2PG GROUP: what changed
Two fiscal 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.
What changed
2PG GROUP
NACE 52.249, Warehousing and support activities for transportation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€460,739
2024 · €655,170-€194,431
Equity
€10.9m
2024 · €14.1m-€3.2m
Cash
€1.9m
2024 · €1.5m+€376,498
Balance sheet total
€43.0m
2024 · €43.0m+€40,596
Largest movements
Assets
- Receivables after one year -€11.1m
down €11.1m (-100.0%), from €11.1m to €0
- Receivables within one year +€10.2m
up €10.2m (+366.6%), from €2.8m to €13.0m
of which Trade receivables: +€7.6m
- Intangible fixed assets +€1.6m
up €1.6m (+185.9%), from €854,057 to €2.4m
- Tangible fixed assets -€1.1m
down €1.1m (-5.9%), from €18.2m to €17.1m
of which Land and buildings: -€1.0m
Equity and liabilities
- Profit (loss) carried forward -€9.3m
down €9.3m (-84.4%), from €11.0m to €1.7m
- Reserves +€3.7m
up €3.7m (+238.2%), from €1.6m to €5.3m
of which Distributable reserves: +€3.5m
- Contributions +€2.3m
up €2.3m (+155.3%), from €1.5m to €3.8m
- Other debts +€1.3m
up €1.3m (+49.3%), from €2.6m to €3.9m
- Trade debts +€959,945
up €959,945 (+143.4%), from €669,234 to €1.6m
Income statement
- Financial income +€1.4m
up €1.4m (+84.2%), from €1.7m to €3.2m
- Gross operating margin -€841,192
down €841,192 (-16.0%), from €5.3m to €4.4m
- Depreciation +€539,675
up €539,675 (+35.3%), from €1.5m to €2.1m
- Staff costs +€338,777
up €338,777 (+9.0%), from €3.8m to €4.1m
- Financial charges -€79,470
down €79,470 (-8.3%), from €961,484 to €882,015
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.
Result 2024
€655,170
Gross operating margin
-€841,192
Staff costs
-€338,777
Depreciation
-€539,675
Other operating charges
+€531
Other operating items
-€539
Financial income
+€1.4m
Financial charges
+€79,470
Taxes
-€1,213
Result 2025
€460,739
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.
From operations
+€5.6m
Investment
-€2.6m
Financing
-€2.6m
Cash 2024
€1.5m
From operations (derived)
+€5.6m
Net result for the year
+€460,739
Depreciation
+€2.1m
Receivables after one year
+€11.1m
Receivables within one year
-€10.2m
Smaller working-capital items
-€18,168
Trade debts
+€959,945
Tax, wage and social debts
-€80,004
Other debts
+€1.3m
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€2.6m
Financing
-€2.6m
Debts after one year
+€117,131
Current portion of long-term debt
+€212,405
Short-term financial debts
+€797,804
Contributions, distributions and other
-€3.7m
Cash 2025
€1.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,984,408 | €43,025,004 | +€40,596 | +0.1% |
| Fixed assets | 21/28 | €27,283,666 | €27,824,917 | +€541,250 | +2.0% |
| Intangible fixed assets | 21 | €854,057 | €2,441,389 | +€1.6m | +185.9% |
| Tangible fixed assets | 22/27 | €18,159,391 | €17,096,311 | -€1.1m | -5.9% |
| Land and buildings | 22 | €17,877,779 | €16,828,643 | -€1.0m | -5.9% |
| Plant, machinery and equipment | 23 | €16,360 | €13,511 | -€2,849 | -17.4% |
| Furniture and vehicles | 24 | €265,252 | €217,002 | -€48,250 | -18.2% |
| Assets under construction and advance payments | 27 | - | €37,156 | +€37,156 | |
| Financial fixed assets | 28 | €8,270,218 | €8,287,216 | +€16,998 | +0.2% |
| Current assets | 29/58 | €15,700,742 | €15,200,087 | -€500,654 | -3.2% |
| Amounts receivable after more than one year | 29 | €11,100,000 | €0 | -€11.1m | -100.0% |
| Other amounts receivable | 291 | €11,100,000 | €0 | -€11.1m | -100.0% |
| Amounts receivable within one year | 40/41 | €2,785,266 | €12,996,603 | +€10.2m | +366.6% |
| Trade receivables | 40 | €372,094 | €7,952,604 | +€7.6m | +2037.3% |
| Other amounts receivable | 41 | €2,413,172 | €5,044,000 | +€2.6m | +109.0% |
| Cash at bank and in hand | 54/58 | €1,475,910 | €1,852,408 | +€376,498 | +25.5% |
| Deferred charges and accrued income | 490/1 | €339,565 | €351,076 | +€11,511 | +3.4% |
| Total equity and liabilities | 10/49 | €42,984,408 | €43,025,004 | +€40,596 | +0.1% |
| Equity | 10/15 | €14,096,572 | €10,853,092 | -€3.2m | -23.0% |
| Contributions | 10/11 | €1,500,000 | €3,830,000 | +€2.3m | +155.3% |
| Capital | 10 | €1,500,000 | €3,830,000 | +€2.3m | +155.3% |
| Issued capital | 100 | €1,500,000 | €3,830,000 | +€2.3m | +155.3% |
| Reserves | 13 | €1,569,091 | €5,305,946 | +€3.7m | +238.2% |
| Non-distributable reserves | 130/1 | €150,000 | €383,000 | +€233,000 | +155.3% |
| Legal reserve | 130 | €150,000 | €383,000 | +€233,000 | +155.3% |
| Tax-exempt reserves | 132 | €465,317 | €438,391 | -€26,926 | -5.8% |
| Distributable reserves | 133 | €953,774 | €4,484,555 | +€3.5m | +370.2% |
| Profit (loss) carried forward | 14 | €11,027,481 | €1,717,146 | -€9.3m | -84.4% |
| Provisions and deferred taxes | 16 | €148,856 | €139,880 | -€8,975 | -6.0% |
| Deferred taxes | 168 | €148,856 | €139,880 | -€8,975 | -6.0% |
| Amounts payable | 17/49 | €28,738,981 | €32,032,032 | +€3.3m | +11.5% |
| Amounts payable after more than one year | 17 | €12,815,859 | €12,932,990 | +€117,131 | +0.9% |
| Financial debts | 170/4 | €12,315,859 | €12,932,990 | +€617,131 | +5.0% |
| Other amounts payable | 178/9 | €500,000 | €0 | -€500,000 | -100.0% |
| Amounts payable within one year | 42/48 | €15,880,372 | €19,053,974 | +€3.2m | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €1,753,477 | €1,965,882 | +€212,405 | +12.1% |
| Financial debts | 43 | €10,400,000 | €11,197,804 | +€797,804 | +7.7% |
| Credit institutions | 430/8 | €10,400,000 | €11,197,804 | +€797,804 | +7.7% |
| Trade debts | 44 | €669,234 | €1,629,179 | +€959,945 | +143.4% |
| Suppliers | 440/4 | €669,234 | €1,629,179 | +€959,945 | +143.4% |
| Taxes, remuneration and social security | 45 | €452,462 | €372,458 | -€80,004 | -17.7% |
| Taxes | 450/3 | €9,481 | €98 | -€9,383 | -99.0% |
| Remuneration and social security | 454/9 | €442,980 | €372,360 | -€70,621 | -15.9% |
| Other amounts payable | 47/48 | €2,605,199 | €3,888,651 | +€1.3m | +49.3% |
| Accrued charges and deferred income | 492/3 | €42,750 | €45,068 | +€2,318 | +5.4% |
| Non-recurring operating income | 76A | €24,216 | €117,278 | +€93,062 | +384.3% |
| Remuneration, social security and pensions | 62 | €3,761,034 | €4,099,811 | +€338,777 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,528,955 | €2,068,630 | +€539,675 | +35.3% |
| Other operating charges | 640/8 | €78,754 | €78,224 | -€531 | -0.7% |
| Non-recurring operating charges | 66A | - | €539 | +€539 | |
| Gross operating margin | 9900 | €5,259,953 | €4,418,761 | -€841,192 | -16.0% |
| Operating profit (loss) | 9901 | -€108,791 | -€1,828,443 | -€1.7m | -1580.7% |
| Financial income | 75/76B | €1,718,257 | €3,165,221 | +€1.4m | +84.2% |
| Recurring financial income | 75 | €1,718,257 | €3,165,221 | +€1.4m | +84.2% |
| Financial charges | 65/66B | €961,484 | €882,015 | -€79,470 | -8.3% |
| Recurring financial charges | 65 | €961,484 | €882,015 | -€79,470 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €647,982 | €454,764 | -€193,218 | -29.8% |
| Transfer from deferred taxes | 780 | €8,975 | €8,975 | = | 0.0% |
| Income taxes | 67/77 | €1,787 | €3,000 | +€1,213 | +67.9% |
| Profit (loss) for the period | 9904 | €655,170 | €460,739 | -€194,431 | -29.7% |
| Transfer from tax-exempt reserves | 789 | €26,926 | €26,926 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €682,096 | €487,665 | -€194,431 | -28.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.