PSI: 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.
PSI
Largest movements
- Cash +€7,320
up €7,320 (+3.4%), from €215,807 to €223,127
mainly Net result for the year (+€3,339) and Depreciation (+€2,648)
- Tangible fixed assets -€2,648
no longer reported in 2025 (was €2,648)
- Reserves +€3,339
up €3,339 (+2.7%), from €123,678 to €127,017
of which Distributable reserves: +€3,339
- Gross operating margin +€33,458
up €33,458, from -€21,644 to €11,814
- Depreciation -€7,811
down €7,811 (-74.7%), from €10,459 to €2,648
- Financial income -€4,667
down €4,667 (-83.8%), from €5,568 to €901
- Financial charges +€2,886
up €2,886 (+174%), from €1,662 to €4,547
- Other operating charges +€743
up €743 (+117%), from €637 to €1,379
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 | €223,489 | €228,586 | +€5,098 | +2.3% |
| Fixed assets | 21/28 | €2,648 | - | -€2,648 | |
| Tangible fixed assets | 22/27 | €2,648 | - | -€2,648 | |
| Furniture and vehicles | 24 | €2,648 | - | -€2,648 | |
| Current assets | 29/58 | €220,840 | €228,586 | +€7,746 | +3.5% |
| Amounts receivable within one year | 40/41 | €4,574 | €5,003 | +€429 | +9.4% |
| Trade receivables | 40 | - | €5,003 | +€5,003 | |
| Other amounts receivable | 41 | €4,574 | - | -€4,574 | |
| Cash at bank and in hand | 54/58 | €215,807 | €223,127 | +€7,320 | +3.4% |
| Deferred charges and accrued income | 490/1 | €459 | €456 | -€3 | -0.6% |
| Total equity and liabilities | 10/49 | €223,489 | €228,586 | +€5,098 | +2.3% |
| Equity | 10/15 | €217,124 | €220,463 | +€3,339 | +1.5% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €123,678 | €127,017 | +€3,339 | +2.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €121,818 | €125,157 | +€3,339 | +2.7% |
| Profit (loss) carried forward | 14 | €24,846 | €24,846 | = | 0.0% |
| Amounts payable | 17/49 | €6,364 | €8,123 | +€1,758 | +27.6% |
| Amounts payable within one year | 42/48 | €6,364 | €6,173 | -€192 | -3.0% |
| Trade debts | 44 | €338 | - | -€338 | |
| Suppliers | 440/4 | €338 | - | -€338 | |
| Taxes, remuneration and social security | 45 | €1,497 | €827 | -€670 | -44.7% |
| Taxes | 450/3 | €1,497 | €827 | -€670 | -44.7% |
| Other amounts payable | 47/48 | €4,529 | €5,345 | +€816 | +18.0% |
| Accrued charges and deferred income | 492/3 | - | €1,950 | +€1,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,459 | €2,648 | -€7,811 | -74.7% |
| Other operating charges | 640/8 | €637 | €1,379 | +€743 | +117% |
| Gross operating margin | 9900 | -€21,644 | €11,814 | +€33,458 | |
| Operating profit (loss) | 9901 | -€32,740 | €7,786 | +€40,526 | |
| Financial income | 75/76B | €5,568 | €901 | -€4,667 | -83.8% |
| Recurring financial income | 75 | €5,568 | €901 | -€4,667 | -83.8% |
| Financial charges | 65/66B | €1,662 | €4,547 | +€2,886 | +174% |
| Recurring financial charges | 65 | €1,662 | €4,547 | +€2,886 | +174% |
| Profit (loss) for the period before taxes | 9903 | -€28,833 | €4,140 | +€32,974 | |
| Income taxes | 67/77 | €185 | €801 | +€616 | +334% |
| Profit (loss) for the period | 9904 | -€29,018 | €3,339 | +€32,357 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,018 | €3,339 | +€32,357 |
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.