A & P PROJECTS: 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.
A & P PROJECTS
Largest movements
- Receivables within one year +€222,418
up €222,418 (+194.8%), from €114,202 to €336,620
of which Trade receivables: +€298,299
- Cash +€99,383
up €99,383 (+3715.0%), from €2,675 to €102,058
mainly Short-term financial debts (+€124,904) and Trade debts (+€98,146)
- Receivables after one year -€81,231
down €81,231 (-100.0%), from €81,231 to €0
- Deferred charges and accrued income -€8,316
down €8,316 (-39.2%), from €21,190 to €12,875
- Short-term financial debts +€124,904
up €124,904 (+166.7%), from €74,907 to €199,810
- Trade debts +€98,146
up €98,146 (+94.0%), from €104,426 to €202,572
- Reserves +€20,419
up €20,419 (+58.3%), from €35,051 to €55,470
of which Distributable reserves: +€20,419
- Other debts +€14,675
up €14,675 (+29.3%), from €50,000 to €64,675
- Debts after one year -€12,679
down €12,679 (-28.6%), from €44,301 to €31,622
- Gross operating margin -€65,365
down €65,365 (-30.4%), from €214,914 to €149,549
- Taxes -€12,579
down €12,579 (-55.5%), from €22,648 to €10,070
- Other operating charges -€7,453
down €7,453 (-68.1%), from €10,948 to €3,495
- Financial income -€4,357
down €4,357 (-93.8%), from €4,646 to €289
- Depreciation +€3,598
up €3,598 (+16.4%), from €21,983 to €25,581
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €428,303 | €667,324 | +€239,021 | +55.8% |
| Fixed assets | 21/28 | €81,461 | €84,957 | +€3,497 | +4.3% |
| Intangible fixed assets | 21 | €17,282 | €21,351 | +€4,069 | +23.5% |
| Tangible fixed assets | 22/27 | €60,044 | €59,472 | -€572 | -1.0% |
| Plant, machinery and equipment | 23 | €11,960 | €24,326 | +€12,366 | +103.4% |
| Furniture and vehicles | 24 | €6,627 | €3,711 | -€2,916 | -44.0% |
| Leasing and similar rights | 25 | €41,449 | €31,435 | -€10,014 | -24.2% |
| Other tangible fixed assets | 26 | €8 | €0 | -€8 | -100.0% |
| Financial fixed assets | 28 | €4,135 | €4,135 | = | 0.0% |
| Current assets | 29/58 | €346,842 | €582,367 | +€235,525 | +67.9% |
| Amounts receivable after more than one year | 29 | €81,231 | €0 | -€81,231 | -100.0% |
| Other amounts receivable | 291 | €81,231 | €0 | -€81,231 | -100.0% |
| Stocks and contracts in progress | 3 | €127,543 | €130,814 | +€3,271 | +2.6% |
| Stocks | 30/36 | €105,043 | €110,564 | +€5,521 | +5.3% |
| Contracts in progress | 37 | €22,500 | €20,250 | -€2,250 | -10.0% |
| Amounts receivable within one year | 40/41 | €114,202 | €336,620 | +€222,418 | +194.8% |
| Trade receivables | 40 | €8,780 | €307,079 | +€298,299 | +3397.6% |
| Other amounts receivable | 41 | €105,422 | €29,541 | -€75,881 | -72.0% |
| Cash at bank and in hand | 54/58 | €2,675 | €102,058 | +€99,383 | +3715.0% |
| Deferred charges and accrued income | 490/1 | €21,190 | €12,875 | -€8,316 | -39.2% |
| Total equity and liabilities | 10/49 | €428,303 | €667,324 | +€239,021 | +55.8% |
| Equity | 10/15 | €83,651 | €104,070 | +€20,419 | +24.4% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €35,051 | €55,470 | +€20,419 | +58.3% |
| Tax-exempt reserves | 132 | €1,376 | €1,376 | = | 0.0% |
| Distributable reserves | 133 | €33,675 | €54,094 | +€20,419 | +60.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €344,652 | €563,254 | +€218,603 | +63.4% |
| Amounts payable after more than one year | 17 | €44,301 | €31,622 | -€12,679 | -28.6% |
| Financial debts | 170/4 | €44,301 | €31,622 | -€12,679 | -28.6% |
| Amounts payable within one year | 42/48 | €300,351 | €531,632 | +€231,282 | +77.0% |
| Current portion of amounts payable after more than one year | 42 | €11,878 | €12,679 | +€801 | +6.7% |
| Financial debts | 43 | €74,907 | €199,810 | +€124,904 | +166.7% |
| Credit institutions | 430/8 | €74,907 | €199,810 | +€124,904 | +166.7% |
| Trade debts | 44 | €104,426 | €202,572 | +€98,146 | +94.0% |
| Suppliers | 440/4 | €104,426 | €202,572 | +€98,146 | +94.0% |
| Taxes, remuneration and social security | 45 | €59,140 | €51,896 | -€7,244 | -12.2% |
| Taxes | 450/3 | €43,295 | €38,083 | -€5,212 | -12.0% |
| Remuneration and social security | 454/9 | €15,845 | €13,813 | -€2,032 | -12.8% |
| Other amounts payable | 47/48 | €50,000 | €64,675 | +€14,675 | +29.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €72,671 | €74,322 | +€1,651 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,983 | €25,581 | +€3,598 | +16.4% |
| Other operating charges | 640/8 | €10,948 | €3,495 | -€7,453 | -68.1% |
| Non-recurring operating charges | 66A | €266 | €0 | -€266 | -100.0% |
| Gross operating margin | 9900 | €214,914 | €149,549 | -€65,365 | -30.4% |
| Operating profit (loss) | 9901 | €109,047 | €46,152 | -€62,895 | -57.7% |
| Financial income | 75/76B | €4,646 | €289 | -€4,357 | -93.8% |
| Recurring financial income | 75 | €4,646 | €289 | -€4,357 | -93.8% |
| Financial charges | 65/66B | €18,084 | €15,952 | -€2,132 | -11.8% |
| Recurring financial charges | 65 | €18,084 | €15,952 | -€2,132 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €95,608 | €30,488 | -€65,120 | -68.1% |
| Income taxes | 67/77 | €22,648 | €10,070 | -€12,579 | -55.5% |
| Profit (loss) for the period | 9904 | €72,960 | €20,419 | -€52,541 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,960 | €20,419 | -€52,541 | -72.0% |
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 3 October 2026 via checked.be.