PUTTEMAN: 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.
PUTTEMAN
Largest movements
- Receivables within one year +€33,795
up €33,795 (+218%), from €15,489 to €49,284
of which Other amounts receivable: +€19,913
- Cash -€28,805
down €28,805 (-35.7%), from €80,680 to €51,875
mainly Receivables within one year (-€33,795) and Current investments (-€18,771)
- Current investments +€18,771
new in 2025: €18,771
- Tangible fixed assets -€8,080
down €8,080 (-4.4%), from €185,300 to €177,220
of which Furniture and vehicles: -€10,429
- Reserves +€29,509
up €29,509 (+14.2%), from €207,152 to €236,661
- Debts after one year -€9,776
down €9,776 (-26.1%), from €37,447 to €27,671
- Trade debts -€6,424
down €6,424 (-76.2%), from €8,433 to €2,009
- Gross operating margin +€19,334
up €19,334 (+48.6%), from €39,800 to €59,134
- Other operating charges -€14,965
down €14,965 (-93.1%), from €16,074 to €1,110
- Taxes +€10,882
up €10,882 (+710%), from €1,533 to €12,415
- Depreciation +€7,805
up €7,805 (+103%), from €7,553 to €15,358
- Financial income +€1,317
up €1,317 (+12,164%), from €11 to €1,328
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €283,197 | €298,909 | +€15,712 | +5.5% |
| Fixed assets | 21/28 | €185,478 | €177,398 | -€8,080 | -4.4% |
| Tangible fixed assets | 22/27 | €185,300 | €177,220 | -€8,080 | -4.4% |
| Land and buildings | 22 | €136,687 | €138,681 | +€1,993 | +1.5% |
| Plant, machinery and equipment | 23 | €1,038 | €1,394 | +€356 | +34.3% |
| Furniture and vehicles | 24 | €47,574 | €37,145 | -€10,429 | -21.9% |
| Financial fixed assets | 28 | €178 | €178 | = | 0.0% |
| Current assets | 29/58 | €97,719 | €121,511 | +€23,792 | +24.3% |
| Amounts receivable within one year | 40/41 | €15,489 | €49,284 | +€33,795 | +218% |
| Trade receivables | 40 | €638 | €14,520 | +€13,882 | +2,175% |
| Other amounts receivable | 41 | €14,851 | €34,764 | +€19,913 | +134% |
| Current investments | 50/53 | - | €18,771 | +€18,771 | |
| Cash at bank and in hand | 54/58 | €80,680 | €51,875 | -€28,805 | -35.7% |
| Deferred charges and accrued income | 490/1 | €1,549 | €1,581 | +€31 | +2.0% |
| Total equity and liabilities | 10/49 | €283,197 | €298,909 | +€15,712 | +5.5% |
| Equity | 10/15 | €219,552 | €249,061 | +€29,509 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €207,152 | €236,661 | +€29,509 | +14.2% |
| Distributable reserves | 133 | €207,152 | €236,661 | +€29,509 | +14.2% |
| Amounts payable | 17/49 | €63,645 | €49,848 | -€13,797 | -21.7% |
| Amounts payable after more than one year | 17 | €37,447 | €27,671 | -€9,776 | -26.1% |
| Financial debts | 170/4 | €37,447 | €27,671 | -€9,776 | -26.1% |
| Amounts payable within one year | 42/48 | €26,198 | €21,942 | -€4,255 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €10,832 | €9,776 | -€1,056 | -9.7% |
| Financial debts | 43 | - | €2,363 | +€2,363 | |
| Credit institutions | 430/8 | - | €2,363 | +€2,363 | |
| Trade debts | 44 | €8,433 | €2,009 | -€6,424 | -76.2% |
| Suppliers | 440/4 | €8,433 | €2,009 | -€6,424 | -76.2% |
| Taxes, remuneration and social security | 45 | €6,933 | €7,795 | +€862 | +12.4% |
| Taxes | 450/3 | €6,933 | €7,795 | +€862 | +12.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €235 | +€235 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,553 | €15,358 | +€7,805 | +103% |
| Other operating charges | 640/8 | €16,074 | €1,110 | -€14,965 | -93.1% |
| Non-recurring operating charges | 66A | €7,659 | €0 | -€7,659 | -100% |
| Gross operating margin | 9900 | €39,800 | €59,134 | +€19,334 | +48.6% |
| Operating profit (loss) | 9901 | €8,513 | €42,666 | +€34,153 | +401% |
| Financial income | 75/76B | €11 | €1,328 | +€1,317 | +12,164% |
| Recurring financial income | 75 | €11 | €1,328 | +€1,317 | +12,164% |
| Financial charges | 65/66B | €1,014 | €2,070 | +€1,057 | +104% |
| Recurring financial charges | 65 | €1,014 | €2,070 | +€1,057 | +104% |
| Profit (loss) for the period before taxes | 9903 | €7,510 | €41,924 | +€34,414 | +458% |
| Income taxes | 67/77 | €1,533 | €12,415 | +€10,882 | +710% |
| Profit (loss) for the period | 9904 | €5,977 | €29,509 | +€23,532 | +394% |
| Profit (loss) for the period to be appropriated | 9905 | €5,977 | €29,509 | +€23,532 | +394% |
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.