P&P: 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&P
Largest movements
- Cash +€60,263
up €60,263 (+320%), from €18,831 to €79,095
mainly Net result for the year (+€54,154) and Other debts (+€24,212)
- Receivables within one year -€21,074
down €21,074 (-22.9%), from €92,141 to €71,067
of which Trade receivables: -€20,892
- Other debts +€24,212
up €24,212 (+62.7%), from €38,605 to €62,817
- Reserves +€10,273
up €10,273 (+3.0%), from €343,615 to €353,888
of which Distributable reserves: +€10,273
- Tax, wage and social debts +€7,037
up €7,037 (+83.2%), from €8,461 to €15,499
- Gross operating margin +€43,349
up €43,349 (+120%), from €36,211 to €79,560
- Taxes +€16,822
up €16,822 (+179%), from €9,388 to €26,210
- Write-downs -€7,038
new in 2025: -€7,038
- Depreciation -€3,184
down €3,184 (-42.4%), from €7,517 to €4,333
- Financial charges +€1,463
up €1,463 (+315%), from €465 to €1,927
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 | €415,785 | €450,819 | +€35,034 | +8.4% |
| Fixed assets | 21/28 | €291,039 | €290,254 | -€785 | -0.3% |
| Tangible fixed assets | 22/27 | €4,519 | €3,734 | -€785 | -17.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €535 | €3,734 | +€3,200 | +599% |
| Leasing and similar rights | 25 | €3,985 | €0 | -€3,985 | -100% |
| Financial fixed assets | 28 | €286,520 | €286,520 | = | 0.0% |
| Current assets | 29/58 | €124,746 | €160,565 | +€35,819 | +28.7% |
| Amounts receivable within one year | 40/41 | €92,141 | €71,067 | -€21,074 | -22.9% |
| Trade receivables | 40 | €91,959 | €71,067 | -€20,892 | -22.7% |
| Other amounts receivable | 41 | €182 | €0 | -€182 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €18,831 | €79,095 | +€60,263 | +320% |
| Deferred charges and accrued income | 490/1 | €13,773 | €10,403 | -€3,370 | -24.5% |
| Total equity and liabilities | 10/49 | €415,785 | €450,819 | +€35,034 | +8.4% |
| Equity | 10/15 | €358,115 | €368,388 | +€10,273 | +2.9% |
| Contributions | 10/11 | €14,500 | €14,500 | = | 0.0% |
| Reserves | 13 | €343,615 | €353,888 | +€10,273 | +3.0% |
| Non-distributable reserves | 130/1 | €1,450 | €1,450 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,450 | €1,450 | = | 0.0% |
| Distributable reserves | 133 | €342,165 | €352,438 | +€10,273 | +3.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €57,670 | €82,431 | +€24,761 | +42.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €57,670 | €82,431 | +€24,761 | +42.9% |
| Current portion of amounts payable after more than one year | 42 | €5,969 | €1,682 | -€4,287 | -71.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €4,634 | €2,433 | -€2,201 | -47.5% |
| Suppliers | 440/4 | €4,634 | €2,433 | -€2,201 | -47.5% |
| Taxes, remuneration and social security | 45 | €8,461 | €15,499 | +€7,037 | +83.2% |
| Taxes | 450/3 | €8,461 | €15,499 | +€7,037 | +83.2% |
| Other amounts payable | 47/48 | €38,605 | €62,817 | +€24,212 | +62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,517 | €4,333 | -€3,184 | -42.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,038 | -€7,038 | |
| Other operating charges | 640/8 | €515 | €465 | -€50 | -9.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €36,211 | €79,560 | +€43,349 | +120% |
| Operating profit (loss) | 9901 | €28,179 | €81,800 | +€53,621 | +190% |
| Financial income | 75/76B | €45 | €492 | +€447 | +985% |
| Recurring financial income | 75 | €45 | €492 | +€447 | +985% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €465 | €1,927 | +€1,463 | +315% |
| Recurring financial charges | 65 | €465 | €1,927 | +€1,463 | +315% |
| Profit (loss) for the period before taxes | 9903 | €27,760 | €80,364 | +€52,605 | +189% |
| Income taxes | 67/77 | €9,388 | €26,210 | +€16,822 | +179% |
| Profit (loss) for the period | 9904 | €18,372 | €54,154 | +€35,783 | +195% |
| Profit (loss) for the period to be appropriated | 9905 | €18,372 | €54,154 | +€35,783 | +195% |
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 22 October 2026 via checked.be.