PUPPY: 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.
PUPPY
Largest movements
- Stocks and contracts -€148,058
down €148,058 (-12.7%), from €1.2m to €1.0m
- Tangible fixed assets -€38,155
down €38,155 (-34.1%), from €111,907 to €73,752
of which Furniture and vehicles: -€54,723
- Receivables within one year -€23,526
down €23,526 (-5.9%), from €397,217 to €373,691
of which Trade receivables: -€24,831
- Profit (loss) carried forward -€409,780
down €409,780, from €20,237 to -€389,543
- Short-term financial debts +€349,946
up €349,946 (+50.0%), from €700,054 to €1.1m
of which Other loans: +€350,000
- Reserves -€200,000
down €200,000 (-82.8%), from €241,562 to €41,562
of which Distributable reserves: -€200,000
- Trade debts +€142,829
up €142,829 (+53.1%), from €269,127 to €411,957
- Debts after one year -€51,617
no longer reported in 2025 (was €51,617)
- Gross operating margin +€359,656
up €359,656 (+83.3%), from -€431,976 to -€72,320
- Staff costs -€157,967
down €157,967 (-27.7%), from €569,607 to €411,639
- Write-downs -€31,799
down €31,799, from €16,910 to -€14,889
- Depreciation -€6,191
down €6,191 (-8.8%), from €70,179 to €63,988
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,873,648 | €1,642,944 | -€230,704 | -12.3% |
| Fixed assets | 21/28 | €112,047 | €73,892 | -€38,155 | -34.1% |
| Tangible fixed assets | 22/27 | €111,907 | €73,752 | -€38,155 | -34.1% |
| Plant, machinery and equipment | 23 | - | €2,942 | +€2,942 | |
| Furniture and vehicles | 24 | €111,907 | €57,184 | -€54,723 | -48.9% |
| Other tangible fixed assets | 26 | - | €13,626 | +€13,626 | |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €1,761,601 | €1,569,052 | -€192,549 | -10.9% |
| Stocks and contracts in progress | 3 | €1,168,083 | €1,020,025 | -€148,058 | -12.7% |
| Stocks | 30/36 | €1,168,083 | €1,020,025 | -€148,058 | -12.7% |
| Amounts receivable within one year | 40/41 | €397,217 | €373,691 | -€23,526 | -5.9% |
| Trade receivables | 40 | €381,353 | €356,521 | -€24,831 | -6.5% |
| Other amounts receivable | 41 | €15,864 | €17,170 | +€1,306 | +8.2% |
| Cash at bank and in hand | 54/58 | €169,404 | €152,682 | -€16,722 | -9.9% |
| Deferred charges and accrued income | 490/1 | €26,897 | €22,654 | -€4,243 | -15.8% |
| Total equity and liabilities | 10/49 | €1,873,648 | €1,642,944 | -€230,704 | -12.3% |
| Equity | 10/15 | €677,419 | €67,639 | -€609,780 | -90.0% |
| Contributions | 10/11 | €415,620 | €415,620 | = | 0.0% |
| Capital | 10 | €415,620 | €415,620 | = | 0.0% |
| Issued capital | 100 | €415,620 | €415,620 | = | 0.0% |
| Reserves | 13 | €241,562 | €41,562 | -€200,000 | -82.8% |
| Non-distributable reserves | 130/1 | €41,562 | €41,562 | = | 0.0% |
| Legal reserve | 130 | €41,562 | €41,562 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | - | -€200,000 | |
| Profit (loss) carried forward | 14 | €20,237 | -€389,543 | -€409,780 | |
| Amounts payable | 17/49 | €1,196,229 | €1,575,305 | +€379,077 | +31.7% |
| Amounts payable after more than one year | 17 | €51,617 | - | -€51,617 | |
| Financial debts | 170/4 | €51,617 | - | -€51,617 | |
| Amounts payable within one year | 42/48 | €1,141,060 | €1,572,919 | +€431,859 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €61,821 | €55,887 | -€5,934 | -9.6% |
| Financial debts | 43 | €700,054 | €1,050,000 | +€349,946 | +50.0% |
| Credit institutions | 430/8 | €700,054 | €700,000 | -€54 | 0.0% |
| Other loans | 439 | - | €350,000 | +€350,000 | |
| Trade debts | 44 | €269,127 | €411,957 | +€142,829 | +53.1% |
| Suppliers | 440/4 | €269,127 | €411,957 | +€142,829 | +53.1% |
| Advances received on contracts in progress | 46 | €13,787 | - | -€13,787 | |
| Taxes, remuneration and social security | 45 | €96,270 | €55,075 | -€41,195 | -42.8% |
| Taxes | 450/3 | €25,079 | €8,209 | -€16,870 | -67.3% |
| Remuneration and social security | 454/9 | €71,191 | €46,867 | -€24,324 | -34.2% |
| Accrued charges and deferred income | 492/3 | €3,552 | €2,386 | -€1,166 | -32.8% |
| Remuneration, social security and pensions | 62 | €569,607 | €411,639 | -€157,967 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,179 | €63,988 | -€6,191 | -8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,910 | -€14,889 | -€31,799 | |
| Other operating charges | 640/8 | €24,501 | €26,831 | +€2,330 | +9.5% |
| Non-recurring operating charges | 66A | €127 | - | -€127 | |
| Gross operating margin | 9900 | -€431,976 | -€72,320 | +€359,656 | +83.3% |
| Operating profit (loss) | 9901 | -€1,113,299 | -€559,889 | +€553,409 | +49.7% |
| Financial income | 75/76B | €6,339 | €2,851 | -€3,488 | -55.0% |
| Recurring financial income | 75 | €6,339 | €2,851 | -€3,488 | -55.0% |
| Financial charges | 65/66B | €49,163 | €51,998 | +€2,834 | +5.8% |
| Recurring financial charges | 65 | €49,163 | €51,998 | +€2,834 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,156,123 | -€609,036 | +€547,087 | +47.3% |
| Income taxes | 67/77 | €919 | €744 | -€175 | -19.0% |
| Profit (loss) for the period | 9904 | -€1,157,042 | -€609,780 | +€547,262 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,157,042 | -€609,780 | +€547,262 | +47.3% |
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.