P&I: what changed
P&I
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+165%), from €1.1m to €2.8m
of which Land and buildings: +€1.6m
- Financial fixed assets +€496,883
up €496,883 (+115%), from €432,920 to €929,803
- Stocks and contracts +€318,359
up €318,359 (+762%), from €41,794 to €360,152
- Current investments -€100,000
down €100,000 (-28.6%), from €350,000 to €250,000
- Cash -€84,112
down €84,112 (-32.4%), from €259,215 to €175,102
mainly Investment in fixed assets (net) (-€2.4m) and Stocks and contracts (-€318,359)
- Trade debts +€2.0m
up €2.0m (+105%), from €1.9m to €3.9m
- Reserves +€365,628
up €365,628 (+41.2%), from €887,606 to €1.3m
of which Distributable reserves: +€365,628
- Tax, wage and social debts +€74,777
up €74,777 (+27.1%), from €275,707 to €350,484
of which Taxes: +€37,464
- Gross operating margin +€620,384
up €620,384 (+22.0%), from €2.8m to €3.4m
- Other operating charges +€218,932
up €218,932 (+1,228%), from €17,821 to €236,754
- Staff costs +€98,501
up €98,501 (+4.3%), from €2.3m to €2.4m
- Taxes +€71,696
up €71,696 (+71.5%), from €100,343 to €172,039
- Depreciation +€51,157
up €51,157 (+36.0%), from €141,918 to €193,074
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,171,428 | €5,629,102 | +€2.5m | +77.5% |
| Fixed assets | 21/28 | €1,499,736 | €3,756,010 | +€2.3m | +150% |
| Tangible fixed assets | 22/27 | €1,066,816 | €2,826,207 | +€1.8m | +165% |
| Land and buildings | 22 | €695,120 | €2,338,162 | +€1.6m | +236% |
| Plant, machinery and equipment | 23 | €13,813 | €97,689 | +€83,876 | +607% |
| Furniture and vehicles | 24 | €357,883 | €390,356 | +€32,473 | +9.1% |
| Financial fixed assets | 28 | €432,920 | €929,803 | +€496,883 | +115% |
| Current assets | 29/58 | €1,671,692 | €1,873,092 | +€201,400 | +12.0% |
| Stocks and contracts in progress | 3 | €41,794 | €360,152 | +€318,359 | +762% |
| Stocks | 30/36 | €41,794 | €360,152 | +€318,359 | +762% |
| Amounts receivable within one year | 40/41 | €998,271 | €1,067,320 | +€69,049 | +6.9% |
| Trade receivables | 40 | €943,173 | €948,484 | +€5,311 | +0.6% |
| Other amounts receivable | 41 | €55,098 | €118,836 | +€63,738 | +116% |
| Current investments | 50/53 | €350,000 | €250,000 | -€100,000 | -28.6% |
| Cash at bank and in hand | 54/58 | €259,215 | €175,102 | -€84,112 | -32.4% |
| Deferred charges and accrued income | 490/1 | €22,412 | €20,517 | -€1,895 | -8.5% |
| Total equity and liabilities | 10/49 | €3,171,428 | €5,629,102 | +€2.5m | +77.5% |
| Equity | 10/15 | €947,606 | €1,313,234 | +€365,628 | +38.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €887,606 | €1,253,234 | +€365,628 | +41.2% |
| Tax-exempt reserves | 132 | €29,854 | €29,854 | = | 0.0% |
| Distributable reserves | 133 | €857,752 | €1,223,380 | +€365,628 | +42.6% |
| Amounts payable | 17/49 | €2,223,822 | €4,315,868 | +€2.1m | +94.1% |
| Amounts payable after more than one year | 17 | €8,333 | - | -€8,333 | |
| Other amounts payable | 178/9 | €8,333 | - | -€8,333 | |
| Amounts payable within one year | 42/48 | €2,215,489 | €4,315,868 | +€2.1m | +94.8% |
| Trade debts | 44 | €1,899,782 | €3,890,384 | +€2.0m | +105% |
| Suppliers | 440/4 | €1,899,782 | €3,890,384 | +€2.0m | +105% |
| Taxes, remuneration and social security | 45 | €275,707 | €350,484 | +€74,777 | +27.1% |
| Taxes | 450/3 | €26,576 | €64,040 | +€37,464 | +141% |
| Remuneration and social security | 454/9 | €249,131 | €286,444 | +€37,313 | +15.0% |
| Other amounts payable | 47/48 | €40,000 | €75,000 | +€35,000 | +87.5% |
| Remuneration, social security and pensions | 62 | €2,316,752 | €2,415,253 | +€98,501 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,918 | €193,074 | +€51,157 | +36.0% |
| Other operating charges | 640/8 | €17,821 | €236,754 | +€218,932 | +1,228% |
| Non-recurring operating charges | 66A | - | €6,153 | +€6,153 | |
| Gross operating margin | 9900 | €2,816,342 | €3,436,726 | +€620,384 | +22.0% |
| Operating profit (loss) | 9901 | €339,851 | €585,492 | +€245,641 | +72.3% |
| Financial income | 75/76B | €9,032 | €36,475 | +€27,444 | +304% |
| Recurring financial income | 75 | €9,032 | €36,475 | +€27,444 | +304% |
| Financial charges | 65/66B | €5,491 | €9,301 | +€3,809 | +69.4% |
| Recurring financial charges | 65 | €5,491 | €9,301 | +€3,809 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | €343,391 | €612,667 | +€269,275 | +78.4% |
| Income taxes | 67/77 | €100,343 | €172,039 | +€71,696 | +71.5% |
| Profit (loss) for the period | 9904 | €243,049 | €440,628 | +€197,580 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €243,049 | €440,628 | +€197,580 | +81.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.