P&D 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&D Projects
Largest movements
- Receivables after one year +€124,350
up €124,350 (+269.2%), from €46,200 to €170,550
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year -€31,355
down €31,355 (-52.7%), from €59,486 to €28,131
of which Trade receivables: -€33,127
- Cash -€15,823
down €15,823 (-42.4%), from €37,339 to €21,516
mainly Receivables after one year (-€124,350) and Other debts (-€13,434)
- Financial fixed assets -€9,975
down €9,975 (-95.2%), from €10,475 to €500
- Reserves +€19,350
up €19,350 (+11.1%), from €173,719 to €193,069
of which Distributable reserves: +€19,350
- Trade debts +€14,075
up €14,075 (+188.0%), from €7,486 to €21,561
- Other debts -€13,434
down €13,434 (-85.4%), from €15,724 to €2,289
- Tax, wage and social debts -€4,066
down €4,066 (-32.0%), from €12,692 to €8,626
- Gross operating margin +€21,421
up €21,421 (+60.0%), from €35,706 to €57,127
- Write-downs +€17,054
up €17,054, from €0 to €17,054
- Financial charges +€8,467
up €8,467 (+462.1%), from €1,832 to €10,299
of which Non-recurring financial charges: +€9,975
- Depreciation -€855
down €855 (-16.4%), from €5,198 to €4,343
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 | €211,416 | €226,365 | +€14,949 | +7.1% |
| Fixed assets | 21/28 | €14,856 | €4,928 | -€9,929 | -66.8% |
| Tangible fixed assets | 22/27 | €4,381 | €4,428 | +€46 | +1.1% |
| Plant, machinery and equipment | 23 | €1,591 | €3,528 | +€1,937 | +121.8% |
| Furniture and vehicles | 24 | €2,790 | €899 | -€1,891 | -67.8% |
| Financial fixed assets | 28 | €10,475 | €500 | -€9,975 | -95.2% |
| Current assets | 29/58 | €196,559 | €221,437 | +€24,878 | +12.7% |
| Amounts receivable after more than one year | 29 | €46,200 | €170,550 | +€124,350 | +269.2% |
| Other amounts receivable | 291 | €46,200 | €170,550 | +€124,350 | +269.2% |
| Amounts receivable within one year | 40/41 | €59,486 | €28,131 | -€31,355 | -52.7% |
| Trade receivables | 40 | €50,182 | €17,054 | -€33,127 | -66.0% |
| Other amounts receivable | 41 | €9,305 | €11,077 | +€1,772 | +19.0% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €37,339 | €21,516 | -€15,823 | -42.4% |
| Deferred charges and accrued income | 490/1 | €3,534 | €1,240 | -€2,295 | -64.9% |
| Total equity and liabilities | 10/49 | €211,416 | €226,365 | +€14,949 | +7.1% |
| Equity | 10/15 | €174,219 | €193,569 | +€19,350 | +11.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €173,719 | €193,069 | +€19,350 | +11.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €173,719 | €193,069 | +€19,350 | +11.1% |
| Amounts payable | 17/49 | €37,197 | €32,796 | -€4,401 | -11.8% |
| Amounts payable within one year | 42/48 | €35,901 | €32,476 | -€3,425 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €7,486 | €21,561 | +€14,075 | +188.0% |
| Suppliers | 440/4 | €7,486 | €21,561 | +€14,075 | +188.0% |
| Taxes, remuneration and social security | 45 | €12,692 | €8,626 | -€4,066 | -32.0% |
| Taxes | 450/3 | €12,692 | €8,626 | -€4,066 | -32.0% |
| Other amounts payable | 47/48 | €15,724 | €2,289 | -€13,434 | -85.4% |
| Accrued charges and deferred income | 492/3 | €1,296 | €320 | -€976 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,198 | €4,343 | -€855 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €17,054 | +€17,054 | |
| Other operating charges | 640/8 | €1,663 | €1,186 | -€477 | -28.7% |
| Gross operating margin | 9900 | €35,706 | €57,127 | +€21,421 | +60.0% |
| Operating profit (loss) | 9901 | €28,845 | €34,544 | +€5,699 | +19.8% |
| Financial income | 75/76B | €2,111 | €1,968 | -€143 | -6.8% |
| Recurring financial income | 75 | €2,111 | €1,968 | -€143 | -6.8% |
| Financial charges | 65/66B | €1,832 | €10,299 | +€8,467 | +462.1% |
| Recurring financial charges | 65 | €1,832 | €324 | -€1,508 | -82.3% |
| Non-recurring financial charges | 66B | - | €9,975 | +€9,975 | |
| Profit (loss) for the period before taxes | 9903 | €29,124 | €26,213 | -€2,911 | -10.0% |
| Income taxes | 67/77 | €7,125 | €6,863 | -€262 | -3.7% |
| Profit (loss) for the period | 9904 | €21,999 | €19,350 | -€2,649 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,999 | €19,350 | -€2,649 | -12.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.