PZCS International: 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.
PZCS International
Largest movements
- Tangible fixed assets +€161,553
up €161,553 (+16.7%), from €965,267 to €1.1m
of which Land and buildings: +€177,225
- Cash -€139,499
down €139,499 (-53.3%), from €261,661 to €122,162
mainly Investment in fixed assets (net) (-€209,678) and Debts after one year (-€37,086)
- Profit (loss) carried forward +€61,945
up €61,945 (+12.5%), from €494,020 to €555,966
- Debts after one year -€37,086
down €37,086 (-5.6%), from €659,581 to €622,495
- Current portion of long-term debt +€18,687
up €18,687 (+88.4%), from €21,133 to €39,820
- Financial charges -€17,449
down €17,449 (-33.8%), from €51,615 to €34,166
- Gross operating margin -€13,005
down €13,005 (-7.4%), from €175,318 to €162,313
- Depreciation +€12,158
up €12,158 (+33.8%), from €35,967 to €48,124
- Financial income +€3,962
up €3,962 (+974%), from €407 to €4,369
- Other operating charges +€1,972
up €1,972 (+1,341%), from €147 to €2,119
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 | €1,315,599 | €1,345,692 | +€30,093 | +2.3% |
| Fixed assets | 21/28 | €965,267 | €1,126,820 | +€161,553 | +16.7% |
| Tangible fixed assets | 22/27 | €965,267 | €1,126,820 | +€161,553 | +16.7% |
| Land and buildings | 22 | €916,533 | €1,093,758 | +€177,225 | +19.3% |
| Plant, machinery and equipment | 23 | €27,558 | €23,170 | -€4,388 | -15.9% |
| Furniture and vehicles | 24 | €21,176 | €9,892 | -€11,283 | -53.3% |
| Current assets | 29/58 | €350,332 | €218,871 | -€131,461 | -37.5% |
| Amounts receivable within one year | 40/41 | €85,375 | €96,709 | +€11,334 | +13.3% |
| Trade receivables | 40 | €79,415 | €85,265 | +€5,851 | +7.4% |
| Other amounts receivable | 41 | €5,960 | €11,444 | +€5,483 | +92.0% |
| Cash at bank and in hand | 54/58 | €261,661 | €122,162 | -€139,499 | -53.3% |
| Deferred charges and accrued income | 490/1 | €3,296 | - | -€3,296 | |
| Total equity and liabilities | 10/49 | €1,315,599 | €1,345,692 | +€30,093 | +2.3% |
| Equity | 10/15 | €514,480 | €576,426 | +€61,945 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €494,020 | €555,966 | +€61,945 | +12.5% |
| Amounts payable | 17/49 | €801,118 | €769,266 | -€31,852 | -4.0% |
| Amounts payable after more than one year | 17 | €659,581 | €622,495 | -€37,086 | -5.6% |
| Financial debts | 170/4 | €659,581 | €622,495 | -€37,086 | -5.6% |
| Amounts payable within one year | 42/48 | €140,476 | €145,677 | +€5,202 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €21,133 | €39,820 | +€18,687 | +88.4% |
| Trade debts | 44 | €11,193 | €8,614 | -€2,579 | -23.0% |
| Suppliers | 440/4 | €11,193 | €8,614 | -€2,579 | -23.0% |
| Other amounts payable | 47/48 | €108,149 | €97,243 | -€10,906 | -10.1% |
| Accrued charges and deferred income | 492/3 | €1,061 | €1,094 | +€32 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,967 | €48,124 | +€12,158 | +33.8% |
| Other operating charges | 640/8 | €147 | €2,119 | +€1,972 | +1,341% |
| Gross operating margin | 9900 | €175,318 | €162,313 | -€13,005 | -7.4% |
| Operating profit (loss) | 9901 | €139,205 | €112,070 | -€27,135 | -19.5% |
| Financial income | 75/76B | €407 | €4,369 | +€3,962 | +974% |
| Recurring financial income | 75 | €407 | €4,369 | +€3,962 | +974% |
| Financial charges | 65/66B | €51,615 | €34,166 | -€17,449 | -33.8% |
| Recurring financial charges | 65 | €51,615 | €34,166 | -€17,449 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | €87,997 | €82,273 | -€5,724 | -6.5% |
| Income taxes | 67/77 | €21,740 | €20,328 | -€1,412 | -6.5% |
| Profit (loss) for the period | 9904 | €66,256 | €61,945 | -€4,311 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,256 | €61,945 | -€4,311 | -6.5% |
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 30 October 2026 via checked.be.