P&D Retail: 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&D Retail
Largest movements
- Intangible fixed assets -€27,778
down €27,778 (-28.6%), from €97,222 to €69,445
- Receivables within one year -€26,370
down €26,370 (-77.4%), from €34,086 to €7,716
of which Trade receivables: -€23,875
- Stocks and contracts -€14,910
down €14,910 (-14.4%), from €103,579 to €88,669
- Tangible fixed assets -€9,854
down €9,854 (-6.2%), from €158,517 to €148,662
of which Plant, machinery and equipment: -€21,056
- Profit (loss) carried forward -€112,846
down €112,846 (-46.0%), from -€245,515 to -€358,361
- Trade debts +€107,570
up €107,570 (+24.3%), from €442,818 to €550,388
- Debts after one year -€70,066
down €70,066 (-48.9%), from €143,221 to €73,156
of which Financial debts: -€57,269
- Gross operating margin -€51,796
down €51,796, from €35,398 to -€16,397
- Staff costs +€10,378
up €10,378 (+217%), from €4,788 to €15,166
- Financial charges -€6,233
down €6,233 (-18.3%), from €34,096 to €27,864
- Financial income +€959
up €959 (+62.2%), from €1,541 to €2,500
- Depreciation -€858
down €858 (-1.6%), from €54,627 to €53,769
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 | €422,660 | €342,126 | -€80,535 | -19.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €255,739 | €218,107 | -€37,632 | -14.7% |
| Intangible fixed assets | 21 | €97,222 | €69,445 | -€27,778 | -28.6% |
| Tangible fixed assets | 22/27 | €158,517 | €148,662 | -€9,854 | -6.2% |
| Plant, machinery and equipment | 23 | €135,733 | €114,678 | -€21,056 | -15.5% |
| Furniture and vehicles | 24 | €5,659 | €4,268 | -€1,390 | -24.6% |
| Other tangible fixed assets | 26 | €17,124 | €29,716 | +€12,592 | +73.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €166,921 | €124,019 | -€42,902 | -25.7% |
| Stocks and contracts in progress | 3 | €103,579 | €88,669 | -€14,910 | -14.4% |
| Stocks | 30/36 | €103,579 | €88,669 | -€14,910 | -14.4% |
| Amounts receivable within one year | 40/41 | €34,086 | €7,716 | -€26,370 | -77.4% |
| Trade receivables | 40 | €23,875 | €0 | -€23,875 | -100% |
| Other amounts receivable | 41 | €10,210 | €7,716 | -€2,495 | -24.4% |
| Cash at bank and in hand | 54/58 | €25,015 | €23,306 | -€1,709 | -6.8% |
| Deferred charges and accrued income | 490/1 | €4,242 | €4,328 | +€86 | +2.0% |
| Total equity and liabilities | 10/49 | €422,660 | €342,126 | -€80,535 | -19.1% |
| Equity | 10/15 | -€230,515 | -€343,361 | -€112,846 | -49.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€245,515 | -€358,361 | -€112,846 | -46.0% |
| Amounts payable | 17/49 | €653,176 | €685,487 | +€32,311 | +4.9% |
| Amounts payable after more than one year | 17 | €143,221 | €73,156 | -€70,066 | -48.9% |
| Financial debts | 170/4 | €106,351 | €49,083 | -€57,269 | -53.8% |
| Other amounts payable | 178/9 | €36,870 | €24,073 | -€12,797 | -34.7% |
| Amounts payable within one year | 42/48 | €509,954 | €612,331 | +€102,377 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €59,627 | €57,269 | -€2,358 | -4.0% |
| Trade debts | 44 | €442,818 | €550,388 | +€107,570 | +24.3% |
| Suppliers | 440/4 | €442,818 | €550,388 | +€107,570 | +24.3% |
| Taxes, remuneration and social security | 45 | €6,782 | €4,675 | -€2,107 | -31.1% |
| Taxes | 450/3 | €4,009 | €3,422 | -€588 | -14.7% |
| Remuneration and social security | 454/9 | €2,773 | €1,253 | -€1,520 | -54.8% |
| Other amounts payable | 47/48 | €727 | €0 | -€727 | -100% |
| Remuneration, social security and pensions | 62 | €4,788 | €15,166 | +€10,378 | +217% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,627 | €53,769 | -€858 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€127 | -€560 | -€433 | -341% |
| Other operating charges | 640/8 | €1,877 | €2,513 | +€636 | +33.9% |
| Gross operating margin | 9900 | €35,398 | -€16,397 | -€51,796 | |
| Operating profit (loss) | 9901 | -€25,767 | -€87,286 | -€61,518 | -239% |
| Financial income | 75/76B | €1,541 | €2,500 | +€959 | +62.2% |
| Recurring financial income | 75 | €1,541 | €2,500 | +€959 | +62.2% |
| Financial charges | 65/66B | €34,096 | €27,864 | -€6,233 | -18.3% |
| Recurring financial charges | 65 | €34,096 | €27,864 | -€6,233 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€58,322 | -€112,649 | -€54,327 | -93.2% |
| Income taxes | 67/77 | €545 | €197 | -€349 | -64.0% |
| Profit (loss) for the period | 9904 | -€58,867 | -€112,846 | -€53,978 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,867 | -€112,846 | -€53,978 | -91.7% |
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 28 October 2026 via checked.be.