P@H: what changed
What changed
P@H
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€72,633
2024 · -€74,888+€2,255
Equity
-€366,308
2024 · -€293,675-€72,633
Cash
€11,877
2024 · €9,188+€2,689
Balance sheet total
€1.5m
2024 · €2.0m-€476,838
Largest movements
Assets
- Receivables within one year -€413,635
down €413,635 (-98.1%), from €421,495 to €7,860
of which Other amounts receivable: -€414,572
- Tangible fixed assets -€79,213
down €79,213 (-5.2%), from €1.5m to €1.4m
of which Land and buildings: -€82,472
Equity and liabilities
- Debts after one year -€257,676
down €257,676 (-12.7%), from €2.0m to €1.8m
- Other debts -€151,060
down €151,060 (-89.8%), from €168,305 to €17,245
- Profit (loss) carried forward -€72,633
down €72,633 (-24.4%), from -€298,130 to -€370,762
Income statement
- Gross operating margin -€37,365
down €37,365 (-41.5%), from €89,978 to €52,613
- Financial charges -€33,220
down €33,220 (-47.8%), from €69,545 to €36,325
- Other operating charges -€7,681
down €7,681 (-96.6%), from €7,954 to €273
- Depreciation +€969
up €969 (+1.1%), from €87,679 to €88,648
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€74,888
Gross operating margin
-€37,365
Depreciation
-€969
Other operating charges
+€7,681
Financial income
-€312
Financial charges
+€33,220
Result 2025
-€72,633
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€274,555
Investment
-€15,653
Financing
-€256,213
Cash 2024
€9,188
From operations (derived)
+€274,555
Net result for the year
-€72,633
Depreciation
+€88,648
Receivables after one year
+€16,766
Stocks and contracts
-€10,624
Receivables within one year
+€413,635
Deferred charges and accrued income
-€13,246
Trade debts
+€5,886
Tax, wage and social debts
-€2,817
Other debts
-€151,060
Investment (derived)
-€15,653
Investment in fixed assets (net)
-€15,653
Financing
-€256,213
Debts after one year
-€257,676
Current portion of long-term debt
+€1,463
Cash 2025
€11,877
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,961,946 | €1,485,108 | -€476,838 | -24.3% |
| Fixed assets | 21/28 | €1,512,589 | €1,439,594 | -€72,995 | -4.8% |
| Intangible fixed assets | 21 | - | €6,218 | +€6,218 | |
| Tangible fixed assets | 22/27 | €1,512,589 | €1,433,376 | -€79,213 | -5.2% |
| Land and buildings | 22 | €1,512,589 | €1,430,118 | -€82,472 | -5.5% |
| Plant, machinery and equipment | 23 | - | €3,259 | +€3,259 | |
| Current assets | 29/58 | €449,356 | €45,514 | -€403,843 | -89.9% |
| Amounts receivable after more than one year | 29 | €16,766 | €0 | -€16,766 | -100% |
| Other amounts receivable | 291 | €16,766 | €0 | -€16,766 | -100% |
| Stocks and contracts in progress | 3 | - | €10,624 | +€10,624 | |
| Stocks | 30/36 | - | €10,624 | +€10,624 | |
| Amounts receivable within one year | 40/41 | €421,495 | €7,860 | -€413,635 | -98.1% |
| Trade receivables | 40 | €0 | €937 | +€937 | |
| Other amounts receivable | 41 | €421,495 | €6,923 | -€414,572 | -98.4% |
| Cash at bank and in hand | 54/58 | €9,188 | €11,877 | +€2,689 | +29.3% |
| Deferred charges and accrued income | 490/1 | €1,907 | €15,153 | +€13,246 | +695% |
| Total equity and liabilities | 10/49 | €1,961,946 | €1,485,108 | -€476,838 | -24.3% |
| Equity | 10/15 | -€293,675 | -€366,308 | -€72,633 | -24.7% |
| Contributions | 10/11 | €4,454 | €4,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€298,130 | -€370,762 | -€72,633 | -24.4% |
| Amounts payable | 17/49 | €2,255,621 | €1,851,416 | -€404,205 | -17.9% |
| Amounts payable after more than one year | 17 | €2,025,222 | €1,767,546 | -€257,676 | -12.7% |
| Financial debts | 170/4 | €2,025,222 | €1,767,546 | -€257,676 | -12.7% |
| Amounts payable within one year | 42/48 | €230,399 | €83,870 | -€146,529 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €58,080 | €59,542 | +€1,463 | +2.5% |
| Trade debts | 44 | €324 | €6,210 | +€5,886 | +1,816% |
| Suppliers | 440/4 | €324 | €6,210 | +€5,886 | +1,816% |
| Taxes, remuneration and social security | 45 | €3,690 | €872 | -€2,817 | -76.4% |
| Taxes | 450/3 | €3,690 | €872 | -€2,817 | -76.4% |
| Other amounts payable | 47/48 | €168,305 | €17,245 | -€151,060 | -89.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,679 | €88,648 | +€969 | +1.1% |
| Other operating charges | 640/8 | €7,954 | €273 | -€7,681 | -96.6% |
| Gross operating margin | 9900 | €89,978 | €52,613 | -€37,365 | -41.5% |
| Operating profit (loss) | 9901 | -€5,655 | -€36,308 | -€30,653 | -542% |
| Financial income | 75/76B | €312 | €0 | -€312 | -100% |
| Recurring financial income | 75 | €312 | €0 | -€312 | -100% |
| Financial charges | 65/66B | €69,545 | €36,325 | -€33,220 | -47.8% |
| Recurring financial charges | 65 | €69,545 | €36,325 | -€33,220 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | -€74,888 | -€72,633 | +€2,255 | +3.0% |
| Profit (loss) for the period | 9904 | -€74,888 | -€72,633 | +€2,255 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,888 | -€72,633 | +€2,255 | +3.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.