A & PM: 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.
A & PM
Largest movements
- Tangible fixed assets +€53,324
up €53,324 (+5.6%), from €949,839 to €1.0m
of which Furniture and vehicles: +€57,376
- Cash -€52,711
down €52,711 (-67.5%), from €78,145 to €25,434
mainly Contributions, distributions and other (-€91,000) and Investment in fixed assets (net) (-€90,928)
- Reserves +€99,000
up €99,000 (+48.1%), from €206,000 to €305,000
- Trade debts -€73,598
down €73,598 (-76.2%), from €96,590 to €22,992
- Accrued charges and deferred income -€55,257
down €55,257 (-99.3%), from €55,669 to €413
- Current portion of long-term debt +€46,533
up €46,533 (+69.8%), from €66,695 to €113,228
- Debts after one year -€26,873
down €26,873 (-5.5%), from €486,782 to €459,909
- Gross operating margin +€44,492
up €44,492 (+15.5%), from €286,794 to €331,286
- Taxes +€19,749
up €19,749 (+38.9%), from €50,813 to €70,562
- Depreciation -€14,487
down €14,487 (-27.8%), from €52,091 to €37,604
- Other operating charges +€4,073
up €4,073 (+47.7%), from €8,541 to €12,613
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 | €1,032,163 | €1,036,564 | +€4,401 | +0.4% |
| Fixed assets | 21/28 | €949,881 | €1,003,205 | +€53,324 | +5.6% |
| Tangible fixed assets | 22/27 | €949,839 | €1,003,163 | +€53,324 | +5.6% |
| Land and buildings | 22 | €824,057 | €824,057 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,199 | €1,526 | -€673 | -30.6% |
| Furniture and vehicles | 24 | €80,250 | €137,625 | +€57,376 | +71.5% |
| Other tangible fixed assets | 26 | €43,334 | €39,955 | -€3,379 | -7.8% |
| Financial fixed assets | 28 | €42 | €42 | = | 0.0% |
| Current assets | 29/58 | €82,283 | €33,360 | -€48,923 | -59.5% |
| Amounts receivable within one year | 40/41 | €1,261 | €6,455 | +€5,194 | +412% |
| Trade receivables | 40 | €888 | €6,372 | +€5,483 | +617% |
| Other amounts receivable | 41 | €373 | €84 | -€289 | -77.5% |
| Cash at bank and in hand | 54/58 | €78,145 | €25,434 | -€52,711 | -67.5% |
| Deferred charges and accrued income | 490/1 | €2,877 | €1,470 | -€1,407 | -48.9% |
| Total equity and liabilities | 10/49 | €1,032,163 | €1,036,564 | +€4,401 | +0.4% |
| Equity | 10/15 | €233,783 | €335,522 | +€101,739 | +43.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €206,000 | €305,000 | +€99,000 | +48.1% |
| Distributable reserves | 133 | €206,000 | €305,000 | +€99,000 | +48.1% |
| Profit (loss) carried forward | 14 | €19,723 | €22,462 | +€2,739 | +13.9% |
| Amounts payable | 17/49 | €798,381 | €701,042 | -€97,338 | -12.2% |
| Amounts payable after more than one year | 17 | €486,782 | €459,909 | -€26,873 | -5.5% |
| Financial debts | 170/4 | €486,782 | €459,909 | -€26,873 | -5.5% |
| Amounts payable within one year | 42/48 | €255,930 | €240,721 | -€15,209 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €66,695 | €113,228 | +€46,533 | +69.8% |
| Trade debts | 44 | €96,590 | €22,992 | -€73,598 | -76.2% |
| Suppliers | 440/4 | €96,590 | €22,992 | -€73,598 | -76.2% |
| Taxes, remuneration and social security | 45 | €45,831 | €63,701 | +€17,870 | +39.0% |
| Taxes | 450/3 | €45,831 | €63,701 | +€17,870 | +39.0% |
| Other amounts payable | 47/48 | €46,813 | €40,799 | -€6,014 | -12.8% |
| Accrued charges and deferred income | 492/3 | €55,669 | €413 | -€55,257 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,091 | €37,604 | -€14,487 | -27.8% |
| Other operating charges | 640/8 | €8,541 | €12,613 | +€4,073 | +47.7% |
| Gross operating margin | 9900 | €286,794 | €331,286 | +€44,492 | +15.5% |
| Operating profit (loss) | 9901 | €226,163 | €281,069 | +€54,906 | +24.3% |
| Financial income | 75/76B | €786 | - | -€786 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Non-recurring financial income | 76B | €783 | - | -€783 | |
| Financial charges | 65/66B | €16,570 | €17,768 | +€1,198 | +7.2% |
| Recurring financial charges | 65 | €16,570 | €17,768 | +€1,198 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €210,379 | €263,301 | +€52,923 | +25.2% |
| Income taxes | 67/77 | €50,813 | €70,562 | +€19,749 | +38.9% |
| Profit (loss) for the period | 9904 | €159,566 | €192,739 | +€33,173 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €159,566 | €192,739 | +€33,173 | +20.8% |
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 17 October 2026 via checked.be.