Puxano: 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.
Puxano
Largest movements
- Receivables within one year +€354,017
up €354,017 (+81.1%), from €436,764 to €790,781
of which Other amounts receivable: +€327,905
- Intangible fixed assets +€317,630
up €317,630 (+29.7%), from €1.1m to €1.4m
- Cash -€102,501
down €102,501 (-41.7%), from €246,048 to €143,547
mainly Investment in fixed assets (net) (-€655,173) and Receivables within one year (-€354,017)
- Investment grants +€514,077
up €514,077 (+67.2%), from €764,550 to €1.3m
- Profit (loss) carried forward +€32,656
up €32,656, from -€32,656 to €0
- Current portion of long-term debt +€28,626
up €28,626 (+96.3%), from €29,735 to €58,361
- Gross operating margin +€170,867
up €170,867 (+39.5%), from €432,065 to €602,932
- Depreciation +€96,266
up €96,266 (+38.8%), from €248,160 to €344,426
- Financial income +€72,152
up €72,152 (+89.2%), from €80,868 to €153,020
- Staff costs +€15,450
up €15,450 (+4.5%), from €344,980 to €360,429
- Write-downs -€7,500
down €7,500 (-100.0%), from €7,500 to €0
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 | €1,861,902 | €2,431,727 | +€569,825 | +30.6% |
| Formation expenses | 20 | €3,798 | €1,466 | -€2,332 | -61.4% |
| Fixed assets | 21/28 | €1,165,240 | €1,478,319 | +€313,079 | +26.9% |
| Intangible fixed assets | 21 | €1,070,170 | €1,387,800 | +€317,630 | +29.7% |
| Tangible fixed assets | 22/27 | €94,770 | €90,169 | -€4,601 | -4.9% |
| Plant, machinery and equipment | 23 | €65,785 | €72,038 | +€6,253 | +9.5% |
| Furniture and vehicles | 24 | €3,296 | €2,930 | -€366 | -11.1% |
| Leasing and similar rights | 25 | €25,689 | €15,202 | -€10,488 | -40.8% |
| Financial fixed assets | 28 | €300 | €350 | +€50 | +16.7% |
| Current assets | 29/58 | €692,863 | €951,942 | +€259,078 | +37.4% |
| Amounts receivable within one year | 40/41 | €436,764 | €790,781 | +€354,017 | +81.1% |
| Trade receivables | 40 | €81,430 | €107,542 | +€26,112 | +32.1% |
| Other amounts receivable | 41 | €355,334 | €683,239 | +€327,905 | +92.3% |
| Cash at bank and in hand | 54/58 | €246,048 | €143,547 | -€102,501 | -41.7% |
| Deferred charges and accrued income | 490/1 | €10,051 | €17,614 | +€7,562 | +75.2% |
| Total equity and liabilities | 10/49 | €1,861,902 | €2,431,727 | +€569,825 | +30.6% |
| Equity | 10/15 | €1,546,894 | €2,102,320 | +€555,426 | +35.9% |
| Contributions | 10/11 | €815,000 | €815,000 | = | 0.0% |
| Reserves | 13 | €0 | €8,693 | +€8,693 | |
| Distributable reserves | 133 | €0 | €8,693 | +€8,693 | |
| Profit (loss) carried forward | 14 | -€32,656 | €0 | +€32,656 | |
| Investment grants | 15 | €764,550 | €1,278,627 | +€514,077 | +67.2% |
| Amounts payable | 17/49 | €315,007 | €329,407 | +€14,399 | +4.6% |
| Amounts payable after more than one year | 17 | €42,790 | €47,097 | +€4,307 | +10.1% |
| Financial debts | 170/4 | €42,790 | €47,097 | +€4,307 | +10.1% |
| Amounts payable within one year | 42/48 | €271,978 | €282,222 | +€10,245 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €29,735 | €58,361 | +€28,626 | +96.3% |
| Trade debts | 44 | €180,945 | €181,200 | +€254 | +0.1% |
| Suppliers | 440/4 | €180,945 | €181,200 | +€254 | +0.1% |
| Taxes, remuneration and social security | 45 | €58,446 | €39,938 | -€18,508 | -31.7% |
| Taxes | 450/3 | €9,784 | €51 | -€9,733 | -99.5% |
| Remuneration and social security | 454/9 | €48,661 | €39,887 | -€8,774 | -18.0% |
| Other amounts payable | 47/48 | €2,852 | €2,723 | -€128 | -4.5% |
| Accrued charges and deferred income | 492/3 | €240 | €88 | -€153 | -63.6% |
| Remuneration, social security and pensions | 62 | €344,980 | €360,429 | +€15,450 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,160 | €344,426 | +€96,266 | +38.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,500 | €0 | -€7,500 | -100.0% |
| Other operating charges | 640/8 | €1,646 | €1,549 | -€97 | -5.9% |
| Gross operating margin | 9900 | €432,065 | €602,932 | +€170,867 | +39.5% |
| Operating profit (loss) | 9901 | -€170,220 | -€103,472 | +€66,748 | +39.2% |
| Financial income | 75/76B | €80,868 | €153,020 | +€72,152 | +89.2% |
| Recurring financial income | 75 | €80,868 | €153,020 | +€72,152 | +89.2% |
| Financial charges | 65/66B | €5,022 | €8,063 | +€3,041 | +60.6% |
| Recurring financial charges | 65 | €5,022 | €8,063 | +€3,041 | +60.6% |
| Profit (loss) for the period before taxes | 9903 | -€94,374 | €41,485 | +€135,859 | |
| Income taxes | 67/77 | €128 | €135 | +€7 | +5.6% |
| Profit (loss) for the period | 9904 | -€94,502 | €41,349 | +€135,852 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,502 | €41,349 | +€135,852 |
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 8 October 2026 via checked.be.