P&CO Development: what changed
P&CO Development
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+237%), from €772,714 to €2.6m
of which Assets under construction and advance payments: +€1.9m
- Receivables within one year +€521,498
up €521,498 (+718%), from €72,661 to €594,159
of which Other amounts receivable: +€541,856
- Debts after one year +€2.6m
up €2.6m (+492%), from €529,071 to €3.1m
- Other debts -€237,001
down €237,001 (-100%), from €237,001 to €0
- Profit (loss) carried forward -€184,116
down €184,116 (-109%), from -€168,883 to -€352,999
- Trade debts +€91,001
up €91,001 (+113%), from €80,810 to €171,811
- Current portion of long-term debt +€85,252
up €85,252 (+252%), from €33,774 to €119,027
- Gross operating margin -€49,641
down €49,641 (-201%), from -€24,662 to -€74,302
- Other operating charges +€34,591
up €34,591 (+247%), from €13,976 to €48,567
- Financial charges -€2,365
down €2,365 (-7.6%), from €31,023 to €28,658
- Write-downs -€2,172
down €2,172 (-58.8%), from €3,691 to €1,519
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €862,231 | €3,226,412 | +€2.4m | +274% |
| Fixed assets | 21/28 | €779,064 | €2,611,599 | +€1.8m | +235% |
| Tangible fixed assets | 22/27 | €772,714 | €2,605,249 | +€1.8m | +237% |
| Land and buildings | 22 | €512,662 | €490,642 | -€22,020 | -4.3% |
| Plant, machinery and equipment | 23 | €26,622 | €17,899 | -€8,723 | -32.8% |
| Furniture and vehicles | 24 | €326 | €0 | -€326 | -100% |
| Assets under construction and advance payments | 27 | €233,104 | €2,096,708 | +€1.9m | +799% |
| Financial fixed assets | 28 | €6,350 | €6,350 | = | 0.0% |
| Current assets | 29/58 | €83,167 | €614,814 | +€531,646 | +639% |
| Amounts receivable within one year | 40/41 | €72,661 | €594,159 | +€521,498 | +718% |
| Trade receivables | 40 | €51,349 | €30,990 | -€20,358 | -39.6% |
| Other amounts receivable | 41 | €21,312 | €563,168 | +€541,856 | +2,542% |
| Cash at bank and in hand | 54/58 | €7,748 | €17,143 | +€9,395 | +121% |
| Deferred charges and accrued income | 490/1 | €2,758 | €3,512 | +€754 | +27.3% |
| Total equity and liabilities | 10/49 | €862,231 | €3,226,412 | +€2.4m | +274% |
| Equity | 10/15 | -€21,383 | -€205,499 | -€184,116 | -861% |
| Contributions | 10/11 | €147,500 | €147,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€168,883 | -€352,999 | -€184,116 | -109% |
| Amounts payable | 17/49 | €883,614 | €3,431,911 | +€2.5m | +288% |
| Amounts payable after more than one year | 17 | €529,071 | €3,130,973 | +€2.6m | +492% |
| Financial debts | 170/4 | €529,071 | €3,130,973 | +€2.6m | +492% |
| Amounts payable within one year | 42/48 | €351,586 | €300,938 | -€50,648 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €33,774 | €119,027 | +€85,252 | +252% |
| Trade debts | 44 | €80,810 | €171,811 | +€91,001 | +113% |
| Suppliers | 440/4 | €80,810 | €171,811 | +€91,001 | +113% |
| Advances received on contracts in progress | 46 | - | €10,100 | +€10,100 | |
| Other amounts payable | 47/48 | €237,001 | €0 | -€237,001 | -100% |
| Accrued charges and deferred income | 492/3 | €2,957 | €0 | -€2,957 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,188 | €31,069 | -€118 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,691 | €1,519 | -€2,172 | -58.8% |
| Other operating charges | 640/8 | €13,976 | €48,567 | +€34,591 | +247% |
| Gross operating margin | 9900 | -€24,662 | -€74,302 | -€49,641 | -201% |
| Operating profit (loss) | 9901 | -€73,516 | -€155,458 | -€81,942 | -111% |
| Financial charges | 65/66B | €31,023 | €28,658 | -€2,365 | -7.6% |
| Recurring financial charges | 65 | €31,023 | €28,658 | -€2,365 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€104,540 | -€184,116 | -€79,577 | -76.1% |
| Profit (loss) for the period | 9904 | -€104,540 | -€184,116 | -€79,577 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€104,540 | -€184,116 | -€79,577 | -76.1% |
Next steps
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 2 November 2026 via checked.be.