P-MANAGEMENT: 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-MANAGEMENT
Largest movements
- Cash +€66,276
up €66,276 (+29.4%), from €225,596 to €291,872
mainly Net result for the year (+€111,326) and Receivables within one year (+€56,579)
- Receivables within one year -€56,579
down €56,579 (-64.5%), from €87,671 to €31,093
of which Other amounts receivable: -€43,946
- Tangible fixed assets -€46,110
down €46,110 (-66.4%), from €69,435 to €23,325
of which Plant, machinery and equipment: -€23,501
- Reserves +€71,268
up €71,268 (+47.0%), from €151,639 to €222,907
- Other debts -€62,414
down €62,414 (-96.7%), from €64,534 to €2,120
- Debts after one year -€22,536
down €22,536 (-61.0%), from €36,974 to €14,438
- Current portion of long-term debt -€17,528
down €17,528 (-45.1%), from €38,842 to €21,314
- Tax, wage and social debts -€13,216
down €13,216 (-17.5%), from €75,374 to €62,158
of which Taxes: -€13,633
- Gross operating margin +€91,618
up €91,618 (+52.6%), from €174,213 to €265,832
- Depreciation -€37,825
down €37,825 (-61.6%), from €61,435 to €23,610
- Taxes +€30,745
up €30,745 (+279.3%), from €11,006 to €41,752
- Staff costs +€10,695
up €10,695 (+14.5%), from €73,568 to €84,263
- Other operating charges -€2,799
down €2,799 (-56.0%), from €4,995 to €2,196
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 | €386,633 | €349,409 | -€37,224 | -9.6% |
| Fixed assets | 21/28 | €69,435 | €23,325 | -€46,110 | -66.4% |
| Tangible fixed assets | 22/27 | €69,435 | €23,325 | -€46,110 | -66.4% |
| Land and buildings | 22 | €13,073 | - | -€13,073 | |
| Plant, machinery and equipment | 23 | €24,246 | €746 | -€23,501 | -96.9% |
| Furniture and vehicles | 24 | €764 | €134 | -€631 | -82.5% |
| Leasing and similar rights | 25 | €31,351 | €22,446 | -€8,905 | -28.4% |
| Current assets | 29/58 | €317,198 | €326,084 | +€8,886 | +2.8% |
| Amounts receivable within one year | 40/41 | €87,671 | €31,093 | -€56,579 | -64.5% |
| Trade receivables | 40 | €34,485 | €21,853 | -€12,632 | -36.6% |
| Other amounts receivable | 41 | €53,186 | €9,240 | -€43,946 | -82.6% |
| Cash at bank and in hand | 54/58 | €225,596 | €291,872 | +€66,276 | +29.4% |
| Deferred charges and accrued income | 490/1 | €3,931 | €3,119 | -€812 | -20.6% |
| Total equity and liabilities | 10/49 | €386,633 | €349,409 | -€37,224 | -9.6% |
| Equity | 10/15 | €164,581 | €241,507 | +€76,926 | +46.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,639 | €222,907 | +€71,268 | +47.0% |
| Distributable reserves | 133 | €151,639 | €222,907 | +€71,268 | +47.0% |
| Profit (loss) carried forward | 14 | -€5,658 | - | +€5,658 | |
| Amounts payable | 17/49 | €222,052 | €107,902 | -€114,150 | -51.4% |
| Amounts payable after more than one year | 17 | €36,974 | €14,438 | -€22,536 | -61.0% |
| Financial debts | 170/4 | €36,974 | €14,438 | -€22,536 | -61.0% |
| Amounts payable within one year | 42/48 | €182,361 | €91,508 | -€90,854 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €38,842 | €21,314 | -€17,528 | -45.1% |
| Trade debts | 44 | €3,610 | €5,916 | +€2,305 | +63.9% |
| Suppliers | 440/4 | €3,610 | €5,916 | +€2,305 | +63.9% |
| Taxes, remuneration and social security | 45 | €75,374 | €62,158 | -€13,216 | -17.5% |
| Taxes | 450/3 | €57,775 | €44,142 | -€13,633 | -23.6% |
| Remuneration and social security | 454/9 | €17,599 | €18,016 | +€417 | +2.4% |
| Other amounts payable | 47/48 | €64,534 | €2,120 | -€62,414 | -96.7% |
| Accrued charges and deferred income | 492/3 | €2,717 | €1,957 | -€760 | -28.0% |
| Non-recurring operating income | 76A | - | €3,212 | +€3,212 | |
| Remuneration, social security and pensions | 62 | €73,568 | €84,263 | +€10,695 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,435 | €23,610 | -€37,825 | -61.6% |
| Other operating charges | 640/8 | €4,995 | €2,196 | -€2,799 | -56.0% |
| Gross operating margin | 9900 | €174,213 | €265,832 | +€91,618 | +52.6% |
| Operating profit (loss) | 9901 | €34,216 | €155,763 | +€121,547 | +355.2% |
| Financial income | 75/76B | - | €29 | +€29 | |
| Recurring financial income | 75 | - | €29 | +€29 | |
| Financial charges | 65/66B | €4,655 | €2,715 | -€1,941 | -41.7% |
| Recurring financial charges | 65 | €4,655 | €2,715 | -€1,941 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €29,561 | €153,078 | +€123,517 | +417.8% |
| Income taxes | 67/77 | €11,006 | €41,752 | +€30,745 | +279.3% |
| Profit (loss) for the period | 9904 | €18,554 | €111,326 | +€92,772 | +500.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,554 | €111,326 | +€92,772 | +500.0% |
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 11 October 2026 via checked.be.