P-CORPORATION: 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.
P-CORPORATION
Largest movements
- Cash +€101,934
up €101,934 (+15.7%), from €647,485 to €749,419
mainly Net result for the year (+€108,971) and Depreciation (+€25,577)
- Tangible fixed assets -€25,577
down €25,577 (-24.3%), from €105,314 to €79,737
of which Furniture and vehicles: -€20,540
- Reserves +€108,971
up €108,971 (+15.4%), from €708,056 to €817,026
of which Distributable reserves: +€108,971
- Tax, wage and social debts -€32,937
down €32,937 (-69.1%), from €47,670 to €14,732
of which Taxes: -€30,196
- Gross operating margin -€89,092
down €89,092 (-30.7%), from €289,845 to €200,753
- Taxes -€30,046
down €30,046 (-36.4%), from €82,568 to €52,522
- Depreciation +€4,051
up €4,051 (+18.8%), from €21,526 to €25,577
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 | €1,300,630 | €1,376,872 | +€76,242 | +5.9% |
| Fixed assets | 21/28 | €650,314 | €624,737 | -€25,577 | -3.9% |
| Tangible fixed assets | 22/27 | €105,314 | €79,737 | -€25,577 | -24.3% |
| Land and buildings | 22 | €25,276 | €20,587 | -€4,689 | -18.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €78,646 | €58,106 | -€20,540 | -26.1% |
| Other tangible fixed assets | 26 | €1,392 | €1,044 | -€348 | -25.0% |
| Financial fixed assets | 28 | €545,000 | €545,000 | = | 0.0% |
| Current assets | 29/58 | €650,316 | €752,135 | +€101,819 | +15.7% |
| Amounts receivable within one year | 40/41 | €912 | €423 | -€489 | -53.6% |
| Trade receivables | 40 | €629 | €411 | -€217 | -34.6% |
| Other amounts receivable | 41 | €284 | €12 | -€272 | -95.9% |
| Cash at bank and in hand | 54/58 | €647,485 | €749,419 | +€101,934 | +15.7% |
| Deferred charges and accrued income | 490/1 | €1,919 | €2,293 | +€374 | +19.5% |
| Total equity and liabilities | 10/49 | €1,300,630 | €1,376,872 | +€76,242 | +5.9% |
| Equity | 10/15 | €986,756 | €1,095,726 | +€108,971 | +11.0% |
| Contributions | 10/11 | €278,700 | €278,700 | = | 0.0% |
| Reserves | 13 | €708,056 | €817,026 | +€108,971 | +15.4% |
| Non-distributable reserves | 130/1 | €10,200 | €10,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €10,200 | €10,200 | = | 0.0% |
| Distributable reserves | 133 | €697,855 | €806,826 | +€108,971 | +15.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €313,874 | €281,146 | -€32,729 | -10.4% |
| Amounts payable after more than one year | 17 | €233,962 | €226,009 | -€7,953 | -3.4% |
| Financial debts | 170/4 | €233,962 | €226,009 | -€7,953 | -3.4% |
| Amounts payable within one year | 42/48 | €79,912 | €55,136 | -€24,776 | -31.0% |
| Trade debts | 44 | €512 | €7,684 | +€7,172 | +1,400% |
| Suppliers | 440/4 | €512 | €7,684 | +€7,172 | +1,400% |
| Taxes, remuneration and social security | 45 | €47,670 | €14,732 | -€32,937 | -69.1% |
| Taxes | 450/3 | €44,928 | €14,732 | -€30,196 | -67.2% |
| Remuneration and social security | 454/9 | €2,742 | €0 | -€2,742 | -100% |
| Other amounts payable | 47/48 | €31,730 | €32,720 | +€990 | +3.1% |
| Non-recurring operating income | 76A | €18,100 | €0 | -€18,100 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,526 | €25,577 | +€4,051 | +18.8% |
| Other operating charges | 640/8 | €1,593 | €1,998 | +€405 | +25.4% |
| Gross operating margin | 9900 | €289,845 | €200,753 | -€89,092 | -30.7% |
| Operating profit (loss) | 9901 | €266,726 | €173,178 | -€93,548 | -35.1% |
| Financial income | 75/76B | €0 | €15 | +€15 | |
| Recurring financial income | 75 | €0 | €15 | +€15 | |
| Financial charges | 65/66B | €10,168 | €11,700 | +€1,531 | +15.1% |
| Recurring financial charges | 65 | €10,168 | €11,700 | +€1,531 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €256,557 | €161,493 | -€95,064 | -37.1% |
| Income taxes | 67/77 | €82,568 | €52,522 | -€30,046 | -36.4% |
| Profit (loss) for the period | 9904 | €173,989 | €108,971 | -€65,018 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €173,989 | €108,971 | -€65,018 | -37.4% |
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 30 October 2026 via checked.be.