P & F PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts +€590,587
up €590,587 (+284%), from €208,258 to €798,845
- Cash -€107,873
down €107,873 (-74.7%), from €144,405 to €36,532
mainly Stocks and contracts (-€590,587) and Net result for the year (-€5,623)
- Debts after one year +€475,735
new in 2025: €475,735
of which Other amounts payable: +€275,735
- Gross operating margin -€50,661
down €50,661 (-89.4%), from €56,670 to €6,009
- Taxes -€12,118
down €12,118, from €12,105 to -€13
- Financial charges +€3,113
up €3,113 (+78.2%), from €3,983 to €7,096
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 | €376,568 | €848,718 | +€472,150 | +125% |
| Fixed assets | 21/28 | €12,114 | €8,085 | -€4,029 | -33.3% |
| Tangible fixed assets | 22/27 | €11,614 | €7,585 | -€4,029 | -34.7% |
| Furniture and vehicles | 24 | €11,614 | €7,585 | -€4,029 | -34.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €364,454 | €840,633 | +€476,179 | +131% |
| Stocks and contracts in progress | 3 | €208,258 | €798,845 | +€590,587 | +284% |
| Stocks | 30/36 | €208,258 | €798,845 | +€590,587 | +284% |
| Amounts receivable within one year | 40/41 | €11,176 | €4,620 | -€6,556 | -58.7% |
| Other amounts receivable | 41 | €11,176 | €4,620 | -€6,556 | -58.7% |
| Cash at bank and in hand | 54/58 | €144,405 | €36,532 | -€107,873 | -74.7% |
| Deferred charges and accrued income | 490/1 | €615 | €636 | +€21 | +3.4% |
| Total equity and liabilities | 10/49 | €376,568 | €848,718 | +€472,150 | +125% |
| Equity | 10/15 | €365,921 | €360,298 | -€5,623 | -1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €357,861 | €352,238 | -€5,623 | -1.6% |
| Amounts payable | 17/49 | €10,647 | €488,420 | +€477,773 | +4,487% |
| Amounts payable after more than one year | 17 | - | €475,735 | +€475,735 | |
| Financial debts | 170/4 | - | €200,000 | +€200,000 | |
| Other amounts payable | 178/9 | - | €275,735 | +€275,735 | |
| Amounts payable within one year | 42/48 | €10,647 | €9,025 | -€1,622 | -15.2% |
| Trade debts | 44 | €6,024 | €3,050 | -€2,974 | -49.4% |
| Suppliers | 440/4 | €6,024 | €3,050 | -€2,974 | -49.4% |
| Other amounts payable | 47/48 | €4,623 | €5,975 | +€1,352 | +29.2% |
| Accrued charges and deferred income | 492/3 | - | €3,660 | +€3,660 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,861 | €4,029 | +€168 | +4.4% |
| Other operating charges | 640/8 | €692 | €520 | -€172 | -24.9% |
| Gross operating margin | 9900 | €56,670 | €6,009 | -€50,661 | -89.4% |
| Operating profit (loss) | 9901 | €52,117 | €1,460 | -€50,657 | -97.2% |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €3,983 | €7,096 | +€3,113 | +78.2% |
| Recurring financial charges | 65 | €3,983 | €7,096 | +€3,113 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | €48,181 | -€5,636 | -€53,817 | |
| Income taxes | 67/77 | €12,105 | -€13 | -€12,118 | |
| Profit (loss) for the period | 9904 | €36,076 | -€5,623 | -€41,699 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,076 | -€5,623 | -€41,699 |
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 23 October 2026 via checked.be.