P&H: 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&H
Largest movements
- Tangible fixed assets -€11,750
down €11,750 (-4.0%), from €295,185 to €283,435
of which Land and buildings: -€13,399
- Current investments -€6,800
no longer reported in 2025 (was €6,800)
- Tax, wage and social debts -€25,339
down €25,339 (-68.6%), from €36,937 to €11,598
of which Remuneration and social security: -€22,431
- Debts after one year -€20,363
down €20,363 (-11.7%), from €173,722 to €153,359
- Reserves +€20,136
up €20,136 (+24.7%), from €81,380 to €101,516
of which Distributable reserves: +€20,136
- Other debts +€10,254
up €10,254 (+410%), from €2,500 to €12,754
- Gross operating margin -€5,676
down €5,676 (-8.8%), from €64,516 to €58,840
- Staff costs -€1,019
down €1,019 (-16.6%), from €6,142 to €5,123
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 | €322,169 | €307,520 | -€14,649 | -4.5% |
| Fixed assets | 21/28 | €302,385 | €291,635 | -€10,750 | -3.6% |
| Tangible fixed assets | 22/27 | €295,185 | €283,435 | -€11,750 | -4.0% |
| Land and buildings | 22 | €295,007 | €281,608 | -€13,399 | -4.5% |
| Plant, machinery and equipment | 23 | €178 | €1,826 | +€1,649 | +927% |
| Financial fixed assets | 28 | €7,200 | €8,200 | +€1,000 | +13.9% |
| Current assets | 29/58 | €19,784 | €15,885 | -€3,898 | -19.7% |
| Stocks and contracts in progress | 3 | €5,075 | €5,165 | +€90 | +1.8% |
| Stocks | 30/36 | €5,075 | €5,165 | +€90 | +1.8% |
| Amounts receivable within one year | 40/41 | €61 | €363 | +€302 | +498% |
| Trade receivables | 40 | - | €363 | +€363 | |
| Other amounts receivable | 41 | €61 | - | -€61 | |
| Current investments | 50/53 | €6,800 | - | -€6,800 | |
| Cash at bank and in hand | 54/58 | €7,087 | €9,552 | +€2,465 | +34.8% |
| Deferred charges and accrued income | 490/1 | €761 | €806 | +€44 | +5.8% |
| Total equity and liabilities | 10/49 | €322,169 | €307,520 | -€14,649 | -4.5% |
| Equity | 10/15 | €87,580 | €107,716 | +€20,136 | +23.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €81,380 | €101,516 | +€20,136 | +24.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,828 | €1,828 | = | 0.0% |
| Distributable reserves | 133 | €77,691 | €97,827 | +€20,136 | +25.9% |
| Amounts payable | 17/49 | €234,589 | €199,804 | -€34,784 | -14.8% |
| Amounts payable after more than one year | 17 | €173,722 | €153,359 | -€20,363 | -11.7% |
| Financial debts | 170/4 | €173,722 | €153,359 | -€20,363 | -11.7% |
| Amounts payable within one year | 42/48 | €60,867 | €46,445 | -€14,422 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €19,894 | €20,363 | +€469 | +2.4% |
| Trade debts | 44 | €1,536 | €1,731 | +€195 | +12.7% |
| Suppliers | 440/4 | €1,536 | €1,731 | +€195 | +12.7% |
| Taxes, remuneration and social security | 45 | €36,937 | €11,598 | -€25,339 | -68.6% |
| Taxes | 450/3 | €14,405 | €11,497 | -€2,908 | -20.2% |
| Remuneration and social security | 454/9 | €22,532 | €101 | -€22,431 | -99.6% |
| Other amounts payable | 47/48 | €2,500 | €12,754 | +€10,254 | +410% |
| Remuneration, social security and pensions | 62 | €6,142 | €5,123 | -€1,019 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,680 | €13,529 | -€152 | -1.1% |
| Other operating charges | 640/8 | €4,217 | €4,331 | +€114 | +2.7% |
| Gross operating margin | 9900 | €64,516 | €58,840 | -€5,676 | -8.8% |
| Operating profit (loss) | 9901 | €40,477 | €35,858 | -€4,619 | -11.4% |
| Financial income | 75/76B | €40 | €237 | +€197 | +492% |
| Recurring financial income | 75 | €40 | €237 | +€197 | +492% |
| Financial charges | 65/66B | €6,246 | €5,942 | -€304 | -4.9% |
| Recurring financial charges | 65 | €6,246 | €5,942 | -€304 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €34,271 | €30,153 | -€4,119 | -12.0% |
| Income taxes | 67/77 | €8,727 | €8,417 | -€310 | -3.6% |
| Profit (loss) for the period | 9904 | €25,544 | €21,736 | -€3,809 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,544 | €21,736 | -€3,809 | -14.9% |
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 19 October 2026 via checked.be.