P.P. GENERAL 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.P. GENERAL MANAGEMENT
Largest movements
- Tangible fixed assets -€91,712
down €91,712 (-38.2%), from €240,103 to €148,391
of which Assets under construction and advance payments: -€148,380
- Cash -€5,216
down €5,216 (-68.2%), from €7,644 to €2,429
mainly Debts after one year (-€166,233) and Current portion of long-term debt (-€11,244)
- Deferred charges and accrued income +€3,413
up €3,413 (+582%), from €587 to €4,000
- Debts after one year -€166,233
down €166,233 (-100%), from €166,233 to €0
- Trade debts +€44,570
up €44,570 (+350%), from €12,737 to €57,307
- Profit (loss) carried forward +€29,930
up €29,930, from -€15,577 to €14,352
- Current portion of long-term debt -€11,244
down €11,244 (-100%), from €11,244 to €0
- Other debts +€7,671
new in 2025: €7,671
- Purchases and services +€43,915
new in 2025: €43,915
- Gross operating margin +€31,552
up €31,552 (+168%), from €18,757 to €50,309
- Other operating charges +€5,378
up €5,378 (+69.5%), from €7,741 to €13,119
- Depreciation -€1,899
down €1,899 (-20.0%), from €9,481 to €7,582
- Financial charges -€1,583
down €1,583 (-86.5%), from €1,831 to €248
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 | €254,451 | €159,145 | -€95,306 | -37.5% |
| Fixed assets | 21/28 | €240,103 | €148,391 | -€91,712 | -38.2% |
| Tangible fixed assets | 22/27 | €240,103 | €148,391 | -€91,712 | -38.2% |
| Land and buildings | 22 | €34,300 | €25,000 | -€9,300 | -27.1% |
| Plant, machinery and equipment | 23 | €57,350 | €123,391 | +€66,041 | +115% |
| Furniture and vehicles | 24 | €74 | €0 | -€74 | -100% |
| Assets under construction and advance payments | 27 | €148,380 | €0 | -€148,380 | -100% |
| Current assets | 29/58 | €14,348 | €10,754 | -€3,594 | -25.0% |
| Amounts receivable within one year | 40/41 | €6,117 | €4,326 | -€1,791 | -29.3% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €6,117 | €4,326 | -€1,791 | -29.3% |
| Cash at bank and in hand | 54/58 | €7,644 | €2,429 | -€5,216 | -68.2% |
| Deferred charges and accrued income | 490/1 | €587 | €4,000 | +€3,413 | +582% |
| Total equity and liabilities | 10/49 | €254,451 | €159,145 | -€95,306 | -37.5% |
| Equity | 10/15 | €64,237 | €94,167 | +€29,930 | +46.6% |
| Contributions | 10/11 | €78,000 | €78,000 | = | 0.0% |
| Capital | 10 | €78,000 | - | -€78,000 | |
| Issued capital | 100 | €78,000 | - | -€78,000 | |
| Reserves | 13 | €1,815 | €1,815 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,815 | €1,815 | = | 0.0% |
| Legal reserve | 130 | €1,815 | - | -€1,815 | |
| Reserves not available under the articles | 1311 | - | €1,815 | +€1,815 | |
| Profit (loss) carried forward | 14 | -€15,577 | €14,352 | +€29,930 | |
| Amounts payable | 17/49 | €190,214 | €64,978 | -€125,235 | -65.8% |
| Amounts payable after more than one year | 17 | €166,233 | €0 | -€166,233 | -100% |
| Financial debts | 170/4 | €166,233 | €0 | -€166,233 | -100% |
| Amounts payable within one year | 42/48 | €23,980 | €64,978 | +€40,998 | +171% |
| Current portion of amounts payable after more than one year | 42 | €11,244 | €0 | -€11,244 | -100% |
| Trade debts | 44 | €12,737 | €57,307 | +€44,570 | +350% |
| Suppliers | 440/4 | €12,737 | €57,307 | +€44,570 | +350% |
| Other amounts payable | 47/48 | - | €7,671 | +€7,671 | |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €43,915 | +€43,915 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,481 | €7,582 | -€1,899 | -20.0% |
| Other operating charges | 640/8 | €7,741 | €13,119 | +€5,378 | +69.5% |
| Gross operating margin | 9900 | €18,757 | €50,309 | +€31,552 | +168% |
| Operating profit (loss) | 9901 | €1,534 | €29,607 | +€28,073 | +1,830% |
| Financial income | 75/76B | - | €570 | +€570 | |
| Recurring financial income | 75 | - | €570 | +€570 | |
| Financial charges | 65/66B | €1,831 | €248 | -€1,583 | -86.5% |
| Recurring financial charges | 65 | €1,831 | €248 | -€1,583 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | -€297 | €29,930 | +€30,227 | |
| Profit (loss) for the period | 9904 | -€297 | €29,930 | +€30,227 | |
| Profit (loss) for the period to be appropriated | 9905 | -€297 | €29,930 | +€30,227 |
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 30 October 2026 via checked.be.