P & G: 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 & G
Largest movements
- Stocks and contracts -€18,977
down €18,977 (-17.2%), from €110,491 to €91,514
- Cash +€15,785
up €15,785 (+48.6%), from €32,451 to €48,236
mainly Net result for the year (+€19,468) and Stocks and contracts (+€18,977)
- Receivables within one year -€6,284
down €6,284 (-42.0%), from €14,951 to €8,667
of which Other amounts receivable: -€3,811
- Tangible fixed assets -€3,999
down €3,999 (-13.6%), from €29,306 to €25,307
- Trade debts -€24,562
down €24,562 (-55.8%), from €44,002 to €19,440
- Reserves +€19,468
up €19,468 (+262.1%), from €7,428 to €26,897
- Debts after one year -€13,348
down €13,348 (-22.3%), from €59,777 to €46,429
of which Other amounts payable: -€7,285
- Other debts +€9,148
up €9,148 (+31.9%), from €28,646 to €37,793
- Current portion of long-term debt -€4,187
down €4,187 (-40.8%), from €10,250 to €6,063
- Gross operating margin -€33,308
down €33,308 (-24.2%), from €137,601 to €104,293
- Staff costs -€9,155
down €9,155 (-11.5%), from €79,356 to €70,201
- Taxes -€4,830
down €4,830 (-41.2%), from €11,729 to €6,899
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 | €188,843 | €173,880 | -€14,963 | -7.9% |
| Fixed assets | 21/28 | €29,306 | €25,307 | -€3,999 | -13.6% |
| Tangible fixed assets | 22/27 | €29,306 | €25,307 | -€3,999 | -13.6% |
| Other tangible fixed assets | 26 | €29,306 | €25,307 | -€3,999 | -13.6% |
| Current assets | 29/58 | €159,537 | €148,573 | -€10,964 | -6.9% |
| Stocks and contracts in progress | 3 | €110,491 | €91,514 | -€18,977 | -17.2% |
| Stocks | 30/36 | €110,491 | €91,514 | -€18,977 | -17.2% |
| Amounts receivable within one year | 40/41 | €14,951 | €8,667 | -€6,284 | -42.0% |
| Trade receivables | 40 | €2,473 | €0 | -€2,473 | -100.0% |
| Other amounts receivable | 41 | €12,478 | €8,667 | -€3,811 | -30.5% |
| Cash at bank and in hand | 54/58 | €32,451 | €48,236 | +€15,785 | +48.6% |
| Deferred charges and accrued income | 490/1 | €1,644 | €155 | -€1,489 | -90.5% |
| Total equity and liabilities | 10/49 | €188,843 | €173,880 | -€14,963 | -7.9% |
| Equity | 10/15 | €38,415 | €57,883 | +€19,468 | +50.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €7,428 | €26,897 | +€19,468 | +262.1% |
| Distributable reserves | 133 | €7,428 | €26,897 | +€19,468 | +262.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,429 | €115,997 | -€34,431 | -22.9% |
| Amounts payable after more than one year | 17 | €59,777 | €46,429 | -€13,348 | -22.3% |
| Financial debts | 170/4 | €6,063 | €0 | -€6,063 | -100.0% |
| Other amounts payable | 178/9 | €53,713 | €46,429 | -€7,285 | -13.6% |
| Amounts payable within one year | 42/48 | €90,652 | €68,981 | -€21,671 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €10,250 | €6,063 | -€4,187 | -40.8% |
| Trade debts | 44 | €44,002 | €19,440 | -€24,562 | -55.8% |
| Suppliers | 440/4 | €44,002 | €19,440 | -€24,562 | -55.8% |
| Taxes, remuneration and social security | 45 | €7,755 | €5,685 | -€2,070 | -26.7% |
| Taxes | 450/3 | €250 | €0 | -€250 | -100.0% |
| Remuneration and social security | 454/9 | €7,505 | €5,685 | -€1,820 | -24.2% |
| Other amounts payable | 47/48 | €28,646 | €37,793 | +€9,148 | +31.9% |
| Accrued charges and deferred income | 492/3 | - | €587 | +€587 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €79,356 | €70,201 | -€9,155 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,999 | €3,999 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,499 | €1,533 | +€34 | +2.3% |
| Gross operating margin | 9900 | €137,601 | €104,293 | -€33,308 | -24.2% |
| Operating profit (loss) | 9901 | €52,748 | €28,561 | -€24,187 | -45.9% |
| Financial income | 75/76B | €579 | €625 | +€46 | +7.9% |
| Recurring financial income | 75 | €579 | €625 | +€46 | +7.9% |
| Financial charges | 65/66B | €2,361 | €2,818 | +€456 | +19.3% |
| Recurring financial charges | 65 | €2,361 | €2,818 | +€456 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €50,965 | €26,368 | -€24,597 | -48.3% |
| Income taxes | 67/77 | €11,729 | €6,899 | -€4,830 | -41.2% |
| Profit (loss) for the period | 9904 | €39,236 | €19,468 | -€19,767 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,236 | €19,468 | -€19,767 | -50.4% |
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 9 October 2026 via checked.be.