P-MANAGEMENT: what changed
P-MANAGEMENT
Largest movements
- Tangible fixed assets +€67,766
up €67,766 (+841%), from €8,058 to €75,824
- Cash +€33,252
up €33,252 (+23.8%), from €139,755 to €173,008
mainly Other debts (+€119,595) and Net result for the year (+€41,599)
- Receivables within one year +€8,805
up €8,805 (+39.8%), from €22,112 to €30,917
of which Trade receivables: +€8,202
- Other debts +€119,595
up €119,595 (+183,372%), from €65 to €119,661
- Reserves -€58,401
down €58,401 (-38.1%), from €153,365 to €94,963
- Debts after one year +€26,365
new in 2025: €26,365
- Advances received +€12,345
new in 2025: €12,345
- Current portion of long-term debt +€6,818
new in 2025: €6,818
- Gross operating margin +€29,652
up €29,652 (+67.4%), from €44,026 to €73,677
- Depreciation +€18,097
up €18,097 (+1,581%), from €1,145 to €19,242
- Taxes +€2,517
up €2,517 (+29.2%), from €8,618 to €11,135
- Financial charges +€1,182
up €1,182 (+720%), from €164 to €1,346
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,925 | €279,749 | +€109,824 | +64.6% |
| Fixed assets | 21/28 | €8,058 | €75,824 | +€67,766 | +841% |
| Tangible fixed assets | 22/27 | €8,058 | €75,824 | +€67,766 | +841% |
| Furniture and vehicles | 24 | €8,058 | €75,824 | +€67,766 | +841% |
| Current assets | 29/58 | €161,867 | €203,925 | +€42,058 | +26.0% |
| Amounts receivable within one year | 40/41 | €22,112 | €30,917 | +€8,805 | +39.8% |
| Trade receivables | 40 | €2,000 | €10,202 | +€8,202 | +410% |
| Other amounts receivable | 41 | €20,112 | €20,715 | +€603 | +3.0% |
| Cash at bank and in hand | 54/58 | €139,755 | €173,008 | +€33,252 | +23.8% |
| Total equity and liabilities | 10/49 | €169,925 | €279,749 | +€109,824 | +64.6% |
| Equity | 10/15 | €158,365 | €99,963 | -€58,401 | -36.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €153,365 | €94,963 | -€58,401 | -38.1% |
| Distributable reserves | 133 | €153,365 | €94,963 | -€58,401 | -38.1% |
| Amounts payable | 17/49 | €11,560 | €179,786 | +€168,225 | +1,455% |
| Amounts payable after more than one year | 17 | - | €26,365 | +€26,365 | |
| Financial debts | 170/4 | - | €26,365 | +€26,365 | |
| Amounts payable within one year | 42/48 | €11,213 | €153,073 | +€141,860 | +1,265% |
| Current portion of amounts payable after more than one year | 42 | - | €6,818 | +€6,818 | |
| Trade debts | 44 | €364 | €211 | -€153 | -42.1% |
| Suppliers | 440/4 | €364 | €211 | -€153 | -42.1% |
| Advances received on contracts in progress | 46 | - | €12,345 | +€12,345 | |
| Taxes, remuneration and social security | 45 | €10,784 | €14,039 | +€3,256 | +30.2% |
| Taxes | 450/3 | €10,784 | €14,039 | +€3,256 | +30.2% |
| Other amounts payable | 47/48 | €65 | €119,661 | +€119,595 | +183,372% |
| Accrued charges and deferred income | 492/3 | €348 | €348 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,145 | €19,242 | +€18,097 | +1,581% |
| Other operating charges | 640/8 | €499 | €960 | +€460 | +92.1% |
| Gross operating margin | 9900 | €44,026 | €73,677 | +€29,652 | +67.4% |
| Operating profit (loss) | 9901 | €42,382 | €53,476 | +€11,094 | +26.2% |
| Financial income | 75/76B | €586 | €603 | +€18 | +3.0% |
| Recurring financial income | 75 | €586 | €603 | +€18 | +3.0% |
| Financial charges | 65/66B | €164 | €1,346 | +€1,182 | +720% |
| Recurring financial charges | 65 | €164 | €1,346 | +€1,182 | +720% |
| Profit (loss) for the period before taxes | 9903 | €42,803 | €52,733 | +€9,930 | +23.2% |
| Income taxes | 67/77 | €8,618 | €11,135 | +€2,517 | +29.2% |
| Profit (loss) for the period | 9904 | €34,185 | €41,599 | +€7,413 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,185 | €41,599 | +€7,413 | +21.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.