3 | €7,110 | €1,275 | -€5,835 | -82.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,365 | +€3,365 | |
| Profit (loss) for the period | 9904 | €3,504,956 | €5,977,519 | +€2.5m | +70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,504,956 | €5,977,519 | +€2.5m | +70.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.