PX: 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.
PX
Largest movements
- Receivables within one year -€67,610
down €67,610 (-49.6%), from €136,396 to €68,787
- Cash -€25,890
down €25,890 (-76.7%), from €33,765 to €7,875
mainly Current portion of long-term debt (-€102,359) and Trade debts (-€53,134)
- Intangible fixed assets +€4,466
new in 2025: €4,466
- Tangible fixed assets -€3,797
down €3,797 (-27.0%), from €14,040 to €10,243
of which Furniture and vehicles: -€5,850
- Current portion of long-term debt -€102,359
down €102,359 (-76.8%), from €133,292 to €30,934
- Debts after one year +€96,615
up €96,615 (+91.2%), from €105,885 to €202,500
- Trade debts -€53,134
down €53,134 (-89.9%), from €59,127 to €5,993
- Profit (loss) carried forward -€19,710
down €19,710 (-7.3%), from -€268,887 to -€288,597
- Tax, wage and social debts -€7,723
down €7,723 (-12.2%), from €63,294 to €55,570
of which Taxes: -€8,286
- Gross operating margin -€91,091
down €91,091 (-20.5%), from €444,860 to €353,768
- Staff costs -€37,517
down €37,517 (-9.6%), from €389,363 to €351,846
- Financial income -€7,106
down €7,106 (-99.0%), from €7,175 to €69
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 | €188,088 | €95,257 | -€92,831 | -49.4% |
| Fixed assets | 21/28 | €17,927 | €18,596 | +€669 | +3.7% |
| Intangible fixed assets | 21 | - | €4,466 | +€4,466 | |
| Tangible fixed assets | 22/27 | €14,040 | €10,243 | -€3,797 | -27.0% |
| Plant, machinery and equipment | 23 | €2,292 | €4,345 | +€2,053 | +89.6% |
| Furniture and vehicles | 24 | €11,748 | €5,898 | -€5,850 | -49.8% |
| Financial fixed assets | 28 | €3,888 | €3,888 | = | 0.0% |
| Current assets | 29/58 | €170,161 | €76,661 | -€93,499 | -54.9% |
| Amounts receivable within one year | 40/41 | €136,396 | €68,787 | -€67,610 | -49.6% |
| Trade receivables | 40 | €136,396 | €68,787 | -€67,610 | -49.6% |
| Cash at bank and in hand | 54/58 | €33,765 | €7,875 | -€25,890 | -76.7% |
| Total equity and liabilities | 10/49 | €188,088 | €95,257 | -€92,831 | -49.4% |
| Equity | 10/15 | -€200,687 | -€220,397 | -€19,710 | -9.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€268,887 | -€288,597 | -€19,710 | -7.3% |
| Amounts payable | 17/49 | €388,775 | €315,654 | -€73,121 | -18.8% |
| Amounts payable after more than one year | 17 | €105,885 | €202,500 | +€96,615 | +91.2% |
| Financial debts | 170/4 | €105,885 | €202,500 | +€96,615 | +91.2% |
| Amounts payable within one year | 42/48 | €282,890 | €113,154 | -€169,736 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €133,292 | €30,934 | -€102,359 | -76.8% |
| Trade debts | 44 | €59,127 | €5,993 | -€53,134 | -89.9% |
| Suppliers | 440/4 | €59,127 | €5,993 | -€53,134 | -89.9% |
| Taxes, remuneration and social security | 45 | €63,294 | €55,570 | -€7,723 | -12.2% |
| Taxes | 450/3 | €19,482 | €11,197 | -€8,286 | -42.5% |
| Remuneration and social security | 454/9 | €43,811 | €44,374 | +€563 | +1.3% |
| Other amounts payable | 47/48 | €27,177 | €20,658 | -€6,520 | -24.0% |
| Remuneration, social security and pensions | 62 | €389,363 | €351,846 | -€37,517 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,805 | €8,608 | -€197 | -2.2% |
| Other operating charges | 640/8 | €1,233 | €3,584 | +€2,352 | +191% |
| Gross operating margin | 9900 | €444,860 | €353,768 | -€91,091 | -20.5% |
| Operating profit (loss) | 9901 | €45,459 | -€10,269 | -€55,728 | |
| Financial income | 75/76B | €7,175 | €69 | -€7,106 | -99.0% |
| Recurring financial income | 75 | €7,175 | €69 | -€7,106 | -99.0% |
| Financial charges | 65/66B | €12,287 | €9,140 | -€3,148 | -25.6% |
| Recurring financial charges | 65 | €12,287 | €9,140 | -€3,148 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €40,347 | -€19,340 | -€59,687 | |
| Income taxes | 67/77 | €480 | €370 | -€110 | -23.0% |
| Profit (loss) for the period | 9904 | €39,867 | -€19,710 | -€59,576 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,867 | -€19,710 | -€59,576 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.