P-MAN: 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-MAN
Largest movements
- Cash +€108,112
up €108,112 (+22.6%), from €477,797 to €585,909
mainly Net result for the year (+€353,008) and Depreciation (+€66,933)
- Tangible fixed assets -€74,529
down €74,529 (-7.1%), from €1.0m to €974,398
of which Land and buildings: -€64,993
- Reserves +€353,008
up €353,008 (+49.8%), from €708,478 to €1.1m
- Other debts -€252,605
down €252,605 (-55.9%), from €451,819 to €199,214
- Debts after one year -€70,924
down €70,924 (-21.1%), from €336,552 to €265,628
- Accrued charges and deferred income -€26,491
down €26,491 (-63.0%), from €42,041 to €15,550
- Trade debts +€19,689
up €19,689 (+1356.5%), from €1,451 to €21,140
- Gross operating margin +€176,910
up €176,910 (+35.8%), from €493,523 to €670,433
- Taxes +€78,068
up €78,068 (+67.1%), from €116,392 to €194,461
- Financial charges -€17,405
down €17,405 (-30.3%), from €57,389 to €39,984
- Other operating charges +€7,335
up €7,335 (+84.2%), from €8,713 to €16,048
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 | €1,674,037 | €1,715,941 | +€41,903 | +2.5% |
| Fixed assets | 21/28 | €1,049,927 | €975,398 | -€74,529 | -7.1% |
| Tangible fixed assets | 22/27 | €1,048,927 | €974,398 | -€74,529 | -7.1% |
| Land and buildings | 22 | €1,006,210 | €941,217 | -€64,993 | -6.5% |
| Plant, machinery and equipment | 23 | €4,078 | €3,122 | -€957 | -23.5% |
| Furniture and vehicles | 24 | €11,790 | €3,211 | -€8,579 | -72.8% |
| Other tangible fixed assets | 26 | €26,849 | €26,849 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €624,110 | €740,542 | +€116,432 | +18.7% |
| Amounts receivable within one year | 40/41 | €142,309 | €154,633 | +€12,324 | +8.7% |
| Trade receivables | 40 | €49,385 | €50,183 | +€799 | +1.6% |
| Other amounts receivable | 41 | €92,924 | €104,450 | +€11,526 | +12.4% |
| Cash at bank and in hand | 54/58 | €477,797 | €585,909 | +€108,112 | +22.6% |
| Deferred charges and accrued income | 490/1 | €4,005 | €0 | -€4,005 | -100.0% |
| Total equity and liabilities | 10/49 | €1,674,037 | €1,715,941 | +€41,903 | +2.5% |
| Equity | 10/15 | €708,478 | €1,061,486 | +€353,008 | +49.8% |
| Reserves | 13 | €708,478 | €1,061,486 | +€353,008 | +49.8% |
| Distributable reserves | 133 | €708,478 | €1,061,486 | +€353,008 | +49.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €965,559 | €654,454 | -€311,104 | -32.2% |
| Amounts payable after more than one year | 17 | €336,552 | €265,628 | -€70,924 | -21.1% |
| Financial debts | 170/4 | €336,552 | €265,628 | -€70,924 | -21.1% |
| Amounts payable within one year | 42/48 | €586,966 | €373,277 | -€213,689 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €68,702 | €70,213 | +€1,511 | +2.2% |
| Trade debts | 44 | €1,451 | €21,140 | +€19,689 | +1356.5% |
| Suppliers | 440/4 | €1,451 | €21,140 | +€19,689 | +1356.5% |
| Taxes, remuneration and social security | 45 | €64,993 | €82,709 | +€17,716 | +27.3% |
| Taxes | 450/3 | €64,993 | €82,709 | +€17,716 | +27.3% |
| Other amounts payable | 47/48 | €451,819 | €199,214 | -€252,605 | -55.9% |
| Accrued charges and deferred income | 492/3 | €42,041 | €15,550 | -€26,491 | -63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,672 | €66,933 | -€1,739 | -2.5% |
| Other operating charges | 640/8 | €8,713 | €16,048 | +€7,335 | +84.2% |
| Gross operating margin | 9900 | €493,523 | €670,433 | +€176,910 | +35.8% |
| Operating profit (loss) | 9901 | €416,138 | €587,452 | +€171,314 | +41.2% |
| Financial income | 75/76B | €11 | €0 | -€11 | -99.9% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -99.9% |
| Financial charges | 65/66B | €57,389 | €39,984 | -€17,405 | -30.3% |
| Recurring financial charges | 65 | €57,389 | €39,984 | -€17,405 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €358,760 | €547,468 | +€188,708 | +52.6% |
| Income taxes | 67/77 | €116,392 | €194,461 | +€78,068 | +67.1% |
| Profit (loss) for the period | 9904 | €242,368 | €353,008 | +€110,640 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €242,368 | €353,008 | +€110,640 | +45.6% |
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 12 October 2026 via checked.be.