P&A Projects: what changed
What changed
P&A Projects
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€44,890
2024 · -€62,796+€107,686
Equity
€1.6m
2024 · €2.4m-€757,819
Cash
€196,956
2024 · €274,446-€77,490
Balance sheet total
€5.8m
2024 · €5.0m+€820,514
Largest movements
Assets
- Tangible fixed assets +€563,107
up €563,107 (+17.5%), from €3.2m to €3.8m
of which Land and buildings: +€379,974
- Receivables within one year +€316,288
up €316,288 (+64.3%), from €491,628 to €807,915
of which Trade receivables: +€213,737
- Cash -€77,490
down €77,490 (-28.2%), from €274,446 to €196,956
mainly Contributions, distributions and other (-€802,709) and Investment in fixed assets (net) (-€666,786)
Equity and liabilities
- Other debts +€879,819
up €879,819 (+316%), from €278,345 to €1.2m
- Reserves -€802,709
down €802,709 (-82.9%), from €968,380 to €165,671
of which Distributable reserves: -€802,709
- Current portion of long-term debt +€261,146
up €261,146 (+249%), from €104,699 to €365,845
- Short-term financial debts +€180,000
new in 2025: €180,000
- Debts after one year +€68,412
up €68,412 (+3.2%), from €2.1m to €2.2m
of which Other amounts payable: +€61,050
Income statement
- Gross operating margin +€210,999
up €210,999 (+187%), from €112,608 to €323,607
- Financial charges +€73,459
up €73,459 (+107%), from €68,706 to €142,164
- Depreciation +€43,872
up €43,872 (+73.1%), from €60,014 to €103,886
- Financial income +€27,132
up €27,132 (+189%), from €14,321 to €41,453
- Taxes +€10,079
up €10,079 (+694%), from €1,453 to €11,532
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€62,796
Gross operating margin
+€210,999
Staff costs
-€1,598
Depreciation
-€43,872
Other operating charges
-€1,437
Financial income
+€27,132
Financial charges
-€73,459
Taxes
-€10,079
Result 2025
€44,890
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€882,448
Investment
-€666,786
Financing
-€293,152
Cash 2024
€274,446
From operations (derived)
+€882,448
Net result for the year
+€44,890
Depreciation
+€103,886
Receivables after one year
-€30,000
Stocks and contracts
+€11,168
Receivables within one year
-€316,288
Deferred charges and accrued income
+€16
Trade debts
+€37,651
Tax, wage and social debts
+€50,310
Advances received
+€58,453
Other debts
+€879,819
Accrued charges and deferred income
+€42,543
Investment (derived)
-€666,786
Investment in fixed assets (net)
-€666,786
Financing
-€293,152
Debts after one year
+€68,412
Current portion of long-term debt
+€261,146
Short-term financial debts
+€180,000
Contributions, distributions and other
-€802,709
Cash 2025
€196,956
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,029,298 | €5,849,812 | +€820,514 | +16.3% |
| Fixed assets | 21/28 | €3,484,703 | €4,047,603 | +€562,900 | +16.2% |
| Intangible fixed assets | 21 | €16,656 | €14,950 | -€1,706 | -10.2% |
| Tangible fixed assets | 22/27 | €3,223,809 | €3,786,916 | +€563,107 | +17.5% |
| Land and buildings | 22 | €3,073,160 | €3,453,134 | +€379,974 | +12.4% |
| Plant, machinery and equipment | 23 | €5,930 | €7,174 | +€1,244 | +21.0% |
| Furniture and vehicles | 24 | €75,665 | €180,050 | +€104,386 | +138% |
| Other tangible fixed assets | 26 | €69,055 | €146,558 | +€77,503 | +112% |
| Financial fixed assets | 28 | €244,238 | €245,738 | +€1,500 | +0.6% |
| Current assets | 29/58 | €1,544,595 | €1,802,209 | +€257,613 | +16.7% |
| Amounts receivable after more than one year | 29 | €205,000 | €235,000 | +€30,000 | +14.6% |
| Other amounts receivable | 291 | €205,000 | €235,000 | +€30,000 | +14.6% |
| Stocks and contracts in progress | 3 | €522,723 | €511,555 | -€11,168 | -2.1% |
| Stocks | 30/36 | €191,267 | €146,240 | -€45,027 | -23.5% |
| Contracts in progress | 37 | €331,455 | €365,314 | +€33,859 | +10.2% |
| Amounts receivable within one year | 40/41 | €491,628 | €807,915 | +€316,288 | +64.3% |
| Trade receivables | 40 | €99,308 | €313,045 | +€213,737 | +215% |
| Other amounts receivable | 41 | €392,320 | €494,870 | +€102,550 | +26.1% |
| Cash at bank and in hand | 54/58 | €274,446 | €196,956 | -€77,490 | -28.2% |
| Deferred charges and accrued income | 490/1 | €50,799 | €50,783 | -€16 | 0.0% |
| Total equity and liabilities | 10/49 | €5,029,298 | €5,849,812 | +€820,514 | +16.3% |
| Equity | 10/15 | €2,360,556 | €1,602,737 | -€757,819 | -32.1% |
| Contributions | 10/11 | €615,000 | €615,000 | = | 0.0% |
| Revaluation surpluses | 12 | €858,000 | €858,000 | = | 0.0% |
| Reserves | 13 | €968,380 | €165,671 | -€802,709 | -82.9% |
| Tax-exempt reserves | 132 | €198 | €198 | = | 0.0% |
| Distributable reserves | 133 | €968,181 | €165,472 | -€802,709 | -82.9% |
| Profit (loss) carried forward | 14 | -€80,824 | -€35,933 | +€44,890 | +55.5% |
| Amounts payable | 17/49 | €2,668,742 | €4,247,075 | +€1.6m | +59.1% |
| Amounts payable after more than one year | 17 | €2,109,315 | €2,177,727 | +€68,412 | +3.2% |
| Financial debts | 170/4 | €1,009,315 | €1,016,676 | +€7,361 | +0.7% |
| Other amounts payable | 178/9 | €1,100,000 | €1,161,050 | +€61,050 | +5.6% |
| Amounts payable within one year | 42/48 | €530,334 | €1,997,713 | +€1.5m | +277% |
| Current portion of amounts payable after more than one year | 42 | €104,699 | €365,845 | +€261,146 | +249% |
| Financial debts | 43 | - | €180,000 | +€180,000 | |
| Credit institutions | 430/8 | - | €180,000 | +€180,000 | |
| Trade debts | 44 | €98,736 | €136,387 | +€37,651 | +38.1% |
| Suppliers | 440/4 | €98,736 | €136,387 | +€37,651 | +38.1% |
| Advances received on contracts in progress | 46 | €31,360 | €89,813 | +€58,453 | +186% |
| Taxes, remuneration and social security | 45 | €17,194 | €67,505 | +€50,310 | +293% |
| Taxes | 450/3 | €3,611 | €51,313 | +€47,702 | +1,321% |
| Remuneration and social security | 454/9 | €13,583 | €16,192 | +€2,608 | +19.2% |
| Other amounts payable | 47/48 | €278,345 | €1,158,163 | +€879,819 | +316% |
| Accrued charges and deferred income | 492/3 | €29,093 | €71,636 | +€42,543 | +146% |
| Remuneration, social security and pensions | 62 | €48,993 | €50,591 | +€1,598 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,014 | €103,886 | +€43,872 | +73.1% |
| Other operating charges | 640/8 | €10,560 | €11,997 | +€1,437 | +13.6% |
| Gross operating margin | 9900 | €112,608 | €323,607 | +€210,999 | +187% |
| Operating profit (loss) | 9901 | -€6,959 | €157,133 | +€164,092 | |
| Financial income | 75/76B | €14,321 | €41,453 | +€27,132 | +189% |
| Recurring financial income | 75 | €14,321 | €41,453 | +€27,132 | +189% |
| Financial charges | 65/66B | €68,706 | €142,164 | +€73,459 | +107% |
| Recurring financial charges | 65 | €68,706 | €142,164 | +€73,459 | +107% |
| Profit (loss) for the period before taxes | 9903 | -€61,343 | €56,422 | +€117,765 | |
| Income taxes | 67/77 | €1,453 | €11,532 | +€10,079 | +694% |
| Profit (loss) for the period | 9904 | -€62,796 | €44,890 | +€107,686 | |
| Profit (loss) for the period to be appropriated | 9905 | -€62,796 | €44,890 | +€107,686 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.