PUT 19: 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.
PUT 19
Largest movements
- Deferred charges and accrued income +€15,051
up €15,051 (+72.5%), from €20,758 to €35,808
- Receivables within one year +€14,279
up €14,279 (+19.9%), from €71,638 to €85,917
of which Other amounts receivable: +€11,183
- Stocks and contracts +€12,476
up €12,476 (+25.1%), from €49,635 to €62,111
- Cash +€12,337
up €12,337 (+220.8%), from €5,588 to €17,924
mainly Net result for the year (+€104,767) and Depreciation (+€45,516)
- Tangible fixed assets -€10,758
down €10,758 (-12.1%), from €88,741 to €77,983
of which Furniture and vehicles: -€8,670
- Reserves +€32,904
up €32,904 (+1769.0%), from €1,860 to €34,764
- Profit (loss) carried forward +€23,863
up €23,863, from -€23,863 to €0
- Current portion of long-term debt -€21,913
down €21,913 (-78.4%), from €27,960 to €6,047
- Tax, wage and social debts +€12,694
up €12,694 (+10.1%), from €126,306 to €139,000
of which Taxes: +€23,117
- Trade debts -€12,514
down €12,514 (-6.1%), from €206,750 to €194,236
- Financial charges -€193,699
down €193,699 (-92.8%), from €208,837 to €15,138
- Gross operating margin -€43,278
down €43,278 (-5.7%), from €753,671 to €710,393
- Other operating charges -€32,224
down €32,224 (-58.0%), from €55,534 to €23,310
- Taxes +€16,288
up €16,288 (+37563.8%), from €43 to €16,331
- Staff costs -€12,163
down €12,163 (-2.4%), from €506,116 to €493,953
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 | €455,424 | €498,808 | +€43,384 | +9.5% |
| Fixed assets | 21/28 | €107,806 | €97,048 | -€10,758 | -10.0% |
| Tangible fixed assets | 22/27 | €88,741 | €77,983 | -€10,758 | -12.1% |
| Plant, machinery and equipment | 23 | €34,502 | €30,132 | -€4,370 | -12.7% |
| Furniture and vehicles | 24 | €20,380 | €11,710 | -€8,670 | -42.5% |
| Other tangible fixed assets | 26 | €33,859 | €36,141 | +€2,282 | +6.7% |
| Financial fixed assets | 28 | €19,065 | €19,065 | = | 0.0% |
| Current assets | 29/58 | €347,619 | €401,760 | +€54,142 | +15.6% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €49,635 | €62,111 | +€12,476 | +25.1% |
| Stocks | 30/36 | €49,635 | €62,111 | +€12,476 | +25.1% |
| Amounts receivable within one year | 40/41 | €71,638 | €85,917 | +€14,279 | +19.9% |
| Trade receivables | 40 | €64,005 | €67,101 | +€3,096 | +4.8% |
| Other amounts receivable | 41 | €7,633 | €18,816 | +€11,183 | +146.5% |
| Cash at bank and in hand | 54/58 | €5,588 | €17,924 | +€12,337 | +220.8% |
| Deferred charges and accrued income | 490/1 | €20,758 | €35,808 | +€15,051 | +72.5% |
| Total equity and liabilities | 10/49 | €455,424 | €498,808 | +€43,384 | +9.5% |
| Equity | 10/15 | -€3,403 | €53,364 | +€56,767 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €34,764 | +€32,904 | +1769.0% |
| Distributable reserves | 133 | €1,860 | €34,764 | +€32,904 | +1769.0% |
| Profit (loss) carried forward | 14 | -€23,863 | €0 | +€23,863 | |
| Amounts payable | 17/49 | €458,827 | €445,444 | -€13,383 | -2.9% |
| Amounts payable after more than one year | 17 | €6,047 | €0 | -€6,047 | -100.0% |
| Financial debts | 170/4 | €6,047 | €0 | -€6,047 | -100.0% |
| Amounts payable within one year | 42/48 | €450,794 | €440,013 | -€10,781 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €27,960 | €6,047 | -€21,913 | -78.4% |
| Financial debts | 43 | €796 | €9,383 | +€8,587 | +1079.1% |
| Credit institutions | 430/8 | €796 | €9,383 | +€8,587 | +1079.1% |
| Trade debts | 44 | €206,750 | €194,236 | -€12,514 | -6.1% |
| Suppliers | 440/4 | €206,750 | €194,236 | -€12,514 | -6.1% |
| Taxes, remuneration and social security | 45 | €126,306 | €139,000 | +€12,694 | +10.1% |
| Taxes | 450/3 | €83,499 | €106,616 | +€23,117 | +27.7% |
| Remuneration and social security | 454/9 | €42,807 | €32,385 | -€10,423 | -24.3% |
| Other amounts payable | 47/48 | €88,982 | €91,347 | +€2,365 | +2.7% |
| Accrued charges and deferred income | 492/3 | €1,987 | €5,432 | +€3,445 | +173.4% |
| Non-recurring operating income | 76A | - | €63 | +€63 | |
| Remuneration, social security and pensions | 62 | €506,116 | €493,953 | -€12,163 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,776 | €45,516 | +€740 | +1.7% |
| Other operating charges | 640/8 | €55,534 | €23,310 | -€32,224 | -58.0% |
| Non-recurring operating charges | 66A | - | €16,350 | +€16,350 | |
| Gross operating margin | 9900 | €753,671 | €710,393 | -€43,278 | -5.7% |
| Operating profit (loss) | 9901 | €147,245 | €131,264 | -€15,981 | -10.9% |
| Financial income | 75/76B | €5,077 | €4,972 | -€105 | -2.1% |
| Recurring financial income | 75 | €5,077 | €4,972 | -€105 | -2.1% |
| Financial charges | 65/66B | €208,837 | €15,138 | -€193,699 | -92.8% |
| Recurring financial charges | 65 | €208,837 | €15,138 | -€193,699 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | -€56,515 | €121,098 | +€177,613 | |
| Income taxes | 67/77 | €43 | €16,331 | +€16,288 | +37563.8% |
| Profit (loss) for the period | 9904 | -€56,558 | €104,767 | +€161,325 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,558 | €104,767 | +€161,325 |
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 12 October 2026 via checked.be.