P&CO SHUTTLE: 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&CO SHUTTLE
Largest movements
- Receivables within one year +€63,037
up €63,037 (+19.0%), from €332,347 to €395,384
of which Trade receivables: +€51,747
- Tangible fixed assets -€28,339
down €28,339 (-38.1%), from €74,456 to €46,117
of which Furniture and vehicles: -€15,227
- Cash -€12,731
down €12,731 (-38.3%), from €33,228 to €20,497
mainly Other debts (-€444,997) and Receivables within one year (-€63,037)
- Deferred charges and accrued income +€6,649
up €6,649 (+243.1%), from €2,735 to €9,383
- Debts after one year +€470,539
up €470,539 (+1195.6%), from €39,357 to €509,896
- Other debts -€444,997
down €444,997 (-84.7%), from €525,329 to €80,332
- Trade debts +€30,463
up €30,463 (+192.7%), from €15,805 to €46,268
- Current portion of long-term debt -€28,352
down €28,352 (-47.1%), from €60,252 to €31,900
- Gross operating margin -€25,819
down €25,819 (-22.1%), from €116,864 to €91,045
- Staff costs -€17,374
down €17,374 (-21.9%), from €79,261 to €61,886
- Financial charges -€13,081
down €13,081 (-86.5%), from €15,118 to €2,036
- Other operating charges +€3,895
up €3,895 (+71.3%), from €5,460 to €9,354
- Financial income +€3,403
up €3,403 (+45.7%), from €7,441 to €10,844
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 | €485,060 | €513,676 | +€28,616 | +5.9% |
| Fixed assets | 21/28 | €75,706 | €47,367 | -€28,339 | -37.4% |
| Tangible fixed assets | 22/27 | €74,456 | €46,117 | -€28,339 | -38.1% |
| Plant, machinery and equipment | 23 | €32,396 | €19,283 | -€13,112 | -40.5% |
| Furniture and vehicles | 24 | €42,060 | €26,834 | -€15,227 | -36.2% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €409,354 | €466,309 | +€56,955 | +13.9% |
| Stocks and contracts in progress | 3 | €41,044 | €41,044 | = | 0.0% |
| Stocks | 30/36 | €41,044 | €41,044 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €332,347 | €395,384 | +€63,037 | +19.0% |
| Trade receivables | 40 | €60,406 | €112,153 | +€51,747 | +85.7% |
| Other amounts receivable | 41 | €271,941 | €283,231 | +€11,290 | +4.2% |
| Cash at bank and in hand | 54/58 | €33,228 | €20,497 | -€12,731 | -38.3% |
| Deferred charges and accrued income | 490/1 | €2,735 | €9,383 | +€6,649 | +243.1% |
| Total equity and liabilities | 10/49 | €485,060 | €513,676 | +€28,616 | +5.9% |
| Equity | 10/15 | -€181,162 | -€182,471 | -€1,309 | -0.7% |
| Contributions | 10/11 | €16,300 | €16,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,462 | -€198,771 | -€1,309 | -0.7% |
| Amounts payable | 17/49 | €666,222 | €696,147 | +€29,925 | +4.5% |
| Amounts payable after more than one year | 17 | €39,357 | €509,896 | +€470,539 | +1195.6% |
| Financial debts | 170/4 | €39,357 | €509,896 | +€470,539 | +1195.6% |
| Amounts payable within one year | 42/48 | €624,564 | €186,251 | -€438,314 | -70.2% |
| Current portion of amounts payable after more than one year | 42 | €60,252 | €31,900 | -€28,352 | -47.1% |
| Trade debts | 44 | €15,805 | €46,268 | +€30,463 | +192.7% |
| Suppliers | 440/4 | €15,805 | €46,268 | +€30,463 | +192.7% |
| Taxes, remuneration and social security | 45 | €23,178 | €27,750 | +€4,572 | +19.7% |
| Taxes | 450/3 | €12,200 | €15,107 | +€2,907 | +23.8% |
| Remuneration and social security | 454/9 | €10,978 | €12,643 | +€1,665 | +15.2% |
| Other amounts payable | 47/48 | €525,329 | €80,332 | -€444,997 | -84.7% |
| Accrued charges and deferred income | 492/3 | €2,300 | €0 | -€2,300 | -100.0% |
| Non-recurring operating income | 76A | €43,382 | €2,031 | -€41,351 | -95.3% |
| Remuneration, social security and pensions | 62 | €79,261 | €61,886 | -€17,374 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,313 | €29,921 | -€2,393 | -7.4% |
| Other operating charges | 640/8 | €5,460 | €9,354 | +€3,895 | +71.3% |
| Gross operating margin | 9900 | €116,864 | €91,045 | -€25,819 | -22.1% |
| Operating profit (loss) | 9901 | -€170 | -€10,117 | -€9,947 | -5849.8% |
| Financial income | 75/76B | €7,441 | €10,844 | +€3,403 | +45.7% |
| Recurring financial income | 75 | €7,441 | €10,844 | +€3,403 | +45.7% |
| Financial charges | 65/66B | €15,118 | €2,036 | -€13,081 | -86.5% |
| Recurring financial charges | 65 | €15,118 | €2,036 | -€13,081 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,847 | -€1,309 | +€6,538 | +83.3% |
| Profit (loss) for the period | 9904 | -€7,847 | -€1,309 | +€6,538 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,847 | -€1,309 | +€6,538 | +83.3% |
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 7 October 2026 via checked.be.