P.J.C.: 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.J.C.
Largest movements
- Receivables within one year +€17,593
new in 2025: €17,593
of which Trade receivables: +€17,545
- Reserves +€67,600
up €67,600 (+53.5%), from €126,300 to €193,900
- Other debts -€64,348
down €64,348 (-51.4%), from €125,118 to €60,770
- Debts after one year +€18,000
up €18,000 (+6.3%), from €288,000 to €306,000
- Advances received -€17,545
no longer reported in 2025 (was €17,545)
- Tax, wage and social debts +€8,532
up €8,532 (+59.6%), from €14,311 to €22,843
of which Taxes: +€8,503
- Gross operating margin +€7,238
up €7,238 (+7.5%), from €96,963 to €104,201
- Taxes +€4,327
up €4,327 (+17.6%), from €24,564 to €28,891
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 | €610,894 | €628,177 | +€17,283 | +2.8% |
| Fixed assets | 21/28 | €603,223 | €602,076 | -€1,147 | -0.2% |
| Tangible fixed assets | 22/27 | €3,223 | €2,076 | -€1,147 | -35.6% |
| Furniture and vehicles | 24 | €3,223 | €2,076 | -€1,147 | -35.6% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €7,672 | €26,101 | +€18,429 | +240% |
| Amounts receivable within one year | 40/41 | - | €17,593 | +€17,593 | |
| Trade receivables | 40 | - | €17,545 | +€17,545 | |
| Other amounts receivable | 41 | - | €48 | +€48 | |
| Cash at bank and in hand | 54/58 | €6,248 | €7,054 | +€806 | +12.9% |
| Deferred charges and accrued income | 490/1 | €1,424 | €1,455 | +€31 | +2.2% |
| Total equity and liabilities | 10/49 | €610,894 | €628,177 | +€17,283 | +2.8% |
| Equity | 10/15 | €161,278 | €228,899 | +€67,621 | +41.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,300 | €193,900 | +€67,600 | +53.5% |
| Distributable reserves | 133 | €126,300 | €193,900 | +€67,600 | +53.5% |
| Profit (loss) carried forward | 14 | €16,378 | €16,399 | +€21 | +0.1% |
| Amounts payable | 17/49 | €449,616 | €399,278 | -€50,338 | -11.2% |
| Amounts payable after more than one year | 17 | €288,000 | €306,000 | +€18,000 | +6.3% |
| Other amounts payable | 178/9 | €288,000 | €306,000 | +€18,000 | +6.3% |
| Amounts payable within one year | 42/48 | €161,616 | €93,278 | -€68,338 | -42.3% |
| Current portion of amounts payable after more than one year | 42 | - | €6,729 | +€6,729 | |
| Trade debts | 44 | €4,642 | €2,937 | -€1,706 | -36.7% |
| Suppliers | 440/4 | €4,642 | €2,937 | -€1,706 | -36.7% |
| Advances received on contracts in progress | 46 | €17,545 | - | -€17,545 | |
| Taxes, remuneration and social security | 45 | €14,311 | €22,843 | +€8,532 | +59.6% |
| Taxes | 450/3 | €11,918 | €20,421 | +€8,503 | +71.4% |
| Remuneration and social security | 454/9 | €2,393 | €2,421 | +€28 | +1.2% |
| Other amounts payable | 47/48 | €125,118 | €60,770 | -€64,348 | -51.4% |
| Remuneration, social security and pensions | 62 | €595 | -€82 | -€677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,316 | €1,147 | -€169 | -12.9% |
| Other operating charges | 640/8 | €728 | €644 | -€84 | -11.5% |
| Gross operating margin | 9900 | €96,963 | €104,201 | +€7,238 | +7.5% |
| Operating profit (loss) | 9901 | €94,325 | €102,493 | +€8,168 | +8.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,773 | €5,981 | +€208 | +3.6% |
| Recurring financial charges | 65 | €5,773 | €5,981 | +€208 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €88,551 | €96,512 | +€7,961 | +9.0% |
| Income taxes | 67/77 | €24,564 | €28,891 | +€4,327 | +17.6% |
| Profit (loss) for the period | 9904 | €63,987 | €67,621 | +€3,634 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,987 | €67,621 | +€3,634 | +5.7% |
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 28 October 2026 via checked.be.