PUTTEVILS: 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.
PUTTEVILS
Largest movements
- Tangible fixed assets -€142,984
down €142,984 (-10.3%), from €1.4m to €1.2m
of which Plant, machinery and equipment: -€119,726
- Cash -€43,636
down €43,636 (-30.1%), from €144,741 to €101,106
mainly Investment in fixed assets (net) (-€114,365) and Debts after one year (-€87,332)
- Debts after one year -€87,332
down €87,332 (-51.0%), from €171,389 to €84,058
- Trade debts -€46,190
down €46,190 (-26.8%), from €172,317 to €126,127
- Reserves -€24,783
down €24,783 (-3.0%), from €826,764 to €801,981
of which Tax-exempt reserves: -€41,298
- Financial income -€292,114
down €292,114 (-99.9%), from €292,508 to €394
of which Non-recurring financial income: -€292,207
- Gross operating margin +€59,265
up €59,265 (+19.4%), from €305,445 to €364,710
- Depreciation -€39,985
down €39,985 (-13.4%), from €297,333 to €257,349
- Other operating charges +€10,520
up €10,520 (+84.2%), from €12,488 to €23,008
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 | €1,713,873 | €1,539,065 | -€174,808 | -10.2% |
| Fixed assets | 21/28 | €1,387,329 | €1,244,345 | -€142,984 | -10.3% |
| Tangible fixed assets | 22/27 | €1,387,329 | €1,244,345 | -€142,984 | -10.3% |
| Land and buildings | 22 | €551,020 | €537,836 | -€13,185 | -2.4% |
| Plant, machinery and equipment | 23 | €808,783 | €689,057 | -€119,726 | -14.8% |
| Furniture and vehicles | 24 | €27,525 | €17,452 | -€10,073 | -36.6% |
| Current assets | 29/58 | €326,544 | €294,721 | -€31,823 | -9.7% |
| Stocks and contracts in progress | 3 | €14,666 | €13,687 | -€979 | -6.7% |
| Stocks | 30/36 | €14,666 | €13,687 | -€979 | -6.7% |
| Amounts receivable within one year | 40/41 | €160,201 | €173,152 | +€12,951 | +8.1% |
| Trade receivables | 40 | €157,918 | €165,791 | +€7,873 | +5.0% |
| Other amounts receivable | 41 | €2,283 | €7,361 | +€5,077 | +222.4% |
| Cash at bank and in hand | 54/58 | €144,741 | €101,106 | -€43,636 | -30.1% |
| Deferred charges and accrued income | 490/1 | €6,935 | €6,776 | -€160 | -2.3% |
| Total equity and liabilities | 10/49 | €1,713,873 | €1,539,065 | -€174,808 | -10.2% |
| Equity | 10/15 | €1,035,821 | €1,011,038 | -€24,783 | -2.4% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €826,764 | €801,981 | -€24,783 | -3.0% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Tax-exempt reserves | 132 | €134,448 | €93,150 | -€41,298 | -30.7% |
| Distributable reserves | 133 | €673,725 | €690,239 | +€16,515 | +2.5% |
| Profit (loss) carried forward | 14 | €23,137 | €23,137 | = | 0.0% |
| Provisions and deferred taxes | 16 | €43,108 | €31,050 | -€12,058 | -28.0% |
| Deferred taxes | 168 | €43,108 | €31,050 | -€12,058 | -28.0% |
| Amounts payable | 17/49 | €634,944 | €496,977 | -€137,966 | -21.7% |
| Amounts payable after more than one year | 17 | €171,389 | €84,058 | -€87,332 | -51.0% |
| Financial debts | 170/4 | €171,389 | €84,058 | -€87,332 | -51.0% |
| Amounts payable within one year | 42/48 | €463,554 | €412,920 | -€50,635 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €86,113 | €87,332 | +€1,219 | +1.4% |
| Financial debts | 43 | €47 | €126 | +€78 | +165.7% |
| Credit institutions | 430/8 | €47 | €126 | +€78 | +165.7% |
| Trade debts | 44 | €172,317 | €126,127 | -€46,190 | -26.8% |
| Suppliers | 440/4 | €172,317 | €126,127 | -€46,190 | -26.8% |
| Taxes, remuneration and social security | 45 | €7,393 | €1,651 | -€5,742 | -77.7% |
| Taxes | 450/3 | €7,393 | €1,651 | -€5,742 | -77.7% |
| Other amounts payable | 47/48 | €197,683 | €197,683 | = | 0.0% |
| Non-recurring operating income | 76A | - | €22,224 | +€22,224 | |
| Remuneration, social security and pensions | 62 | €114,222 | €114,976 | +€754 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,333 | €257,349 | -€39,985 | -13.4% |
| Other operating charges | 640/8 | €12,488 | €23,008 | +€10,520 | +84.2% |
| Gross operating margin | 9900 | €305,445 | €364,710 | +€59,265 | +19.4% |
| Operating profit (loss) | 9901 | -€118,598 | -€30,623 | +€87,975 | +74.2% |
| Financial income | 75/76B | €292,508 | €394 | -€292,114 | -99.9% |
| Recurring financial income | 75 | €301 | €394 | +€93 | +30.9% |
| Non-recurring financial income | 76B | €292,207 | - | -€292,207 | |
| Financial charges | 65/66B | €5,877 | €4,772 | -€1,105 | -18.8% |
| Recurring financial charges | 65 | €5,877 | €4,772 | -€1,105 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €168,033 | -€35,000 | -€203,033 | |
| Transfer from deferred taxes | 780 | €12,058 | €12,058 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €51,750 | - | -€51,750 | |
| Income taxes | 67/77 | €3,056 | €1,841 | -€1,215 | -39.8% |
| Profit (loss) for the period | 9904 | €125,285 | -€24,783 | -€150,068 | |
| Transfer from tax-exempt reserves | 789 | €54,600 | €41,298 | -€13,302 | -24.4% |
| Transfer to tax-exempt reserves | 689 | €155,250 | - | -€155,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,635 | €16,515 | -€8,121 | -33.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.