P&A 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.
P&A Projects
Largest movements
- Tangible fixed assets -€19,820
down €19,820 (-6.7%), from €295,107 to €275,286
- Cash +€8,935
up €8,935 (+1182.3%), from €756 to €9,691
mainly Depreciation (+€19,820) and Net result for the year (+€11,941)
- Debts after one year -€21,134
down €21,134 (-8.5%), from €248,902 to €227,768
- Profit (loss) carried forward +€11,941
up €11,941 (+5.4%), from -€219,387 to -€207,446
- Other operating charges -€2,144
down €2,144 (-80.3%), from €2,672 to €528
- Financial charges -€598
down €598 (-7.2%), from €8,249 to €7,651
- Financial income +€401
new in 2025: €401
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 | €309,647 | €302,053 | -€7,594 | -2.5% |
| Fixed assets | 21/28 | €295,107 | €275,286 | -€19,820 | -6.7% |
| Tangible fixed assets | 22/27 | €295,107 | €275,286 | -€19,820 | -6.7% |
| Land and buildings | 22 | €295,107 | €275,286 | -€19,820 | -6.7% |
| Current assets | 29/58 | €14,540 | €26,766 | +€12,226 | +84.1% |
| Amounts receivable within one year | 40/41 | €13,784 | €16,674 | +€2,890 | +21.0% |
| Other amounts receivable | 41 | €13,784 | €16,674 | +€2,890 | +21.0% |
| Cash at bank and in hand | 54/58 | €756 | €9,691 | +€8,935 | +1182.3% |
| Deferred charges and accrued income | 490/1 | - | €401 | +€401 | |
| Total equity and liabilities | 10/49 | €309,647 | €302,053 | -€7,594 | -2.5% |
| Equity | 10/15 | €40,613 | €52,554 | +€11,941 | +29.4% |
| Contributions | 10/11 | €260,000 | €260,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€219,387 | -€207,446 | +€11,941 | +5.4% |
| Amounts payable | 17/49 | €269,033 | €249,499 | -€19,535 | -7.3% |
| Amounts payable after more than one year | 17 | €248,902 | €227,768 | -€21,134 | -8.5% |
| Financial debts | 170/4 | €248,902 | €227,768 | -€21,134 | -8.5% |
| Amounts payable within one year | 42/48 | €20,132 | €21,731 | +€1,599 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €18,926 | €21,088 | +€2,162 | +11.4% |
| Trade debts | 44 | €1,205 | €643 | -€562 | -46.7% |
| Suppliers | 440/4 | €1,205 | €643 | -€562 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,820 | €19,820 | = | 0.0% |
| Other operating charges | 640/8 | €2,672 | €528 | -€2,144 | -80.3% |
| Gross operating margin | 9900 | €39,322 | €39,539 | +€217 | +0.6% |
| Operating profit (loss) | 9901 | €16,829 | €19,191 | +€2,361 | +14.0% |
| Financial income | 75/76B | - | €401 | +€401 | |
| Recurring financial income | 75 | - | €401 | +€401 | |
| Financial charges | 65/66B | €8,249 | €7,651 | -€598 | -7.2% |
| Recurring financial charges | 65 | €8,249 | €7,651 | -€598 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €8,581 | €11,941 | +€3,360 | +39.2% |
| Profit (loss) for the period | 9904 | €8,581 | €11,941 | +€3,360 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,581 | €11,941 | +€3,360 | +39.2% |
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 2 October 2026 via checked.be.