Belgian P&I: 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.
Belgian P&I
Largest movements
- Cash -€64,395
down €64,395 (-9.9%), from €648,281 to €583,886
mainly Other debts (-€84,782) and Trade debts (-€22,256)
- Tangible fixed assets -€43,987
down €43,987 (-33.7%), from €130,402 to €86,415
of which Furniture and vehicles: -€28,750
- Receivables within one year -€41,579
down €41,579 (-6.2%), from €674,759 to €633,180
of which Trade receivables: -€38,932
- Other debts -€84,782
down €84,782 (-16.6%), from €510,382 to €425,600
- Trade debts -€22,256
down €22,256 (-46.4%), from €47,926 to €25,670
- Profit (loss) carried forward -€15,875
down €15,875 (-2.7%), from €580,166 to €564,290
- Gross operating margin +€224,444
up €224,444 (+22.8%), from €983,919 to €1.2m
- Staff costs +€184,681
up €184,681 (+19.3%), from €955,523 to €1.1m
- Financial charges +€36,704
up €36,704 (+1,228%), from €2,988 to €39,692
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 | €1,471,726 | €1,328,012 | -€143,714 | -9.8% |
| Fixed assets | 21/28 | €145,640 | €101,653 | -€43,987 | -30.2% |
| Tangible fixed assets | 22/27 | €130,402 | €86,415 | -€43,987 | -33.7% |
| Plant, machinery and equipment | 23 | €21,804 | €6,567 | -€15,237 | -69.9% |
| Furniture and vehicles | 24 | €108,598 | €79,847 | -€28,750 | -26.5% |
| Financial fixed assets | 28 | €15,239 | €15,239 | = | 0.0% |
| Current assets | 29/58 | €1,326,085 | €1,226,358 | -€99,727 | -7.5% |
| Amounts receivable within one year | 40/41 | €674,759 | €633,180 | -€41,579 | -6.2% |
| Trade receivables | 40 | €635,885 | €596,954 | -€38,932 | -6.1% |
| Other amounts receivable | 41 | €38,874 | €36,227 | -€2,647 | -6.8% |
| Cash at bank and in hand | 54/58 | €648,281 | €583,886 | -€64,395 | -9.9% |
| Deferred charges and accrued income | 490/1 | €3,045 | €9,292 | +€6,248 | +205% |
| Total equity and liabilities | 10/49 | €1,471,726 | €1,328,012 | -€143,714 | -9.8% |
| Equity | 10/15 | €721,590 | €705,714 | -€15,875 | -2.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €16,424 | €16,424 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €3,924 | €3,924 | = | 0.0% |
| Profit (loss) carried forward | 14 | €580,166 | €564,290 | -€15,875 | -2.7% |
| Amounts payable | 17/49 | €750,136 | €622,297 | -€127,839 | -17.0% |
| Amounts payable after more than one year | 17 | €11,991 | €0 | -€11,991 | -100% |
| Financial debts | 170/4 | €11,991 | €0 | -€11,991 | -100% |
| Amounts payable within one year | 42/48 | €738,145 | €622,297 | -€115,848 | -15.7% |
| Trade debts | 44 | €47,926 | €25,670 | -€22,256 | -46.4% |
| Suppliers | 440/4 | €47,926 | €25,670 | -€22,256 | -46.4% |
| Taxes, remuneration and social security | 45 | €179,837 | €171,027 | -€8,810 | -4.9% |
| Taxes | 450/3 | €37,060 | €79,520 | +€42,460 | +115% |
| Remuneration and social security | 454/9 | €142,777 | €91,507 | -€51,270 | -35.9% |
| Other amounts payable | 47/48 | €510,382 | €425,600 | -€84,782 | -16.6% |
| Non-recurring operating income | 76A | €1,870 | €0 | -€1,870 | -100% |
| Remuneration, social security and pensions | 62 | €955,523 | €1,140,204 | +€184,681 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,849 | €44,361 | +€7,512 | +20.4% |
| Other operating charges | 640/8 | €2,647 | €2,597 | -€50 | -1.9% |
| Gross operating margin | 9900 | €983,919 | €1,208,362 | +€224,444 | +22.8% |
| Operating profit (loss) | 9901 | -€11,100 | €21,201 | +€32,301 | |
| Financial income | 75/76B | €21,897 | €10,574 | -€11,322 | -51.7% |
| Recurring financial income | 75 | €21,897 | €10,574 | -€11,322 | -51.7% |
| Financial charges | 65/66B | €2,988 | €39,692 | +€36,704 | +1,228% |
| Recurring financial charges | 65 | €2,988 | €39,692 | +€36,704 | +1,228% |
| Profit (loss) for the period before taxes | 9903 | €7,808 | -€7,917 | -€15,725 | |
| Income taxes | 67/77 | €8,409 | €7,958 | -€451 | -5.4% |
| Profit (loss) for the period | 9904 | -€600 | -€15,875 | -€15,275 | -2,544% |
| Profit (loss) for the period to be appropriated | 9905 | -€600 | -€15,875 | -€15,275 | -2,544% |
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 21 October 2026 via checked.be.