PUP: 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.
PUP
Largest movements
- Cash -€15,064
down €15,064 (-41.8%), from €36,039 to €20,975
mainly Net result for the year (-€28,770) and Tax, wage and social debts (-€9,855)
- Receivables within one year +€3,327
up €3,327 (+176.3%), from €1,887 to €5,214
of which Trade receivables: +€3,098
- Stocks and contracts +€3,153
new in 2025: €3,153
- Intangible fixed assets -€449
down €449 (-22.3%), from €2,015 to €1,566
- Profit (loss) carried forward -€28,770
new in 2025: -€28,770
- Debts after one year +€24,264
new in 2025: €24,264
- Tax, wage and social debts -€9,855
down €9,855 (-86.5%), from €11,399 to €1,544
of which Remuneration and social security: -€9,971
- Current portion of long-term debt +€5,736
new in 2025: €5,736
- Trade debts -€647
down €647 (-63.0%), from €1,027 to €380
- Gross operating margin -€32,895
down €32,895, from €4,975 to -€27,920
- Taxes -€1,484
no longer reported in 2025 (was €1,484)
- Depreciation +€312
up €312 (+124.2%), from €251 to €563
- Financial charges +€281
up €281 (+2437.0%), from €12 to €292
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 | €40,615 | €31,343 | -€9,273 | -22.8% |
| Fixed assets | 21/28 | €2,563 | €2,000 | -€563 | -22.0% |
| Intangible fixed assets | 21 | €2,015 | €1,566 | -€449 | -22.3% |
| Tangible fixed assets | 22/27 | €548 | €434 | -€114 | -20.8% |
| Furniture and vehicles | 24 | €548 | €434 | -€114 | -20.8% |
| Current assets | 29/58 | €38,052 | €29,342 | -€8,710 | -22.9% |
| Stocks and contracts in progress | 3 | - | €3,153 | +€3,153 | |
| Stocks | 30/36 | - | €3,153 | +€3,153 | |
| Amounts receivable within one year | 40/41 | €1,887 | €5,214 | +€3,327 | +176.3% |
| Trade receivables | 40 | €871 | €3,969 | +€3,098 | +355.5% |
| Other amounts receivable | 41 | €1,016 | €1,245 | +€229 | +22.5% |
| Cash at bank and in hand | 54/58 | €36,039 | €20,975 | -€15,064 | -41.8% |
| Deferred charges and accrued income | 490/1 | €126 | €1 | -€125 | -99.4% |
| Total equity and liabilities | 10/49 | €40,615 | €31,343 | -€9,273 | -22.8% |
| Equity | 10/15 | €28,188 | -€582 | -€28,770 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €3,188 | €3,188 | = | 0.0% |
| Distributable reserves | 133 | €3,188 | €3,188 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€28,770 | -€28,770 | |
| Amounts payable | 17/49 | €12,427 | €31,924 | +€19,498 | +156.9% |
| Amounts payable after more than one year | 17 | - | €24,264 | +€24,264 | |
| Other amounts payable | 178/9 | - | €24,264 | +€24,264 | |
| Amounts payable within one year | 42/48 | €12,427 | €7,660 | -€4,766 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | - | €5,736 | +€5,736 | |
| Trade debts | 44 | €1,027 | €380 | -€647 | -63.0% |
| Suppliers | 440/4 | €1,027 | €380 | -€647 | -63.0% |
| Taxes, remuneration and social security | 45 | €11,399 | €1,544 | -€9,855 | -86.5% |
| Taxes | 450/3 | €1,428 | €1,544 | +€116 | +8.1% |
| Remuneration and social security | 454/9 | €9,971 | - | -€9,971 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251 | €563 | +€312 | +124.2% |
| Other operating charges | 640/8 | €50 | - | -€50 | |
| Gross operating margin | 9900 | €4,975 | -€27,920 | -€32,895 | |
| Operating profit (loss) | 9901 | €4,674 | -€28,483 | -€33,157 | |
| Financial income | 75/76B | €10 | €4 | -€5 | -53.4% |
| Recurring financial income | 75 | €10 | €4 | -€5 | -53.4% |
| Financial charges | 65/66B | €12 | €292 | +€281 | +2437.0% |
| Recurring financial charges | 65 | €12 | €292 | +€281 | +2437.0% |
| Profit (loss) for the period before taxes | 9903 | €4,672 | -€28,770 | -€33,443 | |
| Income taxes | 67/77 | €1,484 | - | -€1,484 | |
| Profit (loss) for the period | 9904 | €3,188 | -€28,770 | -€31,959 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,188 | -€28,770 | -€31,959 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.