P & J: what changed
Two fiscal 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 & J
Largest movements
- Receivables within one year -€29,565
down €29,565 (-70.9%), from €41,717 to €12,152
of which Other amounts receivable: -€21,056
- Cash -€9,453
down €9,453 (-55.1%), from €17,162 to €7,709
mainly Trade debts (-€33,043) and Debts after one year (-€18,896)
- Tangible fixed assets -€6,830
down €6,830 (-6.1%), from €111,798 to €104,968
of which Land and buildings: -€3,777
- Deferred charges and accrued income -€2,176
down €2,176 (-91.2%), from €2,386 to €210
- Trade debts -€33,043
down €33,043 (-44.8%), from €73,757 to €40,714
- Profit (loss) carried forward +€21,425
up €21,425 (+57.8%), from -€37,098 to -€15,673
- Debts after one year -€18,896
down €18,896 (-92.2%), from €20,487 to €1,591
- Other debts -€11,039
down €11,039 (-41.2%), from €26,788 to €15,749
- Tax, wage and social debts -€9,561
down €9,561 (-26.6%), from €35,892 to €26,331
of which Taxes: -€6,692
- Gross operating margin +€47,067
up €47,067 (+42.4%), from €111,003 to €158,070
- Write-downs +€33,041
new in 2025: €33,041
- Provisions +€20,000
up €20,000, from -€20,000 to €0
- Staff costs +€9,309
up €9,309 (+13.3%), from €70,061 to €79,370
- Depreciation -€9,034
down €9,034 (-56.4%), from €16,009 to €6,975
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 | €189,977 | €142,002 | -€47,975 | -25.3% |
| Fixed assets | 21/28 | €124,786 | €117,956 | -€6,830 | -5.5% |
| Tangible fixed assets | 22/27 | €111,798 | €104,968 | -€6,830 | -6.1% |
| Land and buildings | 22 | €100,324 | €96,547 | -€3,777 | -3.8% |
| Plant, machinery and equipment | 23 | €11,474 | €8,421 | -€3,053 | -26.6% |
| Financial fixed assets | 28 | €12,988 | €12,988 | = | 0.0% |
| Current assets | 29/58 | €65,191 | €24,045 | -€41,145 | -63.1% |
| Stocks and contracts in progress | 3 | €3,926 | €3,975 | +€49 | +1.2% |
| Stocks | 30/36 | €3,926 | €3,975 | +€49 | +1.2% |
| Amounts receivable within one year | 40/41 | €41,717 | €12,152 | -€29,565 | -70.9% |
| Trade receivables | 40 | €19,965 | €11,455 | -€8,509 | -42.6% |
| Other amounts receivable | 41 | €21,752 | €697 | -€21,056 | -96.8% |
| Cash at bank and in hand | 54/58 | €17,162 | €7,709 | -€9,453 | -55.1% |
| Deferred charges and accrued income | 490/1 | €2,386 | €210 | -€2,176 | -91.2% |
| Total equity and liabilities | 10/49 | €189,977 | €142,002 | -€47,975 | -25.3% |
| Equity | 10/15 | €15,523 | €36,948 | +€21,425 | +138.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €52,521 | €52,521 | = | 0.0% |
| Distributable reserves | 133 | €52,521 | €52,521 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,098 | -€15,673 | +€21,425 | +57.8% |
| Amounts payable | 17/49 | €174,454 | €105,053 | -€69,400 | -39.8% |
| Amounts payable after more than one year | 17 | €20,487 | €1,591 | -€18,896 | -92.2% |
| Financial debts | 170/4 | €20,487 | €1,591 | -€18,896 | -92.2% |
| Amounts payable within one year | 42/48 | €153,967 | €103,462 | -€50,505 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €17,530 | €18,896 | +€1,366 | +7.8% |
| Financial debts | 43 | - | €1,773 | +€1,773 | |
| Credit institutions | 430/8 | - | €1,773 | +€1,773 | |
| Trade debts | 44 | €73,757 | €40,714 | -€33,043 | -44.8% |
| Suppliers | 440/4 | €73,757 | €40,714 | -€33,043 | -44.8% |
| Taxes, remuneration and social security | 45 | €35,892 | €26,331 | -€9,561 | -26.6% |
| Taxes | 450/3 | €20,635 | €13,943 | -€6,692 | -32.4% |
| Remuneration and social security | 454/9 | €15,257 | €12,388 | -€2,869 | -18.8% |
| Other amounts payable | 47/48 | €26,788 | €15,749 | -€11,039 | -41.2% |
| Non-recurring operating income | 76A | €10,800 | €0 | -€10,800 | -100.0% |
| Remuneration, social security and pensions | 62 | €70,061 | €79,370 | +€9,309 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,009 | €6,975 | -€9,034 | -56.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,041 | +€33,041 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,000 | €0 | +€20,000 | |
| Other operating charges | 640/8 | €7,697 | €3,751 | -€3,946 | -51.3% |
| Non-recurring operating charges | 66A | €39,004 | €0 | -€39,004 | -100.0% |
| Gross operating margin | 9900 | €111,003 | €158,070 | +€47,067 | +42.4% |
| Operating profit (loss) | 9901 | -€1,768 | €34,933 | +€36,701 | |
| Financial income | 75/76B | €646 | €346 | -€301 | -46.5% |
| Recurring financial income | 75 | €646 | €346 | -€301 | -46.5% |
| Financial charges | 65/66B | €9,818 | €9,567 | -€251 | -2.6% |
| Recurring financial charges | 65 | €9,818 | €9,567 | -€251 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,940 | €25,712 | +€36,651 | |
| Income taxes | 67/77 | -€36 | €4,287 | +€4,323 | |
| Profit (loss) for the period | 9904 | -€10,903 | €21,425 | +€32,329 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,903 | €21,425 | +€32,329 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.