Puzzle Express: 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.
Puzzle Express
Largest movements
- Receivables within one year -€101,867
down €101,867 (-52.1%), from €195,576 to €93,709
of which Trade receivables: -€84,630
- Tangible fixed assets -€75,674
down €75,674 (-20.9%), from €362,858 to €287,184
of which Plant, machinery and equipment: -€62,675
- Cash +€13,589
up €13,589 (+11.3%), from €119,963 to €133,552
mainly Receivables within one year (+€101,867) and Depreciation (+€82,328)
- Trade debts -€91,287
down €91,287 (-21.6%), from €422,651 to €331,365
- Debts after one year -€44,476
down €44,476 (-15.9%), from €279,033 to €234,557
- Current portion of long-term debt -€34,025
down €34,025 (-47.9%), from €71,062 to €37,037
- Staff costs +€15,312
up €15,312 (+9.7%), from €157,674 to €172,986
- Gross operating margin -€12,589
down €12,589 (-4.1%), from €305,870 to €293,281
- Financial income -€3,413
down €3,413 (-93.8%), from €3,638 to €226
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 | €838,896 | €676,902 | -€161,995 | -19.3% |
| Fixed assets | 21/28 | €368,025 | €291,851 | -€76,174 | -20.7% |
| Intangible fixed assets | 21 | €2,167 | €1,667 | -€500 | -23.1% |
| Tangible fixed assets | 22/27 | €362,858 | €287,184 | -€75,674 | -20.9% |
| Plant, machinery and equipment | 23 | €254,877 | €192,201 | -€62,675 | -24.6% |
| Furniture and vehicles | 24 | €767 | €5,889 | +€5,122 | +667.5% |
| Other tangible fixed assets | 26 | €107,214 | €89,094 | -€18,121 | -16.9% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €470,871 | €385,051 | -€85,821 | -18.2% |
| Stocks and contracts in progress | 3 | €141,923 | €146,343 | +€4,420 | +3.1% |
| Stocks | 30/36 | €141,923 | €146,343 | +€4,420 | +3.1% |
| Amounts receivable within one year | 40/41 | €195,576 | €93,709 | -€101,867 | -52.1% |
| Trade receivables | 40 | €122,082 | €37,452 | -€84,630 | -69.3% |
| Other amounts receivable | 41 | €73,494 | €56,257 | -€17,237 | -23.5% |
| Cash at bank and in hand | 54/58 | €119,963 | €133,552 | +€13,589 | +11.3% |
| Deferred charges and accrued income | 490/1 | €13,409 | €11,447 | -€1,962 | -14.6% |
| Total equity and liabilities | 10/49 | €838,896 | €676,902 | -€161,995 | -19.3% |
| Equity | 10/15 | €39,435 | €47,429 | +€7,994 | +20.3% |
| Contributions | 10/11 | €47,500 | €47,500 | = | 0.0% |
| Contributions outside capital | 11 | €47,500 | - | -€47,500 | |
| Other | 1109/19 | €47,500 | - | -€47,500 | |
| Reserves | 13 | €4,750 | €4,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,750 | €4,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,750 | €4,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,815 | -€4,821 | +€7,994 | +62.4% |
| Amounts payable | 17/49 | €799,461 | €629,472 | -€169,989 | -21.3% |
| Amounts payable after more than one year | 17 | €279,033 | €234,557 | -€44,476 | -15.9% |
| Financial debts | 170/4 | €279,033 | €234,557 | -€44,476 | -15.9% |
| Amounts payable within one year | 42/48 | €520,428 | €394,915 | -€125,513 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €71,062 | €37,037 | -€34,025 | -47.9% |
| Trade debts | 44 | €422,651 | €331,365 | -€91,287 | -21.6% |
| Suppliers | 440/4 | €422,651 | €331,365 | -€91,287 | -21.6% |
| Taxes, remuneration and social security | 45 | €26,715 | €21,749 | -€4,965 | -18.6% |
| Taxes | 450/3 | €127 | €2,572 | +€2,445 | +1922.7% |
| Remuneration and social security | 454/9 | €26,588 | €19,177 | -€7,410 | -27.9% |
| Other amounts payable | 47/48 | - | €4,764 | +€4,764 | |
| Non-recurring operating income | 76A | - | €36,199 | +€36,199 | |
| Remuneration, social security and pensions | 62 | €157,674 | €172,986 | +€15,312 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,495 | €82,328 | +€832 | +1.0% |
| Other operating charges | 640/8 | €3,798 | €5,091 | +€1,294 | +34.1% |
| Non-recurring operating charges | 66A | €22,772 | - | -€22,772 | |
| Gross operating margin | 9900 | €305,870 | €293,281 | -€12,589 | -4.1% |
| Operating profit (loss) | 9901 | €40,131 | €32,876 | -€7,255 | -18.1% |
| Financial income | 75/76B | €3,638 | €226 | -€3,413 | -93.8% |
| Recurring financial income | 75 | €3,638 | €226 | -€3,413 | -93.8% |
| Financial charges | 65/66B | €23,112 | €25,108 | +€1,996 | +8.6% |
| Recurring financial charges | 65 | €23,112 | €25,108 | +€1,996 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €20,657 | €7,994 | -€12,663 | -61.3% |
| Income taxes | 67/77 | €127 | - | -€127 | |
| Profit (loss) for the period | 9904 | €20,530 | €7,994 | -€12,536 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,530 | €7,994 | -€12,536 | -61.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.