Putseys: 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.
Putseys
Largest movements
- Tangible fixed assets -€34,804
down €34,804 (-5.7%), from €613,628 to €578,824
of which Land and buildings: -€28,301
- Stocks and contracts +€31,581
up €31,581 (+39.5%), from €80,000 to €111,581
- Receivables within one year +€24,245
up €24,245 (+53.6%), from €45,270 to €69,514
of which Trade receivables: +€25,841
- Debts after one year -€53,356
down €53,356 (-9.6%), from €556,862 to €503,506
- Trade debts +€41,394
up €41,394 (+133.1%), from €31,106 to €72,500
- Reserves +€28,153
up €28,153 (+19.6%), from €143,979 to €172,132
- Current portion of long-term debt +€11,691
up €11,691 (+22.4%), from €52,095 to €63,787
- Gross operating margin +€16,807
up €16,807 (+15.8%), from €106,704 to €123,511
- Staff costs +€12,424
new in 2026: €12,424
- Other operating charges -€3,262
down €3,262 (-40.5%), from €8,048 to €4,786
- Depreciation +€2,276
up €2,276 (+4.0%), from €57,093 to €59,370
- Taxes +€1,596
up €1,596 (+29.0%), from €5,506 to €7,102
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €818,468 | €846,987 | +€28,519 | +3.5% |
| Fixed assets | 21/28 | €613,628 | €578,824 | -€34,804 | -5.7% |
| Tangible fixed assets | 22/27 | €613,628 | €578,824 | -€34,804 | -5.7% |
| Land and buildings | 22 | €560,390 | €532,089 | -€28,301 | -5.1% |
| Plant, machinery and equipment | 23 | €19,644 | €18,027 | -€1,617 | -8.2% |
| Furniture and vehicles | 24 | €33,594 | €28,708 | -€4,886 | -14.5% |
| Current assets | 29/58 | €204,839 | €268,163 | +€63,324 | +30.9% |
| Stocks and contracts in progress | 3 | €80,000 | €111,581 | +€31,581 | +39.5% |
| Stocks | 30/36 | €80,000 | €111,581 | +€31,581 | +39.5% |
| Amounts receivable within one year | 40/41 | €45,270 | €69,514 | +€24,245 | +53.6% |
| Trade receivables | 40 | €43,276 | €69,117 | +€25,841 | +59.7% |
| Other amounts receivable | 41 | €1,994 | €398 | -€1,596 | -80.1% |
| Cash at bank and in hand | 54/58 | €73,991 | €79,468 | +€5,476 | +7.4% |
| Deferred charges and accrued income | 490/1 | €5,578 | €7,600 | +€2,021 | +36.2% |
| Total equity and liabilities | 10/49 | €818,468 | €846,987 | +€28,519 | +3.5% |
| Equity | 10/15 | €153,979 | €182,132 | +€28,153 | +18.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €143,979 | €172,132 | +€28,153 | +19.6% |
| Distributable reserves | 133 | €143,979 | €172,132 | +€28,153 | +19.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €664,489 | €664,855 | +€366 | +0.1% |
| Amounts payable after more than one year | 17 | €556,862 | €503,506 | -€53,356 | -9.6% |
| Financial debts | 170/4 | €556,862 | €503,506 | -€53,356 | -9.6% |
| Amounts payable within one year | 42/48 | €107,628 | €161,350 | +€53,722 | +49.9% |
| Current portion of amounts payable after more than one year | 42 | €52,095 | €63,787 | +€11,691 | +22.4% |
| Financial debts | 43 | - | €179 | +€179 | |
| Credit institutions | 430/8 | - | €179 | +€179 | |
| Trade debts | 44 | €31,106 | €72,500 | +€41,394 | +133.1% |
| Suppliers | 440/4 | €31,106 | €72,500 | +€41,394 | +133.1% |
| Taxes, remuneration and social security | 45 | €12,891 | €14,907 | +€2,016 | +15.6% |
| Taxes | 450/3 | €12,891 | €8,147 | -€4,744 | -36.8% |
| Remuneration and social security | 454/9 | - | €6,760 | +€6,760 | |
| Other amounts payable | 47/48 | €11,535 | €9,976 | -€1,559 | -13.5% |
| Remuneration, social security and pensions | 62 | - | €12,424 | +€12,424 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,093 | €59,370 | +€2,276 | +4.0% |
| Other operating charges | 640/8 | €8,048 | €4,786 | -€3,262 | -40.5% |
| Gross operating margin | 9900 | €106,704 | €123,511 | +€16,807 | +15.8% |
| Operating profit (loss) | 9901 | €41,563 | €46,931 | +€5,368 | +12.9% |
| Financial income | 75/76B | €65 | €219 | +€154 | +235.9% |
| Recurring financial income | 75 | €65 | €219 | +€154 | +235.9% |
| Financial charges | 65/66B | €13,213 | €11,894 | -€1,319 | -10.0% |
| Recurring financial charges | 65 | €13,213 | €11,894 | -€1,319 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €28,415 | €35,255 | +€6,840 | +24.1% |
| Income taxes | 67/77 | €5,506 | €7,102 | +€1,596 | +29.0% |
| Profit (loss) for the period | 9904 | €22,909 | €28,153 | +€5,244 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,909 | €28,153 | +€5,244 | +22.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.