P-INVEST: 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-INVEST
Largest movements
- Cash +€26,518
up €26,518 (+160%), from €16,557 to €43,075
mainly Depreciation (+€15,807) and Net result for the year (+€13,837)
- Tangible fixed assets -€15,807
down €15,807 (-3.9%), from €403,594 to €387,788
of which Land and buildings: -€14,230
- Reserves +€13,576
up €13,576 (+10.2%), from €132,732 to €146,308
of which Distributable reserves: +€14,900
- Debts after one year -€12,022
down €12,022 (-18.8%), from €63,778 to €51,756
- Other debts +€9,497
up €9,497 (+9.7%), from €97,832 to €107,329
- Gross operating margin +€2,636
up €2,636 (+5.6%), from €47,254 to €49,890
- Financial charges +€1,740
up €1,740 (+154%), from €1,129 to €2,868
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 | €420,152 | €432,191 | +€12,039 | +2.9% |
| Fixed assets | 21/28 | €403,594 | €387,788 | -€15,807 | -3.9% |
| Tangible fixed assets | 22/27 | €403,594 | €387,788 | -€15,807 | -3.9% |
| Land and buildings | 22 | €397,418 | €383,188 | -€14,230 | -3.6% |
| Furniture and vehicles | 24 | €6,176 | €4,600 | -€1,576 | -25.5% |
| Current assets | 29/58 | €16,557 | €44,403 | +€27,845 | +168% |
| Amounts receivable within one year | 40/41 | €0 | €1,247 | +€1,247 | |
| Other amounts receivable | 41 | €0 | €1,247 | +€1,247 | |
| Cash at bank and in hand | 54/58 | €16,557 | €43,075 | +€26,518 | +160% |
| Deferred charges and accrued income | 490/1 | - | €81 | +€81 | |
| Total equity and liabilities | 10/49 | €420,152 | €432,191 | +€12,039 | +2.9% |
| Equity | 10/15 | €235,508 | €249,345 | +€13,837 | +5.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €117,521 | €117,521 | = | 0.0% |
| Reserves | 13 | €132,732 | €146,308 | +€13,576 | +10.2% |
| Tax-exempt reserves | 132 | €7,344 | €6,020 | -€1,324 | -18.0% |
| Distributable reserves | 133 | €125,388 | €140,288 | +€14,900 | +11.9% |
| Profit (loss) carried forward | 14 | -€34,745 | -€34,484 | +€261 | +0.8% |
| Provisions and deferred taxes | 16 | €3,544 | €3,103 | -€441 | -12.5% |
| Deferred taxes | 168 | €3,544 | €3,103 | -€441 | -12.5% |
| Amounts payable | 17/49 | €181,099 | €179,742 | -€1,357 | -0.7% |
| Amounts payable after more than one year | 17 | €63,778 | €51,756 | -€12,022 | -18.8% |
| Financial debts | 170/4 | €63,778 | €51,756 | -€12,022 | -18.8% |
| Amounts payable within one year | 42/48 | €112,105 | €122,447 | +€10,343 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €12,628 | €11,983 | -€644 | -5.1% |
| Taxes, remuneration and social security | 45 | €1,646 | €3,136 | +€1,490 | +90.5% |
| Taxes | 450/3 | €1,646 | €3,136 | +€1,490 | +90.5% |
| Other amounts payable | 47/48 | €97,832 | €107,329 | +€9,497 | +9.7% |
| Accrued charges and deferred income | 492/3 | €5,217 | €5,539 | +€322 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,807 | €15,807 | = | 0.0% |
| Other operating charges | 640/8 | €9,889 | €10,090 | +€201 | +2.0% |
| Gross operating margin | 9900 | €47,254 | €49,890 | +€2,636 | +5.6% |
| Operating profit (loss) | 9901 | €21,558 | €23,993 | +€2,435 | +11.3% |
| Financial income | 75/76B | €0 | €20 | +€20 | +15,054% |
| Recurring financial income | 75 | €0 | €20 | +€20 | +15,054% |
| Financial charges | 65/66B | €1,129 | €2,868 | +€1,740 | +154% |
| Recurring financial charges | 65 | €1,129 | €2,868 | +€1,740 | +154% |
| Profit (loss) for the period before taxes | 9903 | €20,429 | €21,144 | +€715 | +3.5% |
| Transfer from deferred taxes | 780 | €441 | €441 | = | 0.0% |
| Income taxes | 67/77 | €7,646 | €7,749 | +€103 | +1.3% |
| Profit (loss) for the period | 9904 | €13,225 | €13,837 | +€612 | +4.6% |
| Transfer from tax-exempt reserves | 789 | €1,324 | €1,324 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,549 | €15,161 | +€612 | +4.2% |
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 29 October 2026 via checked.be.