P&F: 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&F
Largest movements
- Receivables within one year +€586,357
up €586,357 (+336%), from €174,476 to €760,833
of which Trade receivables: +€596,692
- Cash -€232,209
down €232,209 (-35.5%), from €653,553 to €421,345
mainly Receivables within one year (-€586,357) and Tax, wage and social debts (-€16,849)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€29,856
down €29,856 (-23.5%), from €127,302 to €97,446
- Stocks and contracts -€21,255
down €21,255 (-90.5%), from €23,482 to €2,227
- Trade debts +€157,070
up €157,070 (+34.1%), from €461,037 to €618,107
- Reserves +€68,218
up €68,218 (+19.3%), from €352,863 to €421,081
of which Distributable reserves: +€64,807
- Tax, wage and social debts -€16,849
down €16,849 (-47.6%), from €35,406 to €18,557
of which Remuneration and social security: -€23,125
- Staff costs -€56,889
down €56,889 (-18.6%), from €305,602 to €248,713
- Depreciation +€12,545
up €12,545 (+72.5%), from €17,311 to €29,856
- Taxes +€11,024
up €11,024 (+69.8%), from €15,784 to €26,809
- Gross operating margin -€9,264
down €9,264 (-2.4%), from €384,051 to €374,788
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 | €1,083,307 | €1,291,745 | +€208,438 | +19.2% |
| Fixed assets | 21/28 | €127,677 | €100,031 | -€27,646 | -21.7% |
| Tangible fixed assets | 22/27 | €127,302 | €97,446 | -€29,856 | -23.5% |
| Furniture and vehicles | 24 | €127,302 | €97,446 | -€29,856 | -23.5% |
| Financial fixed assets | 28 | €376 | €2,586 | +€2,210 | +589% |
| Current assets | 29/58 | €955,630 | €1,191,714 | +€236,084 | +24.7% |
| Stocks and contracts in progress | 3 | €23,482 | €2,227 | -€21,255 | -90.5% |
| Stocks | 30/36 | €23,482 | €2,227 | -€21,255 | -90.5% |
| Amounts receivable within one year | 40/41 | €174,476 | €760,833 | +€586,357 | +336% |
| Trade receivables | 40 | €158,922 | €755,614 | +€596,692 | +375% |
| Other amounts receivable | 41 | €15,555 | €5,220 | -€10,335 | -66.4% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €653,553 | €421,345 | -€232,209 | -35.5% |
| Deferred charges and accrued income | 490/1 | €4,118 | €7,309 | +€3,191 | +77.5% |
| Total equity and liabilities | 10/49 | €1,083,307 | €1,291,745 | +€208,438 | +19.2% |
| Equity | 10/15 | €586,863 | €655,081 | +€68,218 | +11.6% |
| Contributions | 10/11 | €234,000 | €234,000 | = | 0.0% |
| Capital | 10 | €234,000 | €234,000 | = | 0.0% |
| Issued capital | 100 | €234,000 | €234,000 | = | 0.0% |
| Reserves | 13 | €352,863 | €421,081 | +€68,218 | +19.3% |
| Non-distributable reserves | 130/1 | €17,007 | €20,418 | +€3,411 | +20.1% |
| Legal reserve | 130 | €17,007 | €20,418 | +€3,411 | +20.1% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €320,856 | €385,663 | +€64,807 | +20.2% |
| Amounts payable | 17/49 | €496,444 | €636,664 | +€140,221 | +28.2% |
| Amounts payable within one year | 42/48 | €496,444 | €636,664 | +€140,221 | +28.2% |
| Trade debts | 44 | €461,037 | €618,107 | +€157,070 | +34.1% |
| Suppliers | 440/4 | €461,037 | €618,107 | +€157,070 | +34.1% |
| Taxes, remuneration and social security | 45 | €35,406 | €18,557 | -€16,849 | -47.6% |
| Taxes | 450/3 | €302 | €6,577 | +€6,275 | +2,080% |
| Remuneration and social security | 454/9 | €35,105 | €11,980 | -€23,125 | -65.9% |
| Remuneration, social security and pensions | 62 | €305,602 | €248,713 | -€56,889 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,311 | €29,856 | +€12,545 | +72.5% |
| Other operating charges | 640/8 | €2,433 | €2,500 | +€67 | +2.8% |
| Gross operating margin | 9900 | €384,051 | €374,788 | -€9,264 | -2.4% |
| Operating profit (loss) | 9901 | €58,706 | €93,718 | +€35,013 | +59.6% |
| Financial income | 75/76B | €419 | €1,383 | +€964 | +230% |
| Recurring financial income | 75 | €419 | €1,383 | +€964 | +230% |
| Financial charges | 65/66B | €293 | €75 | -€218 | -74.4% |
| Recurring financial charges | 65 | €293 | €75 | -€218 | -74.4% |
| Profit (loss) for the period before taxes | 9903 | €58,831 | €95,026 | +€36,195 | +61.5% |
| Income taxes | 67/77 | €15,784 | €26,809 | +€11,024 | +69.8% |
| Profit (loss) for the period | 9904 | €43,047 | €68,218 | +€25,171 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,047 | €68,218 | +€25,171 | +58.5% |
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 29 October 2026 via checked.be.