P&M: 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&M
Largest movements
- Receivables within one year -€65,692
down €65,692 (-49.3%), from €133,358 to €67,667
of which Trade receivables: -€90,998
- Trade debts -€53,337
down €53,337 (-90.5%), from €58,955 to €5,618
- Other debts -€34,011
down €34,011 (-15.1%), from €225,586 to €191,575
- Debts after one year +€24,517
up €24,517 (+15.4%), from €158,920 to €183,437
- Reserves +€21,897
up €21,897 (+11.2%), from €195,476 to €217,373
of which Distributable reserves: +€21,897
- Tax, wage and social debts -€17,730
down €17,730 (-50.4%), from €35,152 to €17,423
of which Taxes: -€22,230
- Depreciation +€26,075
up €26,075 (+101.7%), from €25,640 to €51,715
- Taxes -€8,752
down €8,752 (-54.5%), from €16,051 to €7,299
- Gross operating margin -€6,632
down €6,632 (-6.3%), from €104,632 to €98,000
- Other operating charges -€1,151
down €1,151 (-18.1%), from €6,351 to €5,199
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 | €757,233 | €687,773 | -€69,460 | -9.2% |
| Fixed assets | 21/28 | €617,494 | €618,225 | +€732 | +0.1% |
| Tangible fixed assets | 22/27 | €617,494 | €618,225 | +€732 | +0.1% |
| Land and buildings | 22 | €594,819 | €591,545 | -€3,274 | -0.6% |
| Plant, machinery and equipment | 23 | €22,674 | €26,681 | +€4,006 | +17.7% |
| Current assets | 29/58 | €139,739 | €69,548 | -€70,192 | -50.2% |
| Amounts receivable within one year | 40/41 | €133,358 | €67,667 | -€65,692 | -49.3% |
| Trade receivables | 40 | €133,358 | €42,361 | -€90,998 | -68.2% |
| Other amounts receivable | 41 | - | €25,306 | +€25,306 | |
| Cash at bank and in hand | 54/58 | €5,600 | €626 | -€4,974 | -88.8% |
| Deferred charges and accrued income | 490/1 | €781 | €1,255 | +€473 | +60.6% |
| Total equity and liabilities | 10/49 | €757,233 | €687,773 | -€69,460 | -9.2% |
| Equity | 10/15 | €214,068 | €235,965 | +€21,897 | +10.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €195,476 | €217,373 | +€21,897 | +11.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €193,617 | €215,514 | +€21,897 | +11.3% |
| Amounts payable | 17/49 | €543,164 | €451,808 | -€91,357 | -16.8% |
| Amounts payable after more than one year | 17 | €158,920 | €183,437 | +€24,517 | +15.4% |
| Financial debts | 170/4 | €158,920 | €183,437 | +€24,517 | +15.4% |
| Amounts payable within one year | 42/48 | €384,244 | €268,370 | -€115,874 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €64,551 | €53,755 | -€10,796 | -16.7% |
| Trade debts | 44 | €58,955 | €5,618 | -€53,337 | -90.5% |
| Suppliers | 440/4 | €58,955 | €5,618 | -€53,337 | -90.5% |
| Taxes, remuneration and social security | 45 | €35,152 | €17,423 | -€17,730 | -50.4% |
| Taxes | 450/3 | €33,652 | €11,423 | -€22,230 | -66.1% |
| Remuneration and social security | 454/9 | €1,500 | €6,000 | +€4,500 | +300.0% |
| Other amounts payable | 47/48 | €225,586 | €191,575 | -€34,011 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,640 | €51,715 | +€26,075 | +101.7% |
| Other operating charges | 640/8 | €6,351 | €5,199 | -€1,151 | -18.1% |
| Gross operating margin | 9900 | €104,632 | €98,000 | -€6,632 | -6.3% |
| Operating profit (loss) | 9901 | €72,641 | €41,086 | -€31,555 | -43.4% |
| Financial income | 75/76B | €0 | €71 | +€71 | |
| Recurring financial income | 75 | €0 | €71 | +€71 | |
| Financial charges | 65/66B | €11,672 | €11,961 | +€289 | +2.5% |
| Recurring financial charges | 65 | €11,672 | €11,961 | +€289 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €60,969 | €29,196 | -€31,774 | -52.1% |
| Income taxes | 67/77 | €16,051 | €7,299 | -€8,752 | -54.5% |
| Profit (loss) for the period | 9904 | €44,918 | €21,897 | -€23,022 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,918 | €21,897 | -€23,022 | -51.3% |
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 30 September 2026 via checked.be.