PUNICA: 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.
PUNICA
Largest movements
- Receivables within one year -€80,226
down €80,226 (-81.9%), from €97,960 to €17,734
- Tangible fixed assets -€12,063
down €12,063 (-3.3%), from €365,677 to €353,613
- Cash +€8,569
up €8,569 (+208%), from €4,116 to €12,685
mainly Other debts (+€138,168) and Receivables within one year (+€80,226)
- Profit (loss) carried forward -€196,964
down €196,964 (-476%), from -€41,421 to -€238,385
- Other debts +€138,168
up €138,168 (+491%), from €28,157 to €166,325
- Debts after one year -€26,138
down €26,138 (-6.1%), from €425,366 to €399,227
- Gross operating margin -€219,062
down €219,062, from €53,016 to -€166,047
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 | €467,753 | €384,033 | -€83,720 | -17.9% |
| Fixed assets | 21/28 | €365,677 | €353,613 | -€12,063 | -3.3% |
| Tangible fixed assets | 22/27 | €365,677 | €353,613 | -€12,063 | -3.3% |
| Land and buildings | 22 | €365,677 | €353,613 | -€12,063 | -3.3% |
| Current assets | 29/58 | €102,076 | €30,419 | -€71,657 | -70.2% |
| Amounts receivable within one year | 40/41 | €97,960 | €17,734 | -€80,226 | -81.9% |
| Trade receivables | 40 | €97,960 | €17,734 | -€80,226 | -81.9% |
| Cash at bank and in hand | 54/58 | €4,116 | €12,685 | +€8,569 | +208% |
| Total equity and liabilities | 10/49 | €467,753 | €384,033 | -€83,720 | -17.9% |
| Equity | 10/15 | -€10,693 | -€207,658 | -€196,964 | -1,842% |
| Contributions | 10/11 | €19,212 | €19,212 | = | 0.0% |
| Reserves | 13 | €11,516 | €11,516 | = | 0.0% |
| Distributable reserves | 133 | €11,516 | €11,516 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,421 | -€238,385 | -€196,964 | -476% |
| Amounts payable | 17/49 | €478,446 | €591,690 | +€113,244 | +23.7% |
| Amounts payable after more than one year | 17 | €425,366 | €399,227 | -€26,138 | -6.1% |
| Financial debts | 170/4 | €425,366 | €399,227 | -€26,138 | -6.1% |
| Amounts payable within one year | 42/48 | €53,080 | €192,463 | +€139,382 | +263% |
| Current portion of amounts payable after more than one year | 42 | €24,924 | €26,138 | +€1,215 | +4.9% |
| Other amounts payable | 47/48 | €28,157 | €166,325 | +€138,168 | +491% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,063 | €12,063 | = | 0.0% |
| Other operating charges | 640/8 | €6,060 | €6,246 | +€186 | +3.1% |
| Gross operating margin | 9900 | €53,016 | -€166,047 | -€219,062 | |
| Operating profit (loss) | 9901 | €34,892 | -€184,356 | -€219,248 | |
| Financial charges | 65/66B | €13,787 | €12,609 | -€1,178 | -8.5% |
| Recurring financial charges | 65 | €13,787 | €12,609 | -€1,178 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €21,106 | -€196,964 | -€218,070 | |
| Profit (loss) for the period | 9904 | €21,106 | -€196,964 | -€218,070 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,106 | -€196,964 | -€218,070 |
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 19 October 2026 via checked.be.