PZ 2: 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.
PZ 2
Largest movements
- Receivables within one year -€483,209
down €483,209 (-81.3%), from €594,641 to €111,432
of which Trade receivables: -€487,671
- Current investments +€355,277
new in 2025: €355,277
- Tangible fixed assets +€345,401
up €345,401 (+6.1%), from €5.7m to €6.0m
of which Land and buildings: +€411,061
- Cash -€88,534
down €88,534 (-77.9%), from €113,606 to €25,072
mainly Investment in fixed assets (net) (-€644,415) and Other debts (-€357,162)
- Other debts -€357,162
down €357,162 (-67.4%), from €530,178 to €173,015
- Debts after one year +€268,093
up €268,093 (+7.0%), from €3.8m to €4.1m
- Profit (loss) carried forward +€177,681
up €177,681 (+61.5%), from €288,953 to €466,633
- Current portion of long-term debt +€118,101
up €118,101 (+36.8%), from €321,127 to €439,228
- Gross operating margin -€157,636
down €157,636 (-16.9%), from €931,988 to €774,352
- Taxes -€36,936
down €36,936 (-37.3%), from €99,093 to €62,157
- Depreciation -€23,057
down €23,057 (-7.2%), from €322,071 to €299,015
- Other operating charges +€13,320
up €13,320 (+41.8%), from €31,898 to €45,218
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 | €6,434,168 | €6,567,061 | +€132,893 | +2.1% |
| Fixed assets | 21/28 | €5,698,409 | €6,043,810 | +€345,401 | +6.1% |
| Tangible fixed assets | 22/27 | €5,698,409 | €6,043,810 | +€345,401 | +6.1% |
| Land and buildings | 22 | €5,132,436 | €5,543,497 | +€411,061 | +8.0% |
| Plant, machinery and equipment | 23 | €99,316 | €97,594 | -€1,722 | -1.7% |
| Furniture and vehicles | 24 | €466,657 | €402,719 | -€63,938 | -13.7% |
| Current assets | 29/58 | €735,759 | €523,251 | -€212,508 | -28.9% |
| Stocks and contracts in progress | 3 | €4,604 | €11,513 | +€6,909 | +150% |
| Stocks | 30/36 | €4,604 | €11,513 | +€6,909 | +150% |
| Amounts receivable within one year | 40/41 | €594,641 | €111,432 | -€483,209 | -81.3% |
| Trade receivables | 40 | €507,960 | €20,289 | -€487,671 | -96.0% |
| Other amounts receivable | 41 | €86,681 | €91,143 | +€4,462 | +5.1% |
| Current investments | 50/53 | - | €355,277 | +€355,277 | |
| Cash at bank and in hand | 54/58 | €113,606 | €25,072 | -€88,534 | -77.9% |
| Deferred charges and accrued income | 490/1 | €22,908 | €19,957 | -€2,951 | -12.9% |
| Total equity and liabilities | 10/49 | €6,434,168 | €6,567,061 | +€132,893 | +2.1% |
| Equity | 10/15 | €1,584,747 | €1,758,291 | +€173,545 | +11.0% |
| Contributions | 10/11 | €241,799 | €241,799 | = | 0.0% |
| Revaluation surpluses | 12 | €34,021 | €34,021 | = | 0.0% |
| Reserves | 13 | €1,019,974 | €1,015,838 | -€4,136 | -0.4% |
| Non-distributable reserves | 130/1 | €11,546 | €11,546 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,546 | €11,546 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,538 | €17,402 | -€4,136 | -19.2% |
| Distributable reserves | 133 | €986,890 | €986,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | €288,953 | €466,633 | +€177,681 | +61.5% |
| Amounts payable | 17/49 | €4,849,421 | €4,808,770 | -€40,652 | -0.8% |
| Amounts payable after more than one year | 17 | €3,806,115 | €4,074,208 | +€268,093 | +7.0% |
| Financial debts | 170/4 | €3,806,115 | €4,074,208 | +€268,093 | +7.0% |
| Amounts payable within one year | 42/48 | €965,888 | €670,791 | -€295,097 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €321,127 | €439,228 | +€118,101 | +36.8% |
| Trade debts | 44 | €26,355 | €17,935 | -€8,419 | -31.9% |
| Suppliers | 440/4 | €26,355 | €17,935 | -€8,419 | -31.9% |
| Taxes, remuneration and social security | 45 | €88,229 | €40,613 | -€47,616 | -54.0% |
| Taxes | 450/3 | €80,399 | €31,464 | -€48,935 | -60.9% |
| Remuneration and social security | 454/9 | €7,830 | €9,149 | +€1,319 | +16.8% |
| Other amounts payable | 47/48 | €530,178 | €173,015 | -€357,162 | -67.4% |
| Accrued charges and deferred income | 492/3 | €77,419 | €63,771 | -€13,648 | -17.6% |
| Remuneration, social security and pensions | 62 | €60,892 | €66,579 | +€5,687 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €322,071 | €299,015 | -€23,057 | -7.2% |
| Other operating charges | 640/8 | €31,898 | €45,218 | +€13,320 | +41.8% |
| Non-recurring operating charges | 66A | - | €82 | +€82 | |
| Gross operating margin | 9900 | €931,988 | €774,352 | -€157,636 | -16.9% |
| Operating profit (loss) | 9901 | €517,127 | €363,459 | -€153,668 | -29.7% |
| Financial income | 75/76B | - | €7,540 | +€7,540 | |
| Recurring financial income | 75 | - | €7,540 | +€7,540 | |
| Financial charges | 65/66B | €129,081 | €135,298 | +€6,216 | +4.8% |
| Recurring financial charges | 65 | €129,081 | €135,298 | +€6,216 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €388,046 | €235,701 | -€152,344 | -39.3% |
| Income taxes | 67/77 | €99,093 | €62,157 | -€36,936 | -37.3% |
| Profit (loss) for the period | 9904 | €288,953 | €173,545 | -€115,408 | -39.9% |
| Transfer from tax-exempt reserves | 789 | - | €4,136 | +€4,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €288,953 | €177,681 | -€111,272 | -38.5% |
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 24 October 2026 via checked.be.