P-O HOLDING: 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-O HOLDING
Largest movements
- Stocks and contracts +€5.5m
up €5.5m (+56.6%), from €9.7m to €15.2m
- Receivables within one year +€379,600
up €379,600 (+64.6%), from €587,198 to €966,798
of which Other amounts receivable: +€193,460
- Short-term financial debts +€3.6m
up €3.6m (+52.5%), from €6.8m to €10.4m
- Other debts +€2.0m
up €2.0m (+69.8%), from €2.9m to €4.9m
- Accrued charges and deferred income +€288,245
up €288,245 (+281%), from €102,588 to €390,833
- Gross operating margin -€824,439
down €824,439 (-88.5%), from €931,857 to €107,418
- Financial charges -€242,942
down €242,942 (-87.5%), from €277,601 to €34,659
of which Financial charges: -€242,957
- Taxes -€160,482
down €160,482 (-88.5%), from €181,409 to €20,926
- Financial income +€90,767
up €90,767 (+713%), from €12,724 to €103,491
of which Non-recurring financial income: +€91,131
- Other operating charges -€40,041
down €40,041 (-68.8%), from €58,228 to €18,187
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 | €11,810,164 | €17,641,282 | +€5.8m | +49.4% |
| Fixed assets | 21/28 | €950,309 | €781,335 | -€168,973 | -17.8% |
| Tangible fixed assets | 22/27 | €191,109 | €165,135 | -€25,973 | -13.6% |
| Land and buildings | 22 | €152,628 | €145,538 | -€7,090 | -4.6% |
| Furniture and vehicles | 24 | €38,481 | €19,597 | -€18,883 | -49.1% |
| Financial fixed assets | 28 | €759,200 | €616,200 | -€143,000 | -18.8% |
| Current assets | 29/58 | €10,859,855 | €16,859,947 | +€6.0m | +55.3% |
| Stocks and contracts in progress | 3 | €9,722,557 | €15,225,448 | +€5.5m | +56.6% |
| Stocks | 30/36 | €9,722,557 | €15,225,448 | +€5.5m | +56.6% |
| Amounts receivable within one year | 40/41 | €587,198 | €966,798 | +€379,600 | +64.6% |
| Trade receivables | 40 | €18,050 | €204,190 | +€186,140 | +1,031% |
| Other amounts receivable | 41 | €569,148 | €762,608 | +€193,460 | +34.0% |
| Cash at bank and in hand | 54/58 | €538,557 | €656,046 | +€117,489 | +21.8% |
| Deferred charges and accrued income | 490/1 | €11,544 | €11,654 | +€111 | +1.0% |
| Total equity and liabilities | 10/49 | €11,810,164 | €17,641,282 | +€5.8m | +49.4% |
| Equity | 10/15 | €1,684,702 | €1,687,266 | +€2,564 | +0.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,649,903 | €1,652,467 | +€2,564 | +0.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €1,647,903 | €1,650,467 | +€2,564 | +0.2% |
| Profit (loss) carried forward | 14 | €14,799 | €14,799 | = | 0.0% |
| Amounts payable | 17/49 | €10,125,462 | €15,954,016 | +€5.8m | +57.6% |
| Amounts payable after more than one year | 17 | €31,296 | €17,477 | -€13,819 | -44.2% |
| Financial debts | 170/4 | €31,296 | €17,477 | -€13,819 | -44.2% |
| Amounts payable within one year | 42/48 | €9,991,578 | €15,545,706 | +€5.6m | +55.6% |
| Current portion of amounts payable after more than one year | 42 | €31,621 | €13,819 | -€17,802 | -56.3% |
| Financial debts | 43 | €6,792,800 | €10,359,415 | +€3.6m | +52.5% |
| Credit institutions | 430/8 | €6,792,800 | €10,359,415 | +€3.6m | +52.5% |
| Trade debts | 44 | €130,082 | €98,463 | -€31,619 | -24.3% |
| Suppliers | 440/4 | €130,082 | €98,463 | -€31,619 | -24.3% |
| Taxes, remuneration and social security | 45 | €132,942 | €142,025 | +€9,082 | +6.8% |
| Taxes | 450/3 | €132,942 | €142,025 | +€9,082 | +6.8% |
| Other amounts payable | 47/48 | €2,904,133 | €4,931,984 | +€2.0m | +69.8% |
| Accrued charges and deferred income | 492/3 | €102,588 | €390,833 | +€288,245 | +281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,358 | €26,886 | -€7,472 | -21.7% |
| Other operating charges | 640/8 | €58,228 | €18,187 | -€40,041 | -68.8% |
| Gross operating margin | 9900 | €931,857 | €107,418 | -€824,439 | -88.5% |
| Operating profit (loss) | 9901 | €839,271 | €62,345 | -€776,926 | -92.6% |
| Financial income | 75/76B | €12,724 | €103,491 | +€90,767 | +713% |
| Recurring financial income | 75 | €11,355 | €10,991 | -€364 | -3.2% |
| Non-recurring financial income | 76B | €1,369 | €92,500 | +€91,131 | +6,658% |
| Financial charges | 65/66B | €277,601 | €34,659 | -€242,942 | -87.5% |
| Recurring financial charges | 65 | €277,601 | €34,644 | -€242,957 | -87.5% |
| Non-recurring financial charges | 66B | - | €15 | +€15 | |
| Profit (loss) for the period before taxes | 9903 | €574,393 | €131,177 | -€443,217 | -77.2% |
| Income taxes | 67/77 | €181,409 | €20,926 | -€160,482 | -88.5% |
| Profit (loss) for the period | 9904 | €392,985 | €110,250 | -€282,734 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €392,985 | €110,250 | -€282,734 | -71.9% |
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.