PUPURN: 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
PUPURN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€100,148
2024 · €28,351+€71,797
Equity
€710,731
2024 · €610,582+€100,148
Cash
€11,634
2024 · €30,980-€19,346
Balance sheet total
€4.1m
2024 · €4.3m-€207,735
Largest movements
Assets
- Receivables after one year -€134,156
down €134,156 (-7.9%), from €1.7m to €1.6m
- Tangible fixed assets -€124,070
down €124,070 (-5.6%), from €2.2m to €2.1m
of which Land and buildings: -€84,024
Equity and liabilities
- Debts after one year -€267,697
down €267,697 (-8.4%), from €3.2m to €2.9m
- Reserves +€100,148
up €100,148 (+21.4%), from €467,532 to €567,681
of which Distributable reserves: +€106,707
- Trade debts -€45,465
down €45,465 (-92.6%), from €49,093 to €3,628
of which Bills of exchange payable: -€46,000
Income statement
- Staff costs -€76,139
down €76,139 (-74.6%), from €102,058 to €25,919
- Gross operating margin +€55,850
up €55,850 (+19.8%), from €282,288 to €338,138
- Taxes +€41,745
up €41,745 (+1,051%), from €3,972 to €45,717
- Depreciation +€23,913
up €23,913 (+23.9%), from €100,157 to €124,070
- Financial income -€7,285
down €7,285 (-9.2%), from €78,906 to €71,621
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
€28,351
Gross operating margin
+€55,850
Staff costs
+€76,139
Depreciation
-€23,913
Other operating charges
+€904
Other operating items
+€6,036
Financial income
-€7,285
Financial charges
+€5,813
Taxes
-€41,745
Result 2025
€100,148
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
+€310,514
Investment
-€38,815
Financing
-€291,045
Cash 2024
€30,980
From operations (derived)
+€310,514
Net result for the year
+€100,148
Depreciation
+€124,070
Receivables after one year
+€134,156
Receivables within one year
-€30,383
Deferred charges and accrued income
-€638
Provisions
-€1,640
Trade debts
-€45,465
Tax, wage and social debts
+€39,222
Other debts
-€8,955
Investment (derived)
-€38,815
Investment in fixed assets (net)
-€38,815
Financing
-€291,045
Debts after one year
-€267,697
Current portion of long-term debt
+€6,921
Short-term financial debts
-€30,268
Cash 2025
€11,634
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,274,935 | €4,067,201 | -€207,735 | -4.9% |
| Fixed assets | 21/28 | €2,403,208 | €2,317,954 | -€85,254 | -3.5% |
| Tangible fixed assets | 22/27 | €2,220,962 | €2,096,893 | -€124,070 | -5.6% |
| Land and buildings | 22 | €1,980,572 | €1,896,548 | -€84,024 | -4.2% |
| Plant, machinery and equipment | 23 | €118,495 | €103,238 | -€15,257 | -12.9% |
| Furniture and vehicles | 24 | €4,318 | €3,330 | -€988 | -22.9% |
| Leasing and similar rights | 25 | €117,578 | €93,776 | -€23,802 | -20.2% |
| Financial fixed assets | 28 | €182,246 | €221,061 | +€38,815 | +21.3% |
| Current assets | 29/58 | €1,871,727 | €1,749,247 | -€122,480 | -6.5% |
| Amounts receivable after more than one year | 29 | €1,688,181 | €1,554,025 | -€134,156 | -7.9% |
| Trade receivables | 290 | €1,688,181 | €1,554,025 | -€134,156 | -7.9% |
| Amounts receivable within one year | 40/41 | €149,331 | €179,714 | +€30,383 | +20.3% |
| Trade receivables | 40 | €18,150 | €45,558 | +€27,408 | +151% |
| Other amounts receivable | 41 | €131,181 | €134,156 | +€2,975 | +2.3% |
| Cash at bank and in hand | 54/58 | €30,980 | €11,634 | -€19,346 | -62.4% |
| Deferred charges and accrued income | 490/1 | €3,236 | €3,874 | +€638 | +19.7% |
| Total equity and liabilities | 10/49 | €4,274,935 | €4,067,201 | -€207,735 | -4.9% |
| Equity | 10/15 | €610,582 | €710,731 | +€100,148 | +16.4% |
| Contributions | 10/11 | €143,050 | €143,050 | = | 0.0% |
| Reserves | 13 | €467,532 | €567,681 | +€100,148 | +21.4% |
| Tax-exempt reserves | 132 | €103,436 | €96,877 | -€6,559 | -6.3% |
| Distributable reserves | 133 | €364,097 | €470,804 | +€106,707 | +29.3% |
| Provisions and deferred taxes | 16 | €25,859 | €24,219 | -€1,640 | -6.3% |
| Deferred taxes | 168 | €25,859 | €24,219 | -€1,640 | -6.3% |
| Amounts payable | 17/49 | €3,638,494 | €3,332,251 | -€306,243 | -8.4% |
| Amounts payable after more than one year | 17 | €3,174,611 | €2,906,914 | -€267,697 | -8.4% |
| Financial debts | 170/4 | €3,174,611 | €2,906,914 | -€267,697 | -8.4% |
| Amounts payable within one year | 42/48 | €463,883 | €425,337 | -€38,546 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €260,776 | €267,697 | +€6,921 | +2.7% |
| Financial debts | 43 | €30,268 | €0 | -€30,268 | -100% |
| Credit institutions | 430/8 | €30,268 | €0 | -€30,268 | -100% |
| Trade debts | 44 | €49,093 | €3,628 | -€45,465 | -92.6% |
| Suppliers | 440/4 | €3,093 | €3,628 | +€535 | +17.3% |
| Bills of exchange payable | 441 | €46,000 | €0 | -€46,000 | -100% |
| Taxes, remuneration and social security | 45 | €29,876 | €69,097 | +€39,222 | +131% |
| Taxes | 450/3 | €29,875 | €63,501 | +€33,626 | +113% |
| Remuneration and social security | 454/9 | €1 | €5,596 | +€5,596 | +902,556% |
| Other amounts payable | 47/48 | €93,870 | €84,915 | -€8,955 | -9.5% |
| Remuneration, social security and pensions | 62 | €102,058 | €25,919 | -€76,139 | -74.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,157 | €124,070 | +€23,913 | +23.9% |
| Other operating charges | 640/8 | €9,399 | €8,495 | -€904 | -9.6% |
| Non-recurring operating charges | 66A | €6,036 | €0 | -€6,036 | -100% |
| Gross operating margin | 9900 | €282,288 | €338,138 | +€55,850 | +19.8% |
| Operating profit (loss) | 9901 | €64,639 | €179,654 | +€115,015 | +178% |
| Financial income | 75/76B | €78,906 | €71,621 | -€7,285 | -9.2% |
| Recurring financial income | 75 | €78,906 | €71,621 | -€7,285 | -9.2% |
| Financial charges | 65/66B | €112,861 | €107,049 | -€5,813 | -5.2% |
| Recurring financial charges | 65 | €112,861 | €107,049 | -€5,813 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €30,683 | €144,226 | +€113,542 | +370% |
| Transfer from deferred taxes | 780 | €1,640 | €1,640 | +€0 | 0.0% |
| Income taxes | 67/77 | €3,972 | €45,717 | +€41,745 | +1,051% |
| Profit (loss) for the period | 9904 | €28,351 | €100,148 | +€71,797 | +253% |
| Transfer from tax-exempt reserves | 789 | €6,559 | €6,559 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,910 | €106,707 | +€71,797 | +206% |
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 17 October 2026 via checked.be.